Usha Martin Limited has informed the Exchange about Investor Presentation
Date: 8th November 2025
The Secretary BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai – 400 001 [Scrip Code: 517146]
The Manager National Stock Exchange of India Ltd Exchange Plaza, 5th Floor, Plot No.C/1, G Block, Bandra Kurla Complex, Bandra Mumbai – 400 051 [Symbol: USHAMART]
la Bourse de
Societe de Luxembourg 35A Bouleverd Joseph II L-1840, Luxembourg [Scrip Code: US9173002042]
Dear Sir/Madam,
Sub: Earnings Presentation – Q2 H1 FY26
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed an Earnings Presentation – Q2 H1FY26 on the Un-audited Financial Results of the Company for the Quarter and Half year ended 30th September 2025.
The presentation is also being made available on the website of the Company i.e. www.ushamartin.com
Kindly take this on record.
Thanking you,
Yours faithfully, For Usha Martin Limited
Manish Agarwal Company Secretary & Compliance Officer
Enclosed: As above
Q2 & H1 FY26 RESULTS
Earnings Presentation
November 2025
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Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Usha Martin Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this presentation may contain forward looking statements concerning the Company’s future business prospects and business profitability. Such forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to, the Company’s ability to manage growth, the fluctuations in earnings, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, the Company’s ability to manage its international operations, Government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company.
Q2 FY26 Earnings Presentation
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2
Key financial highlights – Consolidated Q2 & H1 FY26
In Rs. crore
NET REVENUE FROM OPERATIONS
1,718
1,795
891
887
908
OPERATING EBITDA
MARGINS
18.0%
16.3%
19.1%
18.3%
17.7%
315
318
161
145
173
Q2 FY25 Q1 FY26 Q2 FY26
H1 FY25
H1 FY26
Q2 FY25 Q1 FY26 Q2 FY26
H1 FY25
H1 FY26
Shift (%)
QoQ: 2.3%
YoY: 1.8%
4.5%
Shift (%)
QoQ: 19.6%
YoY: 7.6%
0.9%
PAT MARGINS
12.3%
11.4%
14.1%
12.4%
12.7%
213
228
109
101
128
▪ Revenue from operations increased by 1.8% Y-o-Y to Rs. 907.6
crore in Q2 FY26
▪ EBITDA margin improved to 19.1% in Q2 FY26 from 18.0% in Q2 FY25, reflecting a favourable product mix and improved cost efficiencies
▪
Lower LRPC sales owing to the extended monsoon period further supported margin performance in Q2 FY26
Q2 FY25 Q1 FY26 Q2 FY26
H1 FY25
H1 FY26
▪ PAT stood at Rs. 127.6 crore in Q2 FY26 compared to Rs. 109.3
Shift (%)
QoQ: 26.6%
YoY: 16.7%
7.2%
crore in Q2 FY25
Note 1: Operating EBITDA & EBITDA Margins calculated without other income Note 2: PAT for Q2 FY26 and H1 FY26 are for continuing operations
Q2 FY26 Earnings Presentation
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3
Revenue breakdown by segment
In Rs. crore
WIRE ROPE
1,255
1,320
WIRE
185
151
661
642
678
80
94
91
Q2 FY25 Q1 FY26 Q2 FY26
H1 FY25
H1 FY26
Q2 FY25 Q1 FY26 Q2 FY26
H1 FY25
H1 FY26
Shift (%)
QoQ: 5.6%
YoY : 2.6%
5.1%
Shift (%)
QoQ: 2.9%
YoY: 14.2%
22.7%
LRPC
175
149
86
85
64
Q2 FY25 Q1 FY26 Q2 FY26
H1 FY25
H1 FY26
Shift (%)
QoQ: 25.1%
YoY : 26.0%
14.6%
▪
In Q2 FY26, the Wire segment registered a 14.2% Y-o-Y increase and wire rope segment registered a 2.6% Y-o-Y increase.
