Usha Martin Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book
Published 25 Aug 2026 | Industrial Products | Market Cap: ₹14.7K Cr
Usha Martin aims for 10-12% volume growth in FY27, despite a flattish volume in Q1; a double-digit growth expected in the remaining quarters. - Revenue is expected to grow around 15% driven by value growth and improved product mix. - New capacities, including an elevator rope expansion adding approx. Usha Martin Ltd.
From Usha Martin's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.
Price
₹486
Market Cap
₹14.7K Cr
P/E Ratio
26.9
Revenue Rank
Margin Rank
How does Usha Martin rank in Industrial Products?
Compare Usha Martin against every Industrial Products company this quarter on revenue, margins and earnings-call signals.
Usha Martin — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹979 Cr, net profit ₹148 Cr.
Full financials →📊 Revenue & Sales Performance
Rank 3- →Usha Martin aims for 10-12% volume growth in FY27, despite a flattish volume in Q1; a double-digit growth expected in the remaining quarters.
- →Revenue is expected to grow around 15% driven by value growth and improved product mix.
- →New capacities, including an elevator rope expansion adding approx. 6,000 tons/year, will support volume growth.
- →Geographic diversification with growth in India, U.S., and Europe is expected to offset Middle East volume decline.
- →Focus on value-added products, new customer approvals, and higher-margin segments like plasticated LRPC and Oceanfibre to drive profitable growth.
- →Long-term capex of INR 250-300 crore annually planned to expand capacity and manufacturing efficiency.
- →The company targets maintaining EBITDA margins at or above 20%, with potential upside from product mix improvements.
📈 Profitability & Margins
Rank 3- →Usha Martin Ltd. expects **10% to 12% volume growth** in the current financial year, supported by order pipeline and capacity expansions.
- →The company targets **15% value growth**, driven by improved product mix and realizations.
- →EBITDA margins are expected to sustain at a **minimum of 20%**, with potential to improve as product mix enhances and new capacities come online.
- →Capex of **INR 250-300 crore annually** is planned to support capacity expansion, especially in specialized wire ropes and elevator ropes.
- →Operating cash flow and profitability are expected to remain robust, supported by effective cost management and pricing power.
- →The company aims for consistent and profitable growth backed by strong balance sheet and diversified markets.
- →Long-term projects like elevator rope capacity expansion (6,000 tons p.a.) are expected to contribute to growth from FY28 onwards.
🏗️ Capital Expenditure Plans
Yes- →For FY27, Usha Martin plans a capital expenditure of approximately INR 250 crore to INR 300 crore.
- →Key projects include expanding elevator rope capacity by about 6,000 metric tons per annum, expected to be commissioned in phases starting October and completing by Q1 FY28.
- →Capex also focuses on modernizing and expanding furnaces to meet increased demand.
- →Routine maintenance and efficiency improvement capex are included within the annual investment.
- →The company is evaluating opportunities to utilize the U M Cables facility strategically for value-added wire and wire rope business growth, moving away from the cable business long term.
- →A strategic plan to improve profitability at the Thailand plant is expected within 6 months, including better product mix and integration synergy with Indian and other international plants.
💰 Fundraising & Capital Structure
No information- →No explicit mention of any new fundraising through debt or equity in the Q1 FY27 earnings call transcript.
- →The company highlighted a strong and improved balance sheet with healthy cash generation.
- →Long-term credit rating was upgraded to IND AA- from IND A+ with stable outlook, reflecting financial strength.
- →They have incurred capex of INR 73 crore in the quarter and expect INR 250 crore to INR 300 crore capex for FY27, primarily funded through operations.
- →Emphasis on maintaining financial flexibility and deploying capital selectively towards growth opportunities while maintaining capital discipline.
- →No discussion or indication of plans for raising additional debt or equity capital was disclosed.
📋 Order Book & Pipeline
No information- →The company has a healthy pipeline of inquiries and orders across geographies, including India, the US, Europe, and the Middle East.
- →Despite a 30% volume dip in the Middle East due to geopolitical issues, other markets like India, US, and Europe showed volume growth.
- →Project-related delays in Asia Pacific are temporary with projects under negotiation expected to mature soon.
- →Efforts are ongoing to diversify and increase regular business volumes in segments such as crane ropes and elevators.
- →The company expects demand to improve with the resolution of geopolitical tensions, particularly in the Middle East for reconstruction and oil and gas activities.
- →With new capacities commissioned and ongoing capex, Usha Martin remains confident of 10-12% volume growth for the current year.
- →Continuous customer approvals and new product introductions (e.g., plasticated LRPC, Oceanfibre) are expected to contribute to future orderbook growth.
Key Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Frequently Asked Questions
What were Usha Martin Q1 FY27 results?
Usha Martin aims for 10-12% volume growth in FY27, despite a flattish volume in Q1; a double-digit growth expected in the remaining quarters. - Revenue is expected to grow around 15% driven by value growth and improved product mix. - New capacities, including an elevator rope expansion adding approx. Usha Martin Ltd.
What is Usha Martin share price analysis?
Usha Martin currently shows a below-average growth signal. The stock trades at a P/E of 26.9 with a market cap of ₹14,667 Cr. Investors should review the full earnings analysis for detailed insights.
Is Usha Martin planning capital expenditure?
For FY27, Usha Martin plans a capital expenditure of approximately INR 250 crore to INR 300 crore.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.