Usha Martin Ltd.
USHAMARTIndustrials filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
15 transcript(s)/analyst meet(s) served; 7 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 15 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| COVER_LETTER | 20230508 | 2023-03-31 | no | |
| COVER_LETTER | 20230814 | 2023-06-30 | no | |
| COVER_LETTER | 20231110 | 2023-09-30 | no | |
| COVER_LETTER | 20240213 | 2023-12-31 | no | |
| COVER_LETTER | 20240504 | 2024-03-31 | no | |
| COVER_LETTER | 20240819 | 2024-06-30 | no | |
| COVER_LETTER | 20241113 | 2024-09-30 | no | |
| TRANSCRIPT | 20250204 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250517 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250819 | 2025-06-30 | yes | |
| TRANSCRIPT | 20250820 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251114 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260204 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260508 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260803 | 2026-06-30 | yes |
USHAMART
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 523.20 |
| 52-week range | 387.35 – 535.05 |
| Return 1M | 7.38% |
| Return 3M | 10.59% |
| Return 1Y | 17.32% |
| Return 3Y | 53.09% |
| Return 5Y | 567.35% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 1,033.00 |
| Other income | 9.00 |
| Total income | 1,042.00 |
| Cost of materials consumed | 525.00 |
| Purchases of stock-in-trade | 2.00 |
| Changes in inventories | -7.00 |
| Employee benefit expense | 122.00 |
| Finance costs | 4.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.40 | -0.00 |
| institutions foreign | 0.15 | 0.00 |
| institutions domestic | 0.15 | 0.00 |
| mutual funds | 0.12 | -0.00 |
| public | 0.60 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| COVER_LETTER | 2024-09-30 | 7 |
| TRANSCRIPT | 2026-06-30 | 8 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 820.00 | 834.00 | 855.00 | 814.00 | 785.00 | 797.00 | 829.00 | 826.00 | 891.00 | 861.00 | 896.00 | 887.00 | 908.00 | 917.00 | 979.00 | 1,033.00 |
| Other income | 6.00 | 4.00 | 11.00 | 4.00 | 21.00 | 6.00 | 9.00 | 5.00 | 7.00 | 4.00 | 24.00 | 15.00 | 23.00 | 4.00 | 27.00 | 9.00 |
| Total income | 826.00 | 838.00 | 867.00 | 818.00 | 806.00 | 803.00 | 839.00 | 831.00 | 898.00 | 864.00 | 920.00 | 903.00 | 930.00 | 921.00 | 1,006.00 | 1,042.00 |
| Cost of materials consumed | 453.00 | 437.00 | 446.00 | 426.00 | 379.00 | 407.00 | 411.00 | 427.00 | 438.00 | 453.00 | 473.00 | 447.00 | 421.00 | 439.00 | 443.00 | 525.00 |
| Purchases of stock-in-trade | 4.00 | 4.00 | 5.00 | 7.00 | 7.00 | 7.00 | 7.00 | 6.00 | 10.00 | 8.00 | 8.00 | 2.00 | 3.00 | 1.00 | 2.00 | 2.00 |
| Changes in inventories | 18.00 | 27.00 | 1.00 | -5.00 | 10.00 | -22.00 | -2.00 | -42.00 | -5.00 | -28.00 | 3.00 | 14.00 | 40.00 | 24.00 | 31.00 | -7.00 |