▪ Segment wise % of overall sales H1 FY26:
▪ Wire Rope – 74% (FY25: 72%)
▪ Wire – 10% (FY25: 9%)
▪
LRPC – 8% (FY25: 11%)
Note 1: All figures mentioned in the slide are consolidated financials
Q2 FY26 Earnings Presentation
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4
Diversified presence across geographies and segments
Revenue Segmentation for H1 FY26
PRODUCT SEGMENTATION
END INDUSTRY SEGMENTATION1
GEOGRAPHY SEGMENTATION
Others, 8%
Wire , 10%
LRPC, 8%
Others, 2%
Fishing, 3%
Mining, 6%
Utilities, 3%
Engineering, 24%
Middle East & Africa, 9%
America, 9%
Elevator, 10%
Auto, 6%
Asia Pacific, 12%
Construction & Infrastructure, 10%
India, 42%
Wire Rope, 74%
Crane, 19%
Oil & Offshore, 17%
Europe, 28%
▪ Wire Rope segment’s contribution to overall revenues increased to 74% in H1 FY26, up from 72% in FY25
▪ Within Wire rope, the value-added segments (crane, oil & offshore, elevator, mining, fishing) share stood at 71% in H1 FY26
▪
The share of international business rose to 58% in H1 FY26 from 55% in FY25
Note 1: For all product segments Note 2: All figures mentioned in the slide are consolidated financials
Q2 FY26 Earnings Presentation
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5
Successfully managing raw-material volatility
STEEL PRICE (RS. PER TONNE)
55,517
54,097
53,618
50,958
52,316
Q2FY25
FY25
Q1FY26
Q2FY26
H1FY26
EBITDA/TONNE2 (RS.)
32,253
30,148
28,502
34,915
31,656
Q2FY25
FY25
Q1FY26
Q2FY26
H1FY26
Note 1: All figures mentioned in the slide are consolidated financials Note 2: EBITDA calculated without other income & excluding UM Cables
Q2 FY26 Earnings Presentation
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6
Profitability indicators remain healthy
ROCE 2 (%)
ROE (%)
22.5%
22.8%
19.3%
20.3%
18.8%
19.2%
15.8%
15.3%
FY23
FY24
FY25
Sept.'25*
FY23
FY24
FY25
Sept.'25*
INTEREST COVERAGE (X)
FIXED ASSET TURNOVER (X)
23.2
18.8
16.0
27.2
3.4
2.7
2.5
2.4
FY23
FY24
FY25
Sept.'25
FY23
FY24
FY25
Sept.'25^
Note 1: All figures mentioned in the slide are consolidated financials Note 2: ROCE mentioned is for continuing operation
^ LTM * Annualized
Q2 FY26 Earnings Presentation
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7
Balance sheet remains significantly de-risked
347
GROSS DEBT
292
338
181
185
NET DEBT
124
63
In Rs. crore
-111
FY23
FY24
FY25
Sept.'25
FY23
FY24
FY25
Sept.'25
GROSS DEBT TO EQUITY (X)
NET DEBT TO EQUITY (X)
0.17
0.12
0.12
0.06
0.09
0.05
0.02
FY23
FY24
FY25
Sept.'25
FY23
FY24
FY25
(0.04)
Sept.'25
Note 1: All figures mentioned in the slide are consolidated financials
Q2 FY26 Earnings Presentation
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8
Net working capital to turnover remains steady
CURRENT RATIO (X)
NET WORKING CAPITAL (RS. CRORE)
2.5
2.9
2.8
3.0
1,028
1,089
1,199
1,144
Mar-23
Mar-24
Mar-25
Sept.'25
Mar-23
Mar-24
Mar-25
Sept.'25
NET WORKING CAPITAL (DAYS)
NET WORKING CAPITAL TO TURNOVER (LTM, %)
164
198
199
207
29.1%
32.8%
32.9%
33.2%
Mar-23
Mar-24
Mar-25
Sept.'25
Mar-23
Mar-24
Mar-25
Sept.'25
Working capital improved significantly by Rs 55 crores during H1FY26 reflecting continued financial discipline and operational efficiency
Note 1: All figures mentioned in the slide are consolidated financials
Q2 FY26 Earnings Presentation
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9
Healthy cash flows despite capex spend of Rs. 103 crore
In Rs. crore
OPERATING CASH FLOW (OCF) BEFORE INCOME TAX AND % TO EBITDA
94%
561
91%
541
123%
390
FY24
FY25
H1 FY26
• Strong cash generation maintained with OCF at Rs. 390
crore in H1 FY26, representing 123% of EBITDA.
