| Metric | Value (₹ Cr) | Q3 FY26 | Q4 FY25 |
|---|---|---|---|
| Revenue | 979.26 | 6.8% | 9.3% |
| Total Income | 1.0K | 9.2% | 9.4% |
| Expenditure | 802.49 | 3.6% | 1.5% |
| PBT | 199.91 | 50.2% | 55.1% |
| Net Profit | 148.03 | 37.5% | 46.7% |
| OPM | 21.24% | 3.51pp | 5.66pp |
| NPM | 14.72% | 3.03pp | 3.75pp |
| EPS | 5.09 | 44.2% | 53.3% |
Usha Martin Q4 FY26 Revenue up 9.3% to ₹979.3 Cr, PAT up 53.7%
30 Apr 2026 · 30 Apr, 2:17 pm
Summary
Usha Martin Limited announced a strong close to FY26, with Q4 revenue increasing by 9.3% year-on-year to ₹979.3 crore and operating EBITDA surging 51.6% to ₹211.5 crore, resulting in an improved margin of 21.6%. For the full fiscal year, revenue grew 6.2% to ₹3,691.1 crore, while operating EBITDA rose 18.1% to ₹705.1 crore, expanding margins to 19.1%. The company also significantly strengthened its balance sheet, moving from a net debt position of ₹63 crore in FY25 to a net cash position of ₹332 crore in FY26, supported by robust free cash flow generation. Management attributed the performance to a richer product mix and cost discipline, expressing optimism for continued momentum in its specialty product portfolio and sustainable long-term growth.
Key Highlights
- 1
Usha Martin reported Q4 FY26 revenue from operations of ₹979.3 crore, marking a 9.3% year-on-year growth.
- 2
Operating EBITDA for Q4 FY26 significantly improved by 51.6% year-on-year to ₹211.5 crore, with operating EBITDA margin expanding to 21.6%.
- 3
Profit after Tax (after discontinued operations) for Q4 FY26 grew by 46.7% to ₹148.0 crore.
- 4
For the full fiscal year FY26, revenue from operations increased by 6.2% to ₹3,691.1 crore.
- 5
Full year FY26 Operating EBITDA grew by 18.1% to ₹705.1 crore, achieving an operating EBITDA margin of 19.1%.
- 6
The Company transitioned from a net debt position of ₹63 crore in FY25 to a net cash position of ₹332 crore in FY26.
- 7
Free cash flows for FY26 stood at ₹457 crore, nearly 2.5 times higher than FY25, fully funding ₹198 crore in capacity and capability enhancement investments.
Management Comments
Rajeev Jhawar
We are pleased to close FY26 on a strong note. Q4 revenue grew ~9% YoY to Rs. 979 crore, and Operating EBITDA reached Rs. 212 crore – our highest quarterly EBITDA since the sale of our steel business. Operating EBITDA margins improved to 21.6%, from 15.6% in Q4 FY25. For the full year, revenue grew 6.2% to Rs. 3,691 crore and Operating EBITDA grew 18.1% to Rs. 705 crore, with margins expanding to 19.1%. The performance was achieved despite a difficult external environment, including geopolitical tensions, disruptions in the Middle East, and higher raw material costs. The improvement was driven by a richer product mix and continued cost discipline and reflects the resilience of our global operating model. The Company moved from a net debt of Rs. 63 crore in FY25 to a net cash position of Rs. 332 crore in FY26, with ~104% of Operating EBITDA converted into cash. Free cash flows for the year stood at Rs. 457 crore – up nearly 2.5x over FY25 – even as we invested Rs. 198 crore in capacity and capability enhancement, fully funded through internal accruals. ROCE improved to 20.6%, supported by better operating performance and disciplined capital allocation. Looking ahead, while the external environment remains uncertain, we expect continued momentum in our specialty product portfolio, supported by healthy demand across our key end-markets. With a strong balance sheet, established global customer relationships and a growing track record in high-value applications, we believe Usha Martin is well positioned to deliver sustainable and profitable growth over the long term.
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