Any current/future new fundraising through debt or equity?

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.

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

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 marke

Future growth expectations in sales/revenue/volumes?

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 develop

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

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 an

Current/ Expected Orderbook/ Pending Orders?

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 projec

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Usha Martin LtdQ4 FY27Industrial Products

Usha Martin Ltd Q4 FY27 Earnings Call Analysis

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

Price: ₹482P/E: 28.6Market Cap: ₹14.4K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→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).

Margin guidance

Category 3

→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.

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Fundraise plans

→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

Yes

→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.

Capex plans

Yes

→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.

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