Usha Martin Limited (NSE: USHAMART | BSE: 517146)
Source: Usha Martin Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Usha Martin Limited |
| Corporate Identity Number (CIN) | L31400WB1986PLC091621 |
| ISIN | INE228A01035 |
| NSE Symbol & BSE Scrip Code | NSE: USHAMART | BSE: 517146 (Luxembourg SE GDR: US9173002042) |
| Date of Incorporation / Founding Year | Incorporated in 1986 (Founded in 1960 with a single facility in Ranchi) |
| Registered Office & Corporate Headquarters | 2A, Shakespeare Sarani, Mangal Kalash, Kolkata – 700 071, West Bengal, India |
| Telephone & Investor Relations Contact | Tel: +91 33 7100 6300 | Fax: +91 33 7100 6400 | Email: investor@ushamartin.co.in / contact@ushamartin.co.in |
| Chairman | Mr. Vijay Singh Bapna (Non-Executive Independent Director, Chairman) |
| Managing Director | Mr. Rajeev Jhawar (Managing Director, Promoter) |
| Chief Financial Officer (CFO) | Mr. Abhijit Paul |
| Company Secretary & Compliance Officer | Mr. Manish Agarwal (ACS 29792) |
| Promoter & Holding Group | Jhawar Family / Promoter Group (Holds 39.90% of equity capital, including underlying GDRs) |
| Industry / Sector Classification | Industrial Manufacturing – Metal & Metal Products (Wire Ropes, Specialty Wires, Strands & Optical Fibre Cables) |
| Total Workforce (Permanent & Other than Permanent) | 5,058 personnel (664 Employees and 4,394 Workers; 2,234 Permanent on rolls as of March 31, 2026) |
| Manufacturing Plants Count | 3 Domestic facilities (Ranchi, Hoshiarpur, Silvassa) and 3 International manufacturing plants (UK, UAE, Thailand) |
| Offices & Distribution Presence | 9 Domestic locations (3 plants, 6 marketing/sales offices) and 20 International operational touchpoints across 75 countries |
| Domestic & Global Coverage | 28 States and 8 Union Territories across India; Exports to 75 countries across Europe, the Americas, Asia-Pacific, and Middle East & Africa |
| Statutory Auditors | M/s. S.R. Batliboi & Co. LLP, Chartered Accountants (Firm Reg. No. 301003E/E300005) |
| Registrar and Share Transfer Agent (RTA) | KFin Technologies Limited (Selenium Building, Tower-B, Plot No. 31 & 32, Financial District, Nanakramguda, Hyderabad – 500032) |
🏢 The Corporate Identity: Usha Martin Overview, Promoters & History
The Big Picture: Business Model & Core Value Proposition
Usha Martin Limited is a premier global engineering enterprise specialising in the design, development, and manufacture of high-performance steel wire ropes, specialty wires, prestressing systems, and optical telecommunication solutions. Headquartered in Kolkata, West Bengal, the company operates across the complete value spectrum of critical lifting, anchoring, and structural infrastructure applications. With an integrated manufacturing and distribution network spanning India, the United Kingdom, the United Arab Emirates, Thailand, Singapore, Europe, Australia, and the United States, Usha Martin serves mission-critical industrial applications where mechanical performance, fatigue tolerance, and operational safety are paramount.
The enterprise functions on an engineering-driven business model where wire ropes represent consumable items subjected to mandated replacement cycles. This structural operating dynamic generates high recurring demand across elevators, mining installations, port container cranes, civil bridges, and offshore exploration platforms. Over the past five financial years, the company has transformed its revenue profile by methodically expanding high-margin, value-added specialized product lines while centralising enterprise operations under the “One Usha Martin” transformation framework.
- High-Value Transition: Wire ropes contributed 73% of consolidated gross revenues in FY 2025-26 (up from 61% five years ago), with value-added specialized formulations reaching 70% within the rope portfolio.
- Global Footprint: International operations accounted for 57% of consolidated turnover in FY 2025-26, supported by manufacturing bases in the UK, UAE, and Thailand, alongside regional engineering distribution hubs.
- Digital and Operational Integration: Implementation of SAP RISE with S/4HANA across global operating companies has streamlined multi-country inventory, procurement, and shared back-office functions in India, unlocking annualised cost savings of ₹0.70 Crore.
The Founders, Promoters & Their Legacy
Founded in 1960 by the Jhawar family with a pioneering wire rope manufacturing plant in Ranchi, Jharkhand, Usha Martin emerged as a foundational contributor to India’s post-independence heavy industrialisation. Over six decades, the enterprise established leadership across domestic infrastructure while systematically pursuing overseas acquisitions and establishing foreign joint ventures in developed markets. Managing Director Rajeev Jhawar has spearheaded the strategic pivot toward high-tensile, high-durability engineering solutions, overseeing the divestment of the legacy non-core steel manufacturing business and transitioning the balance sheet into a net-cash position.
