1. Elevator rope capacity - Commissioning of the \~6,000 tpa elevator rope expansion begins October 2026, completing by Q1 FY28, part of a \~₹300 crore capex plan with 70-75% for rope capacity. With 60-65% domestic share and India's elevator market growing \~20%, capacity is the biggest constraint - this removes it.
2. Plasticated LRPC approvals - Approvals from almost all 5-6 global players are in hand, with a couple more expected in coming quarters; FY27 volume target is 3,500-4,000 tons versus \~2,500 tons in FY26. As approvals convert, management expects \~5,000-6,000 tons, and once close to utilizing current capacity, steps would be taken to augment it to 8,000-9,000 tons.
3. Ranchi expansion ramp-up - The \~40,000-ton Ranchi expansion (19,000 tons rope + 21,000 tons wire) is \~70% installed, with the rest due by Q2 FY26; rope capacity rises from \~72,000 to \~91,000 tons. Utilization is \~75%, so the added high-value crane, compacted, and offshore rope capacity has room to fill without further capex.
4. OceanFibre scale-up - Synthetic slings revenue has risen for five straight quarters, targeting growth from 0.2-0.3 crore GBP to 1 crore GBP over the next few years, with 65-70% gross margins. The business turned cash positive in its first year, earlier than the expected couple of years.
5. GALSTAR ramp-up - Export approvals are in place and supplies to Europe for rockfall protection have drawn a good response; capacity ramp-up is expected from Q4, reaching 5,000-6,000 tons/year from Q1 next financial year. This adds a differentiated, higher-value wire product to the portfolio.
6. Wire segment growth - Wire volumes rose \~19% and revenue \~32% YoY in Q1 FY27, with management targeting a gradual increase to 100,000 tons over 2-3 years. At \~80,000 tons capacity and 75-78% utilization, the target implies meaningful volume growth from existing assets.
7. US market penetration - US revenue grew from 7% to 9% of topline in FY26, with market share still sub-5%; new customers and contracts won earlier this year give stable order flow. Tariffs are largely passed through, so growth in elevators and mining can continue without margin pressure.
8. Thailand modernization - A ₹60 crore investment plan is under implementation, modernizing and increasing capacity for specialized cords and elevator ropes. Management expects significant improvement over the next 18 months, with good order traction already from Southeast Asia and Europe.
9. One Usha Martin savings - The program delivered \~₹65-70 crore cost savings over 18 months, with FY26 fixed employee costs down 3% and admin expenses down over 7% YoY. SAP S/4HANA is now live across all key global units, supporting further centralization benefits.