Usha Martin Ltd.
•₹ 481.3-2.9%
2026-08-21
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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | JSWSTEEL | 1281.30 | 12.64 | 313336.02 | 0.55 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| 2. | TATASTEEL | 184.00 | 20.82 | 229695.59 | 2.17 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| 3. | SAIL | 172.50 | 16.68 | 71251.56 | 1.36 | 1644.05 | 120.80 | 26245.67 | 1.25 | 6.39 | 15.92 |
| 4. | JSL | 723.75 | 18.37 | 59667.37 | 0.55 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| 5. | APLAPOLLO | 2115.90 | 47.80 | 58749.74 | 0.40 | 263.11 | 10.94 | 5606.71 | 12.07 | 22.90 | 7.34 |
| 6. | WELCORP | 1974.70 | 22.56 | 52090.74 | 0.25 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| 7. | SHYAMMETL | 988.70 | 24.57 | 27597.77 | 0.46 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 13.88 | 14.03 |
| 8. | SARDAEN | 512.45 | 15.98 | 18057.78 | 0.39 | 478.13 | 9.50 | 1608.04 | -1.07 | 15.84 | 41.59 |
| 9. | JINDALSAW | 268.95 | 26.32 | 17199.57 | 0.74 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| 10. | GPIL | 246.30 | 20.55 | 16578.39 | 0.41 | 222.37 | 2.75 | 1750.47 | 32.29 | 23.51 | 19.36 |
| 11. | RATNAMANI | 2295.95 | 37.17 | 16092.77 | 0.44 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| 12. | USHAMART | 501.85 | 30.16 | 15293.48 | 0.75 | 142.04 | 40.90 | 1033.00 | 16.44 | 20.17 | 20.62 |
Detailed Comparison with:
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 814 | 785 | 797 | 829 | 826 | 891 | 861 | 896 | 887 | 908 | 917 | 979 | 1,033 | |
| 669 | 640 | 640 | 678 | 672 | 730 | 718 | 757 | 743 | 735 | 741 | 768 | 862 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 4 | 21 | 6 | 9 | 5 | 7 | 4 | 24 | 15 | 23 | 4 | 27 | 9 |
| 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 |
| 126 | 141 | 138 | 132 | 131 | 137 | 112 | 129 | 125 | 163 | 133 | 200 | 184 | |
| 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 Profit | 0 | 0 | 0 | 0 | 104 | 109 | 92 | 101 | 101 | 110 | 108 | 148 | 142 |
| 3 | 4 | 4 | 3 | 3 | 4 | 3 | 3 | 3 | 4 | 4 | 5 | 0 | |
| Equity Capital | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2023
- 814
- 669
- Operating Profit
- —
- OPM %
- —
- Other Income
- 4
- Interest
- 6
- Depreciation
- 18
- 126
- Tax %
- 22.47%
- Net Profit
- 0
- 3
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 785
- 640
- Operating Profit
- —
- OPM %
- —
- Other Income
- 21
- Interest
- 6
- Depreciation
- 18
- 141
- Tax %
- 24.75%
- Net Profit
- 0
- 4
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 797
- 640
- Operating Profit
- —
- OPM %
- —
- Other Income
- 6
- Interest
- 6
- Depreciation
- 19
- 138
- Tax %
- 23.26%
- Net Profit
- 0
- 4
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 829
- 678
- Operating Profit
- —
- OPM %
- —
- Other Income
- 9
- Interest
- 7
- Depreciation
- 23
- 132
- Tax %
- 22.78%
- Net Profit
- 0
- 3
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 826
- 672
- Operating Profit
- —
- OPM %
- —
- Other Income
- 5
- Interest
- 7
- Depreciation
- 22
- 131
- Tax %
- 23.63%
- Net Profit
- 104
- 3
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 891
- 730
- Operating Profit
- —
- OPM %
- —
- Other Income
- 7
- Interest
- 8
- Depreciation
- 23
- 137
- Tax %
- 23.40%
- Net Profit
- 109
- 4
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 861
- 718
- Operating Profit
- —
- OPM %
- —