| Employee benefit expense | 89.00 | 92.00 | 103.00 | 107.00 | 105.00 | 106.00 | 109.00 | 126.00 | 121.00 | 111.00 | 116.00 | 113.00 | 111.00 | 114.00 | 122.00 | 122.00 |
| Finance costs | 8.00 | 8.00 | 8.00 | 6.00 | 6.00 | 6.00 | 7.00 | 7.00 | 8.00 | 9.00 | 7.00 | 6.00 | 5.00 | 5.00 | 4.00 | 4.00 |
| Depreciation and amortisation | 17.00 | 17.00 | 17.00 | 18.00 | 18.00 | 19.00 | 23.00 | 22.00 | 23.00 | 26.00 | 28.00 | 29.00 | 28.00 | 29.00 | 31.00 | 34.00 |
| Other expenses | 141.00 | 147.00 | 147.00 | 133.00 | 140.00 | 142.00 | 151.00 | 155.00 | 167.00 | 174.00 | 157.00 | 166.00 | 159.00 | 162.00 | 170.00 | 183.00 |
| Total expenses | 729.00 | 731.00 | 726.00 | 692.00 | 665.00 | 665.00 | 707.00 | 701.00 | 761.00 | 752.00 | 791.00 | 778.00 | 767.00 | 775.00 | 802.00 | 862.00 |
| Profit before exceptional items and tax | 96.00 | 107.00 | 140.00 | 126.00 | 141.00 | 138.00 | 132.00 | 131.00 | 137.00 | 112.00 | 129.00 | 125.00 | 163.00 | 146.00 | 203.00 | 179.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -13.00 | -4.00 | 0.00 |
| Profit before tax | 96.00 | 107.00 | 140.00 | 126.00 | 141.00 | 138.00 | 132.00 | 131.00 | 137.00 | 112.00 | 129.00 | 125.00 | 163.00 | 133.00 | 200.00 | 179.00 |
| Current tax | 22.00 | 25.00 | 34.00 | 30.00 | 36.00 | 34.00 | 27.00 | 30.00 | 31.00 | 23.00 | 23.00 | 28.00 | 30.00 | 29.00 | 31.00 | 41.00 |
| Deferred tax | -1.00 | 0.00 | 2.00 | -1.00 | -1.00 | -2.00 | 3.00 | 1.00 | 1.00 | 2.00 | 10.00 | 1.00 | 10.00 | 1.00 | 18.00 | 1.00 |
| Tax expense | 21.00 | 26.00 | 37.00 | 28.00 | 35.00 | 32.00 | 30.00 | 31.00 | 32.00 | 25.00 | 32.00 | 29.00 | 40.00 | 30.00 | 49.00 | 42.00 |
| Profit for the period | 79.00 | 84.00 | 105.00 | 101.00 | 110.00 | 108.00 | 106.00 | 104.00 | 109.00 | 92.00 | 101.00 | 101.00 | 110.00 | 108.00 | 148.00 | 142.00 |
| Profit attributable to owners | 79.00 | 84.00 | 105.00 | 101.00 | 109.00 | 108.00 | 106.00 | 104.00 | 110.00 | 93.00 | 101.00 | 101.00 | 110.00 | 108.00 | 148.00 | 142.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other comprehensive income | -20.00 | 65.00 | 9.00 | -3.00 | -9.00 | 35.00 | -22.00 | -1.00 | 66.00 | -27.00 | 16.00 | 52.00 | 41.00 | 24.00 | 63.00 | -12.00 |
| Total comprehensive income | 59.00 | 149.00 | 115.00 | 98.00 | 101.00 | 143.00 | 84.00 | 103.00 | 175.00 | 65.00 | 116.00 | 153.00 | 151.00 | 132.00 | 211.00 | 130.00 |
| Earnings per share, basic | 2.59 | 2.76 | 3.46 | 3.31 | 3.59 | 3.53 | 3.49 | 3.42 | 3.59 | 3.04 | 3.32 | 3.31 | 3.61 | 3.53 | 4.85 | 4.66 |
| Earnings per share, diluted | 2.59 | 2.76 | 3.46 | 3.31 | 3.59 | 3.53 | 3.49 | 3.42 | 3.59 | 3.04 | 3.32 | 3.31 | 3.61 | 3.53 | 4.84 | 4.66 |
Annual results, as filed
| Line | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,470.00 | 2,154.00 | 2,097.00 | 2,688.00 | 3,268.00 | 3,225.00 | 3,474.00 | 3,691.00 |
| Other income | 40.00 | 53.00 | 33.00 | 35.00 | 28.00 | 40.00 | 39.00 | 69.00 |
