Usha Martin Limited (USHAMART) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch
Usha Martin, a Kolkata-headquartered maker of wire ropes, specialty wires and LRPC strands serving oil & gas, mining, construction and elevator customers worldwide, comes into this quarter on the back of its first-ever Rs. 1,000 Cr revenue quarter. The print will speak to whether the 20% base EBITDA margin holds against a sharp steel, fuel and freight cost surge, and whether wire-rope volumes can pick up from a flattish Q1 toward the 10-12% FY27 growth target.
Read the full Q2 FY27 results analysis →
| Results date | November 13, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,033 Cr (+16.4% YoY) |
| Previous quarter PAT | Rs. 142 Cr (+40.9% YoY) |
| Previous quarter EBITDA margin | 20.1% |
| Market cap | Rs. 14,895.78 Cr |
| CMP | Rs. 488.8 |
Usha Martin Limited Q2 Results Date and Time
Usha Martin Limited will report its results for the quarter ended September 30, 2026 on November 13, 2026. The results will be filed on the BSE and NSE, where the shares trade under tickers 517146 and USHAMART respectively.
What to expect from Usha Martin Limited's Q2 FY27 results
The central test this quarter is whether Usha Martin holds its 20% base EBITDA margin after steel hit four-year highs (Mumbai HRC at Rs. 63,900/t in mid-September, up about 10% from August 1), Brent averaged $100.75/bbl in September versus $82.04 in July, and tanker freight rates doubled.
Management's stated model is passing on steel, gas and other input cost increases through pricing actions, and Q1 FY27 delivered a 20.1% margin despite higher input and freight costs; a roughly 200-day raw material inventory position built ahead of earlier disruption buffers the spot spike. On demand, domestic rope volumes grew about 12% YoY in Q1 with value up about 21%, and the infra tailwind is visible in new project announcements up 28% and central government capex up 30% YoY in the fiscal year to July 2026.
The drag is the Middle East, about 9% of revenue, where volumes fell roughly 28% (about 1,000 tons) in Q1 and the conflict was still hitting Saudi Arabia into November; management has framed its 10-12% FY27 volume growth guidance as contingent on the situation not deteriorating further. The quarter also follows the completion of the U M Cables slump sale to R R Kabel on 31 October 2026, after the quarter-end, so the call should cover gain-on-sale accounting and proceeds deployment.
Key Things To Watch
Guidance scorecard: Where management stands against its stated FY27 targets:
- Volume growth 10-12% — FY27 — Q1 wire rope volumes flattish; Q2 print is the key tracker
- Value growth ~15% — FY27
- EBITDA margin — 20% base, moving upwards — open-ended; Q1 delivered 20.1%
- Capex Rs. 250-300 Cr — FY27 — Rs. 73 Cr done in Q1
- Elevator rope +6,000 tpa — phases from October 2026, complete Q1 FY28
- Plasticated LRPC 5,000-6,000 tons — FY27; GALSTAR 5,000-6,000 tpa — from Q1 FY27
- Oceanfibre GBP 2-3m to GBP 10m — open-ended; Wire volumes 100,000 tons — next 2-3 years
- ROCE 25% long-term goal; cash conversion above 95% — Q1 was 116%
U M Cables slump-sale accounting: The sale completed on 31 October 2026, after the quarter-end.
- Watch for gain on sale, discontinued-operations treatment and proceeds deployment disclosure in Q2 FY27 results; no sale consideration has been disclosed
Margin bridge vs the 20% base: Input costs accelerated through August-September, so the exit run-rate is worse than the quarter average.
- EBITDA/ton vs Q1's Rs. 40,581; explicit pass-through of steel, gas, fuel and freight costs
- Margin moderation risk as LRPC volumes recover, though absolute EBITDA should rise on higher throughput
Middle East trajectory and legal overhang: The Middle East book is about 9% of revenue.
- Volumes vs Q1's ~28% decline (about 1,000 tons); Saudi and Dubai project traction, cushioned by ~36% better realizations seen in Q1
- ED provisional attachment of Ranchi land parcels of Rs. 190.37 Cr and ongoing PMLA/CBI proceedings — any movement beyond the 'no financial adjustment required' stance
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Frequently Asked Questions
What capex is Usha Martin planning for FY27 and FY28?
Management has guided to capex of Rs. 250-300 crore annually for the next two years, with Rs. 73 crore already incurred in Q1 FY27. About 70-75% of the two-year plan is allocated to rope capacity (adding about 6,000 tons per annum) and roughly 30% to specialized wires and plasticated LRPC testing facilities.
When will Usha Martin's new elevator rope capacity come on stream?
The additional elevator rope capacity of about 6,000 tons per annum is to be commissioned in phases beginning October 2026, with completion by Q1 FY28. Elevator sales currently contribute about 9-10% of the company's top line.
Is Usha Martin on track with its FY27 volume growth guidance?
Management reaffirmed 10-12% volume growth for FY27 at the Q1 call, saying it still maintains the view given capacities in place and strong inquiries. However, Q1 wire rope volumes were flattish, and management framed the target as dependent on the Middle East situation not deteriorating further.
How did the Middle East conflict affect Usha Martin's Q1 FY27 volumes?
Middle East volumes fell about 28% (roughly 1,000 tons) in Q1 FY27 on geopolitical disruption, with Saudi projects delayed or stalled and distributors conservative on stocking. Improved realizations of about 36% cushioned the revenue impact, and the region accounts for about 9% of revenue.
Is Usha Martin's revenue growing?
Yes — Q1 FY27 consolidated revenue rose 16.4% YoY to Rs. 1,033 Cr, the first quarter above Rs. 1,000 Cr, with the Wire Rope segment up 18.0% YoY at Rs. 757 Cr and Wire up 31.7% YoY at Rs. 124 Cr. Domestic rope volumes grew about 12% YoY, offsetting a Middle East volume decline.
Related
- Usha Martin Q2 FY27 Results Analysis: Revenue Crosses Rs. 1,000 Cr, EBITDA Jumps 16.53% (USHAMART)Q2 FY2026-2027 Results Analysis
- Usha Martin Ltd (USHAMART) Q1 FY27 Results Analysis: PAT Surges 40.9%, Margin Expands 381 bpsQ1 FY2026-2027 Analysis
- Usha Martin Limited (USHAMART) Q1 Results FY27 Preview: Date, Time, Expectations & Key Things To WatchQ1 FY2026-2027 Preview
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