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Usha Martin

USHAMART NSE
₹486.00 +25.25 (+5.48%)
P/E
29.21
View as Markdown
MCP
Close 4 Nov 2026 ₹486.00 +22.00 +4.74% 1Y
Start ₹464.00

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
19.50%
Debt to Equity
0.07
EPS (TTM)
₹16.64
Book Value
₹108.35
Market Cap
—
P/E (TTM)
29.21
P/B
4.49
ROE
15.10%
Dividend Yield
0.81%
EBITDA
₹774 Cr
52W High
₹542.60
52W Low
₹380.00
Day Range
₹459.25 – ₹488.00
Volume
8,78,122

Tapetide Score

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

Overall score

60 Good

Data confidence 100/100

insider_selling

Category scores

Quality
75
Strong
Returns, margins, earnings quality 22% weight
Valuation
68
Strong
Cheap vs sector & own history 24% weight
Growth
34
Poor
Sales & profit trajectory 9% weight
Financial Health
80
Strong
Solvency, leverage, coverage 9% weight
Momentum
40
Weak
Trend strength, vol-adjusted 12% weight
Ownership
68
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral757
OscillatorsBearish351
Moving AveragesStrong Bullish406

Key readings

RSI (14)
52.17
Neutral
MACD (12,26,9)
−9.45
Bullish
SMA (50)
493.42
Bearish
SMA (200)
466.54
Bullish

As of

Analyst Rating

Based on 3 analysts
BUY100%

3 of 3 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
3
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y−1.07%
5Y+11.97%
3Y+4.14%
1Y+6.25%
TTM+8.54%

Net profit

Net profit growth by window
10YTurned to profit
5Y+25.11%
3Y+9.91%
1Y+14.78%
TTM+26.05%

Operating cash flow

Operating cash flow growth by window
10Y−2.64%
5Y+25.07%
3Y+37.49%
1Y+55.21%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+10.81 pp
5Y+5.56 pp
3Y+3.40 pp
1Y+1.92 pp
TTM+3.38 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,882 Cr
Mar 2018₹2,066 Cr
Mar 2019₹2,488 Cr
Mar 2020₹2,154 Cr
Mar 2021₹2,097 Cr
Mar 2022₹2,688 Cr
Mar 2023₹3,268 Cr
Mar 2024₹3,225 Cr
Mar 2025₹3,474 Cr
Mar 2026₹3,691 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹358 Cr
Mar 2018−₹268 Cr
Mar 2019₹49.00 Cr
Mar 2020₹421 Cr
Mar 2021₹152 Cr
Mar 2022₹291 Cr
Mar 2023₹351 Cr
Mar 2024₹424 Cr
Mar 2025₹406 Cr
Mar 2026₹466 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹212 Cr −4.1% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

Usha Martin Ltd trades at ₹486 as of 2026-11-04 with a market cap of ₹14,245 Cr and a P/E (TTM) of 29.21. The company is virtually debt-free with a debt-to-equity ratio of 0.07 and has compounded profits at 25% over five years, though revenue growth has been more modest at 12% over the same period.

Bull Case 8
  • Near debt-free balance sheet with a debt-to-equity ratio of just 0.07, providing significant financial flexibility and low interest burden
  • TTM profit growth of 35% indicates strong recent earnings momentum well above the 5-year profit CAGR of 25%
  • Consistent debt reduction over the years, strengthening the balance sheet and lowering financial risk
  • Healthy ROCE of 18.75% as of 2026-11-04 suggests efficient capital deployment relative to invested capital
  • 10-year stock price CAGR of 42% reflects sustained long-term wealth creation for shareholders
  • 5-year ROE averaging 17% and 3-year ROE of 16% demonstrate consistent return generation for equity holders
  • Maintained a dividend payout ratio of 22.3%, providing a degree of income return alongside a dividend yield of 0.81%
  • TTM revenue growth of 9% shows an improving sales trajectory compared to the 3-year sales CAGR of 4%
Bear Case 8
  • 10-year compounded sales growth is negative at -1%, indicating a prolonged period of revenue stagnation over the longer term
  • 5-year sales CAGR of only 12% is modest for a company trading at a P/E of 29.21, raising questions about valuation relative to top-line growth
  • Promoter holding has declined by 7.23% over the last three years, which may signal reduced promoter confidence or dilution
  • P/B ratio of 4.49 as of 2026-11-04 is elevated, implying the market is pricing in substantial future growth that must materialize
  • ROE of 14.88% as of 2026-11-04 is lower than last year's 15% and the 3-year average of 16%, suggesting a slight declining trend in return efficiency
  • Stock is trading 10.4% below its 52-week high of ₹542.6, indicating recent price weakness or lack of upward momentum
  • 3-year profit CAGR of 9% is notably lower than the 5-year figure of 25%, suggesting profit growth may be decelerating on a medium-term basis
  • 1-year stock CAGR of only 3% lags the longer-term 5-year CAGR of 39%, pointing to a period of muted recent returns

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

AI News Digest

11d ago

TL;DR: Usha Martin is streamlining its portfolio by divesting the non-core U M Cables unit for ₹77 crore to R R Kabel. While the deal size is modest, it signals management's intent to concentrate resources on its core wire and wire ropes business. No major headwinds surfaced in the recent news cycle. The strategic refocus could support margin improvement over time if execution in the core segment stays on track.

Positives 1
  • Divests non-core cables business Sep 25

    Usha Martin sold its U M Cables business to R R Kabel for ₹77 crore, allowing sharper focus on its core wire and wire ropes operations.

Quarterly Results

₹ Cr
USHAMART quarterly results, ₹ crore
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 (₹)
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

₹ Cr
USHAMART profit and loss, annual, ₹ crore
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 (₹)
−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

₹ Cr
USHAMART balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
USHAMART cash flow, annual, ₹ crore
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

Ratios

USHAMART financial ratios, annual
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

Log in to view Usha Martin insights

65 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 40.09%
  • DIIs 17.34%
  • FIIs 15.34%
  • Public 15.07%
  • Others 12.16%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of Usha Martin Ltd?
Usha Martin Ltd trades at a PE ratio of 29.21 as of 4 Nov 2026, on earnings per share of ₹16.64, 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 as of 4 Nov 2026.
Does Usha Martin Ltd pay dividends?
Usha Martin Ltd has a dividend yield of 0.81%.
What is the Return on Equity (ROE) of Usha Martin Ltd?
Usha Martin Ltd reported a return on equity of 15.10%. 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.

Website ushamartin.com
CEO Mr. Rajeev Jhawar
Employees 2,235
Listed 11 Oct 2000
Face Value ₹1

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