The leadership structure pairs executive stewardship with seasoned independent governance. The Board is chaired by Non-Executive Independent Director Vijay Singh Bapna, with independent professionals leading key committees including the Audit, Nomination & Remuneration, Stakeholders’ Relationship, and Risk Management Committees. The promoter and promoter group maintained a 39.90% aggregate equity holding in the enterprise as of March 31, 2026.
The Journey: Corporate History & Key Milestones
Usha Martin’s operational timeline reflects sustained organic expansion, internationalisation, and structural portfolio optimisation:
- 1960: Establishment of the maiden steel wire rope manufacturing facility in Ranchi, Bihar (now Jharkhand).
- 1986: Incorporation of the present corporate entity, Usha Martin Limited (originally incorporated under the Companies Act as Usha Beltron Limited, later amalgamated with Usha Martin Industries Limited and Usha Ismal Limited).
- 1998–2008: Execution of global expansion through acquisitions and joint ventures, establishing Usha Martin UK Limited, Brunton Wire Ropes FZCo in Dubai, and Usha Siam Steel Industries in Thailand.
- 2019: Successful divestment of the capital-intensive integrated steelmaking operations to Tata Steel Long Products Limited, pivoting the enterprise exclusively toward high-margin wire rope and specialty wire manufacturing.
- FY 2023–25: Investment of over ₹400 Crore in cumulative plant debottlenecking, augmenting domestic wire and rope capacity by 40,000 MT, and establishing advanced testing capabilities.
- FY 2025-26: Delivery of landmark engineering achievements including the Oceanmax 180 MT single-length rope reel produced at Ranchi, full deployment of SAP RISE S/4HANA across global subsidiaries, and transition of the balance sheet to a net cash position of ₹332 Crore.
The Corporate Umbrella & Group Structure
The corporate structure of Usha Martin Limited comprises a consolidated parent holding listed on the National Stock Exchange of India, BSE Limited, and the Luxembourg Stock Exchange (for GDRs), managing an extensive international architecture of 19 operating subsidiaries and two core joint ventures. The international businesses operate through regional operational hubs: Usha Martin International Limited (UK) oversees European sales, rigging, and specialized offshore manufacturing through Brunton Shaw UK Limited and De Ruiter Staalkabel B.V.; Brunton Wire Ropes FZCo (Dubai) anchors Middle Eastern operations alongside its subsidiary in Saudi Arabia; Usha Martin Singapore Pte. Limited directs distribution across the Asia-Pacific basin, supervising subsidiaries in Australia, Vietnam, and Indonesia; and Usha Siam Steel Industries Public Company Limited manages integrated wire and rope production in Thailand.
⚙️ The Business Engine: Segments, Brands, Products & Operations
The Core Divisions & Segment Revenue Breakdown
In accordance with Ind AS 108 Operating Segments, the Group organizes and evaluates its operations under two primary reportable segments: Wire and Wire Ropes (representing the manufacture and marketing of steel wires, strands, wire ropes, conveyor cords, prestressing systems, and allied machinery) and Others (encompassing the manufacture and sale of jelly-filled and optical fibre telecommunication cables via U M Cables Limited).
| Business Segment | Segment Results (EBIT) (FY 2025-26) (₹ in Crores) | Segment Results (EBIT) (FY 2024-25) (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Wire and Wire Ropes | 650.43 | 564.45 | +15.23% |
| Others (Telecom Cables) | (1.60) | 3.13 | N/M |
| Segment Total | 648.83 | 567.58 | +14.32% |
| Finance Costs | (19.63) | (29.55) | -33.57% |
| Unallocated Net Income / (Expenses) | 8.73 | (28.99) | N/M |
| Exceptional Items | (16.87) | — | – |
| Total Consolidated PBT (before JV Profit) | 621.06 | 509.04 | +22.01% |
The Product & Service Catalog (with Operational KPIs & Order Book)
The enterprise engineering catalog spans four primary physical product categories alongside an integrated suite of field rigging and testing services:
- Steel Wire Ropes: Flagship portfolio comprising compact, multi-strand, compacted plastic-impregnated, and locked-coil ropes engineered for tower cranes, crawler cranes, underground mining shafts, offshore drilling units, container terminals, and elevator hoistways.
- Plasticated LRPC Strands: High-tensile, low-relaxation prestressed concrete strands bonded with high-density polyethylene (HDPE) protective sheathing, designed for stay cables in long-span cable-stayed bridges, elevated flyovers, and nuclear containment domes.
- Prestressing Systems & Hardware: Integrated anchorage heads, bearing plates, wedges, hydraulic multi-pull stressing jacks, and grouting equipment utilized in major transportation and metro viaduct structures.
- Specialty Steel Wires: High-carbon spring wires, automotive spoke wires, needle wires, cold-heading quality (CHQ) wires, CO2 welding wires, and mesh screening wires for mineral processing plants.
- Integrated Rigging & Engineering Services: Non-destructive testing (NDT), magnetic rope testing (MRT), re-spooling, heavy socketing, swaging, proof-load testing, and site installation of stay cables and cableway systems.
