Usha Martin (517146) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 continuing-operations revenue was ₹100,001 lakh, up 12.4% YoY; operating EBITDA rose 16.5% to ₹201.9 crore, with margin up 70 bps to 20.2%.

• Q2 continuing-operations PAT was ₹135.7 crore; total PAT was ₹129.3 crore after a ₹6.4 crore discontinued-operations loss.

• H1 revenue rose 14.8% to ₹2,021.1 crore and operating EBITDA increased 28.5% to ₹410.2 crore; margin expanded 2.2 pps to 20.3%.

Financial highlights

• Q2 revenue rose from ₹88,963 lakh a year earlier but declined 2.1% QoQ from ₹1,021.1 crore; continuing-operations PBT increased 6.5% to ₹17,930 lakh.

• Q2 total comprehensive income was ₹14,931 lakh versus ₹15,104 lakh YoY.

• H1 continuing-operations PAT rose 20.6% to ₹278 crore; total PAT was ₹271.3 crore, up 28.8%.

• H1 basic EPS was ₹8.89, up 28.6% YoY; EPS is not annualized.

• Standalone Q2 revenue was ₹63,413 lakh and continuing-operations PAT ₹10,202 lakh; H1 revenue was ₹127,662 lakh and PAT ₹19,962 lakh.

Outlook and guidance

• Management expects a stronger H2, supported by healthy domestic demand and progress in specialised products.

• Full incremental elevator-rope capacity is expected to be operational by Q1 FY28; commissioning has commenced.

• Capacity expansion and operational-efficiency efforts, including in Thailand, are intended to support sustainable, profitable growth.