Any current/future new fundraising through debt or equity?

No new fundraising through debt or equity has been mentioned for the current or future period. The company has ongoing capex plans of INR 310 crore (Phase 1) and an additional INR 220 crore planned over the next two years, funded through existing cash flows. Net debt remains low, with a Net Debt-to-Equity ratio of 0.06x as of September 2023, indicating comfortable leverage. Management emphasized the company is highly deleveraged and will focus on managing working capital and generating free cash flows. There is no indication of plans for fresh borrowings or equity issuance beyond routine capex

Any current/future capex/capital investment/strategic investment?

Phase 1 expansion at Ranchi plant is underway, focused on brownfield expansion with additional manufacturing equipment and enhanced patenting capacity. Expected completion and capitalization of Phase 1 capex by Q4 FY24, at INR 300-310 crore. Additional announced capex includes INR 160 crore in India and INR 60 crore in Thailand planned over the next two years. Beyond the announced capex, only routine maintenance capex is expected for the next 2-3 years. Capex spend in H1 FY24 was around INR 136 crore, mostly on ongoing programs including Ranchi expansion. No immediate plans for major acquisiti

Future growth expectations in sales/revenue/volumes?

The company expects higher volumes in H2 FY24 for both wire rope and LRPC segments due to the end of the monsoon season and improved demand from infrastructure projects. Revenue growth of approximately 15% per annum is targeted over the next two to three years, driven by ramp-up in LRPC and wire sales along with increased market share in international markets like Europe and the US. Phase 1 capex expansion at Ranchi is expected to become operational by Q4 FY24, contributing to volume growth from subsequent quarters. Value-added product segments, especially wire ropes, are expected to drive mar

Future growth expectations in earnings/operating earnings/profits/EPS?

Management expects better volumes in H2 FY24 for wire rope and LRPC segments due to seasonal recovery post-monsoon and demand uptick from infrastructure projects. Revenue growth rate targeted at ~15% p.a., though 1.3% growth in H1 FY24 reflects headwinds, with optimism for acceleration in H2 and beyond. EBITDA margins expected to be sustained or improve gradually, dependent on product mix and growth of higher margin wire rope segment. Phase 1 capex at Ranchi to be commissioned by Q4 FY24, driving volume and margin expansion, particularly in high value-added wire ropes. Focus on absolute profit

Current/ Expected Orderbook/ Pending Orders?

Usha Martin has a decent order book currently, bolstered by repeat orders especially in the oil offshore and wind energy sectors in Europe, South America, and Australia. The Company is witnessing a good pipeline of inquiries, particularly for specialized, value-added ropes. The strong order book is primarily driven by long-term supply contracts, especially with European customers through Brunton Shaw. Logistics and supply integration between Indian and European operations play a crucial role in maintaining order fulfillment. Management expects order volumes and revenues to improve in H

Usha Martin LtdQ2 FY24Industrial Products

Usha Martin Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹445.9P/E: 24.9Market Cap: ₹13.6K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

The company expects higher volumes in H2 FY24 for both wire rope and LRPC segments due to the end of the monsoon season and improved demand from infrastructure projects.
Revenue growth of approximately 15% per annum is targeted over the next two to three years, driven by ramp-up in LRPC and wire sales along with increased market share in international markets like Europe and the US.
Phase 1 capex expansion at Ranchi is expected to become operational by Q4 FY24, contributing to volume growth from subsequent quarters.
Value-added product segments, especially wire ropes, are expected to drive margin improvement and revenue growth.
The company is confident about ramping up capacity utilization within three to four quarters, supported by strong order books and new customer acquisitions internationally.
Overall, management aims for sustained volume and revenue growth, balancing volume increases with profitability via enhanced product mix.

Margin guidance

Category 3

Management expects better volumes in H2 FY24 for wire rope and LRPC segments due to seasonal recovery post-monsoon and demand uptick from infrastructure projects.
Revenue growth rate targeted at ~15% p.a., though 1.3% growth in H1 FY24 reflects headwinds, with optimism for acceleration in H2 and beyond.
EBITDA margins expected to be sustained or improve gradually, dependent on product mix and growth of higher margin wire rope segment.
Phase 1 capex at Ranchi to be commissioned by Q4 FY24, driving volume and margin expansion, particularly in high value-added wire ropes.
Focus on absolute profit growth by balancing volume and value; LRPC and wire segments to normalize volumes over next three quarters supporting top line.
Improving share of value-added products (70% in wire rope) to support margin resilience and EPS growth.
Company aims to maintain robust cash flow generation, enabling value creation and shareholder returns.