On a standalone manufacturing basis, Usha Martin produced 74,629 MT of Wire Ropes (compared to 76,126 MT in FY 2024-25), 97,971 MT of Wires, Strands, and LRPC (compared to 90,934 MT in FY 2024-25), and 3,460 MT of Conveyor Cords (compared to 3,870 MT in FY 2024-25). Standalone production of total value-added products expanded by 3.00% year-over-year.
The Names You Know: Key Brands & Flagship Portfolio
| Brand / Product Name | Category / Business Segment | Target Market & Key Positioning |
|---|---|---|
| Oceanmax™ | Offshore & Heavy Crane Wire Ropes | Large-diameter multi-strand ropes engineered for deepwater offshore exploration, heavy deck cranes, and subsea lifting. Manufactured with tight diameter tolerances and high crushing resistance. |
| Powerform™ (e.g. 8P) | Specialty Mining & Mobile Crane Ropes | High-performance compacted wire ropes engineered with high breaking force, low stretch, and extreme fatigue resistance for construction cranes and surface mining excavators. |
| Minesform™ (e.g. 8PVF) | Underground & Surface Mining Ropes | Heavy-duty mining ropes engineered with plastic core impregnation to dampen internal vibration, exclude dirt, and withstand intensive drum spooling cycles in vertical shaft winders. |
| GALSTAR™ | Advanced Anti-Corrosion Specialty Wires | Zinc-aluminium coated specialty alloy wires designed for severe atmospheric exposure, applied in rockfall protection barriers, avalanche fencing, slope stabilisation, and power conductors. |
| OceanFibre™ | High-Performance Synthetic Slings | Lightweight High Modulus Polyethylene (HMPE) synthetic round slings tailored for floating offshore wind installations and specialized marine rigging where high strength-to-weight ratios are essential. |
The deployment of GALSTAR™ wire coatings has expanded Usha Martin’s footprint across environmental protection infrastructure, such as geological slope stabilization along the iconic Gilbert Hill in Mumbai. Concurrently, the successful commercialisation of OceanFibre HMPE slings through Brunton Shaw UK marks the group’s entry into synthetic lifting technologies, targeting offshore wind and floating energy installations.
Mapping the Domestic & Global Reach (India vs. Exports)
The group’s operational revenues are distributed across domestic Indian consumption and diversified export markets spanning 75 countries:
| Geographic Region | FY 2025-26 Revenue (₹ in Crores) | FY 2024-25 Revenue (₹ in Crores) | Disclosed Revenue Share (%) | Non-Current Asset Base (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|---|---|
| India (Domestic) | 1,506.40 | 1,498.70 | 43% | 999.03 | +0.51% |
| Outside India (International) | 2,089.23 | 1,884.57 | 57% | 793.62 | +10.86% |
| Total Revenue from Operations | 3,691.06 | 3,474.16 | 100% | 1,79,265 | +6.24% |
*Note: In Note 35 II, primary revenues from contract with customers exclude other operating revenue items totaling ₹3,691.06 Crores in the Consolidated Statement of Profit and Loss.
The geographic mix indicates that Europe represents 25% of consolidated business, followed by Asia-Pacific at 13%, the Americas at 11%, and the Middle East & Africa at 8%, with India providing a stable anchor at 43%. On a standalone basis, direct actual export currency inflows totaled ₹8.07 Crores (against foreign currency outgoings of ₹93.31 Crores), demonstrating substantial net foreign exchange generation.
The Brick & Mortar Footprint: Manufacturing Plants, R&D & Offices
The physical footprint of Usha Martin Limited comprises world-scale production, design, and testing infrastructure:
- Ranchi Facility (Tatisilwai, Jharkhand): The group’s primary integrated manufacturing facility, housing wire drawing, stranding, closing, and compacting machines capable of producing heavy-diameter ropes up to 180 MT single-piece reel weights. Houses on-site 2.2 MWp solar capacity and accredited NABL metallurgy testing laboratories.
- Hoshiarpur Facility (Punjab): Dedicated specialty wire, spring wire, and LRPC strand manufacturing works servicing the northern infrastructure, automotive, and industrial corridors.
- Silvassa Works (Dadra & Nagar Haveli): Operated by wholly owned subsidiary U M Cables Limited, producing optical fibre and telecommunication cables.
- Worksop Works (Nottinghamshire, United Kingdom): Operated by Brunton Shaw UK Limited, focusing on specialized, large-diameter offshore wire ropes and OceanFibre synthetic round slings.
- Jebel Ali Free Zone Plant (Dubai, UAE): Operated by Brunton Wire Ropes FZCo, serving Middle Eastern offshore exploration, port lifting, and heavy construction sectors.
- Navanakoran Industrial Estate Facility (Bangkok, Thailand): Operated by Usha Siam Steel Industries Public Company Limited, producing steel wire ropes and automotive wire products.
- Global R&D & Design Centers: Dedicated engineering innovation centers in Ranchi (India) and Brescia (Italy), collaborating on wire metallurgy, polymer extrusion, and rope fatigue modeling.