• Healthy free cash flow reflects disciplined capital allocation
and effective working capital management
FREE CASH FLOW
166
177
229
• Strong internal accruals continue to fund ongoing capex
requirements while maintaining a net debt-free position
67%
345
FY23
69
FY23
FY24
FY25
H1 FY26
Note 1: All figures mentioned in the slide are consolidated financials
Note 2: EBITDA calculated without other income
Q2 FY26 Earnings Presentation
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10
Long term issuer rating at ‘IND A+’ / Outlook: Stable
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
FY'18
FY'19
FY'20
FY'21
FY'22
FY'23
FY'24
Jul'25
▪
India Ratings and Research Pvt. Ltd. recently reaffirmed Usha Martin Ltd.’s ratings at “IND A+/Stable” for Long Term Credit Facilities and “IND A1+” for Short-Term Credit Facilities
Current Rating
A+
Outlook
Stable
Last Review
July’25
Q2 FY26 Earnings Presentation
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11
Management comment
Commenting on the performance Mr. Rajeev Jhawar, Managing Director said:
Mr. Rajeev Jhawar
“Wearepleasedtoreportahealthyperformancethisquarter,witharevenueofINR907.6crore, highestoEBITDAofINR173crore(sincethesaleofsteelbusiness)andEBITDAmarginsof19.1%, despiteachallengingglobalenvironment.Afavorableproductmixsupportedouroperatingresults inQ2FY26.Additionally,weseebenefitsofour‘OneUshaMartin’program,whichisdrivingsharper costcontrols,greateragilityandimprovedexecutionacrosstheGroup.
Managing Director
On the balance sheet front, we paid INR 157 crore of debt during the quarter entirely through internal accruals. This has been possible due to strong operating cash flow generation during H1FY26.oEBITDAtooperatingcashflows(beforetax)stoodat123%withcashflowgenerationof INR390crores.Asaresult,ournetcashpositionstoodatINR111croreandROCEof20.3%from continuedoperations.
WeexpectthesecondhalfofFY26tobestrongerastheimpactofourongoinginitiativesbecomes more visible. With an expanding product portfolio and increasing customer acceptance across regions, we are enhancing our position in the global arena. Our R&D efforts remain centered on developingadvanced,application-specificproductstocapturealargershareofhigh-valuemarkets. Backedby improvedcostcompetitivenessandoperational efficiency,webelievewearenowin a strongerpositiontobuildonthismomentumanddeliverstrongerperformancegoingforward”
Q2 FY26 Earnings Presentation
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12
ANNEXURE
Q2 FY26 Earnings Presentation
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13
Abridged Consolidated P&L statement
In Rs. crore
Revenue from Operations
Operating EBITDA
Operating EBITDA Margin (%)
Operating EBITDA / ton^ (Rs.)
Other Income
EBITDA
EBITDA Margin (%)
Depreciation
Finance Costs
Share of profit(-) /loss(+) of joint ventures
PBT
PBT Margin (%)
Tax
PAT from continuing business
Profit/loss from discontinuing business
PAT
PAT Margin (%)
Basic EPS* (in Rs.)