See what Usha Martin Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

No new fundraising through debt or equity has been mentioned for the current or future period.
The company has ongoing capex plans of INR 310 crore (Phase 1) and an additional INR 220 crore planned over the next two years, funded through existing cash flows.
Net debt remains low, with a Net Debt-to-Equity ratio of 0.06x as of September 2023, indicating comfortable leverage.
Management emphasized the company is highly deleveraged and will focus on managing working capital and generating free cash flows.
There is no indication of plans for fresh borrowings or equity issuance beyond routine capex and ongoing investment commitments.
Discussions focused more on optimizing profits, capex completion, and dividend payout rather than new fundraising activities.

Order book

Yes

Usha Martin has a decent order book currently, bolstered by repeat orders especially in the oil offshore and wind energy sectors in Europe, South America, and Australia.
The Company is witnessing a good pipeline of inquiries, particularly for specialized, value-added ropes.
The strong order book is primarily driven by long-term supply contracts, especially with European customers through Brunton Shaw.
Logistics and supply integration between Indian and European operations play a crucial role in maintaining order fulfillment.
Management expects order volumes and revenues to improve in H2 FY24 and beyond, with the full benefits of capex expansions starting in Q4 FY24.
While no specific numeric order book figure is shared, the tone indicates confidence in order inflow and execution in near to medium term.

See what Usha Martin Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Phase 1 expansion at Ranchi plant is underway, focused on brownfield expansion with additional manufacturing equipment and enhanced patenting capacity.
Expected completion and capitalization of Phase 1 capex by Q4 FY24, at INR 300-310 crore.
Additional announced capex includes INR 160 crore in India and INR 60 crore in Thailand planned over the next two years.
Beyond the announced capex, only routine maintenance capex is expected for the next 2-3 years.
Capex spend in H1 FY24 was around INR 136 crore, mostly on ongoing programs including Ranchi expansion.
No immediate plans for major acquisitions, but the company remains open to opportunities, especially in Europe.
Capex designed to increase volumes and higher value-added products in domestic and international markets, supporting growth beyond Q4 FY24.

Track Usha Martin Ltd — get its next earnings analysis in your feed

How does Usha Martin Ltd rank vs peers in Industrial Products?

Pro feature

ThisUsha Martin Ltd

Rev 3Mar 3

See where Usha Martin Ltd sits in Industrial ProductsSee which companies these are, and every other name in the sector.Open rankings

How does Usha Martin Ltd rank in Industrial Products?

Compare Usha Martin Ltd against every Industrial Products company (Q2 FY24) on revenue, margins and earnings-call signals.

View Industrial Products leaderboard →

What Usha Martin Ltd's management said in earlier quarters

Others in Industrial Products this season

Captain Polyplast Ltd (Q2 FY27)
32.9% increase . Key results statement takeaways from Captain Polyplast Ltd's Q2 FY27 results statement — and how it ranks against sector peers.
Shyam Metalics & Energy Ltd (Q2 FY27)
Q2 FY27 Revenue:** ₹5,960.2 crore, up 33.4% YoY (Page 38) . Key investor presentation takeaways from Shyam Metalics & Energy Ltd's Q2 FY27 investor presentation
Ratnaveer Precision Engineering Ltd (Q2 FY27)
Q2 FY27 Revenue: ₹3,872.37 million . Key investor presentation takeaways from Ratnaveer Precision Engineering Ltd's Q2 FY27 investor presentation — and how it r
HEG Advanced Materials Ltd (Q2 FY27)
For the quarter ended September 30, 2026, HEG Limited reported total revenue from operations of ₹1,520.64 crores. Key results statement takeaways from HEG Advan

Compare:vs Cummins India vs Polycab India vs Welspun Corp Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Usha Martin Ltd Q2 FY24 Earnings Call Analysis

Revenue guidance

Fundraise plans

Capex plans

How does Usha Martin Ltd rank in Industrial Products?

Continue your research

What Usha Martin Ltd's management said in earlier quarters

Others in Industrial Products this season