Integrated Filing — IndAS



General information about company

Scrip Code 517146
NSE Symbol USHAMART
MSEI Symbol NOTLISTED
ISIN INE228A01035
Name of company USHA MARTIN LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 08-11-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 31-10-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 08-11-2025   13:45:00
End date and time of board meeting 08-11-2025   14:20:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 90,756.00 1,79,475.00
Other income 2,266.00 3,812.00
Total income 93,022.00 1,83,287.00
2 Expenses
(a) Cost of materials consumed 42,051.00 86,742.00
(b) Purchases of stock-in-trade 327.00 518.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 4,030.00 5,460.00
(d) Employee benefit expense 11,110.00 22,430.00
(e) Finance costs 509.00 1,134.00
(f) Depreciation, depletion and amortisation expense 2,766.00 5,635.00
(f) Other Expenses
1 OTHER EXPENSES 15,938.00 32,564.00
Total other expenses 15,938.00 32,564.00
Total expenses 76,731.00 1,54,483.00
3 Total profit before exceptional items and tax 16,291.00 28,804.00
4 Exceptional items 0.00 0.00
5 Total profit before tax 16,291.00 28,804.00
6 Tax expense
7 Current tax 2,997.00 5,802.00
8 Deferred tax 1,024.00 1,101.00
9 Total tax expenses 4,021.00 6,903.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 12,270.00 21,901.00
12 Profit (loss) from discontinued operations before tax (1,780.00) (1,780.00)
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax (1,780.00) (1,780.00)
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 490.00 940.00
16 Total profit (loss) for period 10,980.00 21,061.00
17 Other comprehensive income net of taxes 4,124.00 9,330.00
18 Total Comprehensive Income for the period 15,104.00 30,391.00
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 10,971.00 21,064.00
Total profit or loss, attributable to non-controlling interests 9.00 (3.00)
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 4,124.00 9,330.00
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 3,052.00 3,052.00
Face value of equity share capital 1 1
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 4.19 7.5
Diluted earnings (loss) per share from continuing operations 4.19 7.5
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations -0.58 -0.58
Diluted earnings (loss) per share from discontinued operations -0.58 -0.58
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 3.61 6.92
Diluted earnings (loss) per share from continuing and discontinued operations 3.61 6.92
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 4.The above consolidated results of Usha Martin Limited (“the Company”) and its twenty subsidiaries (including twelve step-down subsidiaries) (together referred as 'the Group') and two joint ventures for the quarter and six months ended September 30, 2025 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held at Ranchi on November 08, 2025. 5.The unaudited consolidated financial results have been prepared in accordance with the recognition and measurement principles provided in Indian Accounting Standard (Ind AS) 34 on 'Interim Financial Reporting', the provisions of the Companies Act, 2013, as applicable and guidelines issued by the Securities and Exchange Board of India (SEBI) under SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, as amended. 6.Discontinued Operations represents Steel and Bright Bar Business (SBB Business) of the Company which was transferred to Tata Steel Long Products Limited (TSLPL) [formerly known as Tata Sponge Iron Limited] as a going concern on slump sale basis during a prior year in accordance with the terms and conditions set out in Business Transfer Agreement. An amount of Rs. 7,446 lakhs (net of working capital adjustment of Rs. 627 lakhs) is receivable as at September 30, 2025, pending registration of certain parcels of land in the name of TSLPL for which perpetual lease and license agreements had been executed by the Company in favour of TSLPL. Further, during the quarter, the Company has recognised an expense of Rs. 1,780 lakhs towards additional expenditure incurred / to be incurred by the Company in connection with the transfer of aforesaid land parcels. The liability has been created based on management’s best estimates and in accordance with the applicable accounting standards. 7(a). The Directorate of Enforcement (ED) had issued an order dated August 9, 2019 under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) to provisionally attach certain parcels of land at Ranchi, State of Jharkhand being used by the Company for its business for a period of 180 days in connection with export and domestic sale of iron ore fines in prior years aggregating Rs. 19,037 lakhs allegedly in contravention of terms of the mining lease granted to the Company for the iron ore mines situated at Ghatkuri, Jharkhand. The Hon'ble High Court of Jharkhand at Ranchi had, vide order dated February 14, 2012, held that the Company has the right to sell the iron ore including fines as per the terms of the mining lease which was in place at that point in time. The Company had paid applicable royalty and had made necessary disclosures in its returns and reports submitted to mining authorities. In response to the provisional attachment order, the Company had submitted its reply before the Adjudicating Authority (AA). Subsequently, AA had issued an order by way of which the provisional attachment was confirmed under Section 8(3) of PMLA. Thereafter, the Company filed an appeal before the Appellate Tribunal, New Delhi and successfully obtained a status quo order from the Tribunal on the confirmed attachment order which continues till the next date of hearing that is now fixed on November 18, 2025. The ED had filed a complaint before the District and Sessions Judge Cum Special Judge, Ranchi (Trial Court, Ranchi), pursuant to which summoning orders dated May 20, 2021 were issued to the Company and one of its Officers. In response to the said complaint and summons received, the Company had filed a quashing petition before the Hon'ble Jharkhand High Court and a subsequent Special Leave Petition (‘SLP’) before the Hon’ble Supreme Court against the order of the Hon’ble Jharkhand High Court dismissing the Company’s quashing petition. Vide interim order dated December 15, 2021, the Hon’ble Supreme Court had granted protection to the Company from arrest and stayed the summoning orders issued by the Trial Court, Ranchi. The Hon’ble Supreme Court vide order dated September 28, 2022 had dismissed the SLP with the directions to the Company to present all its defences “which are required to be considered and dealt with at the time of trial” before the aforesaid Trial Court, Ranchi. Vide order dated November 21, 2024, Trial Court, Ranchi has taken cognizance of the charge sheet filed for the offence under the Prevention of Corruption Act, 1988 and the Indian Penal Code, 1860 against the Company, its Managing Director (MD) and one of the Other Officers, pursuant to which summoning orders dated November 26, 2024 were issued to the Company, its MD and one of the Other Officers. The matter at the Trial Court, Ranchi is scheduled to be heard on November 11, 2025. The ongoing operations of the Company have not been affected by the aforesaid proceedings. Supported by a legal opinion obtained, management believes that the Company has a strong case in its favour on merit and law. Accordingly, no adjustment to these standalone financial results in this regard have been considered necessary by the management. 7(b).On October 2, 2020, Central Bureau of Investigation (CBI) had filed a First Information Report (FIR) against the Company, its Managing Director (MD) and certain Other Officers under the Prevention of Corruption Act, 1988 and the Indian Penal Code, 1860 before the Special Judge, CBI, New Delhi (CBI Court, New Delhi) for allegedly trying to influence ongoing CBI investigation pertaining to the proceedings mentioned in note 7(a) above. Vide order dated September 15, 2022, the CBI Court, New Delhi had taken cognizance of the offence based on interim charge sheet filed by the CBI against the Company, its MD and certain Other Officers and has directed the CBI to take such steps as may be necessary to complete the investigation. The Company strongly refutes the aforesaid allegations made by the CBI. The Company has received intimation from the Directorate of Enforcement (ED) regarding summons issued on this matter by the Special Judge, (PC Act) CBI, New Delhi, under the provisions of PMLA and the matter is scheduled to be heard on January 03, 2026. The Company has been providing information sought by the CBI and ED in this regard and intends to continue cooperating, as required by applicable laws and relevant court orders. The Company and its MD is taking such legal measures as considered necessary in respect of these ongoing proceedings. Supported by a legal opinion obtained, management believes that the Company has a strong case in its favour on merit and law in these matters. Accordingly, no adjustment to these standalone financial results in this regard have been considered necessary by the management. 8.The Board of Directors of the Company at its meeting held on August 12, 2024, approved the 'Usha Martin Limited Employee Stock Option Plan – 2024' (the Plan) to be implemented by fresh issuance of fully paid-up equity shares of the Company having a face value of Rs.1 and/or secondary acquisition of equity shares through the Usha Martin Limited Employees Welfare Trust (“ESOP Trust”). The Company has acquired a total of 1,90,500 shares through the ESOP Trust with the corresponding accounting being conducted in accordance with Ind AS 102 – Share-Based Payment. The financial results of the Trust have been included in the standalone financial results of the Company in accordance with the requirements of Ind AS and the cost of such treasury shares has been presented as a deduction in Equity. Additionally, the impact of this Plan has been factored into the calculation of diluted earnings per equity share, in compliance with Ind AS 33 –Earnings Per Share. 9.Other income for the quarter and six months ended 30th September 2025 includes a gain of Rs. 1,540 lakhs arising from the sale of land and building at Chennai which was classified as ‘Asset Held for Sale’ in a prior year. The said transaction was duly approved by the Board of Directors vide resolution dated August 20, 2025. Rajeev Jhawar Managing Director Place: Ranchi Dated: November 08, 2025



