USHA MARTIN LTD. Q1 FY26 Results

We have commenced fiscal year 7025-26 on a stable note, reporting a volume increase of 10.4% year- on-year, led by growth in our wire and wire rope segments and supported by sustained demand across key markets. Our margin profile remained resilient, aided by early gains from the ongoing ‘One Usha Martin’ transformation. As we near the completion of the foundational phase of our ‘One Usha Martin’ journey, which was initiated in FY25 and is expected to conclude in the first half of this fiscal, we remain contident of delivering stronger outcomes from the second half of FY26 onwards. These initiatives are focused on building an agile, integrated, and future-ready organisation that will strengthen our ability to scale while optimising our costs. The benefits of this transformation are also beginning to reflect in our financial metrics. We continue to make encouraging progress in strengthening our balance sheet, optimising working capital, and delivering robust cash flows. These efforts have resulted in a net debt- free position at both the standalone and consolidated levels. With the Ranchi capacity expansion progressing as per schedule, and with continued momentum across other strategic initiatives, we are well positioned to capitalise on emerging growth opportunities. These developments, coupled with robust order pipeline across international and domestic markets, reinforce our belief that Usha Martin is poised for a meaningful step-up in its growth trajectory in the periods ahead.