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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.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.
Sustainable EBITDA margin post LRPC recovery?
Strategy for Americas and European market expansion
Future capital allocation and CapEx strategy
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Next Usha Martin earnings date
Q3 25/2629 Jan, 2026
Next Usha Martin earnings date
Q3 25/2629 Jan, 2026
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