Please find enclosed the Transcript of the Earnings Conference Call Q1 FY27 held on 28th July 2026 at 10:30 AM (IST).

USHA MARTIN Date: 3rd August 2026 The Secretary The Manager Societe de la Bourse de BSE Limited National Stock Exchange of India Ltd. Luxembourg Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, 35A Bouleverd Joseph II Dalal Street Plot No. C/1, G Block, L-1840, Luxembourg Mumbai – 400 001 Bandra Kurla Complex, Bandra [Scrip Code: US9173002042] [Scrip Code: 517146] Mumbai – 400 051 [Symbol: USHAMART] Dear Sir/Madam, Sub.: Transcript of Earnings Conference Call – Q1 FY27 In continuation to our letters dated 23rd July 2026 and 28th July 2026 and pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Earnings Conference Call for Q1 FY27 held on 28th July 2026 at 10:30 AM (IST). The same is uploaded on the website of the Company and can be accessed through the following weblink TranscriptQ1FY27. Further, please take note that no unpublished price sensitive information (UPSI) was discussed/shared during the call. This is for your information and records. Thanking you, Yours faithfully, For Usha Martin Limited Manish Agarwal Company Secretary & Compliance Officer Enclosed: As above USHA MARTIN LIMITED CIN: L31400WB1986PLC091621 frr> Regd. Office: 2A Shakespeare 0 (00 9133) 71006300 B contact@ushamartin.co.in 'v Sarani, Kolkata -700071, India .C:::::,. (00 91 33) 71006492 www.ushamartin.com 1 1 usHA '-'" MARTIN USHA MARTIN LIMITED Q1 FY27 Earnings Conference Call Transcript July 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to earnings conference call of Usha Martin Limited. As a reminder, all participant line will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Devrishi Singh from CDR India. Thank you, and over to you. Devrishi Singh: Good morning, everyone, and thank you for joining us on Usha Martin's Q1 FY27 earnings conference call. We have with us Mr. Rajeev Jhawar, Managing Director of the Company; Mr. Abhijit Paul, Chief Financial Officer; and Ms. Shreya Jhawar, Director of the Company. We hope all of you have had the opportunity to refer to the earnings documents that we shared with you earlier. We will initiate the call with opening remarks from the management, following which we will open the forum for a Q&A session. Before we begin, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings presentation. I would now like to invite Ms. Shreya Jhawar to make opening remarks. Shreya Jhawar: Good morning, everyone, and thank you for joining us for Usha Martin's earnings conference call for the first quarter of FY27. I will begin with a brief overview of our performance and the key business developments during the quarter, following which our CFO, Mr. Abhijit Paul, will take you through the financials in greater detail. We have made a strong start to FY27. Consolidated revenue increased by 16% year-on-year to INR 1,033 crore. Operating EBITDA stood at INR 208 crore, a 44% increase year-on-year with an EBITDA margin of 20.1%. What is particularly encouraging is the quality of this growth. Across our businesses, value grew faster than volume, reflecting improved realizations and our continued shift towards specialized products. You will see this trend through each of the verticals I now take you through. Starting with wire ropes — Value growth was strong at 18% year-on-year even as overall volumes were marginally lower. I want to highlight that the volume decline was largely due to the Middle East operations. Across our other key Transcript of Usha Martin Ltd. Q1 FY27 Earnings Call Page 1 of 17 USHA MARTIN markets, India, the U.S. and Europe, we saw healthy volume growth and our geographic diversification helped the overall rope business remain robust. In the domestic market, rope volumes grew approximately 12% year-on-year, while value grew around 21%, supported by healthy demand across crane, elevator and fishing segments. The U.S. and Europe both had strong quarters. In the U.S., growth came mainly from elevator and mining segments, while in Europe, we saw good traction across oil and offshore renewables and value-added services. Now coming to the Middle East operations, — volumes were down approximately 28% due to continued geopolitical and market disruptions. However, realizations improved by approximately 36% on the back of better pricing and a more favorable mix, which allowed us to hold revenues broadly at last year's levels. Even in a challenging market, the strength of our portfolio protected our business. Now turning to wires — The business delivered healthy growth during the quarter with volumes up approximately 19% and revenue growing around 32% year-on-year. The wires portfolio today is largely domestic driven, and exports represent a significant growth opportunity for us. We have already begun supplying to select European customers in high-value applications such as automotive and rockfall protection, and we see considerable headroom to scale this as we secure further approvals and deepen our coverage in these markets. On plasticated LRPC, - the business continued to gain traction, supported by healthy demand both in the domestic and export markets. A key milestone this quarter was our first international order for plasticated LRPC strand for a stay cable application. This is an important step. As further approvals mature, it opens up meaningful opportunities to expand internationally. This will be central to how we compete in the LRPC segment, where black LRPC has become largely commoditized, while plasticated offers genuine differentiation and better value. Coming to Oceanfibre, Oceanfibre continues to build momentum. While it remains a small part of the overall business, we are encouraged by the progress across offshore and heavy lifting applications and the pipeline of opportunities ahead. This segment complements our core product portfolio, and we see it as an important growth lever for the Company going forward. Overall, I would like to highlight 4 broader points from the quarter: First, the improvement in performance reflects our shift towards high-value products and applications. Over the past few years, we have made sustained investments in strengthening our manufacturing and R&D capabilities, enabling us to address technically demanding applications across global markets. Transcript of Usha Martin Ltd. Q1 FY27 Earnings Call Page 2 of 17 USHA MARTIN Many of these products require extensive development, testing and customer qualification, creating meaningful barriers to entry. Our growing track record of approvals and successful field performance validates this strategy with the benefit increasingly visible this quarter across our rope portfolio, value-added wires, plasticated LRPC and Oceanfibre. Second, we were able to protect profitability and expand margins despite a significant increase in key input and logistics costs. Wire rod prices were approximately 7% higher year-on-year, while zinc prices increased by around 28%. Freight costs also remain elevated. We implemented pricing actions across segments to pass through these increases. Together with improvement in product mix, cost discipline and operating efficiencies, this enabled us to expand EBITDA margins to 20.1%. Third, profitability translated directly into cash. We generated operating cash flow of approximately INR 242 crore, representing cash conversion of 116% of operating EBITDA and closed the quarter with a net cash position of approximately INR 465 crore. Fourth, this balance sheet strength allows us to keep investing confidently in the future growth. [Showing first 8,000 characters — download PDF for full document]