| Total income | 2,509.00 | 2,207.00 | 2,131.00 | 2,723.00 | 3,296.00 | 3,265.00 | 3,514.00 | 3,760.00 |
| Cost of materials consumed | 1,590.00 | 1,150.00 | 1,153.00 | 1,528.00 | 1,799.00 | 1,624.00 | 1,792.00 | 1,749.00 |
| Purchases of stock-in-trade | 7.00 | 8.00 | 8.00 | 16.00 | 20.00 | 27.00 | 31.00 | 8.00 |
| Changes in inventories | -85.00 | 67.00 | 10.00 | -58.00 | -13.00 | -18.00 | -73.00 | 110.00 |
| Employee benefit expense | 279.00 | 306.00 | 298.00 | 330.00 | 373.00 | 428.00 | 474.00 | 460.00 |
| Finance costs | 114.00 | 74.00 | 57.00 | 42.00 | 30.00 | 25.00 | 30.00 | 20.00 |
| Depreciation and amortisation | 61.00 | 64.00 | 68.00 | 70.00 | 67.00 | 77.00 | 98.00 | 116.00 |
| Other expenses | 382.00 | 391.00 | 349.00 | 487.00 | 575.00 | 566.00 | 653.00 | 658.00 |
| Total expenses | 2,348.00 | 2,060.00 | 1,943.00 | 2,417.00 | 2,852.00 | 2,728.00 | 3,005.00 | 3,122.00 |
| Profit before exceptional items and tax | 162.00 | 147.00 | 188.00 | 307.00 | 444.00 | 537.00 | 509.00 | 638.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 31.00 | 0.00 | 0.00 | 0.00 | -17.00 |
| Profit before tax | 162.00 | 147.00 | 188.00 | 338.00 | 444.00 | 537.00 | 509.00 | 621.00 |
| Current tax | 10.00 | 10.00 | 9.00 | 37.00 | 103.00 | 126.00 | 108.00 | 118.00 |
| Deferred tax | -237.00 | 200.00 | 27.00 | 18.00 | 2.00 | -1.00 | 13.00 | 31.00 |
| Tax expense | -227.00 | 210.00 | 36.00 | 55.00 | 105.00 | 125.00 | 121.00 | 148.00 |
| Profit for the period | 49.00 | 421.00 | 152.00 | 291.00 | 351.00 | 424.00 | 406.00 | 466.00 |
| Profit attributable to owners | 48.00 | 419.00 | 150.00 | 291.00 | 350.00 | 424.00 | 407.00 | 466.00 |
| Profit attributable to non-controlling interests | 1.00 | 2.00 | 2.00 | 0.00 | 0.00 | 0.00 | -1.00 | 0.00 |
| Other comprehensive income | 7.00 | 25.00 | 19.00 | -1.00 | 48.00 | 1.00 | 54.00 | 180.00 |
| Total comprehensive income | 56.00 | 446.00 | 170.00 | 290.00 | 398.00 | 425.00 | 460.00 | 646.00 |
| Earnings per share, basic | 1.57 | 13.75 | 4.91 | 9.56 | 11.51 | 13.92 | 13.37 | 15.30 |
| Earnings per share, diluted | 1.57 | 13.75 | 4.91 | 9.56 | 11.51 | 13.92 | 13.37 | 15.29 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 2,852.00 | 3,087.00 | 3,145.00 | 3,330.00 | 3,660.00 | 3,748.00 | 3,854.00 | 4,212.00 |
| Non-current assets | 1,187.00 | 1,337.00 | 1,409.00 | 1,541.00 | 1,662.00 | 1,764.00 | 1,876.00 | 1,932.00 |
| Current assets | 1,665.00 | 1,749.00 | 1,728.00 | 1,781.00 | 1,991.00 | 1,976.00 | 1,978.00 | 2,280.00 |
| Property, plant and equipment | 839.00 | 891.00 | 832.00 | 1,024.00 | 1,228.00 | 1,265.00 | 1,397.00 | 1,480.00 |
| Capital work-in-progress | 63.00 | 139.00 | 210.00 | 166.00 | 151.00 | 117.00 | 177.00 | 89.00 |
| Goodwill | 55.00 | 55.00 | 55.00 | 55.00 | 55.00 | 55.00 | 55.00 | 55.00 |
| Other intangible assets | 3.00 | 2.00 | 4.00 | 7.00 | 7.00 | 8.00 | 8.00 | 8.00 |