- Other Income
- 4
- Interest
- 9
- Depreciation
- 26
- 112
- Tax %
- 22.57%
- Net Profit
- 92
- 3
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 896
- 757
- Operating Profit
- —
- OPM %
- —
- Other Income
- 24
- Interest
- 7
- Depreciation
- 28
- 129
- Tax %
- 24.98%
- Net Profit
- 101
- 3
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 887
- 743
- Operating Profit
- —
- OPM %
- —
- Other Income
- 15
- Interest
- 6
- Depreciation
- 29
- 125
- Tax %
- 23.03%
- Net Profit
- 101
- 3
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 908
- 735
- Operating Profit
- —
- OPM %
- —
- Other Income
- 23
- Interest
- 5
- Depreciation
- 28
- 163
- Tax %
- 24.68%
- Net Profit
- 110
- 4
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 917
- 741
- Operating Profit
- —
- OPM %
- —
- Other Income
- 4
- Interest
- 5
- Depreciation
- 29
- 133
- Tax %
- 22.61%
- Net Profit
- 108
- 4
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 979
- 768
- Operating Profit
- —
- OPM %
- —
- Other Income
- 27
- Interest
- 4
- Depreciation
- 31
- 200
- Tax %
- 24.64%
- Net Profit
- 148
- 5
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 1,033
- 862
- Operating Profit
- —
- OPM %
- —
- Other Income
- 9
- Interest
- 4
- Depreciation
- 34
- 184
- Tax %
- 22.85%
- Net Profit
- 142
- 0
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 31
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,882 | 2,066 | 2,488 | 2,154 | 2,097 | 2,688 | 3,268 | 3,225 | 3,474 | 3,691 | 3,837 | |
| 3,493 | 1,848 | 2,173 | 1,922 | 1,814 | 2,311 | 2,755 | 2,627 | 2,877 | 2,986 | 3,106 | |
| Operating Profit | 509 | 295 | 336 | 285 | 313 | 419 | 541 | 639 | 636 | 774 | — |
| OPM % | 13 | 14 | 14 | 13 | 15 | 16 | 17 | 20 | 18 | 21 | — |
| Other Income | 120 | 77 | 21 | 53 | 29 | 42 | 29 | 40 | 39 | 69 | 62 |
| Interest | 564 | 92 | 114 | 74 | 57 | 42 | 30 | 25 | 30 | 20 | 17 |
| Depreciation | 300 | 60 | 61 | 64 | 68 | 70 | 67 | 77 | 98 | 116 | 121 |
| -355 | 142 | 162 | 147 | 188 | 346 | 455 | 550 | 527 | 640 | 680 | |
| Tax % | -1 | 4 | -141 | 143 | 19 | 16 | 23 | 23 | 23 | 23 | 24 |
| Net Profit | -360 | 137 | 389 | -63 | 151 | 291 | 351 | 424 | 406 | 491 | 518 |
| EPS | -12 | -9 | 2 | 14 | 5 | 10 | 12 | 14 | 13 | 15 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 21 | 22 | 20 | 22 | 24 | — |
| Minority Interest | -1 | -3 | -1 | -2 | -2 | -0 | -0 | -0 | 1 | -0 | 0 |
| Share of Associates | 2 | 1 | 3 | 0 | 5 | 0 | 0 | 0 | 0 | 0 | 19 |
| Adjusted EPS | -12 | -9 | 2 | 14 | 5 | 10 | 11 | 14 | 13 | 15 | — |
| Minority Interest | -1 | -3 | -1 | -2 | -2 | -0 | -0 | -0 | 1 | -0 | 0 |
| Share of Associates | 2 | 1 | 3 | 0 | 5 | 0 | 0 | 0 | 0 | 0 | 19 |
| Adjusted EPS | -12 | -9 | 2 | 14 | 5 | 10 | 11 | 14 | 13 | 15 | — |
Mar 2017
- 3,882
- 3,493
- Operating Profit
- 509
- OPM %
- 13
- Other Income
- 120
- Interest
- 564
- Depreciation
- 300
- -355
- Tax %
- -1
- Net Profit
- -360
- EPS
- -12
- Dividend Payout %
- 0
- Minority Interest
- -1
- Share of Associates
- 2
- Adjusted EPS
- -12
- Minority Interest
- -1
- Share of Associates
- 2
- Adjusted EPS
- -12
Mar 2018
- 2,066
- 1,848
- Operating Profit
- 295
- OPM %
- 14
- Other Income
- 77
- Interest
- 92
- Depreciation
- 60
- 142
- Tax %
- 4
- Net Profit
- 137
- EPS
- -9
- Dividend Payout %
- 0
- Minority Interest
- -3
- Share of Associates
- 1
- Adjusted EPS
- -9
- Minority Interest
- -3
- Share of Associates
- 1
- Adjusted EPS
