Usha Martin crosses ₹1,000 cr quarterly revenue, profit up 41%
Consolidated revenue of ₹1,033 cr, up 16.5% YoY; operating EBITDA margin at 20.1%. Company ends quarter with net cash of ₹332 cr and standalone debt-free. Credit rating upgraded to IND AA-.
— 4 earlier stories on Usha Martin Ltd. →What's new
- Revenue crossed ₹1,000 cr for the first time, up 16.5% YoY.
- Net profit jumped 41% to ₹142 cr.
- EBITDA margin at 20.1%, meeting the guided floor of 20% for FY27.
- Credit rating upgraded to IND AA- by India Ratings.
Why this matters
The strong Q1 performance validates Usha Martin's execution in wire ropes. With a net cash position and debt-free standalone, the company has financial headroom. The margin floor of 20% for FY27 is already achieved in the first quarter, setting a positive trajectory for the year.
What we're watching
- Sustainability of EBITDA margin above 20% in coming quarters.
- Traction from the new 6,000-ton elevator rope capacity.
- Order book momentum from mining and infrastructure sectors.
The full read
Usha Martin delivered a record quarter, crossing ₹1,000 cr in consolidated revenue for the first time. At ₹1,033 cr, revenue rose 16.5% year-on-year, while net profit surged 41% to ₹142 cr. The operating EBITDA margin of 20.1% hit the lower end of the guided floor for FY27, set just days earlier on the earnings call. The company also ended the quarter with a net cash position of ₹332 cr and a standalone debt-free balance sheet, reinforced by a credit rating upgrade to IND AA- from India Ratings. This is a clean start to the year—execution is tracking guidance, and financial headroom is building. The question now is whether the momentum can sustain across the remaining quarters.
Questions answered
- How does Q1 revenue compare with earlier quarters?
- Q1 revenue of ₹1,033 cr is the first time the company has crossed ₹1,000 cr, up 16.5% year-on-year and 9.3% on a trailing 12-month basis.
- What is the EBITDA margin outlook for FY27?
- Management has set a floor of 20% for FY27. The Q1 margin of 20.1% meets that target, suggesting the floor is achievable barring input cost shocks.
- Is Usha Martin still debt-free?
- Yes, the company ended the quarter with a standalone debt-free balance sheet and a consolidated net cash position of ₹332 cr.
- What drove the 41% profit growth?
- Higher revenue and operating leverage drove net profit to ₹142 cr from ₹101 cr a year ago. The EBITDA margin expanded to 20.1% from 16.8% in Q1 FY26.
- Why was the credit rating upgraded?
- India Ratings upgraded Usha Martin to IND AA- earlier this month, reflecting an improved financial profile, including the debt-free balance sheet and consistent earnings.
Usha Martin Ltd.
Latest quarter · Jun 2026
Strength & growth
Story so far
All notes on USHAMART →- 28 Jul 2026 · 11:24 AM IST Usha Martin crosses ₹1,000 cr quarterly revenue, profit up 41%
- today Usha Martin sets 20% EBITDA margin floor, adds 6,000-ton elevator rope capacity
- 1d ago Usha Martin crosses ₹1,000 cr quarterly revenue for first time
- 1d ago Usha Martin cracks ₹1,000 cr quarter, EBITDA margin widens 380 bps
- 1d ago Usha Martin's Q1 profit jumps 41% but ED shadow lingers