Usha Martin Ltd logo

Usha Martin Ltd

USHAMART NSE

Key Fundamentals

SmallcapIron & Steel ProductsIndustrial Products
Market Cap
₹15,298 Cr
Volatility
Moderate
P/E Ratio
29.92
EBITDA
₹774 Cr
Return on Equity
14.88%
Debt to Equity
0.07
Book Value
₹108.35
EPS
₹14.02
52W High
₹527.5
52W Low
₹348.65

Insights

Beta

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

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40 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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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: -7.59%

Growth Rate

Revenue Growth
7.01% ↗
Net Income Growth
20.90% ↗
Cash Flow Change
55.38% ↗
ROE
0.74% ↗
ROCE
2.91% ↗
EBITDA Margin (Avg.)
13.64% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Usha Martin Ltd is a nearly debt-free specialty wire rope manufacturer trading at a market cap of ₹15,042 Cr with a PE of 29.8x. The company has delivered strong profit growth (25% CAGR over 5 years) but revenue growth has been modest at 12% over the same period, reflecting a margin-expansion-driven earnings story rather than top-line acceleration.

Bull Case 8
  • Company is almost debt-free, having significantly reduced leverage over recent years, improving balance sheet resilience
  • Compounded profit growth of 25% over 5 years significantly outpaces revenue growth, indicating strong operating leverage and margin expansion
  • TTM profit growth of 35% demonstrates continued earnings momentum in the most recent period
  • 5-year ROE average of 17% reflects consistent and healthy return generation for shareholders
  • Stock CAGR of 46% over 5 years and 42% over 10 years indicates sustained wealth creation track record
  • Healthy dividend payout ratio of 22.3% signals management's confidence in cash flow sustainability
  • Price-to-book of 4.58x is supported by near-zero debt, meaning book value is largely equity with minimal leverage risk
  • TTM sales growth of 9% shows an improving revenue trajectory compared to the 4% CAGR over 3 years
Bear Case 8
  • 5-year compounded sales growth of only 12% and 10-year sales CAGR of -1% indicate structural top-line challenges
  • Promoter holding has decreased by 7.59% over the last 3 years, raising questions about promoter confidence or funding needs
  • PE of 29.8x is elevated for a company delivering only 4% revenue CAGR over 3 years, suggesting limited margin of safety
  • 3-year compounded sales growth of just 4% is well below the TTM profit growth of 35%, raising sustainability concerns if margins mean-revert
  • ROE has declined from 17% (5-year average) to 15% in the last year, showing a modest downward trend in capital efficiency
  • Dividend yield of 0.75% offers limited income support at current valuations
  • 1-year stock CAGR of 38% has compressed the valuation cushion, with PB at 4.58x limiting upside from re-rating
  • 10-year compounded sales CAGR of -1% highlights a prolonged period of revenue stagnation prior to the recent recovery

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

AI News Digest

Anthropic anthropic claude-opus-4.6 16h ago
Positives 4
  • Q1 PAT surges 41% on margins Jul 28

    Consolidated net profit rose 40.9% to ₹142 crore in Q1 FY27, driven by 16.4% revenue growth and margin expansion. Standalone PAT also grew significantly to ₹97.6 crore.

  • Strong balance sheet, net cash ₹465cr Jul 28

    Usha Martin strengthened its balance sheet with ₹465 crore in net cash as of Q1 FY27, providing financial flexibility despite ongoing legal proceedings.

  • Final dividend ₹3.75, AGM Aug 20 Jul 28

    Board recommends a final dividend of ₹3.75 per share for FY26, with the 40th AGM scheduled for August 20, 2026.

  • ESG assurance and solar expansion Jul 27

    BRSR FY26 report highlights a 2.2 MWp solar installation, Zero Liquid Discharge initiatives, and voluntary CSR spending of ₹2.89 crore, with SGS India providing reasonable assurance on core indicators.

Neutral 1
  • Q1 FY27 earnings call hosted Jul 28

    Usha Martin hosted its Q1 FY27 earnings conference call on July 28, 2026, with senior management discussing results declared on July 27. Audio recording is available and transcript to follow.

TL;DR: Usha Martin delivered a strong Q1 FY27 with 41% profit growth, healthy margins, and a robust net cash position of ₹465 crore. The company is rewarding shareholders with a ₹3.75 dividend and strengthening its ESG credentials. No visible headwinds emerged this cycle, though ongoing legal proceedings bear monitoring. The earnings trend is clearly improving with both topline and profitability expanding.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 40.28%
Public 16.05%
DIIs 15.26%
FIIs 15.10%
Others 13.32%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
50.87%
50.50%
50.13%
49.79%
49.26%
49.04%
48.70%
48.30%
48.26%
47.88%
47.51%
47.41%
46.05%
45.11%
43.54%
43.48%
43.89%
42.45%
41.76%
40.52%
40.52%
40.28%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
12.04%
12.94%
14.79%
14.19%
14.61%
14.29%
14.25%
14.29%
14.15%
14.62%
14.76%
15.10%
DIIs
0.06%
0.06%
0.06%
0.05%
0.05%
0.05%
0.05%
0.84%
2.15%
3.49%
3.92%
3.52%
3.78%
5.08%
7.45%
8.15%
9.26%
11.06%
12.29%
14.12%
14.81%
15.26%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
24.59%
24.82%
26.68%
26.73%
26.71%
24.32%
24.76%
24.32%
23.11%
22.57%
21.25%
21.05%
20.38%
20.73%
19.33%
19.66%
18.25%
17.62%
16.62%
16.49%
15.90%
16.05%
Others
24.49%
24.62%
23.13%
23.43%
23.97%
26.58%
26.50%
26.54%
26.48%
26.07%
15.27%
15.08%
15.00%
14.89%
15.07%
14.42%
14.34%
14.58%
15.19%
14.26%
14.01%
13.32%
No. of Shareholders
49,394
68,330
63,379
65,074
62,397
65,584
66,901
66,047
66,393
71,454
76,482
81,195
85,447
1,00,100
1,11,193
1,50,403
1,18,564
1,14,349
1,04,821
1,04,397
1,01,177
1,04,425

Documents

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 ₹15298.04 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 29.92. 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 ₹348.65 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 0.75%. 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 14.88%. 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

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