- -9
Mar 2019
- 2,488
- 2,173
- Operating Profit
- 336
- OPM %
- 14
- Other Income
- 21
- Interest
- 114
- Depreciation
- 61
- 162
- Tax %
- -141
- Net Profit
- 389
- EPS
- 2
- Dividend Payout %
- 0
- Minority Interest
- -1
- Share of Associates
- 3
- Adjusted EPS
- 2
- Minority Interest
- -1
- Share of Associates
- 3
- Adjusted EPS
- 2
Mar 2020
- 2,154
- 1,922
- Operating Profit
- 285
- OPM %
- 13
- Other Income
- 53
- Interest
- 74
- Depreciation
- 64
- 147
- Tax %
- 143
- Net Profit
- -63
- EPS
- 14
- Dividend Payout %
- 0
- Minority Interest
- -2
- Share of Associates
- 0
- Adjusted EPS
- 14
- Minority Interest
- -2
- Share of Associates
- 0
- Adjusted EPS
- 14
Mar 2021
- 2,097
- 1,814
- Operating Profit
- 313
- OPM %
- 15
- Other Income
- 29
- Interest
- 57
- Depreciation
- 68
- 188
- Tax %
- 19
- Net Profit
- 151
- EPS
- 5
- Dividend Payout %
- 0
- Minority Interest
- -2
- Share of Associates
- 5
- Adjusted EPS
- 5
- Minority Interest
- -2
- Share of Associates
- 5
- Adjusted EPS
- 5
Mar 2022
- 2,688
- 2,311
- Operating Profit
- 419
- OPM %
- 16
- Other Income
- 42
- Interest
- 42
- Depreciation
- 70
- 346
- Tax %
- 16
- Net Profit
- 291
- EPS
- 10
- Dividend Payout %
- 21
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 10
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 10
Mar 2023
- 3,268
- 2,755
- Operating Profit
- 541
- OPM %
- 17
- Other Income
- 29
- Interest
- 30
- Depreciation
- 67
- 455
- Tax %
- 23
- Net Profit
- 351
- EPS
- 12
- Dividend Payout %
- 22
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 11
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 11
Mar 2024
- 3,225
- 2,627
- Operating Profit
- 639
- OPM %
- 20
- Other Income
- 40
- Interest
- 25
- Depreciation
- 77
- 550
- Tax %
- 23
- Net Profit
- 424
- EPS
- 14
- Dividend Payout %
- 20
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 14
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 14
Mar 2025
- 3,474
- 2,877
- Operating Profit
- 636
- OPM %
- 18
- Other Income
- 39
- Interest
- 30
- Depreciation
- 98
- 527
- Tax %
- 23
- Net Profit
- 406
- EPS
- 13
- Dividend Payout %
- 22
- Minority Interest
- 1
- Share of Associates
- 0
- Adjusted EPS
- 13
- Minority Interest
- 1
- Share of Associates
- 0
- Adjusted EPS
- 13
Mar 2026
- 3,691
- 2,986
- Operating Profit
- 774
- OPM %
- 21
- Other Income
- 69
- Interest
- 20
- Depreciation
- 116
- 640
- Tax %
- 23
- Net Profit
- 491
- EPS
- 15
- Dividend Payout %
- 24
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 15
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 15
TTM
- 3,837
- 3,106
- Operating Profit
- —
- OPM %
- —
- Other Income
- 62
- Interest
- 17
- Depreciation
- 121
- 680
- Tax %
- 24
- Net Profit
- 518
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- 19
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- 19
- Adjusted EPS
- —
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:
- 42%
- 5 Years:
- 50%
- 3 Years:
- 13%
- 1 Year:
- 36%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 18%
- 3 Years:
- 17%
- Last Year:
- 16%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 |
| 914 | 697 | 751 | 1,197 | 1,373 | 1,663 | 2,000 | 2,349 | 2,721 | 3,269 | |
| 1,518 | 1,320 | 1,253 | 272 | 249 | 178 | 157 | 89 | 125 | 116 | |
| Trade Payables | 1,820 | 1,964 | 325 | 363 | 362 | 295 | 299 | 248 | 266 | 311 |
| 3,456 | 3,442 | 4,409 | 653 | 570 | 576 | 670 | 770 | 688 | 685 | |