📊 The Financial Health: The Numbers Simplified
Multi-Year Financial Highlights (₹ in Crores)
| Financial Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | Latest YoY (%) |
|---|---|---|---|---|---|---|
| Revenue from Operations | 3,691.1 | 3,474.2 | 3,225.2 | 3,267.8 | 2,688.1 | +6.24% |
| Operating EBITDA | 705.00 | 636.50 | 638.80 | 541.40 | 418.9* | +10.76% |
| Profit Before Tax (PBT)* | 656.4* | 526.80 | 549.50 | 455.40 | 315.1* | +24.60% |
| Profit After Tax (PAT – Continuing Operations) | 466.31 | 406.32 | 424.1 | 350.6 | 291.4 | +14.76% |
| Return on Capital Employed (RoCE %) | 16.74% | 17.64% | 22.8% | 22.5% | 20.8% | – |
| Net Debt to Equity (times) | -0.10 | 0.02 | 0.05 | 0.09 | 0.11 | N/M |
| Net Cash / (Debt) Position | 332.00 | (63.0) | (124.0) | (184.8) | (190.7) | N/M |
| Fixed Assets – Gross Block (incl. CWIP) | 2,466.50 | 2,136.00 | 1,832.00 | 1,539.90 | 1,335.40 | +15.47% |
| Basic Earnings Per Share (₹) | 15.30 | 13.37 | 13.92 | 11.51 | 9.56 | +14.44% |
| Dividend Per Share (DPS) (₹) | 3.75* | 3.00 | 2.75 | 2.50 | 2.00 | +25.00% |
*Notes: FY22 and FY26 figures exclude exceptional items where marked on Page 18 of the report (Exceptional items of ₹31.2 Crore in FY22 and ₹16.9 Crore in FY26). FY26 DPS of ₹3.75 represents the proposed dividend recommended by the Board of Directors.
Earnings, Expenses, & Take-Home Profits (Consolidated Profit & Loss)
| Statement of Profit and Loss Line Item | Year Ended 31st March, 2026 (₹ in Crores) | Year Ended 31st March, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Continuing Operations: Income | |||
| Revenue from Operations | 3,691.06 | 3,474.16 | +6.24% |
| Other Income | 68.88 | 39.39 | +74.87% |
| Total Income | 3,759.94 | 3,513.55 | +7.01% |
| Expenses | |||
| Cost of Materials Consumed | 1,749.28 | 1,791.50 | -2.36% |
| Purchase of Stock-in-Trade | 8.19 | 31.30 | -73.83% |
| Changes in Inventories of Finished Goods, Work-in-Progress, Stock-in-Trade and Scrap/By-Product | 110.03 | (72.75) | N/M |
| Employee Benefits Expense | 460.49 | 474.33 | -2.92% |
| Finance Costs | 19.63 | 29.55 | -33.57% |
| Depreciation and Amortisation Expense | 116.40 | 97.86 | +18.95% |
| Other Expenses | 657.99 | 652.72 | +0.81% |
| Total Expenses | 3,122.01 | 3,004.51 | +3.91% |
| Share of Profit of Joint Ventures, Net of Tax | 18.51 | 17.81 | +3.93% |
| Profit Before Exceptional Item and Tax from Continuing Operations | 656.44 | 526.85 | +24.60% |
| Exceptional Item | 16.87 | — | – |
| Profit Before Tax from Continuing Operations | 639.57 | 526.85 | +21.40% |
| Current Tax | 133.90 | 107.77 | +24.25% |
| Adjustment of Tax Relating to Earlier Periods | (16.08) | (0.24) | +6600.00% |
| Deferred Tax | 30.55 | 13.00 | +135.00% |
| Total Tax Expense of Continuing Operations | 14,837 | 12,053 | +23.10% |
| Profit After Tax for the Year from Continuing Operations | 491.20 | 406.32 | +20.89% |
| Discontinued Operations | |||
| Loss Before Tax for the Year from Discontinued Operations | (2,728) | — | – |
| Tax Credit of Discontinued Operations | 239 | — | – |
| Loss for the Year from Discontinued Operations | (2,489) | — | – |
| Profit for the Year (from Continuing and Discontinued Operations) | 466.31 | 406.32 | +14.76% |
| Other Comprehensive Income (OCI) | |||
| Re-measurement Gain / (Loss) on Defined Employee Benefit Plans (Net of Tax) | 1.43 | (2.16) | N/M |
| Exchange Difference on Translation of Financial Statements of Foreign Operations | 17,872 | 5,587 | +219.89% |
| Total Other Comprehensive Income for the Year, Net of Tax | 180.15 | 53.71 | +235.41% |
| Total Comprehensive Income for the Year | 646.46 | 460.03 | +40.53% |
| Profit Attributable to: | |||
| Equity Shareholders of the Parent | 465.99 | 407.39 | +14.38% |
| Non-Controlling Interest | 0.32 | (1.07) | N/M |
| Earnings Per Equity Share (for Continuing & Discontinued Operations) | |||
| Basic EPS (₹) | 15.30 | 13.37 | +14.44% |
| Diluted EPS (₹) | 15.29 | 13.37 | +14.36% |
Assets, Borrowings, & Net Worth (Consolidated Balance Sheet)
| Consolidated Balance Sheet Line Item | As at 31st March, 2026 (₹ in Crores) | As at 31st March, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| ASSETS: Non-Current Assets | |||
| Property, Plant and Equipment | 1,479.58 | 1,264.56 | +17.00% |
| Capital Work-in-Progress | 88.86 | 117.33 | -24.26% |
| Goodwill on Consolidation | 55.22 | 55.22 | 0.00% |
| Other Intangible Assets | 8.24 | 8.00 | +3.00% |
