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Usha Martin Ltd (USHAMART)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517146 NSE: USHAMART Steel & Iron Products | Small Cap | Usha Martin Share Price
₹488.05 -8.70 (-1.75%)
As on 14-Aug'26 16:59
Usha Martin Ltd (USHAMART)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517146 NSE: USHAMART Steel & Iron Products | Small Cap | Usha Martin Share Price
₹488.05 -8.70 (-1.75%)
As on 14-Aug'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹15,138 Cr.
Current Price
₹488.1
52-Week Low / High
₹342 / 527
TTM EPS
₹13.3
TTM Sales
₹2,414 Cr.
Book Value per Share
₹61.8
P/E Ratio
37.40
Higher than its 5-year historical median
Industry PE
23.7
Price to Book (P/B)
8.03
Higher than its 5-year historical median
Price to Sales (P/S)
6.27
Higher than its 5-year historical median
EV/EBITDA
24.40
Higher than its 5-year historical median
Dividend Yield
0.77%
Profitability Efficiency
Return on Equity (ROE)
22.80%
Outperforms industry median
Return on Capital Employed (ROCE)
29.12%
Outperforms industry median
Return on Assets (ROA)
16.96%
Operating Profit Margin
21.7%
Net Profit Margin
16.35%
Gross Profit Margin
24.3%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
6.49%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
18.84%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
25.09%
Asset Quality
Promoter Holding
40.28%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,854 Cr.
Equity
₹30.5 Cr.
Face Value
₹1
All Time Low / High
₹0.50 / 527.00
Check Before You Invest
Quality
Very GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Usha Martin Ltd a good quality company?
Usha Martin Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Usha Martin Ltd performance compare with that of its Peers?
Revenue growth of Usha Martin Ltd vs industry peers?
Usha Martin Ltd revenue CAGR is 11.43%, compared to the industry median CAGR of 8.54%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Usha Martin Ltd?
Promoters hold 40.28% of the Usha Martin Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Usha Martin Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 41.8% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Usha Martin Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 4.1% | 4.6% | 6.8% | 7.7% | 17.8% | 27.2% | 25.8% | 31.6% | 26.8% | 29.1% | - |
| Value Creation Index ⓘ | -0.7 | -0.7 | -0.5 | -0.5 | 0.3 | 0.9 | 0.9 | 1.3 | 1.0 | 1.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 3,247 | 1,387 | 1,708 | 1,393 | 1,346 | 1,810 | 2,042 | 2,046 | 2,171 | 2,312 | 2,414 |
| Sales YoY Gr. | - | -57.3% | 23.2% | -18.5% | -3.4% | 34.5% | 12.8% | 0.2% | 6.1% | 6.5% | - |
| Adj EPS ⓘ | -12 | 3.2 | 12.9 | -3 | 3.4 | 6.2 | 7 | 10.3 | 9.9 | 12.2 | 13.3 |
| YoY Gr. | - | NA | 302.8% | -123% | NA | 80.5% | 12.9% | 47.4% | -4.5% | 23.8% | - |
| BVPS (₹) ⓘ | 15 | 5.7 | 7.6 | 20.2 | 23.4 | 30.4 | 35.4 | 43.3 | 50.3 | 58.7 | 61.8 |
| Adj Net Profit ⓘ | -364 | 97.2 | 392 | -90.2 | 105 | 189 | 213 | 315 | 301 | 372 | 405 |
| Cash Flow from Ops. ⓘ | 605 | 884 | 969 | 148 | 111 | 185 | 142 | 301 | 313 | 445 | - |
| Debt/CF from Ops. ⓘ | 6.8 | 4.3 | 3.4 | 2.4 | 2.6 | 0.9 | 1.2 | 0.4 | 0.4 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -3.7% | 11.4% | 4.2% | 6.5% | ||||
| Adj EPS ⓘ | NA | 28.9% | 20.4% | 23.8% | ||||
| BVPSⓘ | 16.4% | 20.2% | 18.3% | 16.8% | ||||
| Share Price | 41.6% | 46.8% | 14.6% | 37.6% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -57.5 | 30.9 | 193.7 | -21.3 | 15.8 | 23.1 | 21.3 | 26.3 | 21.1 | 22.4 | 22 |
| Op. Profit Mgn % ⓘ | 11.8 | 10.9 | 14.8 | 12.6 | 14.2 | 13.5 | 14.6 | 19.6 | 19.4 | 21.7 | 22.6 |
| Net Profit Mgn % ⓘ | -11.2 | 7 | 22.9 | -6.5 | 7.8 | 10.5 | 10.5 | 15.4 | 13.9 | 16.1 | 16.8 |
| Debt to Equity ⓘ | 9 | 21.9 | 14.4 | 0.6 | 0.4 | 0.2 | 0.2 | 0.1 | 0.1 | 0 | - |
| Working Cap Days ⓘ | 194 | 489 | 288 | 219 | 228 | 171 | 160 | 178 | 169 | 161 | 73 |
| Cash Conv. Cycle ⓘ | 93 | 198 | 91 | 64 | 68 | 72 | 76 | 81 | 79 | 70 | 50 |
Valuation of Usha Martin - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,247 | 1,387 | 1,708 | 1,393 | 1,346 | 1,810 | 2,042 | 2,046 | 2,171 | 2,312 |
| Operating Expenses ⓘ + | 2,901 | 1,235 | 1,456 | 1,222 | 1,154 | 1,570 | 1,744 | 1,646 | 1,749 | 1,811 |
| Operating Profit ⓘ | 346 | 152 | 253 | 171 | 191 | 240 | 298 | 400 | 422 | 501 |
| Operating Profit Margin (%) | 10.6% | 10.9% | 14.8% | 12.3% | 14.2% | 13.3% | 14.6% | 19.6% | 19.4% | 21.7% |
| Other Income ⓘ + | 117 | 75 | 30 | 30 | 14 | 44 | 31 | 60 | 41 | 74 |
| Interest ⓘ | 549 | 76 | 90 | 58 | 45 | 31 | 15 | 7 | 11 | 5 |
| Depreciation ⓘ | 269 | 29 | 28 | 28 | 31 | 31 | 27 | 33 | 47 | 57 |
| Profit Before Tax ⓘ | -355 | 121 | 164 | 115 | 130 | 253 | 287 | 421 | 405 | 496 |
| Tax ⓘ | 0 | 0 | -235 | 201 | 25 | 42 | 74 | 99 | 103 | 118 |
| Profit After Tax | -355 | 121 | 399 | -86 | 105 | 211 | 214 | 322 | 302 | 378 |
| PAT Margin (%) | -10.9% | 8.8% | 23.3% | -6.2% | 7.8% | 11.7% | 10.5% | 15.7% | 13.9% | 16.4% |
| Adjusted EPS (₹) | -11.7 | 4.0 | 13.1 | -2.8 | 3.4 | 6.9 | 7.0 | 10.6 | 9.9 | 12.4 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 28.80% | 35.70% | 26% | 30.20% | 30.20% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 456 | 174 | 231 | 615 | 714 | 928 | 1,080 | 1,320 | 1,530 | 1,787 | |
| Debt + | 3,547 | 3,481 | 2,932 | 316 | 237 | 163 | 138 | 132 | 71 | 0 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 1,683 | 1,843 | 218 | 266 | 240 | 175 | 126 | 99 | 111 | 131 | |
| Others Liabilities ⓘ | 1,078 | 933 | 2,400 | 240 | 273 | 257 | 347 | 407 | 366 | 463 | |
| Total Liabilities ⓘ | 6,764 | 6,430 | 5,781 | 1,438 | 1,464 | 1,522 | 1,691 | 1,958 | 2,078 | 2,381 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 4,523 | 4,325 | 414 | 405 | 383 | 377 | 393 | 569 | 709 | 797 | |
| CWIP ⓘ | 45 | 29 | 9 | 30 | 38 | 36 | 134 | 126 | 71 | 85 | |
| Investments ⓘ | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | |
| Inventories | 1,009 | 872 | 243 | 229 | 255 | 296 | 367 | 311 | 344 | 326 | |
| Trade Receivables | 544 | 558 | 217 | 182 | 217 | 247 | 205 | 286 | 266 | 272 | |
| Cash Equivalents | 5 | 23 | 34 | 7 | 9 | 100 | 53 | 55 | 147 | 269 | |
| Others Assets ⓘ | 489 | 472 | 4,714 | 433 | 411 | 315 | 387 | 461 | 389 | 480 | |
| Total Assets ⓘ | 6,764 | 6,430 | 5,781 | 1,438 | 1,464 | 1,522 | 1,691 | 1,958 | 2,078 | 2,381 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 605 | 884 | 969 | 148 | 111 | 185 | 142 | 301 | 313 | 445 |
