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