| Right-of-Use Assets | 81.55 | 78.05 | +4.48% |
| Intangible Assets Under Development | 0.19 | 0.74 | -74.32% |
| Equity Accounted Investments | 79.12 | 67.81 | +16.68% |
| Investments (Other Companies) | 0.20 | 0.20 | 0.00% |
| Loans (Non-Current) | 4.13 | 4.56 | -9.43% |
| Other Financial Assets (Non-Current) | 31.67 | 34.89 | -9.23% |
| Income Tax Assets (Net) | 14.70 | 36.17 | -59.36% |
| Deferred Tax Assets (Net) | 9.32 | 16.48 | -43.45% |
| Other Assets (Non-Current) | 79.01 | 79.81 | -1.00% |
| Total Non-Current Assets | 1,931.79 | 1,763.82 | +9.52% |
| Current Assets | |||
| Inventories | 957.82 | 984.91 | -2.75% |
| Trade Receivables | 643.42 | 527.63 | +21.95% |
| Cash and Cash Equivalents | 241.84 | 260.72 | -7.24% |
| Other Bank Balances | 235.96 | 14.03 | +1581.82% |
| Loans (Current) | 1.83 | 1.50 | +22.00% |
| Other Financial Assets (Current) | 83.44 | 104.95 | -20.50% |
| Other Current Assets | 115.72 | 82.46 | +40.33% |
| Total Current Assets | 2,280.03 | 1,976.20 | +15.37% |
| Assets Held for Sale | — | 7.92 | – |
| TOTAL ASSETS | 4,211.82 | 3,747.94 | +12.38% |
| EQUITY AND LIABILITIES: Equity | |||
| Equity Share Capital | 30.51 | 30.52 | -0.03% |
| Other Equity | 3,271.42 | 2,721.36 | +20.21% |
| Equity Attributable to Equity Shareholders of the Parent | 3,301.93 | 2,751.88 | +19.99% |
| Non-Controlling Interest | 0.15 | (0.17) | N/M |
| Total Equity | 3,302.08 | 2,751.71 | +20.00% |
| Non-Current Liabilities | |||
| Non-Current Borrowings | 24.13 | 145.40 | -83.40% |
| Lease Liabilities (Non-Current) | 66.91 | 68.07 | -1.70% |
| Other Financial Liabilities (Non-Current) | 0.43 | 0.48 | -10.42% |
| Provisions (Non-Current) | 56.27 | 45.87 | +22.67% |
| Deferred Tax Liabilities (Net) | 66.39 | 41.43 | +60.25% |
| Total Non-Current Liabilities | 214.13 | 301.25 | -28.92% |
| Current Liabilities | |||
| Current Borrowings | 121.41 | 192.16 | -36.82% |
| Lease Liabilities (Current) | 16.12 | 11.08 | +45.49% |
| Trade Payables – Dues of Micro and Small Enterprises | 12.72 | 11.22 | +13.37% |
| Trade Payables – Dues of Other Creditors | 298.23 | 255.02 | +16.94% |
| Other Financial Liabilities (Current) | 98.49 | 66.24 | +48.69% |
| Other Current Liabilities | 93.28 | 100.89 | -7.54% |
| Provisions (Current) | 16.48 | 15.61 | +5.57% |
| Current Tax Liabilities (Net) | 38.88 | 42.76 | -9.07% |
| Total Current Liabilities | 695.61 | 694.98 | +0.09% |
| Total Liabilities | 909.74 | 996.23 | -8.68% |
| TOTAL EQUITY AND LIABILITIES | 4,211.82 | 3,747.94 | +12.38% |
Cash Flow: Tracking the Money Movement
| Consolidated Statement of Cash Flows Activity | Year Ended 31st March, 2026 (₹ in Crores) | Year Ended 31st March, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Operating Profit Before Changes in Non-Current / Current Assets and Liabilities | 766.92 | 624.47 | +22.81% |
| Net Cash Generated from Operations | 735.94 | 540.92 | +36.05% |
| Direct Taxes (Paid) / Refund (Net) | (80.60) | (119.16) | -32.36% |
| Net Cash Flow from Operating Activities (A) | 655.34 | 421.76 | +55.38% |
| Purchase of Property, Plant and Equipment (CapEx / CWIP) | 198.06 | 244.65 | -19.04% |
| Proceeds from Sale of Property, Plant and Equipment | 16.74% | 17.64% | – |
| Investment in Bank Deposits (Maturity >3 months and <12 months) | (364.67) | — | – |
| Redemption / Maturity of Bank Deposits | 142.97 | 4.10 | +3387.07% |
| Interest Received | 11.26 | 6.37 | +76.77% |
| Dividend Received from Joint Venture | 7.20 | 5.80 | +24.14% |
| Other Investing Transactions (Margin Money, Current Investments Net, etc.) | 261 | (856) | N/M |
| Net Cash Flows Used in Investing Activities (B) | (366.67) | (223.24) | +64.25% |
| Repayment of Long-Term Borrowings | (182.96) | (7.38) | +2379.13% |
| Proceeds from Long-Term Borrowings | 16.74% | 17.64% | – |
| (Repayments of) / Proceeds from Short-Term Working Capital Borrowings (Net) | 16.74% | 17.64% | – |
| Payment of Lease Liabilities | (13.43) | (12.26) | +9.54% |
| Interest Paid | (17.85) | (29.80) | -40.10% |
| Dividend Paid to Shareholders | (91.37) | (83.80) | +9.03% |
| Payment for Purchase of Treasury Shares | (6.52) | (6.52) | 0.00% |
| Proceeds from Minority Shareholders in Subsidiary | 16.74% | 17.64% | – |
| Net Cash Flows Used in Financing Activities (C) | (321.49) | (91.49) | +251.39% |
| Effect of Foreign Exchange Differences on Cash and Cash Equivalents (D) | 13.94 | 3.91 | +256.52% |
