Usha Martin Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 7 Aug 2026 | Industrial Products | Market Cap: ₹15.9K Cr
Wire and Rope segments expected to grow at 10%-12%, with Wire segment growing ~20% driven by value-added products (Page 17). The company expects volume growth of 10% to 11% CAGR on Wire and Rope segments over the next three years (FY24 to FY26).
From Usha Martin Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹481
Market Cap
₹15.9K Cr
P/E Ratio
29.1
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Compare Usha Martin Ltd against every Industrial Products company this quarter on revenue, margins and earnings-call signals.
Usha Martin Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹979 Cr, net profit ₹148 Cr.
Full financials →📊 Revenue & Sales Performance
- →Wire and Rope segments expected to grow at 10%-12%, with Wire segment growing ~20% driven by value-added products (Page 17).
- →Combined volume growth in Wire and Rope anticipated at ~12%-15% annually over the next 2-3 years (Page 17).
- →Long-term revenue CAGR of ~10%-11% on Wire and Rope side from FY24 to FY26 (Page 16).
- →Focus on value-added, specialty Wire Ropes (around 70% of Wire Rope turnover) to drive higher margin growth (Page 20).
- →Volume growth expected to resume gradually from Q4 FY26, with better ramp-up in FY27 (Page 15).
- →New geographic expansions, customer additions, and product development to support growth (Page 13).
- →Synthetic sling (Ocean Fiber) business projected to become a meaningful vertical with strong order pipeline (Page 8).
- →Maintenance capex around INR 50 crore/year; overall annual capex between INR 250-300 crore to support growth (Page 17).
- →EBITDA margins targeted to be maintained between 19%-20% while scaling volumes (Page 22).
📈 Profitability & Margins
- →The company expects volume growth of 10% to 11% CAGR on Wire and Rope segments over the next three years (FY24 to FY26).
- →EBITDA is projected to grow from around INR600 crore in recent years to INR680-700 crore in FY26, indicating healthy earnings growth while maintaining margins between 19%-20%.
- →Operating EBITDA margin target is maintained at 19%-20%, balancing growth with volume and market share considerations.
- →ROCE currently at 20% with a long-term goal of 25%, signaling improving capital efficiency.
- →Cash flow conversion remains strong at 114%, supporting sustainable profit growth and deleveraging.
- →Growth drivers include value-added products like elevator ropes, crane ropes, oil/offshore ropes, and synthetic sling (Ocean Fiber) business, expected to scale in coming years.
- →The company aims for double-digit revenue growth in the next year through both organic expansion and inorganic opportunities.
🏗️ Capital Expenditure Plans
- →Usha Martin plans capex of INR 250 crore to INR 300 crore per year over the next 2-3 years, including maintenance capex of about INR 50 crore annually.
- →Capex focus areas include value-added products such as elevator ropes, crane ropes, port cranes, oil offshore applications, and ocean fiber business.
- →Growth capex to support volume growth target of 10%-15% annually.
- →Capex mainly for brownfield projects or debottlenecking initiatives with attractive returns.
- →Company intends to fund all capex from internal accruals, maintaining a net cash position.
- →Exploring inorganic opportunities to build markets and expand geographic reach, particularly in Europe.
- →Possible greenfield projects under consideration if strategic.
- →Installed a 4 MW solar power plant at Ranchi to reduce emissions and improve sustainability ahead of future regulatory requirements.
💰 Fundraising & Capital Structure
- →No explicit mention of any new fundraising through debt or equity in the Q3 and 9M FY26 earnings call transcript.
- →The company has achieved a net cash position of approximately INR 198 crore as of December 2025, indicating strong deleveraging and reduced gross debt (from INR 338 crore in March 2025 to INR 172 crore in December 2025).
- →Focus remains on funding capex through internal accruals, with planned capex around INR 250 crore to INR 300 crore per year over the next 2-3 years.
- →Emphasis on maintaining financial discipline, improving working capital management, and strong cash flow generation.
- →The company may explore inorganic and organic growth opportunities, but no clear indication of raising fresh equity or debt at this stage.
📋 Order Book & Pipeline
- →The company sees a much healthier order book both domestically and in exports compared to previous quarters.
- →There is a strong order book for high-value, specialized, and project-based products like elevator ropes, crane ropes, and oil & offshore ropes.
- →The high-value product orders are generally booked in advance given their specialized nature and longer processing times.
- →There is a good pipeline of inquiries supporting future growth in value-added products.
- →Discussions are ongoing with customers involved in infrastructure projects like Parvatmala, though actual supply orders for these projects are expected in 2 to 3 years.
- →Efforts continue to add new customers across geographies, such as around 60 new customers added in Saudi Arabia, expected to contribute to order inflows over time.
Key Metrics
Frequently Asked Questions
What were Usha Martin Ltd Q3 FY26 results?
Wire and Rope segments expected to grow at 10%-12%, with Wire segment growing ~20% driven by value-added products (Page 17). The company expects volume growth of 10% to 11% CAGR on Wire and Rope segments over the next three years (FY24 to FY26).
What is Usha Martin Ltd share price analysis?
Usha Martin Ltd currently shows a neutral. The stock trades at a P/E of 29.1 with a market cap of ₹15,854 Cr. Investors should review the full earnings analysis for detailed insights.
Is Usha Martin Ltd planning capital expenditure?
Usha Martin plans capex of INR 250 crore to INR 300 crore per year over the next 2-3 years, including maintenance capex of about INR 50 crore annually.
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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.