Usha Martin has announced its financial results for the second quarter and first half of fiscal year 2027. The company reported a 12.4% year-on-year increase in revenue to Rs. 1,000 crore for Q2 FY27. Operating EBITDA also saw a significant jump of 16.5% to Rs. 202 crore, with margins improving to 20.2%. Profit after tax (PAT) grew by 17.7% to Rs. 129.3 crore in Q2 FY27.
Usha Martin Unveils Strong Q2 and H1 FY27 Financials
Usha Martin Limited has released its financial performance for the second quarter (Q2) and the first half (H1) of fiscal year 2027, ending September 30, 2026. The company demonstrated robust growth across key financial metrics, indicating a positive operational trajectory.
Key Financial Highlights (Q2 FY27 vs. Q2 FY26)
In the second quarter of FY27, Usha Martin reported consolidated revenue from operations of Rs. 1,000 crore, marking a substantial 12.4% increase compared to Rs. 890 crore in Q2 FY26. Operating EBITDA saw a significant surge of 16.5%, reaching Rs. 202 crore from Rs. 173 crore in the prior year. The operating EBITDA margin improved to 20.2% from 19.5% in Q2 FY26, attributed to a favourable product mix and better realisations. Profit After Tax (PAT) for the quarter grew by 17.7% to Rs. 129.3 crore, compared to Rs. 109.8 crore in Q2 FY26.
First Half (H1) FY27 Performance
For the first half of FY27, the consolidated revenue from operations stood at Rs. 2,021 crore, up 14.8% year-on-year from Rs. 1,760.2 crore in H1 FY26. Operating EBITDA for H1 FY27 was Rs. 410.2 crore, an increase of 28.5% over H1 FY26’s Rs. 319.2 crore. The EBITDA margin improved to 20.3% from 18.1% in the previous year. PAT for H1 FY27 increased by 28.8% to Rs. 271.3 crore, up from Rs. 210.6 crore in H1 FY26.
Segmental Performance
The company’s revenue breakdown by segment shows growth across its key product lines. For Q2 FY27, Wire Rope segment revenue increased by 12.9% YoY, while Wire segment revenue grew by a strong 35.1% YoY. The Wire Rope segment constituted 77% of overall sales in Q2 FY27, an increase from 74% in FY26. LRPC sales volume saw a Year-on-Year growth of 17.1%.
Balance Sheet and Cash Flow
Usha Martin continues to maintain a de-risked balance sheet, with net debt standing at -Rs. 415 crore as of September 2026. The company reported healthy cash flow generation, with operating cash flow before income tax at Rs. 413 crore for H1 FY27, representing 101% conversion of operating EBITDA. Free cash flow for H1 FY27 was Rs. 186 crore. The company also incurred capital expenditure of approximately Rs. 143 crore during the first half of FY27.
Management Commentary
Mr. Rajeev Jhawar, Managing Director, commented, “We delivered a healthy operating performance in Q2 FY27. Consolidated revenue from continuing operations stood at approximately Rs. 1,000 crore, while operating EBITDA grew by 16.5% YoY to approximately Rs. 202 crore, with margins improving to 20.2%. Our balance sheet remains strong, with a net cash position of approximately Rs. 415 crore, even after dividend payments of Rs. 114 crore.” He further added that the company expects a stronger second half supported by healthy domestic demand and progress across its specialised product portfolio.
Market Snapshot
As of September 30, 2026, Usha Martin’s market capitalization stood at Rs. 15,205.09 crore, with a CMP of Rs. 498.95. The shareholding pattern shows Promoters holding 39%, Institutional Investors 32%, Public including Employee Welfare Trust 19%, and Corporate Bodies 10%.
Source: BSE
