Usha Martin announced its Q2 FY26 results, reporting revenue of ₹907.6 crore and a 7.6% increase in operating EBITDA to ₹173.0 crore. Profit after tax from continuing operations grew by 16.7% to ₹127.6 crore. The company also reduced debt by ₹157 crore during the quarter and had a positive net cash position of ₹111 crore.

Q2 FY26 Financial Highlights

Usha Martin has announced its financial results for Q2 FY26, showcasing positive growth across key metrics. The company’s performance reflects a strong focus on operational efficiency and strategic initiatives.

Revenue and Profitability

Key financial figures for Q2 FY26 include:

• Revenue from Operations: ₹907.6 crore (up 1.8% year-over-year)
• Operating EBITDA: ₹173.0 crore (up 7.6% year-over-year)
• Operating EBITDA Margin: 19.1%
• Profit Before Tax (PBT): ₹167.8 crore (up 18.7% year-over-year)
• Profit After Tax (from continuing operations): ₹127.6 crore (up 16.7% year-over-year)

H1 FY26 Performance

The company also reported its performance for the first half of FY26:

• Revenue from Operations: ₹1,794.7 crore (up 4.5% year-over-year)
• Operating EBITDA: ₹317.6 crore (up 0.9% year-over-year)
• PBT: ₹297.4 crore (up 7.7% year-over-year)

Strategic Developments

During Q2 FY26, Usha Martin successfully reduced its debt by ₹157 crore through internal accruals. The company’s net cash position stood at ₹111 crore, and the ROCE from continuing operations was 20.3%.

Management Commentary

Mr. Rajeev Jhawar, Managing Director, commented on the results, stating that the company achieved its highest EBITDA since the sale of its steel business, with an EBITDA margin of 19.1%, despite a challenging global environment. He also highlighted the benefits of the ‘One Usha Martin’ program in driving cost controls and improving execution.

Source: BSE

Powergrid has appointed ASA & Associates LLP as joint statutory auditors for the financial year 2025-26, replacing Rama K Gupta & Co. The decision follows a letter from the Comptroller & Auditor General of India (C&AG) received on November 8, 2025. Rama K Gupta & Co. resigned due to another audit assignment from C&AG for the same financial year.

Auditor Appointment

ASA & Associates LLP has been appointed as the joint statutory auditors of Powergrid for the financial year 2025-26. This appointment follows the communication received from the Comptroller & Auditor General of India (C&AG) on November 8, 2025.

Auditor Resignation

The prior joint statutory auditors, Rama K Gupta & Co., have resigned from their position effective November 8, 2025. The resignation was tendered because the firm was allotted another statutory audit assignment by C&AG for the same financial year.

Details of ASA & Associates LLP

ASA & Associates LLP was established in 1991 and has its headquarters in Delhi, with branches in 8 locations across India. The firm assists domestic and international businesses in setting up offices, finding partners, mergers & acquisitions, tax issues, forensic audits, and cybersecurity.

Source: BSE

Powergrid has appointed ASA & Associates LLP as joint statutory auditors for the financial year 2025-26, replacing Rama K Gupta & Co. The decision follows a letter from the Comptroller & Auditor General of India (C&AG) received on November 8, 2025. Rama K Gupta & Co. resigned due to another statutory audit assignment from C&AG.

Auditor Appointment

ASA & Associates LLP has been appointed as the joint statutory auditors of Powergrid for the financial year 2025-26. This appointment is effective from November 8, 2025, following the official communication received from the Comptroller & Auditor General of India (C&AG).

Auditor Resignation

Rama K Gupta & Co., the previous joint statutory auditors, have resigned from their position. The resignation, effective from November 8, 2025, is due to the firm being assigned another statutory audit by C&AG for the same financial year. The company has confirmed that it has received the resignation letter.

ASA & Associates LLP Profile

ASA & Associates LLP, established in 1991, is a CA firm with its head office in Delhi and branches at 8 locations across India. The firm has extensive experience in audit and advisory services, assisting both domestic and international businesses. Their services include setting up offices, finding partners, navigating mergers and acquisitions, advising on tax issues, and conducting forensic audits and cybersecurity assessments.

Source: BSE

Usha Martin reported a 1.8% YoY increase in revenue to ₹907.6 crore for Q2 FY26. Operating EBITDA rose by 19.6% QoQ, with margins improving to 19.1%. PAT stood at ₹127.6 crore. Wire rope segment contributes significantly to revenue, making up 74% of overall revenues. Company reaffirmed ‘IND A+/Stable’ rating by India Ratings.

Financial Performance

Usha Martin announced its earnings for Q2 FY26, highlighting the following key financial results:

• Net revenue from operations increased by 1.8% year-over-year to ₹907.6 crore.
• Operating EBITDA increased 19.6% from Q1 FY26.
• EBITDA margin improved to 19.1% in Q2 FY26 from 18.0% in Q2 FY25.
• Profit After Tax (PAT) stood at ₹127.6 crore in Q2 FY26.

