USHAMART

What Usha Martin promised, and what happened

Every commitment management made on a call, tracked from the quarter it was made — reaffirmed, revised, diluted or quietly dropped.

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 4 delivered 1 missed 11 open
  • EBITDA Margin delivered said Q4 FY25 Promised: minimum of 18% is our target for next year Q1 FY27: Promise related to FY26, which has been achieved and concluded.
  • Working Capital Days went quiet said Q1 FY26 Promised: reduce this further by at least 10 days over the few quarters Q1 FY27: No mention of working capital days after missing the target in FY26.
  • Capex revised up said Q2 FY26 Promised: close to INR 300 crore to INR 350 crore a year Q1 FY27: Revised annual capex guidance up to INR 250-300 crore for FY27 alone, from previous guidance of INR 300 crore over two years.

The rest of the ledger

Above is what the last two calls moved. Pro opens all 16 tracked commitments for Usha Martin — every quarter's revision, the source quote behind each one, and the topics management has stopped answering.

See what Pro opens