USHA MARTIN LTD.

During the Q1 FY27 earnings conference call held on July 28, 2026, management reported a consolidated revenue increase of 16% year-on-year to INR 1,033 crore, with operating EBITDA rising 44% to INR 208 crore, resulting in an EBITDA margin of 20.1%. Management highlighted that value growth outpaced volume growth across various segments, particularly in wire ropes and wires. The wire rope segment saw an 18% revenue increase, despite a volume decline attributed to geopolitical issues in the Middle East. The wires segment experienced a 32% revenue growth, driven by domestic demand and new export opportunities. Management noted a strong cash flow generation of INR 242 crore and a net cash position of INR 465 crore. They set a capital expenditure goal of INR 250 crore to INR 300 crore for FY27, focusing on expanding specialized product capacity. The management expressed confidence in maintaining healthy growth and profitability despite external challenges.

Management emphasized strong financial performance and growth opportunities.