Usha Martin Limited headquartered in Kolkata is one of India’s leading manufacturers of wire ropes and specialty steel wires catering to the mining, oil and gas, construction, ports, elevators and the infrastructure sector. Usha Martin was founded in 1960 in collaboration with Martin Black (UK) as a wire rope manufacturing unit and today it has grown into one of the world’s largest wire rope producers with a strong focus on high-performance solutions.
The company has a dominant 60% market share in India’s wireless rope segment. Usha Martin underwent a significant transformation over the last decade by reducing its exposure to commodity steel operations and started to focus on high margin value added products such as specialty wire ropes and engineered solutions.
This strategic shift helped the company improve profitability, strengthen cash flows and create a more resilient business model. Today, Usha Martin is regarded as one of the largest wire rope manufacturers globally and enjoys a strong presence in niche industrial applications. The company delivered a strong financial performance in Q4 FY26 with consolidated revenue from operations growing 9.3% year on year to Rs 979.3 crores while Operating EBITDA surged 51.6% year on year to Rs 211.5 crores, achieving a record margin of 21.6% (up from 15.6%). Profit After Tax rose 53.7% year on year to Rs 155.1 crores. For the full FY26, revenue stood at Rs 3,691 crores with operating EBITDA at Rs 705 crores. The company achieved a net cash position of Rs 332 crores and became debt free on a standalone basis, reflecting efficient capital management and a shift toward higher margin specialty ropes.
Key drivers of volume growth was supported by domestic demand in infrastructure and mining, alongside export momentum. The Indian and global wire rope industry benefits from robust tailwinds and India’s infrastructure push via the National Infrastructure Pipeline and projects in roads, ports, metros and bridges drives demand for crane ropes, structural ropes and prestressing strands. Mining expansion in coal, iron ore and oil and gas/offshore activities further boost requirements for high-tensile ropes. Moreover, the industry analysts expect the rope market to grow at a CAGR of over 8% in the next 5 years with steel wire rope demand supported by construction, industrialisation and safety regulations favouring premium products.
In spite of challenges which include raw material volatility and geopolitical risks in the Middle East, India’s cost competitiveness does favour customers. The outlook for the wire rope and specialty steel sector remains bright and in addition global demand for high performance lifting and mining solutions remains robust, creating export opportunities for established manufacturers such as Usha Martin.
Looking ahead, Usha Martin appears well positioned to capitalise on these opportunities with the Management indicating volume growth guidance of around 10–12% for FY27 and aiming to sustain EBITDA margins of around 20%. Planned capital expenditure over the next two years is expected to enhance production capacity and support expansion into higher-value applications.
The company’s debt-free balance sheet, strong cash generation, global customer base and focus on premium products provide a solid foundation for future growth.
While fluctuations in steel prices, global economic conditions and industrial demand remain key risks, Usha Martin’s strategic positioning and operational execution suggest a positive long-term outlook.
The company is increasingly being viewed by industry analysts as a specialised engineering and industrial products player rather than a traditional steel manufacturer, which could support sustained value creation for company shareholders in the years ahead. Brokerages are bullish on the Usha Martin scrip and expect solid long term appreciation.
