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Usha Martin Ltd

₹ 425-2.10%
16 Jan – close price
🔗ushamartin.com•BSE: 517146•NSE: USHAMART
Market Cap₹ 12,959 Cr.
Current Price₹ 425
High / Low₹ 498
Stock P/E40.1
Book Value₹ 52.2
Dividend Yield0.71 %
ROCE26.6 %
ROE21.1 %
Face Value₹ 1.00
Sales₹ 2,200 Cr.
OPM19.3 %
Mar Cap₹ 12,959 Cr.

ABOUT

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.[1]

KEY POINTS

Market LeadershipThe company is the leading player in India's wire and wire rope industry, holding the top position as a provider of specialty steel wire rope solutions in the country. Globally, it ranks among thetop five manufacturersin the sector.[1][2]

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsPreferential IssuancePreferential IssuanceLarge Order ReceiptsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.APL Apollo Tubes1940.7051.3753873.860.30301.54460.385206.309.0622.3621317.407.401048.79301.5411.7010.020.16
2.Shyam Metalics813.4523.4322739.950.55260.4521.474457.0222.6512.0516767.7312.46970.37261.762.065.920.10
3.Welspun Corp736.8510.9619447.950.68443.5148.674373.6132.4621.2415463.5813.001773.93439.682.378.930.19
4.Godawari Power257.5523.2917312.050.39161.651.781307.683.1623.255396.6120.82743.44161.443.3013.860.04
5.Ratnamani Metals2090.1024.1314637.460.67156.0435.691191.6922.6921.515374.7616.84606.49136.223.7812.110.06
6.Gallantt Ispat L554.7027.3213461.190.2388.9381.901012.757.4519.204331.0017.56492.7088.934.3111.960.21
7.Usha Martin425.1540.0612959.080.7179.5024.68550.790.6126.652200.3819.33323.4897.308.1515.990.03
–Median: 82 Co.153.0722.4895.10.010.4611.74201.638.9613.95739.18.3533.8310.522.266.80.26

Quarterly Results

Standalone figures in ₹ crores

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
519496511501498532515514547565544540551
Expenses
451420428410398420418413442450444444436
Operating Profit
687684911001129710110611510096115
Other Income
44121730583123231512
Profit before tax
617085100120108929210410210795112
Tax %
26%26%26%22%24%24%23%25%25%25%27%26%29%
Net Profit
45526378918171697877787180
EPS in Rs
1.481.702.072.572.992.672.332.262.562.532.572.332.61

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
3,2873,7463,4323,2471,3871,7081,3931,3461,8102,0422,0462,1712,200
Expenses
2,6623,1383,1402,9011,6391,7951,2221,1541,5591,7441,6461,7491,775
Operating Profit
625608291346-252-87171191252298400422425
Other Income
68-62341177530511106431604153
Interest
42650753154976905845311571110
Depreciation
304383273269292828313127334753
Profit before tax
-37-344-479-355-282-176596126253287421405416
Net Profit
-26-292-419-355-28259395101211214322302306
EPS in Rs
-0.84-9.60-13.77-11.65-9.261.9412.973.306.937.0110.579.9210.04
Dividend Payout %
-0%-0%-0%-0%-0%-0%-0%-0%29%36%26%30%–

Compounded Sales Growth

10 Years:-5%
5 Years:9%
3 Years:6%
TTM:4%

Compounded Profit Growth

10 Years:14%
5 Years:-5%
3 Years:18%
TTM:8%

Stock Price CAGR

10 Years:47%
5 Years:67%
3 Years:32%
1 Year:19%

Return on Equity

10 Years:6%
5 Years:22%
3 Years:23%
Last Year:21%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
31313131313131313131313131
Reserves
1,4921,1967824251432005856848971,0491,2891,5001,559
Borrowings
3,4463,6854,1464,0913,8033,31834929316417613512652
Other Liabilities
2,7012,3341,9112,2102,4462,464506468420353331323354
Total Liabilities
7,6707,2466,8696,7576,4226,0131,4701,4751,5111,6091,7871,9801,996
Fixed Assets
5,1054,8844,7534,5234,325414405383377393569709706
Gross Block
6,820.066,989.315,027.995,064.165,135.42540.29557.67566.06585.67622.53824.731,005.24–
Accumulated Depreciation
1,715.002,105.77274.80541.44810.43126.31152.50182.86208.48229.43255.96295.83–
CWIP
15249684529930383613412671130
Investments
175168154151151151151151151151151151151
Other Assets
2,2382,1451,8942,0391,9185,4398849039489319411,0481,009
Total Assets
7,6707,2466,8696,7576,4226,0131,4701,4751,5111,6091,7871,9801,996

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
1,047644766605884969145111185142301313
Cash from Investing Activity
-863-467-306-12-26-442,923-1169-122-173-106
Cash from Financing Activity
-52-270-496-592-852-927-3,072-101-161-66-124-115
Net Cash Flow
131-94-3516-2-4-193-46492