| Total Liabilities | 7,739 | 7,453 | 6,769 | 2,516 | 2,585 | 2,742 | 3,157 | 3,487 | 3,830 | 4,411 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 5,024 | 4,855 | 927 | 948 | 925 | 909 | 949 | 1,153 | 1,406 | 1,625 | |
| Capital Work in Progress | 121 | 113 | 13 | 33 | 45 | 38 | 139 | 166 | 117 | 89 |
| 37 | 39 | 42 | 44 | 48 | 56 | 66 | 56 | 68 | 79 | |
| 1,309 | 1,226 | 647 | 615 | 672 | 797 | 890 | 890 | 985 | 958 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 539 | 528 | 643 | |
| Cash & Bank | 51 | 62 | 73 | 112 | 119 | 165 | 162 | 168 | 275 | 478 |
| 1,198 | 1,159 | 5,066 | 764 | 776 | 777 | 951 | 515 | 452 | 539 | |
| Total Assets | 7,739 | 7,453 | 6,769 | 2,516 | 2,585 | 2,742 | 3,157 | 3,487 | 3,830 | 4,411 |
| Total Debt | 4,364 | 4,073 | 3,565 | 579 | 487 | 366 | 355 | 298 | 338 | 146 |
| Net Working Capital | -1,486 | -1,616 | -648 | 442 | 568 | 872 | 1,040 | 1,165 | 1,281 | 1,584 |
| Contingent Liabilities | 1,005 | 1,091 | 698 | 486 | 532 | 455 | 414 | 331 | 338 | 248 |
| Book Value per Share | 31.01 | 23.86 | 25.66 | 40.28 | 46.06 | 55.58 | 66.65 | 78.10 | 90.35 | 108.39 |
| Face Value | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Total Debt | 4,364 | 4,073 | 3,565 | 579 | 487 | 366 | 355 | 298 | 338 | 146 |
| Net Working Capital | -1,486 | -1,616 | -648 | 442 | 568 | 872 | 1,040 | 1,165 | 1,281 | 1,584 |
| Contingent Liabilities | 1,005 | 1,091 | 698 | 486 | 532 | 455 | 414 | 331 | 338 | 248 |
| Book Value per Share | 31.01 | 23.86 | 25.66 | 40.28 | 46.06 | 55.58 | 66.65 | 78.10 | 90.35 | 108.39 |
| Face Value | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Mar 2017
- Equity Capital
- 30
- 914
- 1,518
- Trade Payables
- 1,820
- 3,456
- Total Liabilities
- 7,739
- 5,024
- Capital Work in Progress
- 121
- 37
- 1,309
- 0
- Cash & Bank
- 51
- 1,198
- Total Assets
- 7,739
- Total Debt
- 4,364
- Net Working Capital
- -1,486
- Contingent Liabilities
- 1,005
- Book Value per Share
- 31.01
- Face Value
- 1.00
- Total Debt
- 4,364
- Net Working Capital
- -1,486
- Contingent Liabilities
- 1,005
- Book Value per Share
- 31.01
- Face Value
- 1.00
Mar 2018
- Equity Capital
- 30
- 697
- 1,320
- Trade Payables
- 1,964
- 3,442
- Total Liabilities
- 7,453
- 4,855
- Capital Work in Progress
- 113
- 39
- 1,226
- 0
- Cash & Bank
- 62
- 1,159
- Total Assets
- 7,453
- Total Debt
- 4,073
- Net Working Capital
- -1,616
- Contingent Liabilities
- 1,091
- Book Value per Share
- 23.86
- Face Value
- 1.00
- Total Debt
- 4,073
- Net Working Capital
- -1,616
- Contingent Liabilities
- 1,091
- Book Value per Share
- 23.86
- Face Value
- 1.00
Mar 2019
- Equity Capital
- 30
- 751
- 1,253
- Trade Payables
- 325
- 4,409
- Total Liabilities
- 6,769
- 927
- Capital Work in Progress
- 13
- 42
- 647
- 0
- Cash & Bank
- 73
- 5,066
- Total Assets
- 6,769
- Total Debt
- 3,565
- Net Working Capital
- -648
- Contingent Liabilities
- 698
- Book Value per Share
- 25.66
- Face Value
- 1.00
- Total Debt
- 3,565
- Net Working Capital
- -648
- Contingent Liabilities
- 698
- Book Value per Share
- 25.66
- Face Value
- 1.00
Mar 2020
- Equity Capital
- 30
- 1,197
- 272
- Trade Payables
- 363
- 653
- Total Liabilities
- 2,516
- 948
- Capital Work in Progress
- 33
- 44
- 615
- 0
- Cash & Bank
- 112
- 764
- Total Assets
- 2,516
- Total Debt
- 579
- Net Working Capital
- 442
- Contingent Liabilities
- 486
- Book Value per Share
- 40.28
- Face Value
- 1.00
- Total Debt
- 579
- Net Working Capital
- 442
- Contingent Liabilities
- 486
- Book Value per Share
- 40.28
- Face Value
- 1.00
Mar 2021
- Equity Capital
- 30
- 1,373
- 249
- Trade Payables
- 362
- 570
- Total Liabilities
- 2,585
- 925
- Capital Work in Progress
- 45
- 48
- 672
- 0
- Cash & Bank
- 119
- 776
- Total Assets
- 2,585
- Total Debt
- 487
- Net Working Capital
- 568
- Contingent Liabilities
- 532
- Book Value per Share
- 46.06
- Face Value
- 1.00
- Total Debt
- 487
- Net Working Capital
- 568
- Contingent Liabilities
- 532
- Book Value per Share
- 46.06
- Face Value
- 1.00
Mar 2022
- Equity Capital
- 30
- 1,663
- 178
- Trade Payables
- 295
- 576
- Total Liabilities
- 2,742
- 909
- Capital Work in Progress
- 38
- 56
- 797
- 0
- Cash & Bank
- 165
- 777
- Total Assets
- 2,742
- Total Debt
- 366
- Net Working Capital
- 872
- Contingent Liabilities
- 455
- Book Value per Share
- 55.58
- Face Value
- 1.00
- Total Debt
- 366
- Net Working Capital
- 872
- Contingent Liabilities
- 455
- Book Value per Share
- 55.58
- Face Value
- 1.00
Mar 2023
- Equity Capital
- 30
- 2,000
- 157
- Trade Payables
- 299
- 670
- Total Liabilities
- 3,157
- 949
- Capital Work in Progress
- 139
- 66
- 890
- 0
- Cash & Bank
- 162
- 951
- Total Assets
- 3,157
- Total Debt
- 355
- Net Working Capital
- 1,040
- Contingent Liabilities
- 414
- Book Value per Share
- 66.65
- Face Value
- 1.00
- Total Debt
- 355
- Net Working Capital
- 1,040
- Contingent Liabilities
- 414
- Book Value per Share
- 66.65
- Face Value
- 1.00
Mar 2024
- Equity Capital
- 30
- 2,349
- 89
- Trade Payables
- 248
- 770
- Total Liabilities
- 3,487
- 1,153
- Capital Work in Progress
- 166
- 56
- 890
- 539
- Cash & Bank
- 168
- 515
- Total Assets
- 3,487
- Total Debt
- 298
- Net Working Capital
- 1,165
- Contingent Liabilities
- 331
- Book Value per Share
- 78.10
- Face Value
- 1.00
- Total Debt
- 298
- Net Working Capital
- 1,165
- Contingent Liabilities
- 331
- Book Value per Share
- 78.10
- Face Value
- 1.00
Mar 2025
- Equity Capital
- 30
- 2,721
- 125
- Trade Payables
- 266
- 688
- Total Liabilities
- 3,830
- 1,406
- Capital Work in Progress
- 117
- 68
- 985
- 528
- Cash & Bank
- 275
- 452
- Total Assets
- 3,830
- Total Debt
- 338
- Net Working Capital
- 1,281
- Contingent Liabilities
- 338
- Book Value per Share
- 90.35
- Face Value
- 1.00
- Total Debt
- 338
- Net Working Capital
- 1,281
- Contingent Liabilities
- 338
- Book Value per Share
- 90.35
- Face Value
- 1.00
Mar 2026
- Equity Capital
- 30
- 3,269
- 116
- Trade Payables
- 311
- 685
- Total Liabilities
- 4,411
- 1,625
- Capital Work in Progress
- 89
- 79
- 958
- 643
- Cash & Bank
- 478
- 539
- Total Assets
- 4,411
- Total Debt
- 146
- Net Working Capital
- 1,584
- Contingent Liabilities
- 248
- Book Value per Share
- 108.39
- Face Value
- 1.00
- Total Debt
- 146
- Net Working Capital
- 1,584
- Contingent Liabilities
- 248
- Book Value per Share
- 108.39
- Face Value
- 1.00
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 686 | 914 | 974 | 212 | 214 | 159 | 252 | 444 | 422 | 655 | |
| Cash from Investing | -31 | -34 | -4 | 2,943 | -34 | 56 | -158 | -288 | -223 | -367 |
| Cash from Financing | -663 | -872 | -973 | -3,105 | -177 | -161 | -101 | -159 | -91 | -321 |
| -8 | 9 | -3 | 51 | 2 | 54 | -7 | -3 | 107 | -33 | |
| Free Cash Flow | 674 | 785 | 974 | 113 | 158 | 122 | 47 | 151 | 114 | 324 |