| Net (Decrease) / Increase in Cash and Cash Equivalents (A+B+C+D) | (18.88) | 110.94 | N/M |
| Opening Cash and Cash Equivalents | 260.72 | 149.78 | +74.07% |
| Closing Cash and Cash Equivalents | 241.84 | 260.72 | -7.24% |
Funding the Future: CapEx, CWIP & R&D Spending
The enterprise financed capital investments entirely through internal cash accruals during the fiscal year. Cash generated from operations of ₹735.94 Crores funded total capital expenditure of ₹198.06 Crores (comprising ₹150.18 Crores in Indian operations and ₹0.48 Crores overseas), while enabling a reduction in consolidated borrowings from ₹337.56 Crores to ₹145.54 Crores.
- R&D Commitment: Total group research and development costs recognized in the Consolidated Statement of Profit and Loss reached ₹13.35 Crores in FY 2025-26 (up from ₹12.49 Crores in FY 2024-25). On a standalone basis, direct R&D expenditure stood at ₹5.12 Crores.
- Energy Conservation Investments: Direct capital allocations toward energy conservation systems totaled ₹5.08 Crores, funding high-efficiency AC motors, VFD installations, and rooftop solar installations.
- CWIP Projects: Capital work-in-progress as of March 31, 2026 stood at ₹88.86 Crores (with ₹0.70 Crores under active installation for less than twelve months), including advanced stranding, rewinding, and closing equipment.
👥 Power & Control: Corporate Governance, Leadership & Ownership
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
| Name of Director / KMP | Designation / Role | DIN | Category |
|---|---|---|---|
| Mr. Vijay Singh Bapna | Chairman & Director | 02599024 | Non-Executive Independent Director |
| Mrs. Ramni Nirula | Director | 00015330 | Non-Executive Independent Director |
| Mr. Venkatachalam Ramakrishna Iyer | Director | 02194830 | Non-Executive Independent Director |
| Mr. Sethurathnam Ravi | Director | 00009790 | Non-Executive Independent Director |
| Mr. Rajeev Jhawar | Managing Director | 00086164 | Executive, Promoter |
| Mr. S B N Sharma | Whole Time Director | 08167106 | Executive Director |
| Mr. Chirantan Chatterjee | Whole Time Director (appointed w.e.f. May 12, 2025) | 10506056 | Executive Director |
| Ms. Shreya Jhawar | Additional Director (appointed w.e.f. May 26, 2026) | 11693142 | Non-Executive, Non-Independent Director |
| Mr. Dimitri Bracco Gartner | Additional Director (appointed w.e.f. May 26, 2026) | 11683495 | Non-Executive, Non-Independent Director |
| Mr. Sabyasachi Majumder | Additional Director (appointed w.e.f. May 26, 2026) | 11683481 | Non-Executive, Non-Independent Director |
| Mr. Abhijit Paul | Chief Financial Officer (KMP) | – | Key Managerial Personnel |
| Mr. Manish Agarwal | Company Secretary & Compliance Officer (KMP) | ACS 29792 | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
The shareholding structure of Usha Martin Limited as of March 31, 2026 across its reported paid-up capital of 30,47,42,010 equity shares (reported on Page 131) is detailed below:
| Category of Shareholder | Number of Equity Shares | Shareholding Percentage (%) |
|---|---|---|
| Promoter & Promoter Group Holding (incl. GDRs)* | 12,15,93,998 | 39.90% |
| Mutual Funds | 3,73,96,112 | 12.27% |
| Alternative Investment Funds (AIF) | 61,08,590 | 2.00% |
| Foreign Portfolio Investors / FIIs / Foreign Nationals | 4,43,05,173 | 14.54% |
| Financial Institutions / Banks | 2,290 | 0.00% |
| Insurance Companies | 3,96,631 | 0.13% |
| Bodies Corporate | 3,44,88,171 | 11.32% |
| Resident Individuals | 4,77,22,016 | 15.66% |
| Non-Resident Indians (NRIs) | 26,61,508 | 0.87% |
| Hindu Undivided Families (HUF) | 34,02,501 | 1.12% |
| Non-Banking Financial Companies (NBFC) | 5,52,570 | 0.18% |
| Investor Education and Protection Fund (IEPF) | 11,27,690 | 0.37% |
| Clearing Members & Trusts | 20,180 | 0.00% |
| Demat Suspense Escrow Account | 1,210 | 0.00% |
| Shares Underlying GDRs (Non-Promoter Non-Public) | 46,21,870 | 1.52% |
| Usha Martin Limited Employee Welfare Trust | 3,41,500 | 0.11% |
| Grand Total | 30,47,42,010 | 100.00% |
*Note: Promoters and Promoter Group held 2,148,716 GDRs representing 10,743,580 equity shares as of March 31, 2026. Substantial single public holders included UMIL Share & Stock Broking Services Limited (13.27%) and India Opportunities Growth Fund Ltd – Pinewood Strategy (5.03%). Total reported share capital stands inflated by 230 shares due to an erroneous historical electronic transfer to IEPF in 2020 pending MCA rectification.
