Usha Martin Ltd.
NSE: USHAMART · Iron & Steel Products · sector
₹465.15NSE close 2026-10-26
Key numbers
Market cap₹14,192 cr
Price₹465.15
52w high / low₹543 / ₹380
P/E27.9xSector median 15.5x
P/B4.3xSector median 1.7x
Book value₹108.2
Dividend yield0.64%Sector median 0.60%
ROE16.8%Sector median 11.1%
ROCE20.1%Sector median 11.9%
OPM19.6%Sector median 6.7%
Debt / equity0.04xSector median 0.21x
EV/EBITDA18.4xSector median 11.8x
Interest cover40.1x
Current ratio3.28x
Sales growth 3y+4.1%Sector median +2.1%
Profit growth 3y+10.0%Sector median +13.0%
PEG2.80x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 118 companies in Iron & Steel Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹478 cr vs borrowings ₹146 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 40.1x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding fell by 1.67 percentage points in a year, to 40.09% (2026-09-30).
- Operating cash flow was below net profit in 2 of the last 5 years (FY23, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 12% of net profit in the last 12 months.
- Dividend paid in 4 of the last 5 financial years.
- Price ₹465.15 on 2026-10-26: -14.3% from the 52-week high, +22.4% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹523.20 · low ₹293.60
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 891 | 861 | 896 | 887 | 908 | 917 | 979 | 1,033 |
| EBITDA | 161 | 143 | 140 | 145 | 173 | 163 | 208 | 208 |
| OPM % | 18.0% | 16.6% | 15.6% | 16.3% | 19.1% | 17.7% | 21.2% | 20.1% |
| Other income | 7 | 4 | 24 | 15 | 23 | 4 | 27 | 9 |
| Net profit | 110 | 93 | 101 | 101 | 110 | 108 | 148 | 142 |
| EPS (₹) | 3.59 | 3.04 | 3.32 | 3.31 | 3.61 | 3.53 | 4.85 | 4.66 |
| Revenue YoY | +1.8% | +6.6% | +9.3% | +16.4% | ||||
| Profit YoY | -0.0% | +16.2% | +46.4% | +40.7% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 2,688 | 3,268 | 3,225 | 3,474 | 3,691 | 3,837 |
| EBITDA | 415 | 513 | 599 | 597 | 688 | 752 |
| Net profit | 291 | 350 | 424 | 407 | 466 | 507 |
| EPS (₹) | 9.56 | 11.51 | 13.92 | 13.37 | 15.30 | 16.65 |
| Revenue growth | +21.6% | -1.3% | +7.7% | +6.2% | +8.5% | |
| Profit growth | +20.2% | +21.1% | -3.9% | +14.4% | +25.4% | |
| Dividend / share (₹) | – | 2.00 | 2.50 | 2.75 | 3.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +4.1% | +12.0% | +8.5% |
| Net profit | +10.0% | +25.5% | +25.4% |
| EPS | +10.0% | +25.5% | – |
| Share price | – | +6.6% (2y) | +3.6% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 2,031 | 2,380 | 2,752 | 3,302 |
| Borrowings | – | 355 | 298 | 338 | 146 |
| Cash & equivalents | – | 162 | 168 | 275 | 478 |
| Total assets | – | 3,087 | 3,330 | 3,748 | 4,212 |
| Fixed assets | – | 891 | 1,024 | 1,265 | 1,480 |
| Capital work in progress | – | 139 | 166 | 117 | 89 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 500 | 539 | 528 | 643 |
| Inventory | – | 890 | 890 | 985 | 958 |
| Payables | – | 299 | 248 | 266 | 311 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 159 | 252 | 444 | 422 | 655 |
| Cash from investing | 56 | -158 | -287 | -223 | -367 |
| Cash from financing | -161 | -101 | -159 | -91 | -321 |
| Capex | 51 | 182 | 278 | 245 | 198 |
| Free cash flow | 107 | 69 | 166 | 177 | 457 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 17.2% | 17.8% | 14.8% | 14.1% |
| ROCE % | – | 19.9% | 21.0% | 17.4% | 18.6% |
| Debtor days | – | 56 | 61 | 55 | 64 |
| Inventory days | – | 180 | 199 | 205 | 187 |
| Payable days | – | 60 | 55 | 56 | 61 |
| Cash conversion cycle (days) | – | 176 | 205 | 204 | 190 |
| Working capital days | – | 116 | 132 | 135 | 157 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 40.09% |
| FIIs | 15.34% |
| DIIs | 17.34% |
| of which Mutual funds | 14.20% |
| of which Insurance | 0.15% |
| Public (non-institutions) | 27.12% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 43.48% | 43.89% | 42.45% | 41.76% | 40.52% | 40.52% | 40.28% | 40.09% |
| Promoter group | % |
|---|---|
| Umil Share and Stock Broking Services Ltd | 13.48% |
| Kenwyn Overseas Limited | 8.06% |
| Usha Martin Ventures Limited | 6.21% |
| Neutral Publishing House Limited | 4.78% |
| Brij Investments PVT Ltd | 2.07% |
| Rajeev Jhawar | 1.39% |
| Peterhouse Investments Limited | 0.99% |
| Peterhouse Investments India Limited | 0.57% |
| Susmita Jhawar | 0.57% |
| Rajeev Jhawar - Trustee of Brij Family Trust | 0.49% |
| Stuti Jhawar | 0.44% |
| Amisha Jhawar | 0.40% |
| Shreya Jhawar | 0.34% |
| Prajeev Investments Limited | 0.21% |
| Nidhi Rajgarhia | 0.07% |
| Public holders above 1% | % |
|---|---|
| India Opportunities Growth Fund Ltd - Pinewood Strategy | 4.74% |
| Tata Mutual Funds | 4.17% |
| Quant Mutual Fund - Quant Small CAP Fund | 3.57% |
| HDFC Mutual Funds | 1.91% |
| Tata Indian Opportunities Fund | 1.68% |
| ICICI Prudential Mutual Funds | 1.58% |
| Bandhan Mutual Funds | 1.30% |
| 3P India Equity Fund 1 | 1.17% |
1,07,845 shareholders. Pledged: 0.00% of promoter shares.