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 1,39,681.00
Capital work-in-progress 17,670.00
Investment property 0.00
Goodwill 5,522.00
Other intangible assets 818.00
Intangible assets under development 34.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 7,002.00
Non-current financial assets
Non-current investments 20.00
Trade receivables, non-current 0.00
Loans, non-current 446.00
Other non-current financial assets 3,145.00
Total non-current financial assets 3,611.00
Deferred tax assets (net) 1,702.00
Other non-current assets 11,554.00
Total non-current assets 1,87,594.00
2 Current assets
Inventories 90,825.00
Current financial asset
Current investments 0.00
Trade receivables, current 60,338.00
Cash and cash equivalents 27,806.00
Bank balance other than cash and cash equivalents 1,428.00
Loans, current 161.00
Other current financial assets 9,375.00
Total current financial assets 99,108.00
Current tax assets (net) 0.00
Other current assets 7,830.00
Total current assets 1,97,763.00
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 3,85,357.00
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 3,052.00
Other equity 2,93,449.00
Total equity attributable to owners of parent 2,96,501.00
Non controlling interest (20.00)
Total equity 2,96,481.00
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 7,499.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities 6,816.00
Total non-current financial liabilities 14,315.00
Provisions, non-current 4,366.00
Deferred tax liabilities (net) 5,501.00
Deferred government grants, Non-current 0.00
Other non-current liabilities 0.00
Total non-current liabilities 24,182.00
Current liabilities
Current financial liabilities
Borrowings, current 10,597.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 1,387.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 25,504.00
Total Trade payable 26,891.00
Other current financial liabilities 11,349.00
Total current financial liabilities 48,837.00
Other current liabilities 10,010.00
Provisions, current 1,629.00
Current tax liabilities (Net) 4,218.00
Deferred government grants, Current 0.00
Total current liabilities 64,694.00
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 88,876.00
Total equity and liabilites 3,85,357.00
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Wire & Wire Ropes 88,984.00 1,76,059.00
2 Others 1,772.00 3,416.00
Total Segment Revenue 90,756.00 1,79,475.00
Less: Inter segment revenue
Revenue from operations 90,756.00 1,79,475.00
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Wire & Wire Ropes 16,192.00 29,768.00
2 Others (53.00) (203.00)
Total Profit before tax 16,139.00 29,565.00
i. Finance cost 509.00 1,134.00
ii. Other Unallocable Expenditure net off Unallocable income (661.00) (373.00)
Profit before tax 16,291.00 28,804.00
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Wire & Wire Ropes 3,38,816.00 3,38,816.00
2 Others 6,516.00 6,516.00
Total Segment Asset 3,45,332.00 3,45,332.00
Un-allocable Assets 40,025.00 40,025.00
Net Segment Asset 3,85,357.00 3,85,357.00
4 Segment Liabilities
Segment Liabilities
1 Wire & Wire Ropes 49,307.00 49,307.00
2 Others 1,967.00 1,967.00
Total Segment Liabilities 51,274.00 51,274.00
Un-allocable Liabilities 37,602.00 37,602.00
Net Segment Liabilities 88,876.00 88,876.00
Disclosure of notes on segments Textual Information(2)



