Usha Martin Limited · NSE:USHAMART

Usha Martin — Q2 FY26 Earnings Presentation

22 slides from Usha Martin's earnings presentation, Nov 8, 2025

  1. Slide 1: Covering letter to stock exchanges: Earnings Presentation Q2 H1 FY26

    Date: 8th November 2025 The Secretary The Manager Societe de la Bourse de BSE Limited National Stock Exchange of India Ltd Luxembourg Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, 35A Bouleverd Joseph II Dalal Street Plot No.C/1, G Block, L-1840, Luxembourg Mumbai – 400 001 Bandra Kurla Comp

  2. Slide 2: Q2 & H1 FY26 Results Earnings Presentation

    Q2 & H1 FY26 RESULTS Earnings Presentation November 2025 |

  3. Slide 3: Disclaimer

    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, a

  4. Slide 4: Key financial highlights – Consolidated Q2 & H1 FY26

    In Rs. crore Key financial highlights – Consolidated Q2 & H1 FY26 NET REVENUE FROM OPERATIONS OPERATING EBITDA MARGINS 1,795 18.0% 16.3% 19.1% 18.3% 17.7% 1,718 315 318 891 887 908 161 173 145 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 Shift (%) QoQ: 19.6%  YoY:

  5. Slide 5: Revenue breakdown by segment

    In Rs. crore Revenue breakdown by segment WIRE ROPE WIRE 1,320 185 1,255 151 661 642 678 94 91 80 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 ▪ In Q2 FY26, the Wire se

  6. Slide 6: Diversified presence across geographies and segments

    Diversified presence across geographies and segments Revenue Segmentation for H1 FY26 PRODUCT SEGMENTATION END INDUSTRY SEGMENTATION1 GEOGRAPHY SEGMENTATION Others, 8% Others, 2% America, 9% Fishing, 3% Mining, 6% Middle East & Africa, 9% Wire , 10% Engineering, 24% Utilities, 3% Elevator, 10% India,

  7. Slide 7: Successfully managing raw-material volatility

    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.) 34,915 32,253 31,656 30,148 28,502 Q2FY25 FY25 Q1FY26 Q2FY26 H1FY26 Note 1: All figures mentioned in the slide are consolidated financials N

  8. Slide 8: Profitability indicators remain healthy

    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) 27.2 3.4 23.2 2.7 2.5 18.8 2.4 16.0 FY23 FY24 FY25 Sept.'25 FY23 FY24 FY25 Sept.'25^ Note 1: All

  9. Slide 9: Balance sheet remains significantly de-risked

    In Rs. crore Balance sheet remains significantly de-risked GROSS DEBT NET DEBT 185 347 338 124 292 63 181 -111 FY23 FY24 FY25 Sept.'25 FY23 FY24 FY25 Sept.'25 GROSS DEBT TO EQUITY (X) NET DEBT TO EQUITY (X) 0.09 0.17 0.05 0.12 0.12 0.02 0.06 (0.04) FY23 FY24 FY25 Sept.'25 FY23 FY24 FY25 Sept.'25 Note

  10. Slide 10: Net working capital to turnover remains steady

    Net working capital to turnover remains steady CURRENT RATIO (X) NET WORKING CAPITAL (RS. CRORE) 1,199 1,144 2.9 2.8 3.0 1,028 1,089 2.5 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, %) 32.8% 32.9% 33.2% 207 29.1% 198 199

  11. Slide 11: Healthy cash flows despite capex spend

    In Rs. crore Healthy cash flows despite capex spend of Rs. 103 crore OPERATING CASH FLOW (OCF) BEFORE INCOME TAX AND % TO EBITDA 123% 94% 91% 67% 561 541 390 • Strong cash generation maintained with OCF at Rs. 390 crore in H1 FY26, representing 123% of EBITDA. 345 • Healthy free cash flow reflects disc

  12. Slide 12: Long term issuer rating at 'IND A+' / Outlook: Stable

    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 Current Rating A+ Long Term Credit Facilities and “IND

  13. Slide 13: Management comment

    Management comment Commenting on the performance Mr. Rajeev Jhawar, Managing Director said: “We are pleased to report a healthy performance this quarter, with a revenue of INR 907.6 crore, Mr. Rajeev Jhawar highest oEBITDA of INR 173 crore (since the sale of steel business) and EBITDA margins of 19.

  14. Slide 14: Annexure

    ANNEXURE Q2 FY26 Earnings Presentation | 13

  15. Slide 15: Abridged Consolidated P&L statement

    In Rs. crore Abridged Consolidated P&L statement Y-o-Y Change Q-o-Q Change Y-o-Y Change Q2 FY26 Q2 FY25 Q1 FY26 H1 FY26 H1 FY25 (%) (%) (%) Revenue from Operations 907.6 891.2 1.8% 887.2 2.3% 1,794.7 1,717.5 4.5% Operating EBITDA 173.0 160.8 7.6% 144.6 19.6% 317.6 314.8 0.9% Operating EBITDA Margin

  16. Slide 16: Abridged Standalone P&L statement

    In Rs. crore Abridged Standalone P&L statement Y-o-Y Change Q-o-Q Change Y-o-Y Change Q2 FY26 Q2 FY25 Q1 FY26 H1 FY26 H1 FY25 (%) (%) (%) Revenue from Operations 550.8 547.5 0.6% 540.1 2.0% 1,090.9 1,061.6 2.8% Operating EBITDA 114.6 105.7 8.4% 95.8 19.6% 210.4 207.1 1.6% Operating EBITDA Margin (%)

  17. Slide 17: Key operational highlights – Consolidated Q2 & H1 FY26

    Key operational highlights – Consolidated Q2 & H1 FY26 Figure in (‘000 MT) SALES VOLUMES1 ▪ Overall sales volumes remained stable year-on-year, reflecting steady demand across key segments 96 101 ▪ Segment wise contribution to overall volumes Q2 FY26: 50 51 50 ▪ Wire Rope - 56% (FY25: 52%) ▪ Wire - 2

  18. Slide 18: Globally recognized certifications and licenses

    Globally recognized certifications and licenses ISO 45001: 2018 ISO 14001: 2015 Certificate of Authority issued ISO 9001: 2015 Occupational Health & Environmental management by American Petroleum Quality management Safety systems Institute Systems Manufacturing Approved Manufacturer of DGMS Approval A

  19. Slide 19: Market snapshot

    Market snapshot As on SHAREHOLDING PATTERN AS ON Key Market Statistics th 30th SEPTEMBER 2025 30 Sept. 2025 Public including BSE/NSE Ticker 517146 / USHAMART Employee Welfare Trust, 20% CMP (Rs.) 460.30 Promoters, 41% Market Cap (Rs. In Crore) 14,027.27 Corporate Bodies, 13% Number of outstanding sh

  20. Slide 20: Concall details

    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

  21. Slide 21: Contact us

    Contact us About Us: Mr. Abhijit Paul (Chief Financial Officer) / Established in the year 1960, Usha Martin is a leading global and India’s No. 1 specialty Mr. Anil Kumar (Secretary to CFO) steel wire rope solutions provider. The Company is also engaged in the manufacturing of high-quality wires, lo

  22. Slide 22: Thank you

    THANK YOU USHA MARTIN LIMITED 2A, Shakespeare Sarani, contact@ushamartin.com Kolkata - 700 071, India www.ushamartin.com |

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