Peers in Iron & Steel Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WELCORP | ₹61,798 cr | 26.7x | 6.8x | 27.8% | 19.2% | 13.9% | +19.8% | 0.21% |
| APLAPOLLO | ₹57,703 cr | 46.9x | 10.9x | 25.9% | 30.1% | 8.0% | +12.6% | 0.28% |
| SHYAMMETL | ₹31,351 cr | 28.0x | 2.7x | 7.8% | 14.2% | 12.9% | +13.7% | 0.36% |
| RATNAMANI | ₹16,345 cr | 37.8x | 4.0x | 11.2% | 15.7% | 16.7% | +0.1% | 0.60% |
| JINDALSAW | ₹14,824 cr | 26.9x | 1.2x | 4.4% | 7.2% | 9.5% | +0.1% | 0.86% |
| USHAMART | ₹14,192 cr | 27.9x | 4.3x | 16.8% | 20.1% | 19.6% | +4.1% | 0.64% |
| GALLANTT | ₹12,989 cr | 31.9x | 3.7x | 12.4% | 14.2% | 13.8% | +3.1% | 0.08% |
| GPIL | ₹11,769 cr | 14.6x | 2.0x | 15.1% | 18.7% | 21.4% | -2.2% | 0.54% |
| JAYNECOIND | ₹8,607 cr | 12.5x | 2.6x | 23.4% | 25.6% | 18.9% | +4.0% | – |
| MAHSEAMLES | ₹7,148 cr | 9.7x | 1.0x | 11.2% | 14.2% | 15.0% | -6.5% | 1.87% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Wire & Wire Ropes | ₹3,613 cr | 97.9% | ₹650 cr | 18.0% |
| Others | ₹78 cr | 2.1% | ₹-2 cr | -2.1% |
| Exceptional items | ₹0 cr | – | ₹-17 cr | – |
| Share of profit of joint ventures | ₹0 cr | – | ₹18 cr | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-08-13 | Dividend | Dividend - Rs 3.75 Per Share |
| 2025-07-31 | Dividend | Dividend - Rs 3 Per Share |
| 2024-08-06 | Dividend | Dividend - Rs 2.75 Per Share |
| 2024-08-06 | Other | Annual General Meeting |
| 2023-08-03 | Other | Annual General Meeting |
| 2023-08-03 | Dividend | Dividend - Rs 2.50 Per Sh |
| 2022-07-20 | Dividend | Annual General Meeting/Dividend - Rs 2 Per Share |
| 2021-08-03 | Other | Annual General Meeting |
| 2020-09-15 | Other | Annual General Meeting |
| 2019-09-12 | Other | Annual General Meeting |
| 2018-09-07 | Other | Annual General Meeting |
| 2017-09-12 | Other | Annual General Meeting |
| 2016-07-29 | Other | Annual General Meeting |
| 2015-07-21 | Other | Annual General Meeting |
| 2014-06-17 | Other | Annual General Meeting |
| 2013-07-18 | Dividend | Annual General Meeting/Dividend Re 0.15/- Per Share |
| 2012-07-19 | Other | Annual General Meeting |
| 2011-07-19 | Dividend | Annual General Meeting / Dividend-Re.1/- Per Share |
| 2010-07-16 | Dividend | Annual General Meeting And Dividend Re.1/- Per Share |
| 2009-07-16 | Other | Agm/Div-Re.1/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Metal & Metal Products (Manufacturing of Wire Rope, Wire, Strands including Locked Coil)
| Sector | Industrials |
| Industry | Iron & Steel Products |
| Sub-industry | Iron & Steel Products |
| Symbol | USHAMART |
| BSE code | 517146 |
| ISIN | INE228A01035 |
| Face value | ₹1.0 |
| Incorporated | 1986-05-22 |
| Website | http://www.ushamartin.com |
| Plants (India / abroad) | 3 / 4 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.