Usha Martin logo

Usha Martin

USHAMART NSE

Key Fundamentals

SmallcapIron & Steel ProductsIndustrial Products
Market Cap
₹14,952 Cr
Volatility
Moderate
P/E Ratio
29.55
EBITDA
₹774 Cr
Return on Equity
14.88%
Debt to Equity
0.07
Book Value
₹108.35
EPS
₹14.02
52W High
₹542.6
52W Low
₹380

Tapetide Score

Data-driven rating, 0–100. How it works →

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: -7.23%

Growth Rate

Revenue Growth
7.01% higher than 3Y
Net Income Growth
20.9% higher than 3Y
Cash Flow Change
55.38% higher than 3Y
ROE
0.74% lower than 3Y
ROCE
2.91% higher than 3Y
EBITDA Margin (Avg.)
13.64% higher than 3Y

AI Analysis — Bull vs Bear

2d ago
AI opinion · based on fundamentals
Risk medium

Usha Martin Ltd has a market capitalisation of about ₹15,293 crore and trades at a P/E of 29.9x and a P/B of 4.6x. Profit has grown faster than sales, with 35% TTM profit growth against 9% TTM sales growth and a 5-year profit CAGR of 25% against a 5-year sales CAGR of 12%. Return on equity is steady at 15-17% and the company is nearly debt-free, but sales growth over the last 3 years was only 4% a year and promoter holding fell 7.23% over the same period.

Bull Case 7
  • Profit has grown well over several periods: 35% TTM, 25% compounded over 5 years and 12% over 10 years. This suggests the business has grown more profitable since it refocused on wire ropes and specialty wire products.
  • Profit is growing much faster than sales. TTM profit growth of 35% compares with TTM sales growth of 9%, and the 5-year profit CAGR of 25% compares with a 5-year sales CAGR of 12%. This points to margin expansion from a better product mix and operating leverage.
  • The balance sheet is strong. The company has cut its debt and is described as almost debt-free, which lowers financial risk and leaves room to fund capacity expansion.
  • Return on equity has been steady, at 15% last year, 16% over 3 years and 17% over 5 years. That is a clear improvement from the 10-year average of 11%, which suggests capital efficiency has improved over time.
  • The company pays out 22.3% of its profit as dividends, giving a yield of 0.75%, while still keeping most of its earnings to reinvest in growth.
  • The stock has created substantial long-term value, with price CAGRs of 42% over 5 years and 46% over 10 years. Much of this gain came alongside the turnaround in profitability.
  • Sales growth picked up to 9% TTM from a 3-year CAGR of 4%. This could indicate that demand for the company's core products is improving.
Bear Case 7
  • Sales growth has been slow in the medium term, with a 3-year compounded rate of only 4%. Weak top-line growth limits how long profits can keep outpacing sales through margin gains alone.
  • Promoter holding has fallen by 7.23% over the last 3 years. This could be read as a sign of reduced promoter commitment, and continued selling could weigh on market sentiment.
  • The valuation is demanding. At a P/E of 29.9x and a P/B of 4.6x, the market is already pricing in continued strong earnings growth, which leaves little margin for error if growth slows.
  • Sales have shrunk at a 10-year compounded rate of -1%. Part of this reflects the steel business divestment, but it also shows that the current core business has a smaller revenue base.
  • The stock's momentum has slowed sharply. The 1-year return of 9% and 3-year CAGR of 13% are well below the 5-year CAGR of 42%, which suggests much of the re-rating may already have happened.
  • Last year's ROE of 15% was slightly below the 5-year average of 17%, which could mean returns are leveling off or slipping a little.
  • The dividend yield of 0.75% is low for investors seeking income, even with a payout ratio of 22.3%.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 2
  • Peterhouse keeps trimming promoter stake Sep 23

    Promoter group entity Peterhouse Investments sold 200,000 shares on the open market, cutting its stake to 0.67%. That followed a 150,000-share sale reported Sep 11, which had brought its holding to 2.45 million shares (0.80%).

  • Promoter Nidhi Rajgarhia sells shares Sep 19

    Promoter Nidhi Rajgarhia sold 24,000 shares on the open market on Sep 17-18, 2026. Her holding fell from 241,000 to 217,000 shares (0.071% stake), adding to a pattern of promoter-side selling.

Positives 3
  • Anand Rathi Buy, ₹620 target Sep 15

    Anand Rathi rated the stock Buy with a ₹620 target, implying 25% upside. It expects EBITDA/tonne to rise from ₹34.1k in Q1FY27 to ₹41.1k by FY28e, and values the stock at 23.2x FY28e and 18.6x FY30e earnings.

