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Usha Martin (517146) investor relations material

Usha Martin Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary10 Nov, 2025

Executive summary

  • Q2 FY26 consolidated revenue was INR 908 crore (₹907.6 crore), up 1.8% year-over-year, with the highest-ever operating EBITDA of INR 173 crore since the steel business divestment, driven by strong wire and wire rope segment performance.

  • PAT from continuing operations rose to INR 128 crore (₹127.6 crore), with total comprehensive income at INR 151.04 crore, and international business now comprising 58% of total revenue, led by growth in Europe and the Americas.

  • The One Usha Martin transformation initiative and cost efficiencies contributed to improved margins and financial discipline, with early benefits visible in Q2.

  • Management expects a stronger H2 FY26, citing ongoing initiatives, expanding product portfolio, and improved cost competitiveness.

  • Discontinued operations (Steel and Bright Bar Business) resulted in a loss of INR 17.8 crore, with no impact on operating cash flow.

Financial highlights

  • Q2 consolidated net revenue was INR 908 crore (₹907.6 crore), up from INR 891 crore year-over-year; H1 revenue reached INR 1,795 crore (₹1,794.7 crore), a 4.5% increase.

  • Operating EBITDA for Q2 was INR 173 crore (19.1% margin), up from INR 151 crore (18% margin) last year; H1 EBITDA was INR 318 crore.

  • Net profit from continuing operations for Q2 was INR 128 crore (₹127.6 crore); H1 PAT was INR 228 crore versus INR 213 crore.

  • Operating cash flows before tax in H1 were INR 390 crore, with a 123% conversion of EBITDA to cash flow.

  • Net cash position at quarter-end was INR 111 crore, with gross debt reduced to INR 124 crore as of September 2025.

Outlook and guidance

  • Management anticipates a stronger H2 FY26 as delayed CapEx comes online and market demand recovers, with focus on R&D for advanced, application-specific products.

  • Margins may moderate as LRPC volumes recover, but absolute EBITDA is expected to rise.

  • CapEx of INR 300-350 crore per year is planned for organic growth, with a focus on expanding rope and wire capacity and international reach.

  • Volume growth in plasticated LRPC and GALSTAR wire expected from Q4 onwards, with significant ramp-up in FY2027.

  • Management expects ongoing legal proceedings to have no material impact on operations.

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