| OCF / Net Profit | -1.91 | 6.67 | 2.50 | -3.39 | 1.41 | 0.54 | 0.72 | 1.05 | 1.04 | 1.33 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 2,705 | 2,152 | 1,414 | 590 | 591 | 758 |
| OCF / Net Profit | -1.91 | 6.67 | 2.50 | -3.39 | 1.41 | 0.54 | 0.72 | 1.05 | 1.04 | 1.33 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 2,705 | 2,152 | 1,414 | 590 | 591 | 758 |
Mar 2017
- 686
- Cash from Investing
- -31
- Cash from Financing
- -663
- -8
- Free Cash Flow
- 674
- OCF / Net Profit
- -1.91
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -1.91
- Cumulative 5-Year FCF
- 0
Mar 2018
- 914
- Cash from Investing
- -34
- Cash from Financing
- -872
- 9
- Free Cash Flow
- 785
- OCF / Net Profit
- 6.67
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 6.67
- Cumulative 5-Year FCF
- 0
Mar 2019
- 974
- Cash from Investing
- -4
- Cash from Financing
- -973
- -3
- Free Cash Flow
- 974
- OCF / Net Profit
- 2.50
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 2.50
- Cumulative 5-Year FCF
- 0
Mar 2020
- 212
- Cash from Investing
- 2,943
- Cash from Financing
- -3,105
- 51
- Free Cash Flow
- 113
- OCF / Net Profit
- -3.39
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -3.39
- Cumulative 5-Year FCF
- 0
Mar 2021
- 214
- Cash from Investing
- -34
- Cash from Financing
- -177
- 2
- Free Cash Flow
- 158
- OCF / Net Profit
- 1.41
- Cumulative 5-Year FCF
- 2,705
- OCF / Net Profit
- 1.41
- Cumulative 5-Year FCF
- 2,705
Mar 2022
- 159
- Cash from Investing
- 56
- Cash from Financing
- -161
- 54
- Free Cash Flow
- 122
- OCF / Net Profit
- 0.54
- Cumulative 5-Year FCF
- 2,152
- OCF / Net Profit
- 0.54
- Cumulative 5-Year FCF
- 2,152
Mar 2023
- 252
- Cash from Investing
- -158
- Cash from Financing
- -101
- -7
- Free Cash Flow
- 47
- OCF / Net Profit
- 0.72
- Cumulative 5-Year FCF
- 1,414
- OCF / Net Profit
- 0.72
- Cumulative 5-Year FCF
- 1,414
Mar 2024
- 444
- Cash from Investing
- -288
- Cash from Financing
- -159
- -3
- Free Cash Flow
- 151
- OCF / Net Profit
- 1.05
- Cumulative 5-Year FCF
- 590
- OCF / Net Profit
- 1.05
- Cumulative 5-Year FCF
- 590
Mar 2025
- 422
- Cash from Investing
- -223
- Cash from Financing
- -91
- 107
- Free Cash Flow
- 114
- OCF / Net Profit
- 1.04
- Cumulative 5-Year FCF
- 591
- OCF / Net Profit
- 1.04
- Cumulative 5-Year FCF
- 591
Mar 2026
- 655
- Cash from Investing
- -367
- Cash from Financing
- -321
- -33
- Free Cash Flow
- 324
- OCF / Net Profit
- 1.33
- Cumulative 5-Year FCF
- 758
- OCF / Net Profit
- 1.33
- Cumulative 5-Year FCF
- 758
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | -11.78 | -8.90 | 1.57 | 13.75 | 4.91 | 9.56 | 11.49 | 13.91 | 13.38 | 15.31 |
| Book Value (₹) | 31.01 | 23.86 | 25.66 | 40.28 | 46.06 | 55.58 | 66.65 | 78.10 | 90.35 | 108.39 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.00 | 2.50 | 2.75 | 3.00 | 3.75 |
| Cash EPS (₹) | -1.95 | 6.48 | 14.77 | 0.03 | 7.19 | 11.85 | 13.72 | 16.45 | 16.56 | 19.96 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 11.97% | 13.96% | 13.42% | 13.14% | 14.80% | 15.47% | 16.47% | 18.45% | 17.01% | 18.92% |
| Net Margin % | -8.45% | 6.49% | 15.54% | -2.89% | 7.16% | 10.76% | 10.66% | 13.07% | 11.57% | 13.18% |
| ROE % | -31.69% | 16.40% | 51.58% | -6.23% | 11.51% | 18.82% | 18.83% | 19.23% | 15.84% | 16.24% |
| ROCE % | 3.76% | 4.64% | 6.02% | 7.19% | 13.24% | 19.68% | 21.85% | 22.69% | 19.30% | 20.17% |