Text Block

Textual Information(2) Note: The Group has been organised into business units based on its products and services and has two reportable segments which are as follows: (a) Wire & Wire Ropes segment which manufactures and sells steel wires, strands, wires, strands, wire ropes, cords, related accessories, wire drawing and allied machine, etc. (b) Others segment which manufactures and sells Jelly Filled & Optical Fibre Telecommunication Cables.



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Items that will not be reclassified to profit or loss 11400000 -11100000
Total Amount of items that will not be reclassified to profit and loss 114.00 (111.00)
2 Income tax relating to items that will not be reclassified to profit or loss 32.00 (22.00)
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss (4,042.00) (9,419.00)
5 Total Other comprehensive income 4,124.00 9,330.00



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 28,804.00
Adjustments for reconcile profit (loss)
Adjustments for finance costs 1,134.00
Adjustments for decrease (increase) in inventories 7,666.00
Adjustments for decrease (increase) in trade receivables, current (7,347.00)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets 389.00
Adjustments for decrease (increase) in other non-current assets (308.00)
Adjustments for other financial assets, non-current 49.00
Adjustments for other financial assets, current 1,054.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 267.00
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 18.00
Adjustments for increase (decrease) in other non-current liabilities (19.00)
Adjustments for depreciation and amortisation expense 5,635.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 67.00
Adjustments for provisions, non-current (332.00)
Adjustments for other financial liabilities, current 2,637.00
Adjustments for other financial liabilities, non-current (21.00)
Adjustments for unrealised foreign exchange losses gains 3,625.00
Adjustments for dividend income 0.00
Adjustments for interest income 492.00
Adjustments for share-based payments 78.00
Adjustments for fair value losses (gains) 19.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 159.00
Other adjustments to reconcile profit (loss) (1,780.00)
Other adjustments for non-cash items (2,295.00)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 10,203.00
Net cash flows from (used in) operations 39,007.00
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 5,750.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 33,257.00
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 10,347.00
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 3,137.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 720.00
Interest received 465.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 467.00
Net cash flows from (used in) investing activities (5,558.00)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 105.00
Repayments of borrowings 15,788.00
Payments of lease liabilities 665.00
Dividends paid 9,137.00
Interest paid 1,149.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (26,634.00)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 1,065.00
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 669.00
Net increase (decrease) in cash and cash equivalents 1,734.00
Cash and cash equivalents cash flow statement at beginning of period 26,072.00
Cash and cash equivalents cash flow statement at end of period 27,806.00