Usha Martin Q2 FY27 Operating EBITDA Up 16.5%

Revenue & Profitability:

Revenue from operations: ₹1,000.0 crore, increased 12.4% YoY (Q2 FY26: ₹889.6 crore)
Operating EBITDA: ₹201.9 crore, increased 16.5% YoY (Q2 FY26: ₹173.3 crore)
Operating EBITDA margin: 20.2%, improved from 19.5% in Q2 FY26
PAT from continuing operations: ₹135.7 crore, increased 5.9% YoY (Q2 FY26: ₹128.2 crore)
Total PAT (including discontinued operations): ₹129.3 crore, increased 17.7% YoY (Q2 FY26: ₹109.8 crore)
Basic EPS: ₹4.23, increased 17.6% YoY (Q2 FY26: ₹3.60)

Other Financial Metrics:

Revenue from operations: ₹2,021.1 crore, increased 14.8% YoY (H1 FY26: ₹1,760.2 crore)
Operating EBITDA: ₹410.2 crore, increased 28.5% YoY
Operating EBITDA margin: 20.3%, improved from 18.1% in H1 FY26
PAT from continuing operations: ₹278.0 crore, increased 20.6% YoY
Total PAT: ₹271.3 crore, increased 28.8% YoY
Basic EPS: ₹8.89, increased 28.6% YoY

Segment Performance:

Wire rope segment contribution to overall revenues increased to 75% in H1 FY27 (up from 74% in FY26)
Within wire rope, value-added segments (crane, oil & offshore, elevator, mining, fishing) share stood at 71% in H1 FY27
International business maintained 57% share of revenues despite geopolitical disruptions
Domestic wire rope business registered healthy double-digit volume growth
Wire rope business recorded revenue growth of 12.9% YoY
Wire & Strand business recorded strong growth of 35% YoY

Sales Volumes:

All figures represent consolidated volumes in '000 MT

Working Capital & Cash Flow:

Net working capital to turnover improved to 30.0% as of September 2026 (from 32.9% in March 2026)
Net working capital days reduced to 185 from 194
Operating cash flow before income tax: ₹413 crore for H1 FY27, representing 101% conversion of operating EBITDA
Capex spend: ₹143 crore during H1 FY27
Net cash position: ₹415 crore as of September 2026 (improved from ₹332 crore in March 2026)
Dividend payments: ₹114 crore

Balance Sheet Strength:

Gross debt to equity: 0.09x
Net debt to equity: -0.10x (net cash position)
Long-term issuer rating: 'IND AA-' with Stable Outlook (reaffirmed by ICRA in July 2026)
Short-term credit facilities rating: 'IND A1+'

Capacity Expansion:

Management Commentary (Mr. Rajeev Jhawar, Managing Director):

Profitability supported by improved product mix, better realizations in domestic market, and continued cost management
West Asia operations impacted by geopolitical uncertainties and elevated freight costs, but focus on higher-value products sustained profitability
Encouraging progress in OceanFibre and improving enquiry pipeline for plasticated LRPC
Expect stronger second half supported by healthy domestic demand and progress across specialized product portfolio
Focus on improving operational efficiencies across global operations, including Thailand

Company holds globally recognized certifications including: