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Usha Martin Ltd.

•
ushamartin.comBSE: 517146NSE: USHAMART
Market Cap₹ 15,059 Cr.
Current Price
High / Low₹ 529 / 379
Stock P/E37.2
Book Value₹ 62
Price to Book6.66
Dividend Yield0.76 %
ROCE29.1 %
ROE22.8 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Wire & Wire Ropes: 95.5% • Others: 4.5%

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 29.2% CAGR over last 5 years
  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 29.2%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 23.6%
  • Latest quarter profit grew 37.7% YoY, showing strong momentum
  • Operating margins have improved to 21.4% from 15.9%

CONS

  • Promoter holding has decreased over last 2 years: -4.8pp
  • Stock is trading at 6.7x its book value
  • Growth is decelerating - 3Y profit CAGR (20.9%) trails the 5Y trend (29.2%)

* 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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
501498532515514547565544540551582640642
410398420418413442450444444436456474520
Operating Profit911001129710110611510096115125166123
OPM %18.20%20.04%21.10%18.82%19.72%19.31%20.33%18.36%17.74%20.80%21.52%25.93%19.09%
1730583123231530-10226
Interest1222233321101
Depreciation77811101112131414141516
Profit before Tax100120108929210410210795130100172129
Tax %21.76%24.29%24.49%23.03%25.08%24.88%24.73%26.56%25.55%24.93%25.60%21.05%24.35%
Net Profit789181716978777871977413698
2.573.002.672.332.262.562.532.572.332.612.444.463.21

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3,2471,3871,7081,3931,3461,8102,0422,0462,1712,3122,414
2,9011,2351,4561,2221,1541,5701,7441,6461,7491,8111,886
Operating Profit346152253171191240298400422501528
OPM %10.65%10.93%14.78%12.25%14.20%13.28%14.57%19.56%19.43%21.69%21.88%
11775303014763160415748
Interest54976905845311571153
Depreciation26929282831312733475759
Profit before Tax-355121164115130253287421405496530
Tax %-0.00%0.00%-143.10%175.01%19.48%16.62%25.59%23.46%25.33%23.84%23.66%
Net Profit-355121399-86105211214322302378405
EPS-11.65-9.271.9312.983.306.947.0110.579.9212.42—
Dividend Payout %0.00%0.00%0.00%0.00%0.00%28.84%35.65%26.01%30.23%30.20%—

COMPOUNDED SALES GROWTH

10 Years:
-4%
5 Years:
11%
3 Years:
4%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
27%
3 Years:
18%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:
29%
5 Years:
24%
3 Years:
24%
Last Year:
23%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
4251432005856848971,0491,2891,5001,756
4,1423,8513,332379323195191134742
Trade Payables1,6831,84321826624017512699111131
4835632,000178187225294405363461
Total Liabilities6,7646,4305,7811,4381,4641,5221,6911,9582,0782,381
4,5234,325414405383377393569709797
Capital Work in Progress452993037351341267085
151151151151151151151151151151
1,009872243229255296367311344326
0000000286266272
Cash & Bank52334791005355147269
1,0331,0304,931615629563592461390480
Total Assets6,7646,4305,7811,4381,4641,5221,6911,9582,0782,381

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
602887973165106157212301313445
Cash from Investing-12-26-442,920-1169-122-173-106-316
Cash from Financing-592-852-927-3,072-101-161-66-124-115-228
16-2-4-193-46492-99

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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