Usha Martin (517146) Q4 24/25 earnings summary

Executive summary

• FY 2025 revenue grew 7.7% year-over-year to INR 3,474 crore, driven by a 9.5% increase in volumes and strong core segment performance.

• International business contributed 55% of revenues, with value-added products making up 71% of wire rope segment sales.

• Operational efficiency initiatives, including the One Usha Martin program, supported margin improvement and working capital discipline.

• Audited standalone and consolidated results for FY25 received unmodified opinions; a final dividend of Rs. 3 per share is recommended.

• Strategic focus remains on value-led volume growth, customer-centric services, and product innovation.

Financial highlights

• Q4 FY25 consolidated net revenue: INR 896 crore, up 8% year-over-year; Q4 PAT was Rs. 100.9 crore.

• FY25 operating EBITDA: INR 597 crore (margin 17.2%); profit before tax: INR 527 crore; PAT for FY25 was Rs. 406.3 crore.

• Cash flow from operations before tax in FY25: INR 541 crore, 91% of operating EBITDA; free cash flow was Rs. 69 crore.

• Consolidated net profit for FY25 stood at Rs. 40,632 lakhs, compared to Rs. 42,412 lakhs in FY24.

• Cash and cash equivalents (consolidated) increased to Rs. 26,072 lakhs as of 31 March 2025.

Outlook and guidance

• Targeting 12%-15% overall growth in volume and topline for FY26 and FY27.

• Minimum 18% EBITDA margin targeted for FY26, with improvement expected from Q2 as restructuring benefits accrue.

• Management expects margin improvement and accelerated growth in coming quarters, with intensified impact from the One Usha Martin initiative in H2 FY26.

• Board recommended a final dividend of Rs. 3 per share for FY25.