Usha Martin Limited announced its unaudited financial results for Q2 and H1 FY27 ended 30th September 2026 through a press release submitted pursuant to Regulation 30 of SEBI Listing Regulations.

Consolidated Financial Performance - Q2 FY27 vs Q2 FY26

  • Revenue from Operations: ₹1,000.0 crore (vs ₹889.6 crore in Q2 FY26), representing 12.4% YoY growth
  • Operating EBITDA (excluding other income): ₹201.9 crore (vs ₹173.3 crore), up 16.5% YoY
  • Operating EBITDA Margin: 20.2% (vs 19.5%), improvement of 0.7 percentage points
  • PBT: ₹179.3 crore (vs ₹168.4 crore), up 6.5% YoY
  • PBT Margin: 17.9% (vs 18.9%), decrease of 1 percentage point
  • Profit after Tax: ₹135.7 crore (vs ₹128.2 crore), up 5.9% YoY
  • Basic EPS: ₹4.23 for the quarter

Consolidated Financial Performance - H1 FY27 vs H1 FY26

  • Revenue from Operations: ₹2,021.1 crore (vs ₹1,760.2 crore), representing 14.8% YoY growth
  • Operating EBITDA (excluding other income): ₹410.2 crore (vs ₹319.2 crore), up 28.5% YoY
  • Operating EBITDA Margin: 20.3% (vs 18.1%), improvement of 2.2 percentage points
  • PBT: ₹363.7 crore (vs ₹299.5 crore), up 21.4% YoY
  • PBT Margin: 18.0% (vs 17.0%), improvement of 1 percentage point
  • Profit after Tax: ₹278.0 crore (vs ₹230.5 crore), up 20.6% YoY

Management Commentary

Mr. Rajeev Jhawar, Managing Director, commented on the performance:

  • Healthy operating performance with revenue at approximately ₹1,000 crore and operating EBITDA growth of 16.5% YoY to approximately ₹202 crore
  • Profitability supported by improved product mix, better realizations in domestic market, and cost management focus
  • Domestic wire rope business performed well with healthy double-digit volume growth
  • Wire rope business recorded 12.9% YoY revenue growth
  • Wire & Strand business recorded strong growth of 35% YoY
  • West Asia operations impacted by geopolitical uncertainties and elevated freight costs, but profitability sustained through focus on higher-value products and rigging/service capabilities
  • Encouraging progress in OceanFibre and improving enquiry pipeline for plasticated LRPC

Balance Sheet and Cash Flow

  • Net cash position: Approximately ₹415 crore, even after dividend payments of ₹114 crore
  • Operating cash flow before tax: Approximately ₹413 crore during H1 FY27
  • Cash conversion: 101% during H1 FY27
  • Capex incurred: Approximately ₹143 crore during first half, directed towards expanding specialized wire rope capabilities
  • Elevator rope capacity expansion commissioning has commenced, with full incremental capacity expected operational by Q1 FY28

Outlook

Management expects a stronger second half supported by:

  • Healthy domestic demand
  • Progress across specialized product portfolio
  • Focus on improving operational efficiencies across global operations, including Thailand
  • Ongoing capacity expansions to support sustainable and profitable growth

Company Background

Usha Martin Limited is a leading global specialty steel wire rope solutions provider, established in 1960. The company manufactures high-quality wires, low relaxation prestressed concrete steel strand (LRPC), bespoke end-fitments, accessories and related services. Manufacturing facilities are located in Ranchi, Hoshiarpur, Dubai, Bangkok, and UK, with a global R&D center in Italy.