Usha Martin reports strong H1 FY26 performance, revenue up 4.5%

Usha Martin Limited reported a strong financial performance for Q2 and H1 FY26, with consolidated revenue from operations increasing by 1.8% year-over-year to INR 907.6 crore in Q2 FY26. Operating EBITDA rose by 7.6% to INR 173.0 crore, with margins improving to 19.1% from 18.0% in Q2 FY25, driven by a favorable product mix and improved cost efficiencies. Profit after Tax (PAT) from continuing operations grew by 16.7% to INR 127.6 crore in Q2 FY26.

For the first half of FY26, consolidated revenue reached INR 1,794.7 crore, up 4.5% year-over-year. Operating EBITDA for H1 FY26 stood at INR 317.6 crore, a 0.9% increase, while PAT from continuing operations increased by 7.2% to INR 228.4 crore. The company maintained strong cash generation, with Operating Cash Flow (OCF) at INR 390 crore in H1 FY26, representing 123% of EBITDA, resulting in a net cash position of INR 111 crore and a ROCE of 20.3% from continued operations.

Segment-wise, the Wire Rope segment's contribution to overall revenues increased to 74% in H1 FY26. The company's international business share rose to 58% in H1 FY26 from 55% in FY25. India Ratings and Research Pvt. Ltd. reaffirmed Usha Martin's long-term credit facilities rating at "IND A+/Stable" in July 2025.