Usha Martin Ltd
USHAMART NSE
Usha Martin Ltd
IndustrialsNSE: USHAMART BSE: 517146 Industrial Products
Key Fundamentals
SmallcapIron & Steel ProductsIndustrial ProductsMarket Cap
₹14,157 Cr
Volatility
Moderate
P/E Ratio
30.94
EBITDA
₹663 Cr
Return on Equity
17.79%
Debt to Equity
0.15
Book Value
₹108.35
EPS
₹14.02
52W High
₹527.5
52W Low
₹313.25
Technical Indicators
Key Insights
Strengths
3- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 22.3%
Weaknesses
2- The company has delivered a poor sales growth of 12.0% over past five years.
- Promoter holding has decreased over last 3 years: -7.34%
Growth Rate
Revenue Growth
5.05% ↘
Net Income Growth
22.29% ↘
Cash Flow Change
-4.97% ↘
ROE
-16.98% ↘
ROCE
-13.89% ↘
EBITDA Margin (Avg.)
-3.04% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoAI opinion · based on fundamentals
Risk medium
BUY Worth buying at current levels Conviction 6/10
Usha Martin is a nearly debt-free specialty wire rope manufacturer trading at a PE of 31.4x, justified by consistent 17% ROE over 3-5 years and 28% compounded profit CAGR over 5 years. The stock has delivered 55% CAGR over 5 years, but tepid 4% sales CAGR over 3 years and declining promoter holding warrant caution.
Bull Case 8
- Company is almost debt-free, significantly reducing financial risk and interest burden
- Consistent ROE of 17% maintained over the last 1, 3, and 5-year periods indicates efficient capital allocation
- Compounded profit growth of 28% over 5 years far outpaces sales growth, reflecting strong margin expansion and operational leverage
- Stock CAGR of 55% over 5 years and 42% over 10 years demonstrates sustained long-term wealth creation
- TTM profit growth of 24% indicates continued earnings momentum in the most recent period
- Healthy dividend payout ratio of 22.3% provides income alongside capital appreciation
- 100% of analysts (1 out of 1) have a BUY rating on the stock
- 5-year compounded sales growth of 12% shows the company has been able to grow the topline over a medium-term horizon
Bear Case 8
- PE of 31.4x is elevated for an industrials company with only 4% sales CAGR over 3 years, suggesting limited margin of safety
- Promoter holding has decreased by 7.34% over the last 3 years, signaling potential lack of insider confidence
- 10-year compounded sales CAGR of -1% highlights structural challenges in revenue growth over a full business cycle
- 3-year sales CAGR of only 4% indicates near-term topline growth has stagnated significantly
- TTM revenue growth of only 6% despite a buoyant industrial capex cycle raises demand sustainability concerns
- Price-to-book ratio of 4.44x is rich for a capital-intensive industrial business with muted topline growth
- Dividend yield of only 0.62% offers minimal downside protection at current valuations
- Only 1 analyst covers the stock, implying limited institutional research coverage and potential liquidity risk
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 15h ago Neutral 2
- No promoter share encumbrance Jun 2
Usha Martin promoter group confirmed zero encumbrance on shares for FY26 under SEBI Regulation 31(4), indicating no pledging risk.
- New auditors and directors appointed May 26
MSKA & Associates LLP appointed as statutory auditors, two independent directors re-appointed, and three additional directors added to the board.