| Cash Flow From Investing Activity ⓘ + | -12 | -26 | -44 | 2,920 | -11 | 69 | -122 | -173 | -106 | -316 |
| Cash Flow From Financing Activity ⓘ + | -592 | -852 | -927 | -3,072 | -101 | -161 | -66 | -124 | -115 | -228 |
| Net Cash Flow ⓘ | 1 | 6 | -2 | -4 | -1 | 93 | -46 | 4 | 92 | -99 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -55.9 | 38.57 | 197.2 | -20.34 | 15.79 | 25.74 | 21.29 | 26.85 | 21.21 | 22.8 |
| ROCE (%) | 4.07 | 4.64 | 6.76 | 7.66 | 17.75 | 27.15 | 25.79 | 31.62 | 26.8 | 29.12 |
| Asset Turnover Ratio | 0.53 | 0.22 | 0.28 | 0.39 | 0.94 | 1.22 | 1.28 | 1.13 | 1.09 | 1.05 |
| PAT to CFO Conversion(x) | N/A | 7.31 | 2.43 | N/A | 1.06 | 0.88 | 0.66 | 0.93 | 1.04 | 1.18 |
| Working Capital Days | ||||||||||
| Receivable Days | 50.50 | 140.50 | 82.10 | 51.80 | 53.60 | 46.40 | 40.10 | 43.40 | 45.60 | 41.90 |
| Inventory Days | 100.60 | 239.90 | 118.10 | 61.30 | 65 | 55.10 | 58.80 | 60 | 54.20 | 52.10 |
| Payable Days | 121.60 | 256.60 | 150.50 | 75 | 73 | 41.40 | 32.50 | 33.60 | 31.30 | 37.40 |
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Usha Martin Ltd FAQs
The current trading price of Usha Martin on 14-Aug-2026 16:59 is ₹488.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 13-Aug-2026 the market cap of Usha Martin stood at ₹15,138.1 Cr
The latest P/E ratio of Usha Martin as of 13-Aug-2026 is 37.40.
The latest P/B ratio of Usha Martin as of 13-Aug-2026 is 8.03.
The 52-week high of Usha Martin is ₹527.0 and the 52-week low is ₹341.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Usha Martin is ₹2,414 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Usha Martin Ltd is a good quality company.
The key valuation ratios of Usha Martin Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Usha Martin Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Usha Martin Ltd
Usha Martin is one of the world’s leading manufacturers of wire ropes, specializing in the production of high-performance wire ropes, Low Relaxation Pre-stressed Concrete (LRPC) strands, wires, pre-stressing accessories, machinery, and optical fibre cables. Its state-of-the-art facilities are equipped with advanced machinery to produce world-class products and deliver value-added services for critical applications across various sectors, including infrastructure, ports, mining, oil & offshore, elevators, fishing, ropeways, telecommunications, automobiles, and other industrial sectors.
The company’s manufacturing excellence is driven by advanced facilities in India, Thailand, UAE and the UK, supported by a Global Development Centre in Italy. It operates service centres in India, the Netherlands, Scotland, Singapore, Dubai and Saudi Arabia, along with distribution centres in the Americas, Australia, Vietnam and Indonesia. These strategically located hubs provide localized support and ensure the smooth, timely delivery of solutions to clients across the globe.
Usha Martin’s commitment to quality is reflected in every stage of production, with rigorous testing protocols that adhere to the highest international standards. Operating in many countries, the company offers tailored, value-driven solutions backed by strong R&D and a global supply chain, ensuring it meet the evolving demands of the industries it serve while driving innovation and excellence worldwide.
