Usha Martin Limited – Investor Presentation Summary

Key Operational Highlights

  • Sales volumes for all product segments: Q2 FY27 - 49.6 ('000 MT), Q1 FY27 - 51.3 ('000 MT), Q2 FY26 - 49.6 ('000 MT), H1 FY27 - 100.9 ('000 MT), H1 FY26 - 100.8 ('000 MT)
  • Wire Rope sales volumes: Q2 FY27 - 36.8 ('000 MT), Q1 FY27 - 37.6 ('000 MT), Q2 FY26 - 35.8 ('000 MT), H1 FY27 - 74.4 ('000 MT), H1 FY26 - 73.1 ('000 MT)
  • LRPC sales volumes: Q2 FY27 - 12.8 ('000 MT), Q1 FY27 - 13.7 ('000 MT), Q2 FY26 - 13.8 ('000 MT), H1 FY27 - 26.5 ('000 MT), H1 FY26 - 27.7 ('000 MT)
  • Key drivers: Domestic wire rope business registered healthy double-digit volume growth during Q2 FY27

Segment-wise Performance

  • Wire Rope segment contribution to overall revenues increased to 75% in H1 FY27 from 74% in FY26
  • Within Wire Rope, value-added segments (crane, oil & offshore, elevator, mining, fishing) share stood at 71% in H1 FY27
  • Wire & Strand business recorded strong growth of 35% YoY in Q2 FY27
  • International business share remained at 57% in H1 FY27 despite geopolitical disruption

Financial Highlights

Consolidated Performance:

  • Revenue: ₹1,000.0 crore (Q2 FY27), ₹2,021.1 crore (H1 FY27)
  • Operating EBITDA: ₹201.9 crore (Q2 FY27), ₹410.2 crore (H1 FY27)
  • PAT: ₹135.7 crore from continuing operations (Q2 FY27), ₹278.0 crore from continuing operations (H1 FY27)
  • EPS: ₹4.23 (Q2 FY27), ₹8.89 (H1 FY27)
  • Margins: Operating EBITDA margin 20.2% (Q2 FY27), 20.3% (H1 FY27); PAT margin 12.9% (Q2 FY27), 13.4% (H1 FY27)
  • YoY comparison: Revenue up 12.4% (Q2), 14.8% (H1); Operating EBITDA up 16.5% (Q2), 28.5% (H1); PAT from continuing operations up 5.9% (Q2), 20.6% (H1)
  • QoQ comparison: Revenue down 2.1%; Operating EBITDA down 3.0%

Standalone Performance:

  • Revenue: ₹634.1 crore (Q2 FY27), ₹1,276.6 crore (H1 FY27)
  • Operating EBITDA: ₹137.1 crore (Q2 FY27), ₹276.0 crore (H1 FY27)
  • PAT: ₹102.0 crore from continuing operations (Q2 FY27), ₹199.6 crore from continuing operations (H1 FY27)
  • EPS: ₹3.35 (Q2 FY27), ₹6.56 (H1 FY27)
  • Margins: Operating EBITDA margin 21.6% (Q2 FY27), 21.6% (H1 FY27); PAT margin 16.1% (Q2 FY27), 15.6% (H1 FY27)

Drivers of financial performance: Favourable product mix, better realizations in domestic market, continued focus on cost management, improved working capital efficiency

Geographical Revenue Split

  • International business: 57% of total revenue in H1 FY27
  • Domestic business: 43% of total revenue in H1 FY27
  • Regional performance: West Asia operations impacted by geopolitical uncertainties and elevated freight costs

Balance Sheet Snapshot

  • Net cash: ₹415 crore (September 2026), up from ₹332 crore (March 2026)
  • Gross Debt to Equity: 0.05x (September 2026), 0.06x (March 2026)
  • Net Debt to Equity: -0.10x (September 2026), -0.08x (March 2026)
  • Financial Health Insights: Strong balance sheet significantly de-risked, improved working capital efficiency

Capex & Cash Flow Health

  • Capital Expenditure: ₹143 crore incurred during H1 FY27
  • Operating Cash Flow: ₹413 crore (H1 FY27)
  • Free Cash Flow: Not Specified
  • Operating Cash Flow to EBITDA conversion: 101% (H1 FY27)
  • Investment Rationale: Investments directed towards expanding specialized wire rope capabilities, elevator rope capacity expansion

Strategic & R&D Initiatives

  • Commissioning of elevator rope capacity expansion has commenced
  • Full incremental capacity expected to be operational by Q1 FY28
  • Encouraging progress in OceanFibre and improving enquiry pipeline for plasticated LRPC
  • Focus on improving operational efficiencies across global operations including Thailand
  • Global R&D center in Italy engaged in designing wire ropes using proprietary design software
  • Comprehensive R&D facility in Ranchi, India

Industry Trends & Business Environment

  • Geopolitical uncertainties in West Asia impacting volumes
  • Elevated freight costs affecting operations
  • Healthy domestic demand supporting performance
  • Raw material price volatility being managed effectively

Management Commentary & Growth Outlook

Strategic Outlook: "We expect a stronger second half, supported by healthy domestic demand and progress across our specialized product portfolio. Alongside ongoing capacity expansions, we remain focused on improving operational efficiencies across our global operations, including Thailand, to support sustainable and profitable growth."

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Geopolitical uncertainties, elevated freight costs, raw material price volatility

Certifications & Licenses

  • DGMS Approval
  • ISO 14001:2015 Environmental management systems
  • ISO 9001:2015 Quality management Systems
  • Bureau Veritas Certification
  • American Petroleum Institute Certificate of Authority
  • NABL Testing
  • Lloyd's Approved Manufacturer of Steel Wire Rope

Market Snapshot (As on 30th September 2026)

  • BSE/NSE Ticker: 517146 / USHAMART
  • CMP: ₹498.95
  • Market Cap: ₹15,205.09 crore
  • Number of outstanding shares: 30.47 crore
  • Face Value: ₹1.00
  • 52-week High/Low: ₹542.00/₹372.70