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
4032486114746485950375145
Inventory Days
4263912232483478110011497109101106
Days Payable
5504813224147327311610757373234
Cash Conversion Cycle
-84-58-50-105-23955326689108120117
Working Capital Days
-146-111-149-182-471-194345765698075
ROCE %
8%5%1%3%-6%-2%8%18%24%26%32%27%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
48.30%48.27%47.87%47.51%47.41%46.04%45.11%43.54%43.48%43.90%42.45%41.75%
FIIs
8.83%9.50%9.29%12.03%12.94%14.78%14.19%14.61%14.29%14.25%14.29%14.14%
DIIs
0.83%2.12%3.44%3.86%3.45%3.60%4.88%7.44%8.14%9.25%11.06%12.29%
Public
42.04%40.12%39.38%36.60%36.20%35.57%35.81%34.40%34.08%32.53%32.15%31.74%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Usha Martin Files SEBI Compliance Certificate for Quarter Ending March 31, 2026

7th April 2026, 2:00 am

Usha Martin Announces Trading Window Closure for Financial Results

25th March 2026, 11:14 pm

Usha Martin Clarifies Volume Movement to BSE, Cites Full Disclosure

26th February 2026, 5:47 pm

Usha Martin's Sustainability Rating Revised Upwards by EcoVadis; Retains Bronze Medal

25th February 2026, 7:30 pm

Usha Martin Limited Receives ESG Rating of 60 from NSE Sustainability Ratings

17th February 2026, 9:52 pm

Published by Other Websites

External media mentions & references

Geopolitical Fears Trigger Midday Sell-off; Nifty Plunges 1400 Points

13th March 2026, 3:59 pm

Usha Martin, Jai Balaji Soar on Heavy Volume Spikes

25th February 2026, 1:37 pm

Tata Steel Faces EU Carbon Costs Amid UK Struggles, Analyst Optimism Wanes

10th February 2026, 12:51 am

30 Jan Stocks: ITC, Vedanta, Paytm Q3 Results in Focus; Many Others Report

30th January 2026, 7:16 am

Usha Martin Q3 Profit Surges 16% Amid Margin Pressure

29th January 2026, 6:05 pm

News Articles

Editorial & research coverage

Tata Steel Faces EU Carbon Costs Amid UK Struggles, Analyst Optimism Wanes
Tata Steel Faces EU Carbon Costs Amid UK Struggles, Analyst Optimism Wanes

10th February 2026, 12:51 am

Usha Martin Stock Rockets Higher? Expert Bullish Forecast Ignites Massive Investor Frenzy!
Usha Martin Stock Rockets Higher? Expert Bullish Forecast Ignites Massive Investor Frenzy!

16th December 2025, 7:22 am

Usha Martin Surges: Profit Jumps 16%, Debt Slashed, Net Cash Positive
Usha Martin Surges: Profit Jumps 16%, Debt Slashed, Net Cash Positive

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

3 Jan - Certificates received from Kfin Technologies Limited, RTA of the Company, confirming compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the …

Closure of Trading Window
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('Listing Regulations') - Closure Of Step Down Wholly Owned Subsidiary

23 Dec - Usha Martin dissolved Spanish step-down subsidiary Usha Martin Espana S.L.; dissolution order dated 19 Dec 2025; loss EUR 5,968.

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

16 Dec 2025 - Peterhouse sold 200,000 Usha Martin shares (0.06%) on 12.12.2025; holding now 3,250,000 (1.07%).

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

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Financial Year 2022

(from bse)

Financial Year 2021

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Financial Year 2020

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Financial Year 2019

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Financial Year 2018

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Financial Year 2017

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Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2011

(from nse)

Credit Ratings

Rating update

30 Jul 2025 from fitch

Rating update

1 Aug 2024 from fitch

Rating update

22 Sep 2023 from fitch

Rating update

2 Aug 2023 from fitch

Rating update

5 Aug 2022 from fitch

Rating update

24 Aug 2021 from fitch

Concalls

Nov 2025

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Stock Analysis

Description

  1. Usha Martin Ltd is primarily engaged in the manufacture and sale of steel wires, strands, wire ropes, cords, and related accessories. It is also involved in the sale of wire drawing and allied machines.

Key Growth Triggers

  1. Market leadership in India's wire and wire rope industry, global top-five ranking in the sector.
  2. Focus on value-added products, cost controls, and the 'One Usha Martin' transformation strategy, supported by robust volume growth in segments.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. Significant ongoing legal proceedings involving the Directorate of Enforcement (ED) and CBI concerning prior year transactions.
  2. Historical poor sales growth over the past five years.

Key Dates To Watch

  1. Currently no data available for Key Dates To Watch.

Corporate Announcements

6th Apr 26
Impact Rating: 2
The company Usha Martin Limited has received and submitted a certificate from its Registrar and Share Transfer Agent, KFin Technologies Limited. This document certifies the company's compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the fiscal quarter ending March 31, 2026.
25th Mar 26
Impact Rating: 6
Usha Martin Limited has announced the closure of its trading window for designated persons and immediate relatives, effective April 1, 2026. The window will remain closed until 48 hours after the declaration of the company's audited financial results for the quarter and fiscal year ending March 31, 2026.
26th Feb 26
Impact Rating: 4
Responding to a BSE letter regarding a surge in its stock's trading volume, Usha Martin Limited has confirmed that it is complying with all SEBI disclosure requirements and has no pending material information.
25th Feb 26
Impact Rating: 7
Usha Martin announced that EcoVadis has upgraded its Ranchi site sustainability score from 63 to 67. The company also continues to hold the 'Bronze Medal' recognition for its ESG performance.
17th Feb 26
Impact Rating: 5
NSE Sustainability Ratings and Analytics Limited has provided Usha Martin Limited with an ESG score of 60 for the financial year 2024-25.