Usha Martin
Usha Martin
IndustrialsKey Fundamentals
SmallcapIron & Steel ProductsIndustrial ProductsTapetide 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: -7.59%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoUsha Martin Ltd, with a market cap of ₹15,336 Cr, trades at a PE of 30.1x and has significantly deleveraged its balance sheet to near debt-free status. The company has delivered strong profit compounding of 25% over 5 years but revenue growth has been modest at 12% CAGR over the same period, while promoter holding has declined by 7.59% over three years.
- Company is virtually debt-free, having materially reduced its debt over recent years, strengthening the balance sheet and lowering interest burden
- Compounded profit growth of 25% over 5 years and 35% TTM indicates meaningful margin expansion and improving profitability
- ROE has been consistent at 15-17% over the last 1-5 year periods, reflecting efficient capital allocation
- Stock CAGR of 50% over 5 years and 44% over 10 years demonstrates sustained long-term wealth creation for shareholders
- Healthy dividend payout ratio of 22.3% signals management confidence in cash flow sustainability, with a current yield of 0.75%
- TTM profit growth of 35% significantly outpaces TTM sales growth of 9%, suggesting operational leverage and cost efficiency improvements
- 10-year compounded profit growth of 12% shows the company has delivered consistent earnings expansion through multiple business cycles
- 5-year compounded sales growth of only 12% and 10-year sales CAGR of -1% point to structural top-line challenges in the wire rope business
- Promoter holding has decreased by 7.59% over the last 3 years, which may signal reduced insider confidence or dilution concerns
- PE of 30.1x is elevated for an industrials company with single-digit TTM revenue growth of 9%, suggesting limited margin of safety
- 3-year compounded sales growth of just 4% indicates recent revenue momentum has been sluggish despite broader industrial recovery
- Price-to-book ratio of 4.63x is on the higher side for a capital-intensive industrials business, leaving limited room for valuation re-rating
- ROE has declined from a 5-year average of 17% to 15% in the last year, indicating a potential plateau in return ratios
- 3-year stock CAGR of 12% is considerably lower than the 5-year CAGR of 50%, suggesting recent price momentum has moderated significantly
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- ₹3.75 dividend at 40th AGM Aug 20
Usha Martin approved a ₹3.75 per share dividend for FY26 at its 40th AGM on August 20, along with appointment of new directors and auditors.
- Expert picks Usha Martin Aug 18
Mayuresh Joshi of Marketsmith India named Usha Martin and Skipper as his preferred picks, recommending selective stock picking in the current market.
- Crisil ESG rating of 54 Aug 21
Usha Martin received a voluntary Crisil ESG rating of 54 and Core ESG rating of 58, assigned independently on August 21 based on FY25-26 public data.
- Promoter entity sells 150K shares Sep 11
Peterhouse Investments sold 150,000 shares on NSE, reducing promoter group stake from 0.85% to 0.80% (2.6M to 2.45M shares). 185,691 GDRs remain unconverted.
TL;DR: Usha Martin presents a steady picture with no material headwinds in recent news. The company is returning capital to shareholders via a ₹3.75 dividend and has gained an independent ESG rating that adds to its sustainability credentials. A minor promoter group entity sale is routine in nature. The outlook is stable, with analyst endorsement suggesting continued investor interest in the stock.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | 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 | 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 |
Cash Flow
| Particulars | 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 | -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 |
Ratios
| Particulars | 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% | 19% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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58 extracted metrics + investor summaries across FY15–FY27.
Documents
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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]
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