Usha Martin cracks ₹1,000 cr quarter, EBITDA margin widens 380 bps
Revenue hit ₹1,033 cr, up 16.4% YoY; EBITDA margin jumped to 20.1% from 16.3% a year ago. Net profit rose 41% to ₹142 cr; net cash stood at ₹465 cr. Credit rating upgraded to IND AA-/Stable.
— 4 earlier stories on Usha Martin Ltd. →What's new
- Revenue crossed ₹1,000 cr quarterly for the first time at ₹1,033 cr, up 16.4% YoY.
- EBITDA margin widened 380 bps to 20.1%; profit after tax up 41% to ₹142 cr.
- Operating cash flow of ₹242 cr; net cash ₹465 cr; credit rating upgraded to IND AA-/Stable.
Why this matters
The results confirm Usha Martin's shift from a leveraged turnaround to a cash-generating franchise. The 380 bps margin improvement despite higher input costs signals pricing power and a better product mix. With net cash of ₹465 cr and a stronger credit rating, the company has headroom for organic capex and potential shareholder returns.
What we're watching
- Sustainability of margin improvement in the face of commodity cost volatility.
- Capital allocation strategy, any special dividend or buyback given the cash pile.
- Progress on specialty wire rope capacity expansion (₹73 cr capex incurred).
The full read
Usha Martin just delivered the quarter it has been building toward. Revenue crossed ₹1,033 cr for the first time, up 16.4% year-on-year. More important: EBITDA rose 43.8% to ₹208 cr, lifting the margin by 380 basis points to 20.1%. The improvement came despite higher input and freight costs, signaling pricing power and a mix shift toward higher-value products. It worked. PAT grew 40.9% to ₹142 cr, and operating cash flow of ₹242 cr left net cash at ₹465 cr. A credit rating upgrade to IND AA-/Stable from India Ratings adds a formal seal. Meanwhile, ₹73 cr of capex went into specialty wire rope capacity, which should support the mix story for quarters to come. The challenge now is sustaining these margins as commodity cycles turn, but the starting position of net cash and a stronger balance sheet gives Usha Martin room to manage. This is a company executing on its plan.
Questions answered
- Why did revenue cross ₹1,000 cr this quarter?
- Revenue growth of 16.4% was driven by improved product mix, geographic diversity, and healthy demand across key markets, per MD commentary.
- How did EBITDA margin improve despite higher input costs?
- Margin widened 380 bps to 20.1% due to disciplined cost management, timely pricing actions, and a better product and geographic mix.
- What is the company's new credit rating?
- India Ratings upgraded Usha Martin to IND AA-/Stable, reflecting its improving credit profile and strong cash generation.
- How much capex was incurred and for what?
- The company spent ₹73 cr on expanding specialty wire rope capacity and improving manufacturing efficiency.
Usha Martin Ltd.
Latest quarter · Jun 2026
Strength & growth
Story so far
All notes on USHAMART →- 27 Jul 2026 · 7:11 PM IST Usha Martin cracks ₹1,000 cr quarter, EBITDA margin widens 380 bps
- today Usha Martin sets 20% EBITDA margin floor, adds 6,000-ton elevator rope capacity
- today Usha Martin crosses ₹1,000 cr quarterly revenue, profit up 41%
- 1d ago Usha Martin crosses ₹1,000 cr quarterly revenue for first time
- 1d ago Usha Martin's Q1 profit jumps 41% but ED shadow lingers