Usha Martin Ltd

ESG ratings disclosure

• Usha Martin disclosed independent ESG ratings by Crisil for FY2025-26.
• ESG rating: Crisil ESG 54; Core ESG rating: Crisil Core ESG 58.
• Ratings were volunteered and based on public-domain data for FY2025-26.
• Company did not engage Crisil; ratings were issued independently.
• Intimation received by email on 21 August 2026 at 18:27 IST.
• Disclosure is available on the company website.

AGM details

• Held on 20 August 2026 at 11:30 IST via VC/OAVM.
• Voting cut-off date: 13 August 2026.
• Record shareholders: 109,652 on record date.

Key resolutions and outcomes

• Resolution 1: Adoption of financial statements; passed.
• Resolution 2: Final dividend of Rs 3.75 per share; passed.
• Resolution 3: Chirantan Chatterjee re-appointed; passed.
• Resolution 4: MSKA & Associates LLP appointed as Statutory Auditor; passed.
• Resolution 5: Remuneration to Mani & Co., Cost Auditors; passed.
• Resolution 6: Remuneration to Independent Directors; passed.
• Resolution 7: MD remuneration for 2026–2028; passed.
• Resolution 8: Iyer independent director re-appointment; passed.
• Resolution 9: Sethurathnam Ravi independent director re-appointment; passed.
• Resolution 10: Shreya Jhawar appointed Non-Executive Director; passed.
• Resolution 11: Dimitri Bracco Gartner appointed Non-Executive Director; passed.
• Resolution 12: Sabyasachi Majumder appointed Non-Executive Director; passed.

Auditor and remuneration details

• Statutory auditor MSKA & Associates LLP appointed for five years.
• Cost Auditors Mani & Co. remuneration for FY2027 ratified.
• Independent Director remuneration payments approved.

AGM Details

• AGM held on 20 August 2026 via VC/OAVM from 11:30 to 13:05 IST.
• Remote e-voting available 17-19 August 2026; voting during AGM.
• Voting available during AGM; Scrutinizer oversaw e-voting.
• Quorum confirmed with all ten Directors present.
• Meeting commenced 11:30 A.M. and concluded 01:05 P.M. (IST).

Key Resolutions

• Adoption of standalone and consolidated financial statements — Ordinary.
• Dividend of Rs 3.75 per equity share — Ordinary.
• Chirantan Chatterjee re-appointment after retirement by rotation — Ordinary.
• Appointment of MSKA & Associates LLP as Statutory Auditors for five years — Ordinary.
• Ratification of remuneration to Mani & Co., Cost Auditors for FY2026-27 — Ordinary.
• Remuneration payable to Independent Directors — Ordinary.
• Remuneration payable to Mr. Rajeev Jhawar as MD — Special.
• Reappointment of Venkatachalam Ramakrishna Iyer as Independent Director — Special.
• Reappointment of Sethurathnam Ravi as Independent Director — Special.
• Appointment of Shreya Jhawar as Non-Executive Director — Ordinary.
• Appointment of Dimitri Bracco Gartner as Non-Executive Director — Ordinary.
• Appointment of Sabyasachi Majumder as Non-Executive Director — Ordinary.

Voting Results

• Voting results to be submitted subsequently; outcomes not reported in this filing.

Meeting Details

• Date: 28 July 2026; Q1 FY27 earnings call held today.
• Type and mode: Group earnings conference call conducted virtually.
• Event/organiser: Q1 FY27 Earnings Conference Call; organiser: Usha Martin Limited.
• Recording: Audio recording available on the company website.
• Transcript: Will be shared with stock exchange and uploaded on the company website.

AGM and annual report

• 40th AGM to be held 20 August 2026 at 11:30 IST via VC/OAVM.
• Annual Report for FY2025-26 available via company website and links.
• Record date for dividend set as 13 August 2026.
• Remote e-voting window: 17-19 August 2026, 9:00 AM to 5:00 PM IST.

Dividend tax and TDS

• TDS communication to be reviewed; documents due by 10 August 2026.
• Dividend is taxable; tax deducted at source per Income Tax Act 2025.

KYC and demat updates

• Shareholders must update KYC and bank mandates; instructions on physical or demat accounts.
• Options include IPV, e-signature, or sending documents to KFin Technologies Limited.

Special window for physical securities

• SEBI's special window for transfer/demat of pre-01/04/2019 physical securities runs Feb 5, 2026 to Feb 4 2027.
• RTA: KFin Technologies Limited; submit transfer requests within window.

Overview

• Standalone BRSR for FY2025-26 by Usha Martin Limited.
• Main activity: wire rope, wire, and strands; about 94.6% of turnover.
• Exports account for ~35% of turnover, serving 75 countries.
• 3 domestic plants, 6 offices; operations across 28 states and 8 union territories.

Key ESG Risks & Opportunities

• Climate stewardship risk; decarbonisation plan with cleaner energy and renewables expansion.
• Air emissions risk; ESPs/CEMS/CAAQMS deployments; renewables transition.
• Water stewardship risk; rainwater harvesting, ZLD, ETPs/STPs; regulatory audits.
• Waste management risk; segregation, ETPs, circular packaging practices.
• Biodiversity risk; biodiversity policy, green belts, tree planting programs.
• Responsible sourcing risk; supplier code, SC Sustainability Programme; ~70% suppliers ESG-screened.
• Talent retention opportunity; upskilling initiatives to sustain skilled workforce.
• Health & safety emphasis; Zero Harm framework, ongoing safety training.
• Human rights risk; policy aligned with ILO/UNGC; strong internal controls.

