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Usha Martin Ltd

| Consolidated Financial Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤30th Apr 26

Summary : Usha Martin reports strong FY26 financial results with an unmodified audit opinion, recommends a dividend, while managing ongoing legal challenges.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated Cost of materials consumed (FY26): Rs. 1,74,928 Lakhs.
  2. Consolidated Employee benefits expense (FY26): Rs. 46,049 Lakhs.
  3. Consolidated Finance costs (FY26): Rs. 1,963 Lakhs.
  4. Consolidated Depreciation and amortisation expense (FY26): Rs. 11,640 Lakhs.
  5. Consolidated Revenue from Operations (FY26): Rs. 3,69,106 Lakhs.
  6. Consolidated Wire & Wire Ropes segment revenue (FY26): Rs. 3,61,307 Lakhs.
  7. Standalone Revenue from Operations (FY26): Rs. 2,31,203 Lakhs.
  8. Consolidated Net cash from operating activities (FY26): Rs. 65,534 Lakhs.
  9. Consolidated Net cash used in investing activities (FY26): Rs. (36,667) Lakhs.
  10. Consolidated Net cash used in financing activities (FY26): Rs. (32,149) Lakhs.
  11. Standalone Net cash from operating activities (FY26): Rs. 44,486 Lakhs.
  12. Legal proceedings by ED and CBI are ongoing.
  13. Management believes no adjustment to financials is needed.
  14. Consolidated Total Assets (FY26): Rs. 4,21,182 Lakhs.
  15. Consolidated Total Equity (FY26): Rs. 3,30,208 Lakhs.
  16. Standalone Total Assets (FY26): Rs. 2,17,914 Lakhs.
  17. Standalone Total Equity (FY26): Rs. 1,78,890 Lakhs.
  18. Both standalone and consolidated financial results are presented.
  19. Consolidated results include subsidiaries and joint ventures.

Corporate Overview

  1. India
  2. Europe
  3. Italy
  4. Spain
  5. Americas
  6. Thailand
  7. Singapore
  8. Australia
  9. Vietnam
  10. Indonesia
  11. Ongoing legal and regulatory proceedings by ED and CBI.
  12. Attachment of land parcels related to past mining activities.
  13. Manufactures and sells steel wires, strands, wire ropes, cords, and allied machines.
  14. Manufactures and sells Jelly Filled & Optical Fibre Telecommunication Cables.
  15. Formal and compliant with regulatory disclosure requirements.
  16. Management expresses confidence in legal outcomes.
  17. Wire & Wire Ropes
  18. Others (Jelly Filled & Optical Fibre Telecommunication Cables)

Risk Factors

  1. Ongoing ED and CBI legal proceedings.
  2. Attachment of Ranchi land parcels.
  3. Potential liabilities from legal issues.
  4. Impact of new labor codes.

Key Drivers

  1. Unmodified audit opinion for FY26.
  2. Recommended dividend of Rs. 3.75 per share.
  3. Strong revenue and profit growth.
  4. Management confident in legal case outcomes.

Auditor’s Report

  1. Unmodified opinion on consolidated financial results.
  2. Unmodified opinion on standalone financial results.
  3. Attachment of land parcels at Ranchi by ED.
  4. Ongoing proceedings by ED and CBI related to mining lease contravention.
  5. Management's assessment that no adjustment to financial results is needed.

Board Commentary

  1. Recommended a dividend of Rs. 3.75 per Equity Share (375%) for FY26.
  2. Dividend is subject to shareholder approval at AGM.
  3. Legal proceedings by ED and CBI regarding mining lease.
  4. Potential liabilities from past alleged contraventions.
  5. Attachment of land parcels at Ranchi by ED.
  6. Ongoing CBI investigations related to mining lease and corruption.
  7. Proceedings under PMLA and Indian Penal Code.

Corporate Governance

  1. Audit Committee recommended cost and internal auditors.
  2. Legal proceedings involving company and personnel.

Management Discussion & Analysis

Performance Drivers

  1. Strong performance in Wire & Wire Ropes segment.
  2. Effective management of expenses.

Risk Control Measures

  1. Management believes it has a strong legal case.
  2. Cooperating with authorities and taking legal measures.

Critical Risks

  1. Legal proceedings by Enforcement Directorate (ED) and CBI.
  2. Potential financial implications from mining lease contravention cases.
  3. Impact of new labor codes on employee benefits.