Business area of the company
Usha Martin is engaged in the business of Wire and Wire ropes - manufacture and sale of steel wires, strands, wire ropes, cord, related accessories, wire drawing and allied machine, etc. The company is a public limited company incorporated and domiciled in India and is incorporated under the provisions of the Companies Act applicable in India.
Products & Solutions
- Wire Rope
- Wire
- LRPC Strand
- Prestressing
- Optical Fiber Cables
- Machinery
Awards/ Recognition/ Accolades
2020-21
- Usha Martin Limited won the 'EEPC India National Award' for export excellence.
- Brunton Wire Ropes FZCo, Dubai won the ‘Excellent Performance Award’ from DP World Port, Dubai
2021-22
- Asian Leadership Award - 2021 as winner of the ‘Best-In-Class Award for Excellence in Product Quality & Services in Steel Wire Rope Industry’ from World Federation of Marketing & World Quality Congress.
- BIZZ Award 2021 for ‘Business Excellency’ from the World Confederation of Businesses - WORLDCOB, USA.
- CSR Excellence Award - 2020 ‘Gold Category’ for outstanding performance in ‘Community Development Program’ from Apex India Foundation.
2022-23
- Awarded second prize for the best design and concept of a stall at the 9th International Mining, Equipment, Minerals & Metals Exhibition (IMME 2022) in Kolkata.
- Star Performer’ Award for export excellence at the Export Awards organised by Engineering Export Promotion Council EEPC INDIA in January 2023.
- Second position in technical paper presentation contest at the '38th International Value Engineering Conference,' organised by the Indian Value Engineering Society (INVEST) in Mumbai in January 2023.
2023-24
- Awarded the prestigious Ellies Award 2023 for Best Supplier Ropes / Travelling Cables, by Elevator World Inc., during the National Association of Elevator Contractors (NAEC) convention in the USA.
- Manufacturing facility at Hoshiarpur in Punjab was recognised by the BIS Northern Regional Office on their 77th Foundation Day for setting the highest standards in quality and performance.
- Quality Assurance team was awarded Certificate of Achievement by the Bureau of Indian Standards for developing various standards applicable to steel wire and wire ropes over the last six decades.
- Certificate of Appreciation received from Jharkhand’s Mini Tool Room, Department of Industries, Government of Jharkhand for empowering women in rural areas through skill development by CSR arm, Usha Martin Foundation.
2024-25
- National Recognition for Excellence in Technical Paper Presentation
- International Honour in Value Engineering
- Usha Martin Honoured for Contribution to India's TB-free Mission
Milestones
- 1960: Foundation of a wire rope plant in Ranchi (India) in collaboration with Martin Black (UK).
- 1965: Incorporation of ISMAL in collaboration with Cable Covers Ltd., UK
- 1980: Incorporation of Usha Siam in Bangkok
- 1986: Incorporation of Usha Beltron Ltd. in Collaboration with AEG Kabel, Germany
- 1996: Acquisition of European Management & Marine Corp in Scotland
- 1996: Setting up the Distribution Center in the USA
- 1999: Incorporation of UM Cables at Silvassa
- 2000: Acquisition of Brunton Shaw UK
- 2000: Setting up the Distribution Center in Singapore
- 2003: Incorporation of Brunton Wolf Wire Ropes in UAE
- 2005: Acquisition of the Hoshiarpur Factory
- 2006: New JV with Joh Pengg in Ranchi
- 2007: Acquisition of De Ruiter Staalkabel in the Netherlands.
- 2009: Incorporation of UM Vietnam
- 2009: Incorporation of UM Indonesia
- 2012: JV with Tesac Wire Ropes Co. Ltd of Japan
- 2014: Setting up a new facility for Oceanmax at BSUK, England
- 2020: Acquisition of minority stakes in Brunton Wire Ropes
- 2023: Setting up a step-down subsidiary in Saudi Arabia
- 2024: Acquisition of the remaining 50% stake in TESAC Usha to form Usha Siam Specialty Wire Rope
- 2024: Setting up the Usha Martin Learning Academy (UMLA) in Ranchi
- 2025: Usha Martin embarked on a significant chapter in its evolution with the unveiling of a refreshed brand identity.
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