| Inventories | 914.00 | 890.00 | 860.00 | 890.00 | 986.00 | 985.00 | 908.00 | 958.00 |
| Trade receivables | 472.00 | 500.00 | 460.00 | 539.00 | 602.00 | 528.00 | 603.00 | 643.00 |
| Cash and cash equivalents | 86.00 | 150.00 | 188.00 | 150.00 | 177.00 | 261.00 | 278.00 | 242.00 |
| Total equity and liabilities | 2,852.00 | 3,087.00 | 3,145.00 | 3,330.00 | 3,660.00 | 3,748.00 | 3,854.00 | 4,212.00 |
| Equity | 1,771.00 | 2,035.00 | 2,157.00 | 2,384.00 | 2,580.00 | 2,752.00 | 2,965.00 | 3,302.00 |
| Equity share capital | 31.00 | 31.00 | 31.00 | 31.00 | 31.00 | 31.00 | 31.00 | 31.00 |
| Other equity | 1,737.00 | 2,000.00 | 2,122.00 | 2,349.00 | 2,544.00 | 2,721.00 | 2,934.00 | 3,271.00 |
| Total liabilities | 1,081.00 | 1,052.00 | 988.00 | 946.00 | 1,081.00 | 996.00 | 889.00 | 910.00 |
| Non-current liabilities | 329.00 | 343.00 | 321.00 | 330.00 | 311.00 | 301.00 | 242.00 | 214.00 |
| Current liabilities | 752.00 | 709.00 | 667.00 | 616.00 | 769.00 | 695.00 | 647.00 | 696.00 |
| Borrowings, non-current | 170.00 | 197.00 | 194.00 | 200.00 | 164.00 | 145.00 | 75.00 | 24.00 |
| Borrowings, current | 197.00 | 157.00 | 168.00 | 98.00 | 218.00 | 192.00 | 106.00 | 121.00 |
| Trade payables | 332.00 | 299.00 | 247.00 | 248.00 | 269.00 | 266.00 | 269.00 | 311.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 62.00 | 252.00 | 257.00 | 444.00 | 141.00 | 422.00 | 333.00 | 655.00 |
| Net cash from investing activities | -56.00 | -158.00 | -139.00 | -287.00 | -107.00 | -223.00 | -56.00 | -367.00 |
| Net cash from financing activities | -73.00 | -101.00 | -80.00 | -159.00 | -11.00 | -91.00 | -266.00 | -321.00 |
| Purchase of property, plant and equipment | 64.00 | 182.00 | 136.00 | 278.00 | 120.00 | 245.00 | 103.00 | 198.00 |
| Net increase in cash | -68.00 | -4.00 | 38.00 | -0.00 | 27.00 | 111.00 | 17.00 | -19.00 |
| con:CFO.BEFORE_TAX | 96.00 | 345.00 | 311.00 | 561.00 | 200.00 | 541.00 | 390.00 | 736.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 0.00 | 94.00 | 53.00 | 117.00 | 58.00 | 119.00 | 58.00 | 81.00 |
| con:CF_OTHER.OPERATING | -34.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 2.00 | 20.00 | 2.00 | 2.00 | 0.00 | 14.00 | 0.00 | 32.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 16.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 48.26 | 47.88 | 47.51 | 47.41 | 46.05 | 45.11 | 43.54 | 43.48 | 43.89 | 42.45 | 0.42 | 0.41 | 0.41 | 0.40 |
| Domestic institutions | 2.15 | 3.49 | 3.92 | 3.52 | 3.78 | 5.08 | 7.45 | 8.15 | 9.26 | 11.06 | 0.12 | 0.14 | 0.15 | 0.15 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 10.44 | 0.11 | 0.12 | 0.12 | 0.12 |
| Insurance companies | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.04 | 0.05 | 0.04 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 |
| Foreign institutions | 9.49 | 9.29 | 12.04 | 12.94 | 14.79 | 14.19 | 14.61 | 14.29 | 14.25 | 14.29 | 0.14 | 0.15 | 0.15 | 0.15 |