Segmental Performance

The revenue breakdown by segment is as follows:

• Wire Rope segment: Revenue of ₹678 crore in Q2 FY26.
• Wire segment: Revenue of ₹91 crore in Q2 FY26.
• LRPC segment: Revenue of ₹64 crore in Q2 FY26.

For H1 FY26, the segment-wise contribution to overall sales is:

• Wire Rope: 74%
• Wire: 10%
• LRPC: 8%

Operational Highlights

Overall sales volumes remained stable year-on-year. The wire rope segment accounted for 56% of overall volumes in Q2 FY26, while wire and LRPC accounted for 24% and 21%, respectively.

Debt and Equity

The company’s balance sheet continues to de-risk with:

• Gross Debt to Equity: 0.06 as of September 2025.

Credit Rating

India Ratings and Research Pvt. Ltd. reaffirmed Usha Martin’s ratings at ‘IND A+/Stable’ for Long Term Credit Facilities.

Management Commentary

The Managing Director stated that they are pleased to report a healthy performance this quarter with improved cost competitiveness and operational efficiency.

Source: BSE

Transformers & Rectifiers (India) Ltd. (TARIL) has released its Q2 2025-26 Investor Presentation, showcasing revenue of ₹460.03 crores and EBITDA of ₹65.44 crores. The company highlights its diverse product range, including power, furnace, and rectifier transformers. With a global footprint in 25+ countries, TARIL operates on a B2B model, focusing on power generation and industrial sectors. The current order book stands at ₹5,478 Crores.

Financial Performance in Q2

Transformers & Rectifiers (India) Ltd. reported a revenue from operations of ₹460.03 crores in Q2 FY26, compared to ₹322.00 crores in Q2 FY25, representing a 43% increase. The company’s EBITDA for Q2 FY26 stood at ₹65.44 crores, a 42% increase from ₹46.22 crores in the same quarter last year. PAT reached ₹37.45 crores, up 79% from ₹20.87 crores year-over-year.

H1 FY26 Consolidated Results

The consolidated results for the first half of FY26 show a revenue of ₹989.36 crores. EBITDA reached ₹173.94 crores with a margin of 16.99%. The Profit After Tax (PAT) for H1 FY26 was reported as ₹105.00 crores, with a PAT margin of 10.26%.

Order Book and Inquiries

As of June 30th, the company’s order book stood at ₹5,478 Crores. Order inflow for Q2 totaled ₹592 Crores, and inquiries under negotiation are valued at over ₹18,700+ Crores, indicating strong future business potential.

Diverse Product Range

TARIL manufactures a diverse range of transformers, including single-phase power transformers up to 500MVA, furnace transformers, rectifier and distribution transformers, and specialty transformers. They also offer series and shunt reactors, mobile sub-stations, and transformers for solar and green hydrogen applications.

Operational Highlights

TARIL operates on a B2B model, supplying to power generation, transmission, distribution, and industrial sectors. The company has manufacturing units with a total installed capacity of approximately 40,000MVA and serves customers in 25+ countries.

Source: BSE

Usha Martin Limited announced the execution of a supplemental trust deed for its Employee Welfare Trust on November 8, 2025. This modification involves changes to the trustees, with Mr. Ashwin Lakhani and Mr. Shahbaz Anwar Warsi appointed as new trustees. The supplemental deed integrates with the original trust deed, ensuring the continued administration of employee welfare schemes.

Trusteeship Changes

As of November 8, 2025, Usha Martin Limited has modified the Deed of Usha Martin Limited Employee Welfare Trust to reflect new trustees. This change involves the appointment of new individuals to oversee the trust’s operations.

New Trustee Appointments

Mr. Ashwin Lakhani and Mr. Shahbaz Anwar Warsi have been officially appointed as Trustees of the Usha Martin Limited Employee Welfare Trust. They will succeed Mr. Gouri Shankar Rathi and Mr. Dhanraj Parihar, who will cease to be trustees, effective from the date of the supplemental deed.

Confirmation and Acceptance

Mr. Lakhani and Mr. Warsi have formally accepted their appointments and have agreed to abide by the provisions outlined in the Trust Deed and all applicable laws. This ensures a smooth transition and continued compliance with the established guidelines for the Employee Welfare Trust.

Deed Integration

The supplemental deed, dated November 8, 2025, is an integral part of the original Trust Deed, and all provisions of the original deed remain in effect except as specifically amended within the supplement. This ensures the continued implementation and administration of the Employee Welfare Trust.

Source: BSE

The Great Eastern Shipping Company announced strong results for Q2 FY26, with net profits of INR 581 Cr. Consolidated NAV stood at INR 1,484/share as of September 30, 2025. The company declared an interim dividend of INR 7.20/Share for Q2 FY26, marking its 15th consecutive quarterly dividend payout.

