Key Quantitative Figures - Consolidated Results

(Amounts in ₹ lakhs, unless stated)

Quarterly Performance (Q2 FY27)

  • Revenue from Operations: ₹1,00,001
  • Other Income: ₹1,051
  • Total Income: ₹1,01,052
  • Total Expenses: ₹83,611
  • Profit Before Tax (Continuing Operations): ₹17,930
  • Total Tax Expense: ₹4,363
  • Profit After Tax (Continuing Operations): ₹13,567
  • Loss from Discontinued Operations: ₹(639)
  • Profit for the Period (After Tax): ₹12,928
  • Total Comprehensive Income: ₹14,931
  • Earnings Per Share (EPS) - Basic (₹): 4.23 (Continuing & Discontinued)

Half-Yearly Performance (H1 FY27)

  • Revenue from Operations: ₹2,02,109
  • Other Income: ₹1,882
  • Total Income: ₹2,03,991
  • Total Expenses: ₹1,68,608
  • Profit Before Tax (Continuing Operations): ₹36,369
  • Total Tax Expense: ₹8,571
  • Profit After Tax (Continuing Operations): ₹27,798
  • Loss from Discontinued Operations: ₹(666)
  • Profit for the Period (After Tax): ₹27,132
  • Total Comprehensive Income: ₹27,952
  • Earnings Per Share (EPS) - Basic (₹): 8.89 (Continuing & Discontinued)

Comparative Figures (Q2 FY26)

  • Revenue from Operations: ₹88,963
  • Profit for the Period (After Tax): ₹10,980
  • Earnings Per Share (EPS) - Basic (₹): 3.60

Balance Sheet Highlights (Consolidated as of 30-Sep-2026)

  • Total Assets: ₹4,43,140
  • Property, Plant & Equipment: ₹1,43,123
  • Capital Work-in-Progress: ₹16,187
  • Inventories: ₹97,049
  • Trade Receivables: ₹62,764
  • Cash & Cash Equivalents: ₹47,770
  • Total Equity: ₹3,46,870
  • Borrowings (Non-Current + Current): ₹18,465
  • Paid-up Equity Share Capital: ₹3,054 (Face value Re. 1/- each)

Key Quantitative Figures - Standalone Results

(Amounts in ₹ lakhs, unless stated)

Quarterly Performance (Q2 FY27)

  • Revenue from Operations: ₹63,413
  • Profit for the Period (After Tax): ₹10,202
  • Earnings Per Share (EPS) - Basic (₹): 3.35

Half-Yearly Performance (H1 FY27)

  • Revenue from Operations: ₹1,27,662
  • Profit for the Period (After Tax): ₹19,962
  • Earnings Per Share (EPS) - Basic (₹): 6.55

Legal & Regulatory Proceedings

Note 4(a) & 4(b): ED & CBI Investigations

  • The Enforcement Directorate (ED) provisionally attached certain land parcels of the company at Ranchi, Jharkhand, valued at approximately ₹19,037 lakhs via an order dated 09 August 2019 under PMLA, 2002.
  • The attachment relates to the alleged contravention of terms of a mining lease during the historical export and domestic sale of iron ore fines from the erstwhile iron ore mines at Ghatkuri, Jharkhand.
  • The PMLA Appellate Tribunal, New Delhi, disposed of the company's appeal on 18 November 2025 without interfering with the attachment order but confirmed the company's right to possess the properties.
  • The ED has filed a complaint before the Special Judge PMLA Cases at Ranchi; the matter is next listed on 20 November 2026.
  • The Central Bureau of Investigation (CBI) has also filed a charge sheet against the company, its Managing Director, and another officer for alleged offences under the Prevention of Corruption Act, 1988, and the Indian Penal Code, 1860. The Special Judge CBI cases at Ranchi took cognizance on 21 November 2024; the matter is next listed on 20 November 2026.
  • A separate FIR was filed by CBI on 02 October 2020, alleging an attempt to influence the investigation, which is scheduled for hearing on 28 November and 04 December 2026.
  • Management's Response: The company strongly refutes the allegations, citing a favorable order from the Jharkhand High Court (14 February 2012) affirming the right to sell iron ore. Supported by legal opinion, management believes it has a strong case. The ongoing operations are unaffected. No adjustment to the financial results has been considered necessary pending the final outcome.
  • Financial Impact: Contingent exposure of ₹19,037 lakhs (value of attached land). No provision has been made.

Subsidiary & Joint Venture Update

  • The consolidated results include the Holding Company (including Usha Martin Employees Welfare Trust), 17 wholly-owned subsidiaries, 1 subsidiary, and 2 joint ventures. A detailed list of all entities is provided in the auditor's report.
  • The subsidiary, UM Cables Limited, entered into a Business Transfer Agreement (BTA) on 25 September 2026 to transfer its Cable Business unit to R R Kabel Limited on a going concern basis via a slump sale.
  • Consideration: The total consideration is ₹7,700 lakhs, subject to working capital adjustments as per the BTA.
  • Status at Reporting Date: The transfer had not been completed as of September 30, 2026. Consequently, no profit on sale was recognized in these financial statements.
  • Subsequent Event: The transfer was completed with effect from the close of business on 31 October 2026.

Discontinued Operations

  • Relates to the Steel and Bright Bar Business (SBB Business) transferred to Tata Steel Long Products Limited (TSLPL) in a prior year.
  • An amount of ₹6,498 lakhs (net of discounting of ₹948 lakhs) is receivable from TSLPL as of September 30, 2026, pending registration of certain land parcels.
  • An expense of ₹1,780 lakhs was recognized in a previous year for additional estimated expenditure related to this land transfer.

Other Material Information

  • Employee Stock Option Plan (ESOP): The 'Usha Martin Limited Employee Stock Option Plan 2024' was approved by the Board on 12 August 2024. The ESOP Trust has acquired 3,41,500 shares, treated as treasury shares and deducted from Other Equity.
  • New Labour Codes: The Government of India notified the New Labour Codes on 21 November 2025. The company has assessed the incremental impact, which was presented as an exceptional item (₹1,658 lakhs) in the year ended March 31, 2026. The company continues to monitor developments.
  • Auditors: The limited review was conducted by MS KA & Associates LLP (formerly known as MS KA & Associates), Chartered Accountants (ICAI Firm Registration No.105047W / W101187). Their conclusion is unmodified but includes an emphasis of matter regarding the ongoing ED/CBI proceedings.

Capital Structure Impact

  • The paid-up equity share capital remained unchanged at ₹3,054 lakhs (30.54 crore shares of Re. 1 each).
  • The ESOP activity involving treasury shares impacts Other Equity but not the issued share capital.

Cash Flow Implications (Consolidated H1 FY27)

  • Net Cash from Operating Activities: ₹32,901
  • Net Cash Used in Investing Activities: ₹(689)
  • Net Cash Used in Financing Activities: ₹(8,851) (includes dividend paid of ₹11,428)
  • Net Increase in Cash & Equivalents: ₹23,586

Forward-Looking Guidance

  • No explicit forward-looking guidance or management commentary on future performance is provided in the disclosure.