Usha Martin Limited · NSE:USHAMART
Usha Martin — Q3 FY2026 Earnings Presentation
22 slides from Usha Martin's earnings presentation, Jan 29, 2026
Slide 1: Earnings Presentation Q3 9M FY26 - Exchange Filing Letter
USHA MARTIN Date: 29th January 2026 The Secretary The Manager Societe de la Bourse de BSE Limited National Stock Exchange of India Ltd. Luxembourg Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, 35A Bouleverd Joseph II Dalal Street Plot No. C/1, G Block, L-1840, Luxembourg Mumbai – 400 001 Ban
Slide 2: Q3 & 9M FY26 Results Earnings Presentation
Q3 & 9M FY26 RESULTS Earnings Presentation January 2026 USHA ,M ARTIN |
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Usha Martin Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, a
Slide 4: Key financial highlights – Consolidated Q3 & 9M FY26
In Rs. crore Key financial highlights – Consolidated Q3 & 9M FY26 NET REVENUE FROM OPERATIONS ■ OPERATING EBITDA • MARGINS 2,712 16.6% 19.1% 19.2% 17.7% 18.2% 2,578 ' • • • • • ' 458 494 861 908 917 173 176 143 I I I . Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Q3 FY25 I Q2 FY26 Q3 FY26 . I 9M FY25 9M F
Slide 5: Revenue breakdown by segment
In Rs. crore Revenue breakdown by segment WIRE ROPE WIRE 1,977 ' 1,872 ' 238 290 616 678 657 91 105 87 I I I . Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 ■■ Q3 FY25 Q2 FY26 I . Q3 FY26 9M FY25 9M FY26 Shift (%) QoQ: 3.1% YoY : 6.6% 5.6% Shift (%) QoQ: 15.2% YoY: 20.2% 21.8% - ------~ - -----
Slide 6: Diversified presence across geographies and segments
Diversified presence across geographies and segments Revenue Segmentation for 9M FY26 PRODUCT SEGMENTATION END INDUSTRY SEGMENTATION1 GEOGRAPHY SEGMENTATION Others, 8% Others, 3% Americas, 8% Fishing, 3% Middle East & Africa, 10% Mining, 6% Wire , 11% Engineering, 25% Utilities, 3% Elevator, 9% India
Slide 7: Successfully managing raw-material volatility
Successfully managing raw-material volatility STEEL PRICE (RS. PER TONNE) 54,906 54,097 53,618 - - - - - -'- ----~--------~ 50,958 49,356 Q3FY25 FY25 T Q1FY26 Q2FY26 Q3FY26 T EBITDA/TONNE2 (RS.) 34,915 33,350 28,302 30,148 28,502 Q3FY25 FY25 Q1FY26 Q2FY26 Q3FY26 Note 1: All figures mentioned in the s
Slide 8: Key financial indicators remain healthy
Key financial indicators remain healthy ROCE 2 (%) ROE (%) 22.8% 19.3% 19.8% 19.2% 15.8% 15.6% FY24 FY25 Dec.'25* FY24 FY25 Dec.'25* INTEREST COVERAGE (X) FIXED ASSET TURNOVER (X) 2.7 2.5 2.4 28.8 23.2 18.8 FY24 FY25 Dec.'25 FY24 FY25 Dec.'25^ Note 1: All figures mentioned in the slide are consolidate
Slide 9: Net cash position of Rs 198 cr during 9MFY26
In Rs. crore Net cash position of Rs 198 cr during 9MFY26 GROSS DEBT NET DEBT 338 124 - 292 63 172 -198 FY24 FY25 Dec.'25 FY24 FY25 Dec.'25 GROSS DEBT TO EQUITY (X) NET DEBT TO EQUITY (X) 0.12 0.12 0.05 0.02 0.06 -0.06 FY24 FY25 Dec.'25 FY24 FY25 Dec.'25 USHA MARTIN Note 1: All figures mentioned in t
Slide 10: Net working capital to turnover remains steady
Net working capital to turnover remains steady CURRENT RATIO (X) NET WORKING CAPITAL (RS. CRORE) 1,199 1,155 - 2.9 - : - - 2.8 3.0 1,089 Mar-24 Mar-25 Dec.'25 Mar-24 Mar-25 Dec.'25 NET WORKING CAPITAL (DAYS) NET WORKING CAPITAL TO TURNOVER (LTM, %) •------~- 198 199 198 32.8% 32.9% 33.4% Mar-24 Mar-
Slide 11: Healthy free cash flows despite capex spend of Rs. 155 crore