TL;DR: Recent news flow for Usha Martin is purely governance-related with no operational or financial catalysts. No promoter pledging and orderly board reconstitution signal stable corporate governance. There are no visible headwinds or growth triggers from these disclosures. The outlook remains neutral pending operational or earnings updates.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 855 | 814 | 785 | 797 | 829 | 826 | 891 | 861 | 896 | 887 | 908 | 917 | 979 |
| Expenses | 701 | 669 | 640 | 640 | 678 | 672 | 730 | 718 | 757 | 743 | 735 | 741 | 768 |
| Operating Profit | 154 | 146 | 144 | 157 | 152 | 154 | 161 | 143 | 140 | 145 | 173 | 176 | 212 |
| OPM % | 18% | 18% | 18% | 20% | 18% | 19% | 18% | 17% | 16% | 16% | 19% | 19% | 22% |
| Other Income | 13 | 7 | 25 | 8 | 14 | 9 | 11 | 9 | 28 | 20 | 10 | -5 | 21 |
| Interest | 8 | 6 | 6 | 6 | 7 | 7 | 8 | 9 | 7 | 6 | 5 | 5 | 4 |
| Depreciation | 17 | 18 | 18 | 19 | 23 | 22 | 23 | 26 | 28 | 29 | 28 | 29 | 31 |
| PBT | 142 | 129 | 144 | 140 | 136 | 135 | 141 | 118 | 133 | 130 | 150 | 138 | 197 |
| Tax % | 26% | 22% | 24% | 23% | 22% | 23% | 23% | 22% | 24% | 22% | 27% | 22% | 25% |
| Net Profit | 105 | 101 | 110 | 108 | 106 | 104 | 109 | 92 | 101 | 101 | 110 | 108 | 148 |
| EPS in Rs | 3.45 | 3.31 | 3.59 | 3.53 | 3.49 | 3.42 | 3.6 | 3.04 | 3.31 | 3.31 | 3.6 | 3.53 | 4.85 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,561 | 4,112 | 3,882 | 2,066 | 2,488 | 2,154 | 2,097 | 2,688 | 3,268 | 3,225 | 3,474 | 3,691 |
| Expenses | 3,845 | 3,771 | 3,493 | 2,253 | 2,512 | 1,922 | 1,814 | 2,304 | 2,754 | 2,627 | 2,877 | 2,986 |
| Operating Profit | 717 | 341 | 389 | -188 | -24 | 232 | 284 | 384 | 513 | 599 | 597 | 705 |
| OPM % | 16% | 8% | 10% | -9% | -1% | 11% | 14% | 14% | 16% | 19% | 17% | 19% |
| Other Income | -63 | 32 | 120 | 77 | 17 | 537 | 24 | 75 | 40 | 53 | 57 | 46 |
| Interest | 522 | 547 | 564 | 92 | 114 | 74 | 57 | 42 | 30 | 25 | 30 | 20 |
| Depreciation | 418 | 308 | 300 | 60 | 61 | 64 | 68 | 70 | 67 | 77 | 98 | 116 |
| PBT | -287 | -481 | -355 | -264 | -181 | 630 | 183 | 346 | 455 | 550 | 527 | 615 |
| Tax % | -12% | -11% | 1% | 2% | -126% | 33% | 20% | 16% | 23% | 23% | 23% | 24% |
| Net Profit | -251 | -428 | -358 | -268 | 49 | 421 | 152 | 291 | 351 | 424 | 406 | 466 |
| EPS in Rs | -8.31 | -14.1 | -11.78 | -8.9 | 1.57 | 13.74 | 4.91 | 9.56 | 11.49 | 13.91 | 13.37 | 15.29 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 21% | 22% | 20% | 22% | 25% |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 |
| Reserves | 1,728 | 1,323 | 914 | 697 | 751 | 1,197 | 1,373 | 1,663 | 2,000 | 2,349 | 2,721 | 3,271 |
| Borrowings | 3,993 | 4,472 | 4,364 | 4,073 | 3,565 | 620 | 530 | 411 | 417 | 364 | 417 | 229 |
| Other Liabilities | 2,556 | 2,111 | 2,423 | 2,646 | 2,645 | 696 | 649 | 625 | 627 | 570 | 563 | 681 |
| Total Liabilities | 8,307 | 7,936 | 7,731 | 7,445 | 6,992 | 2,544 | 2,582 | 2,730 | 3,075 | 3,313 | 3,731 | 4,212 |
| Fixed Assets | 5,477 | 5,302 | 5,031 | 4,862 | 935 | 956 | 932 | 913 | 952 | 1,153 | 1,406 | 1,625 |
| CWIP | 132 | 147 | 121 | 113 | 13 | 33 | 45 | 38 | 139 | 166 | 118 | 89 |
| Investments | 0 | 46 | 37 | 39 | 42 | 44 | 48 | 56 | 66 | 56 | 68 | 79 |
| Other Assets | 2,698 | 2,441 | 2,542 | 2,432 | 6,001 | 1,511 | 1,557 | 1,722 | 1,917 | 1,938 | 2,140 | 2,419 |
| Total Assets | 8,307 | 7,936 | 7,731 | 7,445 | 6,992 | 2,544 | 2,582 | 2,730 | 3,075 | 3,313 | 3,731 | 4,212 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 729 | 856 | 686 | 914 | 974 | 212 | 214 | 159 | 252 | 444 | 422 | 655 |
| Investing | -563 | -385 | -29 | -35 | -3 | 2,942 | -34 | 57 | -155 | -285 | -219 | -367 |
| Financing | -266 | -491 | -663 | -872 | -973 | -3,105 | -177 | -161 | -101 | -159 | -91 | -321 |
| Net Cash Flow | -100 | -20 | -5 | 7 | -2 | 50 | 2 | 55 | -4 | 0 | 111 | -33 |
