Usha Martin Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Wire & Wire Ropes: 95.5% • Others: 4.5%
AI Sector View
AI GENERATEDCapital Goods
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1310.35 | 12.93 | 320440.06 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 188.55 | 21.33 | 235375.56 | 2.12 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 186.25 | 18.01 | 76931.03 | 1.26 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2607.95 | 29.79 | 68795.28 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 782.80 | 19.87 | 64535.57 | 0.51 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2167.50 | 48.97 | 60182.46 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1073.35 | 26.68 | 29960.62 | 0.42 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 13.88 | 14.03 |
| RATNAMANI | 2862.55 | 46.35 | 20064.19 | 0.35 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| SARDAEN | 546.75 | 17.05 | 19266.45 | 0.37 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 253.20 | 21.14 | 17046.41 | 0.39 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| USHAMART | 498.25 | 29.95 | 15183.77 | 0.75 | 142.04 | 40.90 | 1033.00 | 16.44 | 20.17 | 20.62 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 501 | 498 | 532 | 515 | 514 | 547 | 565 | 544 | 540 | 551 | 582 | 640 | 642 | |
| 410 | 398 | 420 | 418 | 413 | 442 | 450 | 444 | 444 | 436 | 456 | 474 | 520 | |
| Operating Profit | 91 | 100 | 112 | 97 | 101 | 106 | 115 | 100 | 96 | 115 | 125 | 166 | 123 |
| 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% |
| 17 | 30 | 5 | 8 | 3 | 12 | 3 | 23 | 15 | 30 | -10 | 22 | 6 | |
| Interest | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 2 | 1 | 1 | 0 | 1 |
| Depreciation | 7 | 7 | 8 | 11 | 10 | 11 | 12 | 13 | 14 | 14 | 14 | 15 | 16 |
| Profit before Tax | 100 | 120 | 108 | 92 | 92 | 104 | 102 | 107 | 95 | 130 | 100 | 172 | 129 |
| 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 Profit | 78 | 91 | 81 | 71 | 69 | 78 | 77 | 78 | 71 | 97 | 74 | 136 | 98 |
| 2.57 | 3.00 | 2.67 | 2.33 | 2.26 | 2.56 | 2.53 | 2.57 | 2.33 | 2.61 | 2.44 | 4.46 | 3.21 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,247 | 1,387 | 1,708 | 1,393 | 1,346 | 1,810 | 2,042 | 2,046 | 2,171 | 2,312 | 2,414 | |
| 2,901 | 1,235 | 1,456 | 1,222 | 1,154 | 1,570 | 1,744 | 1,646 | 1,749 | 1,811 | 1,886 | |
| Operating Profit | 346 | 152 | 253 | 171 | 191 | 240 | 298 | 400 | 422 | 501 | 528 |
| OPM % | 10.65% | 10.93% | 14.78% | 12.25% | 14.20% | 13.28% | 14.57% | 19.56% | 19.43% | 21.69% | 21.88% |
| 117 | 75 | 30 | 30 | 14 | 76 | 31 | 60 | 41 | 57 | 48 | |
| Interest | 549 | 76 | 90 | 58 | 45 | 31 | 15 | 7 | 11 | 5 | 3 |
| Depreciation | 269 | 29 | 28 | 28 | 31 | 31 | 27 | 33 | 47 | 57 | 59 |
| Profit before Tax | -355 | 121 | 164 | 115 | 130 | 253 | 287 | 421 | 405 | 496 | 530 |
| 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 | -355 | 121 | 399 | -86 | 105 | 211 | 214 | 322 | 302 | 378 | 405 |
| EPS | -11.65 | -9.27 | 1.93 | 12.98 | 3.30 | 6.94 | 7.01 | 10.57 | 9.92 | 12.42 | — |
| 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:
- 10%
- 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
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 |
| 425 | 143 | 200 | 585 | 684 | 897 | 1,049 | 1,289 | 1,500 | 1,756 | |
| 4,142 | 3,851 | 3,332 | 379 | 323 | 195 | 191 | 134 | 74 | 2 | |
| Trade Payables | 1,683 | 1,843 | 218 | 266 | 240 | 175 | 126 | 99 | 111 | 131 |
| 483 | 563 | 2,000 | 178 | 187 | 225 | 294 | 405 | 363 | 461 | |
| Total Liabilities | 6,764 | 6,430 | 5,781 | 1,438 | 1,464 | 1,522 | 1,691 | 1,958 | 2,078 | 2,381 |
| 4,523 | 4,325 | 414 | 405 | 383 | 377 | 393 | 569 | 709 | 797 | |
| Capital Work in Progress | 45 | 29 | 9 | 30 | 37 | 35 | 134 | 126 | 70 | 85 |
| 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | |
| 1,009 | 872 | 243 | 229 | 255 | 296 | 367 | 311 | 344 | 326 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 286 | 266 | 272 | |
| Cash & Bank | 5 | 23 | 34 | 7 | 9 | 100 | 53 | 55 | 147 | 269 |
| 1,033 | 1,030 | 4,931 | 615 | 629 | 563 | 592 | 461 | 390 | 480 | |
| Total Assets | 6,764 | 6,430 | 5,781 | 1,438 | 1,464 | 1,522 | 1,691 | 1,958 | 2,078 | 2,381 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 602 | 887 | 973 | 165 | 106 | 157 | 212 | 301 | 313 | 445 | |
| Cash from Investing | -12 | -26 | -44 | 2,920 | -11 | 69 | -122 | -173 | -106 | -316 |
| Cash from Financing | -592 | -852 | -927 | -3,072 | -101 | -161 | -66 | -124 | -115 | -228 |
| 1 | 6 | -2 | -4 | -1 | 93 | -46 | 4 | 92 | -99 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - USHAMART: Usha Martin Limited has informed the Exchange about Schedule of meet.
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 - 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 - USHAMART: Usha Martin Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 20, 2026.
2026-08-03 - Usha Martin Limited has informed the Exchange about Transcript
2026-07-28 - USHAMART: Usha Martin Limited has informed the Exchange about Link of Recording.
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 - 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 - 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.
News
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Usha Martin Ltd.
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