Usha Martin Limited (USHAMART) Q1 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

CompoundingAI Research Updated July 22, 2026 3 min read

Usha Martin enters Q1 FY2026-2027 with a robust balance sheet and tailwinds from a weaker rupee and new domestic steel safeguard duties. Investors will be looking for confirmation that the company's order book can accelerate volume growth toward the 12–15% guidance range while maintaining high-margin performance in its core wire rope segment.

Quick Details

Results date	July 27, 2026
Quarter	Q1 FY 2026-2027
Previous quarter revenue	Rs. 979 Cr
Previous quarter PAT	Rs. 148 Cr
Previous quarter EBITDA margin	21.6%
Market cap	Rs. 15,141.07 Cr
CMP	Rs. 496.75

Usha Martin Limited Q1 Results Date and Time

The board meeting is scheduled for July 27, 2026, to consider the audited financial results and recommend dividend for FY2026.

What to expect from Usha Martin Limited's Q1 FY27 results

Management has set an ambitious FY27 volume growth target of 12–15%, and the upcoming results will test whether the healthy order book for high-value products can drive this acceleration. Export realisations are expected to benefit from the rupee's depreciation to approximately 97 against the US dollar during the quarter, while the 12% safeguard duty on non-alloy steel imports should support domestic pricing. While Q4 FY26 EBITDA margins reached 21.6%, investors should note that this figure included one-off gains like an income tax refund interest of Rs. 19.6 Cr and a land sale gain of Rs. 15.4 Cr. The company maintains a strong net cash position of Rs. 332 Cr, providing significant headroom for the ongoing ramp-up of the Galfan line and plasticated LRPC capacity.

Key Things To Watch

Operational and Volume Trajectory: Tracking conversion of the order book into revenue growth.

Volume growth target of 12–15% for FY27 against the 6.2% growth recorded in FY26
Galfan (GALSTAR) line run-rate ramp-up to 5,000–6,000 tonnes per year starting in Q1 FY27
Plasticated LRPC production ramp-up scheduled to commence in Q1/Q2 FY27

Margin and Cost Dynamics: Assessing sustainability of high-margin performance.

Wire & Wire Ropes segment EBIT margin sustainability following the 20.6% level achieved in Q4 FY26
Cost of materials consumed as a percentage of revenue to identify potential raw material price pressures
Impact of the 12% safeguard duty on domestic non-alloy finished steel pricing

Balance Sheet and Risks: Monitoring liquidity and external risk factors.

Inventory levels compared to the Rs. 958 Cr reported at the end of FY26
Developments regarding ED/CBI legal proceedings following hearings scheduled for May 2026
Turnaround progress in the Others (telecom cables) segment, which saw a 22% revenue decline in FY26

Frequently Asked Questions

What was the revenue performance of Usha Martin in its previous quarter?

The company reported revenue of Rs. 979 Cr in Q4 FY26, representing a 9.3% YoY growth. This performance was part of a full-year revenue of Rs. 3,691 Cr, which grew 6.2% YoY.

How does the company's current net cash position support its operations?

Usha Martin closed FY26 with a net cash position of Rs. 332 Cr, a significant improvement from the net debt of Rs. 63 Cr reported in FY25. This liquidity supports internal funding for capex projects like the GALSTAR and plasticated LRPC lines.

Is the Wire & Wire Ropes segment showing margin improvement?

Yes, the Wire & Wire Ropes segment EBIT margin reached 20.6% in Q4 FY26, which marked an expansion of 557 bps YoY. Management is now focused on whether this margin level can be sustained in the current fiscal year.