| Free Cash Flow | 132 | 471 | 640 | 873 | 981 | 207 | 178 | 165 | 90 | 168 | 191 | 489 |
| CFO/OP | 105 | 253 | 177 | -491 | -4,116 | 103 | 77 | 38 | 67 | 94 | 91 | 104 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 39 | 55 | 64 | 119 | 48 | 51 | 57 | 56 | 56 | 61 | 55 | 64 |
| Inventory Days | 378 | 241 | 261 | 350 | 156 | 183 | 209 | 196 | 180 | 199 | 205 | 187 |
| Days Payable | 397 | 288 | 362 | 561 | 78 | 108 | 113 | 72 | 60 | 56 | 56 | 61 |
| Cash Conversion Cycle | 20 | 7 | -37 | -92 | 126 | 126 | 153 | 180 | 175 | 204 | 205 | 190 |
| Working Capital Days | -79 | -96 | -138 | -288 | -106 | 56 | 78 | 98 | 98 | 114 | 107 | 109 |
| ROCE % | 6% | 1% | 3% | -4% | -1% | 7% | 13% | 18% | 21% | 22% | 19% | 20% |
Documents
2
Announcement under Regulation 30 (LODR)-Newspaper Publication
1 May - Copies of newspaper advertisement published on Friday, 1st May 2026, with respect to the audited financial results (standalone and consolidated) for the quarter and year … 1 May - Copies of newspaper advertisement published on Friday, 1st May 2026, with respect to the audited financial results (standalone and consolidated) for the quarter and year …
3
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
8 May - Transcript of the Earnings Conference Call - Q4 & FY26 held on 30th April 2026 at 04:30 P.M. (IST). 8 May - Transcript of the Earnings Conference Call - Q4 & FY26 held on 30th April 2026 at 04:30 P.M. (IST).
4
Announcement under Regulation 30 (LODR)-Change in Management
30 Apr - Board approved Q4 and FY26 audited results, recommended Rs3.75 dividend, and appointed cost and internal auditors. 30 Apr - Board approved Q4 and FY26 audited results, recommended Rs3.75 dividend, and appointed cost and internal auditors.
5
Announcement under Regulation 30 (LODR)-Press Release / Media Release
30 Apr - Usha Martin reported Q4 FY26 revenue of Rs. 979.3 crore and FY26 PAT of Rs. 491.2 crore on April 30, 2026. 30 Apr - Usha Martin reported Q4 FY26 revenue of Rs. 979.3 crore and FY26 PAT of Rs. 491.2 crore on April 30, 2026.
Frequently Asked Questions about Usha Martin Ltd
What does Usha Martin Ltd do?
Usha Martin Ltd is primarily engaged in manufacture and sale of steel wires, strands, wire ropes, cords, related accessories, etc. It is also involved in sale of other products such as wire drawing and allied machines.[1]
Where is Usha Martin Ltd (USHAMART) listed?
Usha Martin Ltd is listed on the Indian stock exchanges. It is listed on NSE: USHAMART and BSE: 517146. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Usha Martin Ltd belong to?
Usha Martin Ltd operates in the Industrials sector within the Industrial Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Usha Martin Ltd?
Usha Martin Ltd has a market capitalisation of approximately ₹14156.78 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Usha Martin Ltd?
The Price-to-Earnings (PE) ratio of Usha Martin Ltd is 30.94. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Usha Martin Ltd?
Over the past 52 weeks, Usha Martin Ltd has traded between a low of ₹313.25 and a high of ₹527.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does Usha Martin Ltd pay dividends?
Yes, Usha Martin Ltd has a dividend yield of 0.64%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Usha Martin Ltd?
Usha Martin Ltd has a Return on Equity (ROE) of 17.79%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Usha Martin Ltd on Tapetide?
On Tapetide, you can view Usha Martin Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Usha Martin Ltd is primarily engaged in manufacture and sale of steel wires, strands, wire ropes, cords, related accessories, etc. It is also involved in sale of other products such as wire drawing and allied machines.[1]
Website ushamartin.com
CEO Mr. Rajeev Jhawar
Employees 2,235
Listed 2000-10-11
Face Value ₹ 1
Issued Size 30,47,41,780