Usha Martin
Usha Martin Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Volume growth is expected to start improving from H2 FY26 as key projects complete and global market demand improves. Usha Martin expects continued growth in volumes and operating earnings, supported by capacity expansions, especially in rope making and wire production aiming for 100,000 tons in 2-3 years.
From Usha Martin's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Volume growth is expected to start improving from H2 FY26 as key projects complete and global market demand improves.
- Target to achieve wire business volumes of 100,000 tons over next 2-3 years with incremental capex of INR 300-350 crore annually focused on capacity expansion.
- Long-term growth drivers include sectors like elevators, ports, mining, construction, and cranes in the domestic market.
- Value-added wire and specialized rope products are expected to increase their share, supporting margin expansion.
- International markets, especially Europe and the US, are key growth areas with stable or slightly positive demand and increasing market shares due to competitive delivery schedules.
2 more points from Usha Martin's call on revenue
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Profitability & Margins
See what Usha Martin said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Ongoing capex at Ranchi plant and other manufacturing facilities to meet increased demand in value-added wires, LRPC, elevator, and crane ropes.
- Expansion plans to increase wire production capacity to achieve 100,000 tons over the next 2 to 3 years.
- Annual capex of INR 300 crore to INR 350 crore planned for the next 2 to 3 years, focused on organic growth.
- Brownfield expansions underway at various facilities.
- Potential inorganic growth opportunities are being explored, with no acquisition currently on the table.
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Fundraising & Capital Structure
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Order Book & Pipeline
- The company mentioned having a healthy order book for H2 FY26.
- There are ongoing projects related to cable bridges, river connectivity, and metro coastal roadway networks, with approvals mostly in place except for a couple of plasticated LRPC clients in final approval stages.
- Ropeway projects such as Kedarnath are in early stages; wire rope orders from these projects are expected only in the last stages (5-6 years out) as these projects take 7-9 years to commission.
- LRPC plasticated segment volumes are expected to grow significantly starting Q4 FY26 and into next year as approvals complete and delayed projects pick up.
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Usha Martin — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹979 Cr, net profit ₹148 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Usha Martin Ltd's management said in earlier quarters
Others in Industrial Products this season
- Lead Reclaim (Q2 FY26)
Revenue from Operations for H1 FY26: ₹2,190 lakhs, up 138.04% YoY (from ₹920 lakhs in H1 FY25) (Page 19) . Key investor presentation takeaways from Lead Reclaim
- Shubhshree Bio. (Q2 FY26)
Revenue from operations for H1 FY26: ₹9,604.6 Lakhs . Key investor presentation takeaways from Shubhshree Biofuels Energy Ltd's Q2 FY26 investor presentation —
- De Neers Tools (Q2 FY26)
H1FY26 Net Sales:** ₹670.4 Mn . Key investor presentation takeaways from De Neers Tools's Q2 FY26 investor presentation — and how it ranks against sector peers.
- WOL 3D India Ltd (Q2 FY26)
Revenue from Operations for H1FY26 is Rs 415 Mn, up 82% YoY from Rs 227 Mn in H1FY25 (Page 9, Page 5). Key investor presentation takeaways from WOL 3D India Ltd
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Frequently Asked Questions
What were Usha Martin Q2 FY26 results?
Volume growth is expected to start improving from H2 FY26 as key projects complete and global market demand improves. Usha Martin expects continued growth in volumes and operating earnings, supported by capacity expansions, especially in rope making and wire production aiming for 100,000 tons in 2-3 years.
What is Usha Martin share price analysis?
Usha Martin currently shows a neutral. The stock trades at a P/E of 27.5 with a market cap of ₹14,972 Cr. Investors should review the full earnings analysis for detailed insights.
Is Usha Martin planning capital expenditure?
Ongoing capex at Ranchi plant and other manufacturing facilities to meet increased demand in value-added wires, LRPC, elevator, and crane ropes.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.