In Rs. crore Healthy free cash flows despite capex spend of Rs. 155 crore OPERATING CASH FLOW (OCF) BEFORE INCOME TAX AND % TO EBITDA 114% 94% 91% • • • 561 541 561 • Strong cash generation maintained, with operating cash flow of Rs. 561 crore in 9M FY26, representing 114% of EBITDA • Healthy free cas
Slide 12: Long term issuer rating at 'IND A+' / Outlook: Stable
Long term issuer rating at ‘IND A+’ / Outlook: Stable A+ A A- BBB+ BBB BBB- BB+ BB BB- India Ratings FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 Jul'25 &Researcn A Fitch Group Company ,---------------------------------------------------------------------------------------------------------------------
Slide 13: Management comment
Management comment Commenting on the performance Mr. Rajeev Jhawar, Managing Director said: “I am pleased to report a healthy operating performance in Q3 FY26, with consolidated operating Mr. Rajeev Jhawar EBITDA for the quarter at Rs. 176 crore, representing a strong 23.3% year-on-year increase. EB
Slide 14: Annexure
ANNEXURE | | 13
Slide 15: Abridged Consolidated P&L statement
In Rs. crore Abridged Consolidated P&L statement Y-o-Y Change Q-o-Q Change Y-o-Y Change Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 (%) (%) (%) Revenue from Operations 917.1 860.5 6.6% 907.6 1.0% 2,711.8 2,578.1 5.2% Operating EBITDA 175.9 142.7 23.3% 173.0 1.7% 493.6 457.5 7.9% Operating EBITDA Margin
Slide 16: Abridged Standalone P&L statement
In Rs. crore Abridged Standalone P&L statement Y-o-Y Change Q-o-Q Change Y-o-Y Change Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 (%) (%) (%) Revenue from Operations 581.5 565.3 2.9% 550.8 5.6% 1,672.4 1,626.9 2.8% Operating EBITDA 125.1 114.9 8.9% 114.6 9.2% 335.6 322.0 4.2% Operating EBITDA Margin (%)
Slide 17: Key operational highlights – Consolidated Q3 & 9M FY26
Key operational highlights – Consolidated Q3 & 9M FY26 Figure in (‘000 MT) ,~ - ------------ SALES VOLUMES1 ▪ Overall sales volumes improved year-on-year, reflecting steady I 154 demand across key segments 146 ' ▪ Segment-wise contribution to overall volumes Q3 FY26: ▪ Wire Rope - 49% (FY25: 52%) • •
Slide 18: Globally recognized certifications and licenses
Globally recognized certifications and licenses ISO 45001: 2018 ISO 14001: 2015 Certificate of Authority issued ISO 9001: 2015 Occupational Health & Environmental management by American Petroleum Quality management Safety systems Institute Systems USHA MARTIN LIM I TED WIRE & W IRE R O PES DIVISI O N
Slide 19: Market snapshot
Market snapshot , .,.---- ----------- ....... , As on Key Market Statistics Shareholding pattern as on 31st December 2025 I I I st 31 December, 2025 I I I I I I Public (including EWT), 20% I I BSE/NSE Ticker 517146 / USHAMART I I Market Price (Rs.) 454.55 Promoters, 40% Market Cap (Rs. Crore) 13,852
Slide 20: Concall details
Concall details Usha Martin Ltd. Q3 & 9M FY26 Earnings Conference Call Time: 10:00 AM IST on Friday, January 30, 2026 To enable participants to connect to the conference call without having to wait for an operator, please register at the below mentioned link: Pre-registration You will receive dial i
Slide 21: Contact us
Contact us About Us: Established in the year 1960, Usha Martin is a leading global and India’s No. 1 specialty steel wire rope solutions provider. The Company is also engaged in the manufacturing Usha Martin Limited of high-quality wires, low relaxation prestressed concrete steel strand (LRPC), Tel:
Slide 22: Thank you
THANK YOU USHA MARTIN LIMITED 2A, Shakespeare Sarani, contact@ushamartin.com Kolkata - 700 071, India www.ushamartin.com | | 21