| -4.58% | 1.80% | 5.47% | -1.35% | 5.93% | 10.94% | 11.89% | 12.77% | 11.11% | 11.92% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 56 | 117 | 73 | 53 | 54 | 50 | 51 | 58 | 55 | 57 |
| Inventory Days | 112 | 219 | 136 | 106 | 111 | 99 | 94 | 100 | 97 | 95 |
| Payable Days | 103 | 205 | 128 | 75 | 79 | 54 | 46 | 54 | 50 | 54 |
| 64 | 131 | 82 | 83 | 86 | 95 | 98 | 105 | 103 | 99 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 4.62x | 5.60x | 4.56x | 0.47x | 0.35x | 0.22x | 0.17x | 0.13x | 0.12x | 0.04x |
| Interest Coverage (x) | 0.37x | 2.54x | 2.42x | 2.98x | 4.30x | 9.16x | 16.04x | 23.18x | 18.83x | 33.58x |
| 0.61x | 0.58x | 0.65x | 1.51x | 1.70x | 2.22x | 2.44x | 2.62x | 2.82x | 2.96x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | -5.60% | -46.79% | 20.45% | -13.44% | -2.63% | 28.17% | 21.57% | -1.30% | 7.72% | 6.24% |
| Operating Profit Growth % | 36.37% | -42.09% | 13.96% | -15.22% | 9.69% | 34.03% | 29.24% | 18.00% | -0.37% | 21.61% |
| Net Profit Growth % | 15.69% | 138.13% | 183.90% | -116.08% | 341.89% | 92.55% | 20.30% | 20.97% | -4.20% | 20.89% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 21.08% | -3.85% | 14.42% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 22.88x | 25.16x | 25.52x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 4.08x | 3.73x | 3.60x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.86% | 0.89% | 0.96% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 15.39x | 16.21x | 14.94x |
Mar 2017
- EPS (₹)
- -11.78
- Book Value (₹)
- 31.01
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -1.95
- Operating Margin %
- 11.97%
- Net Margin %
- -8.45%
- ROE %
- -31.69%
- ROCE %
- 3.76%
- -4.58%
- Debtor Days
- 56
- Inventory Days
- 112
- Payable Days
- 103
- 64
- Debt to Equity (x)
- 4.62x
- Interest Coverage (x)
- 0.37x
- 0.61x
- Revenue Growth %
- -5.60%
- Operating Profit Growth %
- 36.37%
- Net Profit Growth %
- 15.69%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- -8.90
- Book Value (₹)
- 23.86
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 6.48
- Operating Margin %
- 13.96%
- Net Margin %
- 6.49%
- ROE %
- 16.40%
- ROCE %
- 4.64%
- 1.80%
- Debtor Days
- 117
- Inventory Days
- 219
- Payable Days
- 205
- 131
- Debt to Equity (x)
- 5.60x
- Interest Coverage (x)
- 2.54x
- 0.58x
- Revenue Growth %
- -46.79%
- Operating Profit Growth %
- -42.09%
- Net Profit Growth %
- 138.13%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 1.57
- Book Value (₹)
- 25.66
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 14.77
- Operating Margin %
- 13.42%
- Net Margin %
- 15.54%
- ROE %
- 51.58%
- ROCE %
- 6.02%
- 5.47%
- Debtor Days
- 73
- Inventory Days
- 136
- Payable Days
- 128
- 82
- Debt to Equity (x)
- 4.56x
- Interest Coverage (x)
- 2.42x
- 0.65x
- Revenue Growth %
- 20.45%
- Operating Profit Growth %
- 13.96%
- Net Profit Growth %
- 183.90%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 13.75
- Book Value (₹)
- 40.28
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 0.03
- Operating Margin %
- 13.14%
- Net Margin %
- -2.89%
- ROE %
- -6.23%
- ROCE %
- 7.19%
- -1.35%
- Debtor Days
- 53
- Inventory Days
- 106
- Payable Days
- 75
- 83
- Debt to Equity (x)
- 0.47x
- Interest Coverage (x)
- 2.98x
- 1.51x
- Revenue Growth %
- -13.44%
- Operating Profit Growth %
- -15.22%
- Net Profit Growth %
- -116.08%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 4.91
- Book Value (₹)
- 46.06
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 7.19
