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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
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 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.
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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