Whalesbook
Consolidated Profit After Tax (PAT) for fiscal year 2026 reached ₹491.20 crore, a 21.16% increase from ₹406.32 crore in fiscal year 2025. Consolidated revenue from operations grew to ₹3,691.06 crore, up from ₹3,474.16 crore in the previous year.
Financial Results and Dividend
Usha Martin Limited announced its audited financial results for the year ended March 31, 2026. The company's consolidated profit after tax (PAT) reached ₹491.20 crore for FY26, up 21.16% year-on-year.
Consolidated revenue from operations was ₹3,691.06 crore for the full fiscal year, compared to ₹3,474.16 crore in FY25. Standalone revenue was ₹2,312.03 crore with a PAT of ₹378.02 crore.
The Board of Directors recommended a final dividend of ₹3.75 per equity share for FY25-26, subject to shareholder approval. Statutory Auditors S R Batliboi & Co. LLP issued an unmodified opinion on both standalone and consolidated financial results.
New appointments include M/s Mani & Co. as Cost Auditor and M/s. Deloitte Touche Tohmatsu India LLP as Internal Auditor for FY 2026-27. The company also reported ongoing legal proceedings concerning land parcels in Ranchi, valued at ₹190.37 crore.
Growth and Shareholder Returns
The strong profit growth for FY26 suggests improved operational performance and positive market conditions. This trend indicates growing momentum for the company.
The recommended dividend payout reflects management's confidence in the company's financial health and its commitment to shareholder value.
Company Background
Usha Martin is a prominent Indian multinational company in the steel and wire rope manufacturing sectors, with a global presence. In fiscal year 2025, the company reported revenue growth but a decrease in net profit compared to the prior year. Usha Martin has been implementing its 'One Usha Martin' initiative to enhance operational efficiencies and optimize costs.
Key Updates
Shareholders are set to receive a final dividend of ₹3.75 per equity share for FY25-26, pending necessary approvals.
The company has appointed new auditors for FY27: M/s Mani & Co. as Cost Auditor and M/s. Deloitte Touche Tohmatsu India LLP as Internal Auditor.
The financial results also note the incremental impact from new labour codes, presented as an 'Exceptional Item'.
Legal Proceedings and Regulatory Scrutiny
Ongoing legal proceedings involving the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) related to Ranchi land parcels and iron ore fine sales, aggregating ₹190.37 crore, present a notable risk.
Although management is confident in the company's legal position, these matters face significant regulatory scrutiny. Court hearings are scheduled for May 2026.
Competitive Landscape
Usha Martin operates in the competitive steel and wire rope manufacturing sectors. Key competitors include major steel producers like Tata Steel and JSW Steel, as well as industrial product manufacturers Elecon Engineering and Technocraft Industries (India) Ltd.
What to Monitor Next
Investors will be watching the outcomes of the court hearings scheduled for May 2026 concerning the ED and CBI proceedings.
Further developments related to the implementation of the New Labour Codes and their accounting impact will also be key.
Continued tracking of the company's performance against its peers, especially in revenue growth and margin expansion, will be important.