5171462026-01-012026-03-315171462026-03-315171462025-03-315171462025-04-012026-03-315171462026-01-012026-03-31in-capmkt:OtherExpenses1Member5171462025-04-012026-03-31in-capmkt:OtherExpenses1Member5171462026-03-31OtherNoncurrentFinancialAssetsDomain15171462026-03-31OtherNoncurrentAssetsDomain15171462026-03-31OtherNoncurrentAssetsDomain25171462026-03-31OtherNoncurrentAssetsDomain35171462026-03-31OtherCurrentFinancialAssetsDomain15171462026-03-31OtherCurrentAssetsDomain15171462026-03-31OtherNoncurrentFinancialLiabilitiesDomain15171462026-03-31OtherNoncurrentFinancialLiabilitiesDomain25171462026-03-31OtherCurrentFinancialLiabilitiesDomain15171462026-03-31OtherCurrentFinancialLiabilitiesDomain25171462026-03-31OtherCurrentLiabilitiesDomain15171462026-01-012026-03-31in-capmkt:ReportableSegments1Member5171462026-01-012026-03-31in-capmkt:ReportableSegments2Member5171462026-01-012026-03-31in-capmkt:ReportableSegments3Member5171462026-01-012026-03-31in-capmkt:ReportableSegments4Member5171462025-04-012026-03-31in-capmkt:ReportableSegments1Member5171462025-04-012026-03-31in-capmkt:ReportableSegments2Member5171462025-04-012026-03-31in-capmkt:ReportableSegments3Member5171462025-04-012026-03-31in-capmkt:ReportableSegments4Member5171462026-01-012026-03-31in-capmkt:ReportableSegments1Member5171462026-01-012026-03-31in-capmkt:ReportableSegments2Member5171462026-01-012026-03-31in-capmkt:ReportableSegments3Member5171462026-01-012026-03-31in-capmkt:ReportableSegments4Member5171462025-04-012026-03-31in-capmkt:ReportableSegments1Member5171462025-04-012026-03-31in-capmkt:ReportableSegments2Member5171462025-04-012026-03-31in-capmkt:ReportableSegments3Member5171462025-04-012026-03-31in-capmkt:ReportableSegments4Member5171462026-01-012026-03-31in-capmkt:ReportableSegments1Member5171462026-03-31in-capmkt:ReportableSegments1Member5171462026-01-012026-03-31in-capmkt:ReportableSegments2Member5171462026-03-31in-capmkt:ReportableSegments2Member5171462026-01-012026-03-31in-capmkt:ReportableSegments3Member5171462026-03-31in-capmkt:ReportableSegments3Member5171462026-01-012026-03-31in-capmkt:ReportableSegments4Member5171462026-03-31in-capmkt:ReportableSegments4Member5171462026-01-012026-03-31in-capmkt:ReportableSegments1Member5171462026-03-31in-capmkt:ReportableSegments1Member5171462026-01-012026-03-31in-capmkt:ReportableSegments2Member5171462026-03-31in-capmkt:ReportableSegments2Member5171462026-01-012026-03-31in-capmkt:ReportableSegments3Member5171462026-03-31in-capmkt:ReportableSegments3Member5171462026-01-012026-03-31in-capmkt:ReportableSegments4Member5171462026-03-31in-capmkt:ReportableSegments4Member5171462026-01-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15171462025-04-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15171462026-01-012026-03-31ItemsThatWillBeReclassifiedToProfitAndLoss15171462025-04-012026-03-31ItemsThatWillBeReclassifiedToProfitAndLoss15171462026-01-012026-03-31AuditorDomain1iso4217:INRiso4217:INRxbrli:shares517146USHAMARTNOTLISTEDINE228A01035USHA MARTIN LIMITEDMain BoardEquity2025-04-012026-03-312026-04-302026-04-23INRLakhsQuarterlyFourth quarterMulti segment2026-04-3012:00:002026-04-3013:15:00trueCash Flow IndirectDeclaration of unmodified opinion2026-01-012026-03-31AuditedConsolidated979260000026660000010059200000442660000016200000311300000121940000035200000312400000170380000080249000002034300000-35200000199910000030970000018280000049250000001506600000-94800000-23900000-709000004460000014803000006257000002106000000147800000023000002103700000230000030510000015.095.08-0.24-0.244.854.84Notes to Financial Results <BR> 4. The above consolidated results of Usha Martin Limited (“the Company including ESOP Trust”) and its twenty subsidiaries (including twelve step-down subsidiaries) (together referred as 'the Group') and two joint ventures for the quarter and year ended March 31, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on April 30, 2026. <BR> <BR> 5 These results have been prepared on the basis of the audited financial statements for the year ended March 31, 2026 / March 31, 2025 and the interim financial results for the quarter and nine months period ended December 31, 2025 / December 31, 2024, which are prepared in accordance with the Ind AS notified under the Companies (Indian Accounting Standard) Rules, 2015. The figures for the quarter ended March 31, 2026 / March 31, 2025 are the balancing figures between audited figures for the full financial year and unaudited year to date figures up to the third quarter of the respective financial year which are subjected to limited review. <BR> 6. Discontinued Operations represents Steel and Bright Bar Business (SBB Business) of the Company which was transferred to Tata Steel Long Products Limited (TSLPL) [formerly known as Tata Sponge Iron Limited] as a going concern on slump sale basis during a prior year in accordance with the terms and conditions set out in Business Transfer Agreement. An amount of Rs. 6,498 lakhs [net of discounting of Rs. 948 lakhs (31st March, 2025: Nil)] is receivable as at March 31, 2026, pending registration of certain parcels of land in the name of TSLPL for which perpetual lease and license agreements had been executed by the Company in favour of TSLPL. Further, during the year, the Company has recognised an expense of Rs. 1,780 lakhs towards additional expenditure incurred / to be incurred by the Company in connection with the transfer of aforesaid land parcels. The liability has been created based on management’s best estimates and in accordance with the applicable accounting standards. <BR> <BR> 7(a). The Directorate of Enforcement (""ED"") had issued an order dated August 9, 2019 under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) to provisionally attach, for a period of 180 days, certain parcels of land at Ranchi, State of Jharkhand being used by the Company for its business in connection with export and domestic sale of iron ore fines in prior years aggregating Rs. 19,037 lakhs allegedly in contravention of terms of the mining lease granted to the Company for the iron ore mines situated at Ghatkuri, Jharkhand. The Hon'ble High Court of Jharkhand at Ranchi had, vide order dated February 14, 2012, held that the Company has the right to sell the iron ore including fines as per the terms of the mining lease which was in place at that point in time. The Company had paid applicable royalty and had made necessary disclosures in its returns and reports submitted to mining authorities. In response to the provisional attachment order (PAO), the Company had submitted its reply before the Adjudicating Authority (AA). Subsequently, AA had issued an order by way of which the provisional attachment was confirmed under Section 8(3) of PMLA. Thereafter, the Company filed an appeal before the Appellate Tribunal, New Delhi and successfully obtained a status quo order from the Tribunal on the confirmed attachment order. The Appellate Tribunal, New Delhi vide order dated November 18, 2025, disposed of the said appeal filed by the Company without causing interference either in the PAO or the order issued by AA confirming such PAO. Further, the protection provided under the status quo order shall continue to the extent it relates to the possession of the attached properties. <BR> <BR> The ED had also filed a complaint before the District and Sessions Judge Cum Special Judge, Ranchi (Trial Court, Ranchi), pursuant to which summoning orders dated May 20, 2021 were issued to the Company and one of its Officers. In response to the said complaint and summons received, the Company had filed a quashing petition before the Hon'ble Jharkhand High Court and a subsequent Special Leave Petition (‘SLP’) before the Hon’ble Supreme Court against the order of the Hon’ble Jharkhand High Court dismissing the Company’s quashing petition. Vide interim order dated December 15, 2021, the Hon’ble Supreme Court had granted protection to the Company from arrest and stayed the summoning orders issued by the Trial Court, Ranchi. The Hon’ble Supreme Court vide order dated September 28, 2022 had dismissed the SLP with the directions to the Company to present all its defences “which are required to be considered and dealt with at the time of trial” before the aforesaid Trial Court, Ranchi. The matter is listed for