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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 reached INR 908 crore, up 1.8% year-over-year, with record operating EBITDA of INR 173 crore and improved margins, driven by strong wire and wire rope segment performance and cost efficiencies.

  • International business contributed 58% of total revenue, led by growth in Europe and the Americas, with stable demand and new customer wins.

  • PAT from continuing operations rose to INR 128 crore, up 16.7% year-over-year, reflecting robust profitability.

  • Net cash position at quarter-end was INR 111 crore, with gross debt reduced and strong ROCE of 20.3%.

  • Unaudited financials for Q2 and H1 FY26 were approved by the Board and reviewed by auditors, with no material misstatements.

Financial highlights

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

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

  • Net profit from continuing operations for Q2 was INR 128 crore, up from INR 109 crore; H1 PAT was INR 228 crore.

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

  • Basic EPS for Q2 FY26 was INR 3.61, up year-over-year.

Outlook and guidance

  • Management expects higher throughput and growth in H2 FY26 as delayed CapEx comes online and market demand recovers.

  • 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, focusing on expanding rope and wire capacity and international reach.

  • Focus remains on R&D for advanced, application-specific products to capture high-value markets.

  • Management expects ongoing legal proceedings will not affect operations.

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