| Public | 51.74 | 52.12 | 52.49 | 52.59 | 53.95 | 54.89 | 56.46 | 56.52 | 56.04 | 57.49 | 0.58 | 0.59 | 0.59 | 0.60 |
| Non-institutional | 40.10 | 39.34 | 36.53 | 36.13 | 35.38 | 35.62 | 34.40 | 34.08 | 32.53 | 32.14 | 0.32 | 0.31 | 0.30 | 0.29 |
| Shares outstanding | 281876560 | 281876560 | 281876560 | 281876560 | 281876560 | 282876560 | 282876560 | 284376560 | 286876560 | 289376560 | 289376560 | 289376560 | 289376560 | 289376560 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Usha Martin UK Limited | Wholly owned subsidiary | Any other transaction, Purchase of goods or services | 1,230,590,000.00 | 15 |
| Brunton Wire Ropes FZCO | Wholly owned subsidiary | Any other transaction, Purchase of goods or services | 833,096,000.00 | 6 |
| Usha Martin Americas Inc. | Wholly owned subsidiary | Any other transaction, Sale of goods or services | 655,291,000.00 | 8 |
| Usha Martin Singapore Pte Ltd. | Wholly owned subsidiary | Any other transaction, Sale of goods or services | 634,252,000.00 | 4 |
| Usha Martin Singapore Pte. Limited | Fellow Subsidiary | Any other transaction, Purchase of goods or services | 470,027,000.00 | 11 |
| De Ruiter Staalkabel B.V. | Step down wholly owned subsidiary | Any other transaction, Sale of goods or services | 343,397,000.00 | 2 |
| PT Usha Martin Indonesia | Subsidiary | Any other transaction, Sale of goods or services | 336,788,000.00 | 2 |
| Brunton Wire Ropes FZCo. | Fellow Subsidiary | Any other transaction, Purchase of goods or services | 220,835,000.00 | 9 |
| Usha Martin Australia Pty. Ltd. | Fellow Subsidiary | Any other transaction, Purchase of goods or services | 206,909,000.00 | 6 |
| Usha Siam Steel Industries Public Company Limited | Fellow Subsidiary | Purchase of goods or services | 185,125,000.00 | 1 |
| Gustav Wolf Speciality Cords Limited | Wholly owned subsidiary | Sale of goods or services | 170,723,000.00 | 1 |
| Usha Martin Europe B.V. | Fellow Subsidiary | Any other transaction, Purchase of goods or services | 165,239,000.00 | 8 |
| De Ruiter Staalkabel BV Sliedrecht | Subsidiary | Any other transaction, Purchase of goods or services | 157,012,000.00 | 7 |
| Brunton Wire Ropes Industrial Company Limited | Step down subsidiary | Any other transaction, Investment, Loan, Sale of goo | 152,134,000.00 | 5 |
| Usha Siam Specialty Wire Company Limited | Fellow Subsidiary | Any other transaction, Purchase of goods or services | 100,069,000.00 | 5 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-03 | Q1FY27 | Read the call | |
| 2026-05-08 | FYFY26 | Read the call | |
| 2026-02-04 | Read the call | ||
| 2025-11-14 | H1FY26 | Read the call | |
| 2025-08-20 | Q1FY26 | Read the call | |
| 2025-08-19 | Q1FY26 | Read the call | |
| 2025-05-17 | FYFY25 | Read the call | |
| 2025-02-04 | Read the call |
Some earlier announcements under this heading are covering letters only — no transcript was attached.