*EPS is not annualized
Q2 FY26
Q2 FY25
Y-o-Y Change (%)
Q1 FY26
Q-o-Q Change (%)
H1 FY26
H1 FY25
Y-o-Y Change (%)
907.6
173.0
19.1%
891.2
160.8
18.0%
34,915
32,253
22.7
195.6
21.6%
27.7
5.1
-4.9
167.8
18.5%
40.2
127.6
-17.8
109.8
12.1%
3.61
6.9
167.6
18.8%
22.8
7.7
-4.3
141.4
15.9%
32.1
109.3
-
109.3
12.3%
3.59
1.8%
7.6%
1 pps
8.3%
230.8%
16.7%
2.7 pps
21.4%
-33.7%
-15.5%
18.7%
2.6 pps
25.2%
16.7%
-
0.5%
-0.2 pps
0.6%
887.2
144.6
16.3%
28,502
15.5
160.1
18.0%
28.7
6.3
-4.5
129.6
14.6%
28.8
100.8
-
100.8
11.4%
3.31
2.3%
19.6%
2.8 pps
22.5%
46.6%
22.2%
3.5 pps
-3.6%
-18.7%
-9.1%
29.4%
3.9 pps
39.5%
26.6%
-
8.9%
0.7 pps
9.1%
1,794.7
1,717.5
317.6
17.7%
314.8
18.3%
31,656
32,433
38.1
355.7
19.8%
56.4
11.3
-9.4
297.4
16.6%
69.0
228.4
-17.8
210.6
11.7%
6.92
11.8
326.6
19.0%
44.5
14.3
-8.3
276.1
16.1%
63.0
213.1
-
213.1
12.4%
7.01
4.5%
0.9%
-0.6 pps
-2.4%
222.2%
8.9%
0.8 pps
26.6%
-21.0%
-12.8%
7.7%
0.5 pps
9.6%
7.2%
-
-1.2%
-0.7 pps
-1.3%
Q2 FY26 Earnings Presentation
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14
Abridged Standalone P&L statement
In Rs. crore
Q2 FY26
Q2 FY25
Y-o-Y Change (%)
Q1 FY26
Q-o-Q Change (%)
H1 FY26
H1 FY25
Y-o-Y Change (%)
Revenue from Operations
Operating EBITDA
Operating EBITDA Margin (%)
Operating EBITDA / ton^ (Rs.)
550.8
114.6
20.8%
547.5
105.7
19.3%
27,867
24,705
Other Income
EBITDA
EBITDA Margin (%)
Depreciation
Finance Costs
PBT
PBT Margin (%)
Tax
PAT from continuing business
Profit/loss from discontinuing business
PAT
PAT Margin (%)
Basic EPS* (in Rs.)
*EPS is not annualized
30.1
144.7
26.3%
13.8
1.3
129.6
23.5%
32.3
97.3
-17.8
79.5
14.4%
2.61
12.3
118.0
21.5%
11.3
2.8
103.9
19.0%
25.9
78.0
-
78.0
14.3%
2.56
0.6%
8.4%
1.5 pps
-12.8%
145.5%
22.7%
4.7 pps
22.1%
-53.9%
24.8%
4.6 pps
25.1%
24.7%
-
1.9%
0.2 pps
1.9%
540.1
95.8
17.7%
22,199
14.9
110.8
20.5%
13.6
2.0
95.2
17.6%
24.3
70.9
-
70.9
13.1%
2.33
2.0%
19.6%
3.1 pps
-25.5%
101.8%
30.7%
5.8 pps
2.0%
-36.9%
36.2%
5.9 pps
32.9%
37.3%
-
12.2%
1.3 pps
12.2%
1,090.9
1,061.6
210.4
19.3%
207.1
19.5%
24,963
24,748
45.1
255.5
23.4%
27.4
3.3
224.8
20.6%
56.6
168.2
-17.8
150.4
13.8%
4.94
15.3
222.4
20.9%
21.7
4.9
195.8
18.4%
48.9
146.9
-
146.9
13.8%
4.82
2.8%
1.6%
-0.2 pps
0.9%
194.7%
14.9%
2.5 pps
26.1%
-32.5%
14.8%
2.2 pps
15.8%
14.5%
-
2.4%
-0.1 pps
2.4%
Q2 FY26 Earnings Presentation
|
15
Key operational highlights – Consolidated Q2 & H1 FY26
Figure in (‘000 MT)
SALES VOLUMES1
50
51
50
96
101
▪
▪
Overall sales volumes remained stable year-on-year, reflecting steady demand across key segments
Segment wise contribution to overall volumes Q2 FY26:
▪
▪
▪
Wire Rope - 56% (FY25: 52%)
Wire - 24% (FY25: 21%)
LRPC - 21% (FY25: 27%)
Q2 FY25
Q1 FY26
Q2 FY26
H1 FY25
H1 FY26
Shift (%)
QoQ: 3.2%
YoY: 0.6%
4.7%
WIRE ROPE SALES VOLUMES
WIRE VOLUMES
LRPC SALES VOLUMES
52
54
24
19
25
23
28
26
28
10
12
12
12
13
10
Q2 FY25 Q1 FY26 Q2 FY26
H1 FY25
H1 FY26
Q2 FY25 Q1 FY26 Q2 FY26
H1 FY25
H1 FY26
Q2 FY25 Q1 FY26 Q2 FY26
H1 FY25
H1 FY26
Shift (%)
QoQ: 4.1%
YoY: 0.3%
3.7%
QoQ: 1.2%
YoY: 18.3%
26.8%
QoQ: 20.2%
YoY : 16.9%
9.8%
Note 1: For all product segments Note 2: All figures mentioned in the slide are consolidated volumes
Q2 FY26 Earnings Presentation
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16
Globally recognized certifications and licenses
ISO 45001: 2018 Occupational Health & Safety