hearing on May 13, 2026. Vide order dated November 21, 2024, Trial Court, Ranchi has taken cognizance of the charge sheet filed by the Central Bureau of Investigation (CBI) for the offence under the Prevention of Corruption Act, 1988 and the Indian Penal Code, 1860 against the Company, its Managing Director (MD) and one of the Other Officers, pursuant to which summoning orders dated November 26, 2024 were issued to the Company, its MD and one of the Other Officers and the matter is scheduled to be heard on May 7, 2026. <BR> <BR> The ongoing operations of the Company have not been affected by the aforesaid proceedings. Supported by a legal opinion obtained, management believes that the Company has a strong case in its favour on merit and law. Accordingly, no adjustment to these consolidated financial results in this regard have been considered necessary by the management. <BR> <BR> 7(b). On October 2, 2020, Central Bureau of Investigation (CBI) had filed a First Information Report (FIR) against the Company, its Managing Director (MD) and certain Other Officers under the Prevention of Corruption Act, 1988 and the Indian Penal Code, 1860 before the Special Judge, CBI, New Delhi (CBI Court, New Delhi) for allegedly trying to influence ongoing CBI investigation pertaining to the proceedings mentioned in note 7(a) above. Vide order dated September 15, 2022, the CBI Court, New Delhi had taken cognizance of the offence based on charge sheet filed by the CBI against the Company, its MD and certain Other Officers and has directed the CBI to take such steps as may be necessary to complete the investigation. The Company strongly refutes the aforesaid allegations made by the CBI. The Company has also received summoning orders issued by the CBI Court, New Delhi, pursuant to complaint filed by Directorate of Enforcement (ED) under the provisions of PMLA. The matters at CBI Court, New Delhi is scheduled to be heard on May 04, 2026. <BR> <BR> The Company has been providing information sought by the CBI and ED in this regard and intends to continue cooperating, as required by applicable laws and relevant court orders. The Company and its MD is taking such legal measures as considered necessary in respect of these ongoing proceedings. Supported by a legal opinion obtained, management believes that the Company has a strong case in its favour on merit and law in these matters. Accordingly, no adjustment to these consolidated financial results in this regard have been considered necessary by the management. <BR> <BR> 8. On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the ‘New Labour Codes’) which consolidate twenty- nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Company has assessed and disclosed the incremental impact of these changes on the basis of legal opinion obtained and the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the Company has presented this incremental impact consisting of gratuity and leave liability primarily arising due to change in wage definition under “Exceptional Item” in the Statement of Profit and Loss for the quarter and year ended March 31, 2026. The Group continues to monitor the finalisation of rules by the Central and State Governments and clarifications from the Government on other aspects of the New Labour Codes and will account for such developments as needed. <BR> 9. The Board of Directors of the Company at its meeting held on August 12, 2024, approved the 'Usha Martin Limited Employee Stock Option Plan – 2024' ("the Plan") to be implemented by fresh issuance of fully paid-up equity shares of the Company having a face value of Rs.1 and/or secondary acquisition of equity shares through the Usha Martin Limited Employees Welfare Trust (“ESOP Trust”). The Company has acquired a total of 3,41,500 shares through the ESOP Trust with the corresponding accounting being done in accordance with Ind AS 102 – Share-Based Payment. The financial results of the ESOP Trust have been included in the standalone financial results of the Company in accordance with the requirements of Ind AS and the cost of such treasury shares has been presented as a deduction in