Financial Highlights

The Great Eastern Shipping Company reported a robust financial performance for Q2 FY26. Key highlights include:

• Net profits of INR 581 Cr on a consolidated basis.
• Consolidated NAV of INR 1,484/share as of September 30, 2025.
• An interim dividend of INR 7.20/Share declared for Q2 FY26, representing the 15th consecutive quarterly dividend.

Reported Financials

Key financial figures reported in INR Crores:

Income Statement:

• Revenue*: 950 (Q2 FY26), 1,253 (Q2 FY25), 1,866 (H1 FY26)
• EBITDA*: 660 (Q2 FY26), 770 (Q2 FY25), 1,233 (H1 FY26)
• Net Profit: 460 (Q2 FY26), 565 (Q2 FY25), 848 (H1 FY26)

Balance Sheet:

• Total Assets: 14,815 (Q2 FY26), 14,347 (Q2 FY25), 14,815 (H1 FY26)
• Equity: 12,660 (Q2 FY26), 11,287 (Q2 FY25), 12,660 (H1 FY26)
• Gross Debt: 1,249 (Q2 FY26), 2,049 (Q2 FY25), 1,249 (H1 FY26)
• Net Debt: (5,290) (Q2 FY26), (3,787) (Q2 FY25), (5,290) (H1 FY26)

Cash Flows:

• From Operating Activities: 470 (Q2 FY26), 585 (Q2 FY25), 918 (H1 FY26)
• From Investing Activities: (638) (Q2 FY26), (75) (Q2 FY25), (487) (H1 FY26)
• From Financing Activities: (104) (Q2 FY26), (352) (Q2 FY25), (531) (H1 FY26)
• Net Cash Inflow/Outflow: (272) (Q2 FY26), 158 (Q2 FY25), (100) (H1 FY26)

*Including Other Income

Normalized Financial Highlights

Standalone:

• Revenue*: 950 (Q2 FY26), 1,253 (Q2 FY25), 1,866 (H1 FY26)
• EBITDA*: 587 (Q2 FY26), 782 (Q2 FY25), 1,145 (H1 FY26)
• Net Profit: 398 (Q2 FY26), 596 (Q2 FY25), 786 (H1 FY26)

Consolidated:

• Revenue*: 2,719 (Q2 FY26), 3,283 (Q2 FY25), 1,580 (H1 FY26)
• EBITDA*: 1,560 (Q2 FY26), 1,996 (Q2 FY25), 904 (H1 FY26)
• Net Profit: 1,031 (Q2 FY26), 1,440 (Q2 FY25), 623 (H1 FY26)

Key Financial Figures

• Return on Equity (ROE%): 13% (Q2 FY26), 22% (Q2 FY25), 13% (H1 FY26)
• Return on Capital Employed (ROCE%): 12% (Q2 FY26), 18% (Q2 FY25), 12% (H1 FY26)
• Earnings Per Share (EPS – INR/Share): 27.84 (Q2 FY26), 41.73 (Q2 FY25), 55.02 (H1 FY26)

Annualised

Source: BSE

Olectra Greentech has issued a revised Irrevocable Undertaking with Indemnification obligation in favor of REC Limited (Lender), replacing an earlier undertaking. This relates to a facility availed by Evey Trans (MSR) Private Limited, a subsidiary, for executing a contract with MSRTC. The undertaking supports an advance facility of up to ₹300 Crores, part of a larger ₹6,578.42 Crore term loan.

Revised Undertaking Issued

Olectra Greentech has provided a revised Irrevocable Undertaking with Indemnification obligation to REC Limited (Lender) on November 25, 2024. This undertaking supports a facility for Evey Trans (MSR) Private Limited, a subsidiary acting as a Special Purpose Vehicle for a contract with MSRTC.

Details of the Facility

The undertaking pertains to an advance facility of up to ₹300 Crores, replacing an earlier LOC facility. This advance is part of a larger Rupee Term Loan of ₹6,578.42 Crores sanctioned to the Borrower.

Key Terms and Conditions

The earlier LoC Facility is restricted to ₹201.50 Crores (already issued), with no further LoC to be issued.

An advance of up to ₹300 Crores can be utilized by the Borrower exclusively for Bus procurement. If the Borrower makes an advance payment to the Bus Manufacturer (Olectra Greentech), it must be against a bank Guarantee/legally Binding and irrevocable Corporate Undertaking.

The Corporate Undertaking confirms that if the buses are not delivered and hypothecated within 120 days from the date of advance release, the Bus Manufacturer will refund the corresponding amount. An additional interest of 2% over the prevailing interest rate will be levied after the expiry of 120 days until payment to REC.

Impact on Olectra Greentech

Olectra Greentech will utilize the advance amount up to ₹300 Crores to make payments to key vendors and increase production levels. This facility helps in minimizing timelines for pending customer orders. This represents a financial commitment for Olectra Greentech, requiring the company to repay the Lender if it fails to deliver the buses, enabling the Borrower to hypothecate them within 120 days.

Source: BSE