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Usha Martin Ltd.

•
ushamartin.comBSE: 517146NSE: USHAMART
Market Cap₹ 15,059 Cr.
Current Price
High / Low₹ 529 / 379
Stock P/E29.7
Book Value₹ 113
Price to Book3.60
Dividend Yield0.76 %
ROCE20.2 %
ROE16.2 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Wire & Wire Ropes: 97.9% • Others: 2.1%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 26.5% CAGR over last 5 years
  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 20.7%
  • Company has consistently been profitable over the last 5 years
  • Latest quarter profit grew 40.9% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.15x)

CONS

  • Promoter holding has decreased over last 2 years: -4.8pp
  • Receivables are growing faster than sales - a possible quality concern
  • Growth is decelerating - 3Y profit CAGR (11.9%) trails the 5Y trend (26.5%)
  • Expensive relative to growth - PEG of 2.5

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsIron & SteelSteel & Iron Products
Part ofNIFTY TOTAL MKTNIFTY 500NIFTY SMLCAP 250NIFTY MULTI MQ 50
S.No.Name
1.JSWSTEEL1267.5012.51309961.290.564696.00112.5847364.0011.5520.6719.60
2.TATASTEEL182.8520.69228259.992.192385.2418.8260794.2915.2612.7015.40
3.SAIL179.0017.3173936.401.311644.05120.8026245.671.257.0815.92
4.WELCORP2676.2530.5770596.970.191047.88200.114081.1214.9123.9432.17
5.JSL755.2019.1662260.170.53768.667.5611278.5410.5019.1912.09
6.APLAPOLLO2153.0048.6459779.850.39263.1110.945606.7112.0731.837.34
7.SHYAMMETL1074.3526.7029988.530.423507.301106.6354550.901133.3513.8814.03
8.JINDALSAW311.8530.5219943.060.6490.79-78.154452.319.0010.388.79
9.RATNAMANI2808.1545.4719682.880.36107.03-15.82971.63-15.6318.0116.69
10.SARDAEN524.7516.3718491.210.38478.139.501608.04-1.0717.7641.59
11.GPIL244.5020.4116460.690.41222.372.751750.4732.2920.2019.36
12.USHAMART494.1529.7015058.830.76142.0440.901033.0016.4420.1720.62
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
8147857978298268918618968879089179791,033
669640640678672730718757743735741768862
Operating Profit146144157152154161143140145173176212171
OPM %17.89%18.39%19.70%18.28%18.64%18.04%16.58%15.58%16.30%19.06%19.19%21.60%16.51%
42169574241523-9239
Interest6667789765544
Depreciation18181923222326282928293134
Profit before Tax126141138132131137112129125163133200184
Tax %22.47%24.75%23.26%22.78%23.63%23.40%22.57%24.98%23.03%24.68%22.61%24.64%22.85%
Net Profit000010410992101101110108148142
3.313.593.533.493.423.593.043.323.313.613.535.094.66

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3,8822,0662,4882,1542,0972,6883,2683,2253,4743,6913,837
3,4931,8482,1731,9221,8142,3112,7552,6272,8772,9863,106
Operating Profit389218315232284377513599597705731
OPM %10.03%10.56%12.66%10.75%13.52%14.01%15.69%18.56%17.19%19.10%19.05%
12077215329732940395245
Interest564921147457423025302017
Depreciation3006061646870677798116121
Profit before Tax-355142162147188346455550527640680
Tax %-1.30%3.59%-140.66%142.52%19.40%15.84%23.01%22.82%22.88%23.20%23.77%
Net Profit-360137389-63151291351424406491518
EPS-11.78-8.901.5713.754.919.5611.5113.9113.3815.31—
Dividend Payout %0.00%0.00%0.00%0.00%0.00%20.92%21.76%19.76%22.42%24.50%—

COMPOUNDED SALES GROWTH

10 Years:
-1%
5 Years:
12%
3 Years:
4%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
26%
3 Years:
10%

STOCK PRICE CAGR

10 Years:
44%
5 Years:
50%
3 Years:
11%
1 Year:
29%

RETURN ON EQUITY

10 Years:
13%
5 Years:
18%
3 Years:
17%
Last Year:
16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Aug 13

₹ 3.75

Rs.3.7500 per share(375%)Final Dividend

2025

Jul 31

₹ 3

Rs.3.0000 per share(300%)Final Dividend

2024

Aug 6

₹ 2.75

Rs.2.7500 per share(275%)Final Dividend

2023

Aug 3

₹ 2.50

Rs.2.5000 per share(250%)Final Dividend

2022

Jul 20

₹ 2

Rs.2.0000 per share(200%)Final Dividend

2026

Jul 16

₹ 3.75

Rs.3.7500 per share(375%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital30303030303030303030
Minority Interest343432384444-00
9146977511,1971,3731,6632,0002,3492,7213,269
4,4144,1203,576645556438426346339207
Trade Payables1,8201,964325363362295299248266311
5266082,054242259312396508474593
Total Liabilities7,7397,4536,7692,5162,5852,7423,1573,4873,8304,411
5,0244,8559279489259099491,1531,4061,625
Capital Work in Progress1211131333453813916611789
37394244485666566879
1,3091,226647615672797890890985958
0000000539528643
Cash & Bank516273112119165162168275478
1,1981,1595,066764776777951515452539
Total Assets7,7397,4536,7692,5162,5852,7423,1573,4873,8304,411

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
687922989239217146345444422655
Cash from Investing-31-34-42,943-3456-158-288-223-367
Cash from Financing-663-872-973-3,105-177-161-101-159-91-321
-89-351254-7-3107-33

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
45.1143.5443.4843.8942.4541.7640.5240.5240.28
14.1914.6114.2914.2514.2914.1414.6214.7615.10
4.887.247.959.0710.8812.1113.9314.6314.89
Government0.000.000.000.000.000.000.000.000.00
35.8134.6034.2832.7732.3831.9930.9330.0929.73

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-03 - USHAMART: Usha Martin Limited has informed the Exchange about Schedule of meet.

2026-08-21
General Updates

2026-08-21 - USHAMART: Usha Martin Limited has informed the Exchange about ESG Rating & Core ESG Rating assigned voluntarily by Crisil ESG Ratings & Analytics Ltd.

2026-08-20
Shareholders meeting

2026-08-20 - Usha Martin Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 20, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-20
Shareholders meeting

2026-08-20 - USHAMART: Usha Martin Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 20, 2026.

2026-08-03
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-03 - Usha Martin Limited has informed the Exchange about Transcript

2026-07-28
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-28 - USHAMART: Usha Martin Limited has informed the Exchange about Link of Recording.

2026-07-28
Copy of Newspaper Publication

2026-07-28 - USHAMART: Usha Martin Limited has informed the Exchange about Copy of Newspaper Publication with respect to the unaudited financial results (standalone and consolidated) for the quarter ended 30th June 2026.

2026-07-28
Copy of Newspaper Publication

2026-07-28 - USHAMART: Usha Martin Limited has informed the Exchange about Copy of Newspaper Publication with respect to the "Notice of 40th AGM and e-voting Information."

2026-07-27
General Updates

2026-07-27 - USHAMART: Usha Martin Limited has informed the Exchange that a letter has been sent to those shareholders whose email addresses are not registered, providing the weblink of the Company's website from where the Annual Report 2025-26 can be accessed.

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