🗺️ The Corporate Family Tree: Group Structure & Strategic Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
| Entity Name | Relationship | Reporting Currency | % Equity Holding | Total Income (FY 2025-26) (₹ in Crores) | Profit / (Loss) After Tax (FY 2025-26) (₹ in Crores) |
|---|---|---|---|---|---|
| U M Cables Limited | Subsidiary | INR | 100.00% | 78.19 | (2.99) |
| Bharat Minex Private Limited | Subsidiary | INR | 100.00% | — | (0.02) |
| Gustav Wolf Speciality Cords Limited | Subsidiary | INR | 100.00% | 14.96 | 0.21 |
| Usha Siam Steel Industries Public Company Ltd | Subsidiary | THB | 97.98% | 438.34 | (1.58) |
| Usha Martin Americas Inc | Subsidiary | USD | 100.00% | 275.08 | 22.58 |
| Brunton Wire Ropes FZCO | Subsidiary | AED | 100.00% | 337.66 | 41.30 |
| Brunton Wire Ropes Industrial Company Limited | Subsidiary | SAR | 51.00% | 41.31 | 0.68 |
| Usha Martin Singapore Pte. Limited | Subsidiary | USD | 100.00% | 200.75 | (9.96) |
| Usha Martin Australia Pty Limited | Subsidiary | AUD | 100.00% | 79.50 | 2.73 |
| PT Usha Martin Indonesia | Subsidiary | IDR | 100.00% | 80.50 | 6.40 |
| Usha Martin Vietnam Company Limited | Subsidiary | VND | 100.00% | 33.97 | 1.51 |
| Usha Martin International Limited | Subsidiary | GBP | 100.00% | 88.65 | (2.95) |
| De Ruiter Staalkabel B.V. | Subsidiary | EUR | 100.00% | 436.21 | 22.60 |
| Usha Martin Italia S.R.L. | Subsidiary | EUR | 100.00% | 13.96 | 1.10 |
| Usha Martin Europe B.V. | Subsidiary | EUR | 100.00% | 12.38 | 8.62 |
| Usha Martin UK Limited | Subsidiary | GBP | 100.00% | 659.02 | 36.02 |
| Brunton Shaw UK Limited | Subsidiary | GBP | 100.00% | —* | —* |
| European Management and Marine Corporation Ltd | Subsidiary | GBP | 100.00% | —* | —* |
| Pengg Usha Martin Wires Private Limited | Joint Venture | INR | 40.00% | — | (46.20) |
| CCL Usha Martin Stressing Systems Limited | Joint Venture | INR | 49.99% | — | (0.06) |
*Note: In Form AOC-1, figures for Brunton Shaw UK Limited and European Management and Marine Corporation Limited are incorporated within the consolidated accounts of Usha Martin UK Limited / Usha Martin International Limited. Usha Martin España S.L. was voluntarily dissolved on 19th December 2025.
Strategic Investments & Treasury Holdings
The group’s balance sheet maintains focused non-current strategic holdings in core joint ventures, primarily Pengg Usha Martin Wires Private Limited (carrying value ₹78.38 Crores; representing 1,08,00,000 equity shares). Pengg Usha Martin contributed ₹18.48 Crores in consolidated net profit during FY 2025-26 and paid cash dividends of ₹7.20 Crores to the parent entity. Other investments in regional infrastructure vehicles, including Adityapur Toll Bridge Company Limited (₹0.10 Crores) and Adityapur Auto Cluster Limited (₹0.10 Crores), are carried at fair value through profit and loss.
