India · Delayed Price · Currency is INR Usha Martin Earnings Call Transcripts
Fiscal Year 2026
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Revenue and margins grew strongly in FY 2026, with international markets driving performance and a shift toward higher-value products. Management targets 10%-12% volume growth and sustained 20%+ margins, supported by robust order book and planned CapEx.
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Q3 FY26 saw 6.6% revenue growth and 23.3% higher EBITDA, with strong cash flow and a net cash position. Value-added products and new geographies are driving growth, while margins are expected to remain at 19–20% as CapEx and customer expansion continue.
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Q2 FY2026 delivered steady revenue and margin growth, driven by strong wire and wire rope segments, cost efficiencies, and international expansion. Margins may moderate as LRPC volumes recover, but EBITDA is expected to rise with higher throughput.
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Revenue grew 7.4% year-on-year to INR 887 crore, led by strong wire and wire rope segments, while EBITDA margin was 16.3%. Cost optimization and capacity expansion are expected to drive higher margins and growth in H2 FY 2026, with a net cash position and robust cash flows supporting future investments.
Fiscal Year 2025
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Revenue grew 7.7% year-over-year to INR 3,474 crore, with strong international and value-added product contributions. Margin pressures from product mix and restructuring are expected to ease, targeting at least 18% EBITDA margin in FY 2026 as cost optimization and capacity expansion take effect.
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Q3 FY25 saw 8% revenue growth, but margins declined due to pricing pressures and global demand slowdown. Strategic initiatives and plant expansions are expected to drive a 12% volume increase in FY26, with margins anticipated to recover as cost optimizations take effect.
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Q2 FY 2025 saw 13.6% YoY revenue growth and stable 18% EBITDA margin, led by strong wire rope and value-added product performance. CapEx, new product lines, and international expansion are set to drive 10%-12% annual growth, with margins guided at 18%-20%.
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Q1 FY25 saw modest revenue and profit growth, margin improvement, and strong performance in value-added and international segments. CapEx ramp-up, new product launches, and robust demand in specialized markets support a positive outlook, with 10% volume growth targeted.