Usha Martin reports strong financials, strategic growth in 2025

Usha Martin announced a strong performance in its November 2025 investor presentation. For fiscal year 2025, consolidated revenue stood at ₹3,474 Cr., with EBITDA per tonne at ₹~30,000 and consolidated PAT reaching ₹406 Cr. The company reported a ROCE of 19.3% for FY25, reflecting efficient capital deployment.

First half FY26 figures show delivery volumes of 101 ('000 MT), revenue of ₹1,795 Cr., EBITDA of ₹318 Cr., and PAT of ₹228 Cr., indicating continued momentum. The company's strategic transformation, encompassing turnaround, consolidation, and growth phases, has yielded positive results. Key initiatives include a renewed focus on high-value specialty wire rope business, implementation of the "One Usha Martin" program, and strengthening ESG integration. Product segmentation for H1FY26 shows wire rope contributing 74% of revenue, demonstrating its core strength. Geographically, India accounts for 42% of revenue, with Europe at 28% and Asia Pacific at 12%.

Usha Martin maintains a healthy balance sheet, with net working capital at 33.2% of revenue for H1FY26 and a net debt to equity ratio of -0.04 for H1FY26, indicating a net cash position. The company has sustained strong cash flows, with an operating cash flow to EBITDA of 123% in H1FY26, enabling self-funded investments and enhancing shareholder value through consistent dividend payouts of 22% of profit after tax in FY25.