- Operating Margin %
- 14.80%
- Net Margin %
- 7.16%
- ROE %
- 11.51%
- ROCE %
- 13.24%
- 5.93%
- Debtor Days
- 54
- Inventory Days
- 111
- Payable Days
- 79
- 86
- Debt to Equity (x)
- 0.35x
- Interest Coverage (x)
- 4.30x
- 1.70x
- Revenue Growth %
- -2.63%
- Operating Profit Growth %
- 9.69%
- Net Profit Growth %
- 341.89%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 9.56
- Book Value (₹)
- 55.58
- Dividend per Share (₹)
- 2.00
- Cash EPS (₹)
- 11.85
- Operating Margin %
- 15.47%
- Net Margin %
- 10.76%
- ROE %
- 18.82%
- ROCE %
- 19.68%
- 10.94%
- Debtor Days
- 50
- Inventory Days
- 99
- Payable Days
- 54
- 95
- Debt to Equity (x)
- 0.22x
- Interest Coverage (x)
- 9.16x
- 2.22x
- Revenue Growth %
- 28.17%
- Operating Profit Growth %
- 34.03%
- Net Profit Growth %
- 92.55%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 11.49
- Book Value (₹)
- 66.65
- Dividend per Share (₹)
- 2.50
- Cash EPS (₹)
- 13.72
- Operating Margin %
- 16.47%
- Net Margin %
- 10.66%
- ROE %
- 18.83%
- ROCE %
- 21.85%
- 11.89%
- Debtor Days
- 51
- Inventory Days
- 94
- Payable Days
- 46
- 98
- Debt to Equity (x)
- 0.17x
- Interest Coverage (x)
- 16.04x
- 2.44x
- Revenue Growth %
- 21.57%
- Operating Profit Growth %
- 29.24%
- Net Profit Growth %
- 20.30%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 13.91
- Book Value (₹)
- 78.10
- Dividend per Share (₹)
- 2.75
- Cash EPS (₹)
- 16.45
- Operating Margin %
- 18.45%
- Net Margin %
- 13.07%
- ROE %
- 19.23%
- ROCE %
- 22.69%
- 12.77%
- Debtor Days
- 58
- Inventory Days
- 100
- Payable Days
- 54
- 105
- Debt to Equity (x)
- 0.13x
- Interest Coverage (x)
- 23.18x
- 2.62x
- Revenue Growth %
- -1.30%
- Operating Profit Growth %
- 18.00%
- Net Profit Growth %
- 20.97%
- 21.08%
- P/E (x)
- 22.88x
- P/B (x)
- 4.08x
- Dividend Yield %
- 0.86%
- 15.39x
Mar 2025
- EPS (₹)
- 13.38
- Book Value (₹)
- 90.35
- Dividend per Share (₹)
- 3.00
- Cash EPS (₹)
- 16.56
- Operating Margin %
- 17.01%
- Net Margin %
- 11.57%
- ROE %
- 15.84%
- ROCE %
- 19.30%
- 11.11%
- Debtor Days
- 55
- Inventory Days
- 97
- Payable Days
- 50
- 103
- Debt to Equity (x)
- 0.12x
- Interest Coverage (x)
- 18.83x
- 2.82x
- Revenue Growth %
- 7.72%
- Operating Profit Growth %
- -0.37%
- Net Profit Growth %
- -4.20%
- -3.85%
- P/E (x)
- 25.16x
- P/B (x)
- 3.73x
- Dividend Yield %
- 0.89%
- 16.21x
Mar 2026
- EPS (₹)
- 15.31
- Book Value (₹)
- 108.39
- Dividend per Share (₹)
- 3.75
- Cash EPS (₹)
- 19.96
- Operating Margin %
- 18.92%
- Net Margin %
- 13.18%
- ROE %
- 16.24%
- ROCE %
- 20.17%
- 11.92%
- Debtor Days
- 57
- Inventory Days
- 95
- Payable Days
- 54
- 99
- Debt to Equity (x)
- 0.04x
- Interest Coverage (x)
- 33.58x
- 2.96x
- Revenue Growth %
- 6.24%
- Operating Profit Growth %
- 21.61%
- Net Profit Growth %
- 20.89%
- 14.42%
- P/E (x)
- 25.52x
- P/B (x)
- 3.60x
- Dividend Yield %
- 0.96%
- 14.94x
Documents
Announcements
- Shareholders meeting
2026-08-20 - USHAMART: Usha Martin Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 20, 2026.
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-03 - Usha Martin Limited has informed the Exchange about Transcript
Annual Reports
Credit Ratings
- Credit Rating
2026-07-23 - Usha Martin Limited has informed the Exchange about Credit Rating
- Credit Rating
2025-07-31 - Usha Martin Limited has informed the Exchange about Credit Rating
Concalls
Aug 2026
Jul 2026
May 2026