Usha Martin Ltd

USHAMART

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Market Cap

₹ 14,056 Cr

P/E

33.30

Turned 1 L into 15.17 L in last 5 Years

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Usha Martin Limited is a leading global manufacturer of specialty steel wire ropes and related products. Their recent financial performance showcases a 1.8% year-on-year revenue increase to Rs. 907.6 crore for Q2 FY26. The company maintained a net debt-free position with robust operating cash flows despite Rs. 103 crore capex. Management highlights the success of their 'One Usha Martin' program in driving cost efficiency and agility. Usha Martin's global R&D initiatives continue to develop application-specific products increasing their high-value market share.

Sector

Steel

Industry

Steel - Wires

Market Cap

14,056 Cr

Volatility

Low Risk

P/E Ratio

33.3

Industry P/E

30.3

PEG Ratio

1.6

P/B Ratio

4.7

52W High

497.50

52W Low

278.80

Sales CAGR

7.72%

6.25%

9.29%

10Y

-6.07%

Profit CAGR

-4.20%

12.67%

—

10Y

—

ROE

TTM

13.63%

16.48%

15.79%

10Y

6.74%

ROCE

TTM

17.25%

19.84%

18.78%

1Y Price Target

612.00 ▲ 34.52%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
USHAMART	461.25	14,056 Cr	33.30	4.74	0.65	13.63	17.25	10.48
BANSALWIRE	316.70	4,962 Cr	32.57	3.68	0.00	11.32	13.01	6.69
RAJRATAN	468.50	2,373 Cr	40.49	3.96	0.43	9.72	11.02	5.29
BHARATWIRE	178.10	1,219 Cr	12.67	4.38	0.00	14.56	18.02	11.77
DPWIRES	194.90	302 Cr	13.60	1.22	0.00	5.44	8.16	5.04
KRITIKA	7.26	193 Cr	20.17	2.00	0.00	9.78	14.36	4.74
BOMBWIR	46.06	25 Cr	—	3.17	0.00	-14.03	-5.33	-13.62

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	814	785	797	829	826	891	861	896	887	908
Expenses	669	640	640	678	672	730	718	757	743	735
Operating Profit	146	144	157	152	154	161	143	140	145	173
OPM %	17.89	18.39	19.70	18.28	18.64	18.04	16.58	15.58	16.30	19.06
Other Income	6.57	25	7.59	14	9.07	11	9.18	28	20	28
Interest	5.52	6.40	6.20	6.66	6.67	7.67	8.67	6.54	6.25	5.09
Depreciation	18	18	19	23	22	23	26	28	29	28
Profit Before Tax	129	144	140	136	135	141	118	133	130	168
Tax %	21.95	24.19	22.98	22.02	22.91	22.70	21.56	24.20	22.23	23.96
Net Profit	101	110	108	106	104	109	92	101	101	128
EPS in Rs	3.31	3.59	3.53	3.49	3.42	3.59	3.04	3.32	3.31	3.61

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4,255	2,100	2,488	2,154	2,097	2,688	3,268	3,225	3,474	3,535
Expenses	3,493	1,848	2,173	1,922	1,814	2,304	2,754	2,627	2,877	2,947
Operating Profit	763	252	315	232	284	384	513	599	597	588
OPM %	17.92	12.01	12.66	10.75	13.52	14.27	15.71	18.56	17.19	16.62
Other Income	120	77	21	53	29	75	40	53	57	68
Interest	564	92	114	74	57	42	30	25	30	29
Depreciation	300	60	61	64	68	70	67	77	98	105
Profit Before Tax	-355	142	162	147	188	346	455	550	527	522
Tax %	-1.30	3.59	-140.66	142.52	19.40	15.84	23.01	22.82	22.88	22.71
Net Profit	-360	137	389	-63	151	291	351	424	406	403
EPS in Rs	-11.78	-8.90	1.57	13.75	4.92	9.56	11.50	13.92	13.37	13.28
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	20.92	21.72	19.76	22.44	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	31	31	31	31	31	31	31	31	31	31
Reserves	1,335	914	697	751	1,197	1,373	1,663	2,000	2,349	2,721
Borrowings	3,641	3,798	3,723	3,160	580	530	411	417	364	417
Other Liabilities	2,781	2,996	3,005	3,070	757	672	638	640	587	579
Total Liabilities	7,787	7,738	7,454	7,011	2,564	2,605	2,743	3,087	3,330	3,748
Fixed Assets	5,314	5,024	4,855	927	948	925	909	949	1,153	1,406
CWIP	147	121	113	13	33	45	38	139	166	118
Investments	0.05	44	46	50	51	56	60	69	56	68
Other Assets	2,326	2,549	2,440	6,021	1,532	1,580	1,735	1,929	1,955	2,156
Total Assets	7,787	7,738	7,454	7,011	2,564	2,605	2,743	3,087	3,330	3,748