  • Value-led shift, net debt-free Sep 15

    Wire ropes rose from 61% of the mix in FY22 to 73% in Q1FY27. Usha Martin holds about 65% of India's wire rope market, about 80% of demand is replacement-driven, and the company became net debt-free in FY26.

  • U M Cables divested for ₹77 crore Sep 25

    Usha Martin sold its U M Cables business to R R Kabel for ₹77 crore. The deal lets it focus on core wire and wire rope operations.

Neutral 2
  • Mumbai investor meets, PL Capital Sep 23

    Management will meet analysts and institutional investors in Mumbai on Sep 28-29, 2026, including an appearance at a PL Capital conference.

  • Ranchi plant analyst meet Sep 16

    A physical meeting with analysts and institutional investors is scheduled for Sep 21, 2026, at Tatisilwai, Ranchi. Only publicly available information will be discussed.

TL;DR: Usha Martin's fundamentals look strong. It leads the domestic wire rope market with about 65% share, its mix is shifting toward higher-margin wire ropes, EBITDA/tonne has climbed to ₹34.1k, and it became net debt-free in FY26. The ₹77 crore sale of U M Cables tightens its focus on the core business. The main concern is repeated promoter-group selling across Sep 11-23, which may weigh on sentiment even though the stakes involved are small. With an active investor outreach schedule and Anand Rathi's ₹620 target, the outlook looks constructive if margin gains continue toward the ₹41.1k/tonne estimated for FY28e.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
814
785
797
829
826
891
861
896
887
908
917
979
1,033
Expenses
669
640
640
678
672
730
718
757
743
735
741
768
825
Operating Profit
146
144
157
152
154
161
143
140
145
173
176
212
208
OPM %
18%
18%
20%
18%
19%
18%
17%
16%
16%
19%
19%
22%
20%
Other Income
7
25
8
14
9
11
9
28
20
10
-5
21
14
Interest
6
6
6
7
7
8
9
7
6
5
5
4
4
Depreciation
18
18
19
23
22
23
26
28
29
28
29
31
34
PBT
129
144
140
136
135
141
118
133
130
150
138
197
184
Tax %
22%
24%
23%
22%
23%
23%
22%
24%
22%
27%
22%
25%
23%
Net Profit
101
110
108
106
104
109
92
101
101
110
108
148
142
EPS in Rs
3.31
3.59
3.53
3.49
3.42
3.6
3.04
3.31
3.31
3.6
3.53
4.85
4.66
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
3,837
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
3,068
Operating Profit
717
341
389
-188
-24
232
284
384
513
599
597
705
768
OPM %
16%
8%
10%
-9%
-1%
11%
14%
14%
16%
19%
17%
19%
20%
Other Income
-63
32
120
77
17
537
24
75
40
53
57
46
39
Interest
522
547
564
92
114
74
57
42
30
25
30
20
17
Depreciation
418
308
300
60
61
64
68
70
67
77
98
116
121
PBT
-287
-481
-355
-264
-181
630
183
346
455
550
527
615
669
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
508
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
16.64
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
21%
22%
20%
22%
25%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
672
Total Liabilities
8,307
7,936
7,731
7,445
6,992
2,544
2,582
2,730
3,075
3,313
3,731
4,202
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
2,410
Total Assets
8,307
7,936
7,731
7,445
6,992
2,544
2,582
2,730
3,075
3,313
3,731
4,202
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
-353
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
-19
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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%
19%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Promot.40.28%Public16.05%Others13.32%FIIs15.10%DIIs15.26%As ofJun 2026

Documents

Frequently Asked Questions about Usha Martin

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 trades as USHAMART on the NSE and under code 517146 on the BSE.
Which sector does Usha Martin Ltd belong to?
Usha Martin Ltd is classified under the Industrial Products sector, in the Iron & Steel Products industry.
What is the market capitalisation of Usha Martin Ltd?
Usha Martin Ltd has a market capitalisation of ₹14,952 Cr, which places it in the Mid Cap band.
What is the PE ratio of Usha Martin Ltd?
Usha Martin Ltd trades at a PE ratio of 29.55, on earnings per share of ₹14.02, against a book value of ₹108.35 per share.
What is the 52-week high and low of Usha Martin Ltd?
Over the last 52 weeks Usha Martin Ltd has traded between ₹380 and ₹542.6.
Does Usha Martin Ltd pay dividends?
Usha Martin Ltd has a dividend yield of 0.75%.
What is the Return on Equity (ROE) of Usha Martin Ltd?
Usha Martin Ltd reported a return on equity of 14.88%. Its debt-to-equity ratio is 0.07.

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

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