Equity. Additionally, the impact of this Plan has been factored into the calculation of diluted earnings per equity share, in compliance with Ind AS 33 –Earnings Per Share. <BR> 10. Usha Martin Espana S.L. , a wholly owned subsidiary of Usha Martin International Limited, a subsidiary of the Company, has ceased to be part of the Group with effect from December 19, 2025, consequent to its voluntarily dissolution. <BR> 11. Other income for year ended March 31, 2026 includes interest on income tax refund of an earlier year amounting to Rs. 1,963 lakhs (quarter ended March 31, 2026: Rs. 1,963 lakhs) and gain of Rs. 1,540 lakhs arising from the sale of land and building at Chennai which was classified as ‘Asset Held for Sale’ in a prior year. <BR> 12. The Board of Directors of the Company have recommended a final dividend of Rs. 3.75 per fully paid-up Ordinary Share of Re 1/- each for the financial year ended March 31, 2026. <BR> Rajeev Jhawar Managing Director Place: Singapore <BR> Dated : April 30, 2026 <BR> 2025-04-012026-03-31AuditedConsolidated369106000006888000003759940000017492800000819000001100300000460490000019630000011640000006579900000312201000006379300000-16870000062106000001178200000305500000148370000004726900000-272800000-23900000-248900000185100000466310000018015000006464600000465990000032000006461400000320000030510000013271420000016.1216.11-0.82-0.8215.315.29Other expenses1703800000Other expenses65799000001479580000088860000005522000008240000019000000791200000200000004130000031670000036000000093200000175260000019317900000957820000006434200000241840000023596000001830000083440000012064900000115720000022800300000421182000003051000003271420000033019300000150000033020800000241300000000673400000914700000562700000663900000021413000001214100000127200000298230000031095000001146100000546970000093280000016480000038880000006956100000909740000042118200000Other financial assets316700000Other assets790100000Right- of - use assets815500000Income tax assets (net)147000000Other financial assets834400000Other assets1157200000Lease liabilities669100000Other financial liabilities4300000Other financial liabilities984900000Lease liabilities161200000Other liabilities932800000Wire & Wire Ropes9589000000Others203600000Exceptional items0Share of profit of joint ventures0Wire & Wire Ropes36130700000Others779900000Exceptional items0Share of profit of joint ventures0979260000036910600000979260000036910600000Wire & Wire Ropes1977300000Others6100000Exceptional items-35200000Share of profit of joint ventures44600000Wire & Wire Ropes6504300000Others-16000000Exceptional items-168700000Share of profit of joint ventures1851000001992800000650470000035200000196300000-86100000-8730000020437000006395700000Wire & Wire Ropes36644900000Others645300000Exceptional items0Share of profit of joint ventures037290200000482800000042118200000Wire & Wire Ropes5324600000Others221300000Exceptional items0Share of profit of joint ventures0554590000035515000009097400000The Group has been organised into business units based on its products and services and has two reportable segments which are as follows: <BR> (a) Wire & Wire Ropes segment which manufactures and sells steel wires, strands, wire ropes, cords, related accessories, wire drawing and allied machines, etc. <BR> (b) Others segment which manufactures and sells Jelly Filled & Optical Fibre Telecommunication Cables. <BR> 196300000270900000-11331000000-333000000-30700000300000012560000004558000000-660000000116400000008700000122400000269700000-400000-390000000-319200000180000009850000000-30110000000114880000073594000000008060000000655340000000000000320200000198060000000000000000000000720000001126000000-2190900000-366670000000000000019232000001343000009137000001785000000-65200000-3214900000-328200000139400000-18880000026072000002418400000Items that will not be reclassified to profit or loss2180000021800000Items that will not be reclassified to profit or loss184000001840000045000004100000Items that will be reclassified to profit or loss608400000608400000Items that will be reclassified to profit or loss17872000001787200000006257000001801500000AuditedtrueS. R. BATLIBOI & CO. LLPtrue2027-07-31