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	847	686	914	974	212	214	159	252	444	422
Cash from Investing Activity	-374	-29	-35	-3.11	2,942	-34	57	-155	-285	-219
Cash from Financing Activity	-484	-663	-872	-973	-3,105	-177	-161	-101	-159	-91
Net Cash Flow	-11	-5.32	6.84	-2.11	50	2.14	55	-4.22	-0.38	111

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	48.30%	48.26%	47.88%	47.51%	47.41%	46.05%	45.11%	43.54%	43.48%	43.92%	42.47%	41.79%
FIIs	8.83%	9.49%	9.29%	12.04%	12.94%	14.79%	14.19%	14.61%	14.29%	14.26%	14.30%	14.15%
DIIs	0.84%	2.15%	3.49%	3.92%	3.52%	3.78%	5.08%	7.45%	8.15%	9.26%	11.07%	12.30%
Public	42.04%	40.10%	39.34%	36.53%	36.13%	35.38%	35.62%	34.40%	34.08%	32.55%	32.16%	31.76%
Total Shareholders	66,047	66,393	71,454	76,482	81,195	85,447	1,00,100	1,11,193	1,50,403	1,18,564	1,14,349	1,04,821

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 15, 2025	Peterhouse investments india ...	Insider - Promoter Group	Disposal	430.00	98.90 Cr	23,00,000	0.75
Dec 12, 2025	Peterhouse investments india ...	Bulk	Sell	430.00	98.90 Cr	23,00,000	0.75
Dec 12, 2025	Peterhouse investments india ...	Insider - Promoter Group	Disposal	429.12	9.44 Cr	2,20,000	0.07
Dec 12, 2025	3p india equity fund 1	Block	Buy	430.00	47.30 Cr	11,00,000	0.36
Dec 12, 2025	Bandhan mutual fund	Block	Buy	430.00	25.80 Cr	6,00,000	0.19
Dec 12, 2025	Morgan stanley asia singapore...	Block	Buy	430.00	25.80 Cr	6,00,000	0.19
Dec 12, 2025	Peterhouse investments india ...	Block	Sell	430.00	98.90 Cr	23,00,000	0.75
Dec 11, 2025	Usha martin limited employee ...	Insider - Designated Person	Acquisition	428.25	1.23 Cr	28,700	0.00
Dec 11, 2025	Peterhouse investments ltd.	Insider - Promoter Group	Disposal	422.65	12.68 Cr	3,00,000	0.0984
Dec 10, 2025	Rajeev jhawar	Insider - Promoter	Acquisition	428.83	0.26 Cr	6,000	0.00

Projection

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

8 hours ago

Peterhouse Investments Ltd Discloses Share Sale

Peterhouse Investments Ltd reported a share sale of 200,000 equity shares of Usha Martin Limited under SEBI Regulation 29(2).

Regulatory Filing

1 day ago

Disclosure of Share Disposal by Peterhouse Investments

Peterhouse Investments India Ltd has disclosed details of the sale of equity shares of Usha Martin Limited under SEBI Regulation 29(2), reporting a reduction in their shareholding.

Regulatory Filing

4 days ago

Disclosure under SEBI Regulations by Peterhouse Investments

Peterhouse Investments Pvt Ltd disclosed a sale of 220,000 equity shares of Usha Martin Limited as per SEBI regulations.

Regulatory Filing

5 days ago

Disclosure of Share Acquisition by Peterhouse Investments Ltd

Peterhouse Investments Ltd has filed a disclosure regarding its acquisition and sale of shares in Usha Martin Limited under SEBI regulations.

Insider Trading Disclosure

6 days ago

Rajeev Jhawar's Share Acquisition Disclosure

Rajeev Jhawar has disclosed the acquisition of 6,000 equity shares of Usha Martin Ltd under SEBI (SAST) Regulations 2011.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

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Usha Martin Ltd

Usha Martin Ltd

USHAMART

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Investment Checklist

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Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

52W High

52W Low

Technicals

Oscillators

Neutral

Overall

Bullish

Moving Averages

Bullish

Overall

Bullish

Forecasts

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612.00 ▲ 34.52%

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

Projection

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Actions

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Documents

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Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

52W High

52W Low

Financial Statements

AI Powered Summary

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Investment Checklist

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Price Chart Comparison

Announcements