ISO 14001: 2015 Environmental management systems
Certificate of Authority issued by American Petroleum Institute
ISO 9001: 2015 Quality management Systems
DGMS Approval
Manufacturing Assessment issued by ABS
NABL Testing
Approved Manufacturer of Steel Wire Rope issued by Lloyd’s
Q2 FY26 Earnings Presentation
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17
Market snapshot
Key Market Statistics
As on 30th Sept. 2025
BSE/NSE Ticker
517146 / USHAMART
CMP (Rs.)
Market Cap (Rs. In Crore)
460.30
14,027.27
Number of outstanding shares (Crore)
30.47
Face Value
1.00
52-week High / Low (Rs.)
481.10 / 278.80
SHAREHOLDING PATTERN AS ON
30th SEPTEMBER 2025
Public including Employee Welfare Trust, 20%
Corporate Bodies, 13%
Promoters, 41%
Institutional Investor, 26%
Q2 FY26 Earnings Presentation
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18
Concall details
Usha Martin Ltd. Q2 & H1 FY26 Earnings Conference Call
Time:
10:30 AM IST on Monday, November 10, 2025
To enable participants to connect to the conference call without having to wait for an operator, please register at the below mentioned link:
Pre-registration
You will receive dial in numbers, passcode and a pin for the concall on the registered email address provided by you. Kindly dial into the call on the Conference Call date and use the passcode & pin to connect to call
Conference dial-in Primary Number: +91 22 6280 1141 / +91 22 7115 8042
International Toll Free Number:
Hong Kong: 800 964 448
Singapore: 800 101 2045
UK: 0 808 101 1573
USA: 1 866 746 2133
Q2 FY26 Earnings Presentation
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19
Contact us
About Us: Established in the year 1960, Usha Martin is a leading global and India’s No. 1 specialty steel wire rope solutions provider. The Company is also engaged in the manufacturing of high-quality wires, low relaxation prestressed concrete steel strand (LRPC), bespoke end-fitments, accessories and related services.
Usha Martin’s wire rope manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok and UK produce the widest range of wire ropes that find application in various industries across the world. All of the company’s facilities are equipped with the latest state-of-the-art high-capacity machines to manufacture world-class products.
Usha Martin’s global R&D center located in Italy is actively engaged in designing of wire ropes and uses proprietary design software to develop products that are the best in class. The Company also has a comprehensive R&D facility in its manufacturing unit at Ranchi, India. Usha Martin has an extensive and dedicated network of distribution centers located across the globe.
Corporate Identification No: L31400WB1986PLC091621
Regd. Office: 2A, Shakespeare Sarani, Kolkata – 700 071, India
Mr. Abhijit Paul (Chief Financial Officer) / Mr. Anil Kumar (Secretary to CFO)
Usha Martin Limited
Tel: +033 – 71006 403
Email: investor@ushamartin.co.in
Anoop Poojari / Devrishi Singh
CDR India
Tel: +91 98330 90434/ + 91 98205 30918
Email: anoop@cdr-india.com
devrishi@cdr-india.com
Q2 FY26 Earnings Presentation
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20
THANK YOU
USHA MARTIN LIMITED
2A, Shakespeare Sarani, Kolkata - 700 071, India
contact@ushamartin.com www.ushamartin.com
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