Under the “Usha Martin Employee Stock Option Plan – 2024”, the enterprise operates through the Usha Martin Limited Employee Welfare Trust. During FY 2025-26, the trust purchased 1,51,000 equity shares from secondary open markets at an average cost of ₹432.12 per share, funded via a parent loan of ₹6.52 Crores, taking total treasury shares held under trust to 3,41,500 shares.
🎯 The Strategic Outlook: Competitive Moats, Risks & Future Growth Plans
Competitive Advantages & Economic Moats
Usha Martin’s entrenched market position in global mission-critical lifting is supported by distinct economic moats:
- Severe Application Qualification Barriers: In high-risk environments such as passenger elevators, deep shaft mining, and offshore oil exploration, wire ropes represent a fractional component of project capital expenditure but carry extreme operational liability. As a result, supplier onboarding involves multi-year testing regimes, third-party certifications (Lloyd’s Register, DNV-GL, American Petroleum Institute, Bureau Veritas, ABS), and safety audits that insulate qualified vendors from low-cost competition.
- Global Manufacturing and Engineering Synergy: The group pairs advanced design engineering from its technical center in Brescia, Italy and specialized large-diameter capabilities in the UK with the low conversion costs and massive stranding scale of its Ranchi, India operations. The manufacturing of the Oceanmax 180 MT single-reel rope validated this cross-border integration.
- Recurring Replacement Cycles: Industrial wire ropes are safety-mandated consumables requiring scheduled discard and replacement irrespective of broader economic capital cycles, insulating the group’s order flow.
- Integrated Metallurgy and Coating Technology: In-house mastery over wire metallurgy, thermal treatments, compacting rolling units, and proprietary corrosion coatings (such as GALSTAR™ zinc-aluminium alloy) provides product differentiation across demanding geological and offshore environments.
What Could Go Wrong? Key Challenges & Business Risks
Management highlights several operational, input cost, and external market risks across its regulatory filings:
- Raw Material Volatility: Steel wire rod and zinc constitute primary direct material expenses. Disclosed sensitivity modeling indicates that a 5% change in input wire rod prices produces an earnings impact of ₹0.41 Crores on the Consolidated Statement of Profit and Loss.
- Global Trade, Tariffs & Freight Dislocations: With 57% of sales derived internationally, shipping route disruptions (such as geopolitical conflicts in West Asia and shipping passages) and protective regional trade tariffs can inflate landed logistics expenses and lengthen cash conversion cycles.
- Legal Proceedings Regarding Historical Iron Ore Fines: As detailed in Note 41 to the accounts and the Independent Auditor’s Report, proceedings initiated by the Enforcement Directorate (ED) and CBI regarding past sales of iron ore fines from erstwhile iron ore mines in Ghatkuri, Jharkhand remain pending before the Ranchi Trial Court and Special Judge-CBI New Delhi, involving attached immovable properties valued at ₹190.37 Crore under PMLA status quo protection.
- Working Capital Intensity: Despite closing the year with net cash, working capital tied up in the business reflects long international transit pipelines, with consolidated inventories standing at ₹957.82 Crores and trade receivables at ₹643.42 Crores as of March 31, 2026.
The Next Chapter: Growth, Order Pipeline & CapEx Initiatives
Over the past three financial years, the enterprise expanded wire and rope capacity by 40,000 MT while debottlenecking existing assets. To capture accelerating demand across infrastructure, urban vertical mobility, and marine logistics, management announced an annual capital expenditure roadmap of ₹200 Crore to ₹2.50 Crore targeted at high-margin categories including:
- Elevator Ropes Expansion: Capitalizing on urbanisation across Tier 2 and Tier 3 cities in India, alongside expanding high-rise commercial construction requiring high-speed elevator ropes.
- Offshore Wind & Deepwater Exploration: Expanding capacity for Oceanmax wire ropes and OceanFibre synthetic HMPE slings engineered for floating offshore wind moorings and offshore crane operations.
- Bridge & Structural Infrastructure: Scaling plasticated LRPC stay-cable volumes following deployments in landmark bridges, including India’s second-longest cable-stayed bridge in Karnataka and the 193-metre Jabalpur ROB.
- Clean Energy Transition: Commissioning Phase II (1.8 MWp) of the Ranchi rooftop solar installation in Q1 FY 2026-27 (taking total on-site solar capacity to 4.0 MWp) and expanding Piped Natural Gas (PNG) utilization to displace thermal coal and LPG consumption.
The Verdict: Strategic Outlook & Conclusion
Usha Martin Limited enters FY 2026-27 with a fundamentally reshuffled capital structure and strategic focus. By shedding legacy non-core assets, executing a disciplined deleveraging program that transitioned the balance sheet to a net cash position of ₹332 Crore, and aligning its international operating entities under the “One Usha Martin” enterprise structure, the group has reinforced its competitive posture. While global macro trade dynamics and raw material cycles require continuous cost control, Usha Martin’s strong return on capital employed (20.6%), robust cash conversion, and technological moats in mission-critical lifting position the enterprise for sustained compounding in both domestic infrastructure and specialized international markets.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.ushamartin.com