What they said about it, quarter by quarter
| Topic | 2025-02 | 2026-02 | FYFY25 | FYFY26 | H1FY26 | Q1FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|
| Capex | The Indian market’s slowdown can be understood due to the lack of spending and CAPEX activity in the country, which directly impacts our volumes, as o… | When we can see this growth, of course, from a capex point of view, our capacities are ramped up on the rope side and we are ready to push up producti… | The new CAPEX is already in place, and we have the capability to increase our volumes. | So, in next 2 years, we see a capex of close to INR 300 crore. | We also plan to further increase our capex to increase our wire production in order to achieve the 100,000 tons level over a period of next 2 to 3 yea… | We do not see any major CAPEX plans for the major producers over there. | And as these various new capex volumes go up as well as the product mix improves, we should be able to see it moving upwards. |
| Capital allocation | — | — | — | Congratulations to the management on delivering a strong set of results along with an attractive dividend payout. | So, do Transcript of Usha Martin Ltd. Q2 H1 FY26 Earnings Call you see any kind of acquisition opportunities globally? | — | — |
| Costs | — | The high-value products and project-based orders which are generally booked in advance because they are specialized in nature and require special raw … | — | So on the cost side, we have been able to get significant fixed costs about 3%, admin cost about 7%, so, all the cost savings we have taken at ‘One Us… | — | Also, what percentage of cost savings or efficiency gains has been realized so far? | See the current realizations, we have been able to pass on the entire increase of the steel and the various gases and the various other input costs, w… |
| Debt and cash | So, this is going to help us not only be able to get a bigger market share but also help us to reduce the working capital in the business as the doubl… | The healthy cash flow generation is particularly encouraging. | — | — | Secondly, I want to congratulate the management for generating very high cash flow, and for the Company becoming a net cash positive organization, whi… | How will the margins improve, and how will the working capital improve? | So one is that Oceanfibre became cash flow positive in its first year of operation. |
| Demand | Both the Indian market and the European market are having very sluggish demand scenario. | Second, we are also working on more OEM approvals in the value-added segment, which is our focus, for example, in elevators, cranes, etc. And also we … | Depending on the demand from these projects and as the schedules come in, we should be able to ramp up. | USHA MARTIN Transcript of Usha Martin Ltd. Q4 & FY26 Earnings Call That being said, in this quarter, the rope volumes came in lower than our expectati… | Also, are you seeing any signs of demand softness in your key international markets? | USHA MARTIN Transcript of Usha Martin Ltd. Q1 FY26 Earnings Call And one of the other positive developments has been that we recently won a tender in … | All of these actually have led to a lower demand in this region. |
| Guidance | We have got certain orders both from domestic and export markets which we expect to ramp up in the coming quarters depending on the demands of these p… | When do we expect a clear and sustained recovery in volume growth and which business segment are likely to lead this recovery? | Firstly, what is the reason behind the dip in margin, and when can we expect margin improvement? | And we expect this also to significantly grow in this year and in the coming years. | And we expect these volumes to continue perform better in the coming quarters with a positive margin, not the high margins of earlier, but it continue… | We expect to see decent growth in Europe in this financial year. | Could you also share your outlook for volume growth over the coming quarters? |
| Margin | And we have expanded our capacities and at the same time we are seeing margin pressure. | How is the synthetic sling business scaling up and can you give meaningful contribution to revenues and margin in the next financial year? | So as we mentioned in our opening remarks, there was a one-time redundancy cost of INR 4 crore this quarter, which did impact our margin percentage. | And the margin for the quarter was excellent. | My first question, - we have delivered an impressive 19.1% margin, majorly led by lower sales in the lower margin LRPC segment. | But the most important part is we have to do that without compromising on our growth, which we are confident of, and that is what will give us better … | And being a high-margin business, this will add significantly to our bottom-line performance in the upcoming years as well. |
| People | So, I had a question with regards to the current capacity utilization. | Now it is just about getting the right mix for optimal utilization and also pushing further on the market side. | Can you give a bridge on the capacity utilization in wire ropes that you have, across all the capacity? | So, if you could help me with the current capacity utilization across the different plants? | — | — | And how sensitive are these replacement cycles to lower utilization? |
| Pricing | — | Understood, And in this quarter, you are seeing some good amount of price hikes in steel and as well as price increase in zinc as a commodity. | — | We have been able to pass on the cost, as a part of our product pricing to the customers. | — | And in most cases, the distributors, end customers are taking on a large part of the price increase. | So, our finished product, we have been able to recover that steel price increase. |
| Revenue growth | Overall on the volume front actually for both the ropes as well as the wire and strand category, over the nine months we've done quite well, even from… | You will see the volume as well as the top line should start growing value-wise in the coming quarters based on all these initiatives. | That being said, while international market share has grown and now is at ~55% of the total topline for the last few quarters, we think this would mai… | In terms of the growth, it went from 7% of our topline to 9% of our topline for this year. | In terms of the international market, which now contributes 58% of the total topline, the growth has been driven primarily by Europe and US. | — | Our focus in this region was to maximize inquiry conversions, sell through our value addition route and optimize the product mix as much as possible t… |