Governance & Policy Highlights

• Sustainability Council (directors and senior management) oversees ESG with quarterly board updates.
• Board-approved policies cover all NGRBC principles; ABAC, whistleblower, human rights, ethics, etc.
• Anti-bribery/anti-corruption policy with confidential whistleblower mechanism; board oversight.
• Human Rights Policy aligned with ILO/UNGC; internal controls and fair wages.
• Supplier Code of Conduct; critical suppliers engaged via Supply Chain Sustainability Programme.
• UNGC signatory; EcoVadis Bronze recognition; EPDs and LCAs underway.
• Independent assurance: SGS provides reasonable assurance on BRSR core indicators.
• No external independent assessment of policies yet; regular internal audits.

Social Responsibility & Workforce

• Total employees 664; workers 4,394; gender representation modest at leadership level.
• Board has 1 female director (out of 7); KMP female 0.
• LTIFR: employees 0.71; workers 3.47; zero fatalities; injuries captured and addressed.
• Zero Harm OHS framework; regular health checks, risk assessments, and safety training.
• CSR turnover INR 23,120 million; Usha Martin Foundation focuses on education, livelihoods, and community upliftment.

Environmental Performance

• Total energy: 23,990,28 GJ; renewables 21,734 GJ; non-renewables 23,77,294 GJ.
• On-site solar: 2.2 MWp installed; Phase II 1.8 MWp by FY27.
• GHG emissions: Scope 1 197,244 tCO2e; Scope 2 21,113 tCO2e; Scope 3 208,113 tCO2e.
• Water withdrawal: 10,22,146 KL; consumption 10,19,927 KL; ZLD rollout ongoing.
• Total waste generated: 112,601 MT; coal ash dominant; recycling and reuse through ETP/SCM flows.

Stakeholder Engagement & Complaints

• Key groups: communities, investors, shareholders, employees, workers, vendors, customers.
• Channels: email, meetings, CCMS; frequency ranges from daily to quarterly depending on group.
• Communities: grievance mechanism via UML Foundation; 0 complaints in FY2025-26.
• Customers: CCMS; 159 complaints filed, 28 pending at year-end.
• Investors/Shareholders: 1 complaint filed; 2 pending at year-end.

Other Notable Metrics

• Sustainable sourcing: over 70% of suppliers screened against ESG criteria; 93.74% Indian suppliers.
• MSME inputs: 7.67% of total inputs from MSMEs.
• Data privacy/cybersecurity: no data breaches; Information Security Policy; ISO 27001 plan for sites.
• CSR impact: aspirational-district projects in Jharkhand; Ranchi CSR spend of INR 28.9 million.

Financial Highlights

• Consolidated revenue ₹3,691 Cr, up 6.2% YoY.
• Operating EBITDA ₹705 Cr, up 18.1% YoY.
• PAT from continuing operations ₹491 Cr, up 20.9% YoY.
• ROCE 20.6%, up 130 bps.
• Operating cash flow ₹736 Cr, up 36%.
• Capex ₹198 Cr in FY26.
• Dividend per share ₹3.75; subject to AGM.
• Net cash position ₹332 Cr at year-end.
• International markets accounted for 57% of revenue, up from 50% five years ago.
• Total comprehensive income ₹646 Cr.

Business Overview

• Global and India’s leading specialty steel wire rope solutions provider; also wires and LRPC.
• Manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok and UK.
• Global R&D center in Italy; focus on proprietary designs.
• Capacity expansion focus on specialised wire ropes; efficiency improvements.

Key Operational Highlights

• Q1 FY27 revenue Rs 1,033 cr; YoY +16.4%
• Operating EBITDA Rs 208 cr; margin 20.1%
• PAT Rs 142 cr; margin 13.8%
• Wire Rope segment up 18% YoY; Wire up 31.7%
• Net cash around Rs 465 cr; rating upgrades
• Geography: International revenue 57% of Q1 FY27
• India 43%, Europe 27%, APAC 12%, MEA 9%, Americas 9%

Financial Performance

• EBITDA Rs 216.6 cr; margin 21.0%
• Depreciation Rs 33.5 cr; Finance costs Rs 3.9 cr
• PBT before exceptional item Rs 184.1 cr; margin 17.8%
• PAT Rs 142 cr; margin 13.8%
• Free cash flow Rs 135 cr; OCF 242 cr
• Basic EPS Rs 4.66; YoY 40.8%

Capital Structure & Liquidity

• Net cash around Rs 465 cr; strong liquidity
• OCF conversion 116% of EBITDA
• Capex Rs 73 cr in quarter; funded from cash flow
• Long-term rating IND AA-/Stable; short-term IND A1+ reaffirmed
• Fitch rating AA-/Stable; Last Review July 2026

Strategic Priorities & Outlook

• Value-led volume growth; scale Plasticated LRPC and Ocean Fibre
• Strengthen integration of global operations
• Invest to expand capacity in specialised wire ropes; efficiency gains

Risks & Mitigation

• Geopolitical conflict reduces Middle East volumes; offset by India/US/Europe
• Rising input and freight costs mitigated by mix, realizations, pricing actions

Governance & Leadership

• No material board or management changes reported
• Promoters hold 40%; Institutional investors 29%
• Public including Employee Welfare Trust 20%; Corporate Bodies 11%