Usha Martin Limited (USHAMART)

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Usha Martin Limited (USHAMART) · mywealthgrid

About

Usha Martin Limited manufactures Iron & Steel Products for the Industrials sector at a mid-cap scale of ₹14,867 Cr market capitalization. The company operates across standalone and consolidated bases, indicating group structure spanning multiple entities with combined quarterly revenue of ₹907–₹1,033 Cr.

Founded: 1974
Face value: ₹1

Market cap

₹14,982 Cr

P/E

29.5×

P/B

4.5×

Dividend yield

0.8%

ROE

15.4%

ROCE

20%

Debt / equity

0.04

OPM

19.1%

EPS (TTM)

₹16.6

Book value

₹108.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin compression trend: Operating margins declined from 25.93% (Mar 2026 standalone) to 21.61% (Jun 2026 standalone) within a quarter—verify whether this reflects temporary cost pressures or structural headwinds
Valuation stretched: PE of 29.32 significantly exceeds ROE of 15.39%, leaving limited cushion if growth expectations disappoint after the 39% 1-year return
Revenue volatility: quarterly revenues range ₹550–₹1,033 Cr depending on basis—verify order book visibility and demand consistency to assess sustainability
Group performance opacity: consolidated revenue is 1.6–1.8× standalone; verify financial health and contribution of subsidiary operations

Generated analysis · source review pending

Growth drivers

Sustained margin structure (19–26% OPM across quarters) provides operational leverage if quarterly revenues expand from current ₹550–₹650 Cr standalone base
Strong ROE of 15.39% with minimal debt (D/E 0.04) suggests efficient capital deployment; verify whether reinvestment or M&A could accelerate volume growth
Dividend history across FY2023–FY2026 signals consistent cash generation; verify cash reserves and whether retained earnings can fund capex or capacity expansion
Iron & steel demand tailwinds in Indian industrialisation—verify sector volume trends, order book, and capacity utilisation to assess growth headroom

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹491.7-1.4%1Y

Quick read

rule-based

Pros

+High return on capital employed of 20.3%
+Profit CAGR of 25.5% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 33.5×

Cons

−Promoter holding fell 2.2 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

58/100

Business quality: 67
Growth: 55
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,768	2,470	2,154	2,097	2,688	3,268	3,225	3,474	3,691
COGS	2,347	1,512	1,225	1,171	1,487	1,806	1,633	1,750	1,868
Gross profit	2,421	957	929	927	1,201	1,461	1,592	1,724	1,824
	1,877	658	697	643	809	936	981	1,109	1,100
	544	299	232	284	392	525	611	615	724
OPM %	11.4%	12.1%	10.8%	13.5%	14.6%	16.1%	18.9%	17.7%	19.6%
Depreciation	305	61	64	68	70	67	77	98	116
Interest	587	114	74	57	42	30	25	30	20
	85	-303	537	29	66	28	40	39	27
Profit before tax	-263	-178	631	188	346	455	550	527	615
Tax	5	-227	210	36	55	105	125	121	148
Tax %	1.9%	-127.7%	33.3%	19.4%	15.8%	23%	22.8%	22.9%	24.1%
	-268	49	421	152	291	351	424	406	466
PAT margin %	-5.6%	2%	19.6%	7.2%	10.8%	10.7%	13.2%	11.7%	12.6%
EPS (₹)	-8.9	1.6	13.8	4.9	9.6	11.5	13.9	13.4	15.3
EPS adjusted (₹)	—	—	13.7	4.9	9.5	11.5	13.9	13.4	15.3
	—	0%	0%	0%	20.9%	21.7%	19.8%	22.4%	24.5%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	31	31	31	31	31	31	31
Reserves	—	1,373	1,663	2,000	2,349	2,721	3,271
Minority interest	—	4	4	4	4	—	0
	—	487	366	355	298	338	146
	—	712	679	697	648	659	764
Total equity & liabilities	—	2,605	2,743	3,087	3,330	3,748	4,212
	893	925	909	949	1,086	1,328	1,543
CWIP	—	45	38	139	166	117	89
Investments	—	56	60	69	56	68	79
	—	1,580	1,736	1,930	2,022	2,235	2,501
Total assets	—	2,605	2,743	3,087	3,330	3,748	4,212

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Wire & Wire Ropes	3,613.07	650.43	3,664.49	532.46	3,132.03	20.77
Others	77.99	-1.6

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.8%	43.1%	44.2%	44.7%	44.7%	49.4%	49.6%	49.4%
EBITDA margin %	12%	10.8%	13.3%	14.3%	15.7%	18.6%	17.2%	19.1%
EBIT margin %	9.5%	7.8%	10.1%	11.7%	13.6%	16.2%	14.4%	15.9%
PAT margin %	2%	19.6%	7.2%	10.8%	10.7%	13.2%	11.7%	12.6%
Working capital
Receivable days	—	—	57	56	56	61	55	64
Inventory days	—	—	209	196	180	199	205	187
Payable days	—	—	113	72	60	55	56	61
NWC days	—	—	153	180	175	204	205	190
Leverage
Current ratio	—	—	1.7	2.24	2.47	2.89	2.84	3.28
Debt to EBITDA	—	—	1.74	0.96	0.69	0.5	0.57	0.21
Debt to equity	—	—	0.35	0.22	0.17	0.13	0.12	0.04
Interest coverage	2.4	3	4.3	8.2	15.7	22.7	18.2	33.5
Asset turnover	—	—	0.81	0.98	1.06	0.97	0.93	0.88
Return ratios
Return on assets %	—	—	5.8%	10.6%	11.4%	12.7%	10.8%	11.1%
Return on capital employed %	—	—	13.6%	18.2%	21.5%	22.1%	18.7%	20%
Return on equity %	—	—	10.8%	17.2%	17.3%	17.8%	14.8%	14.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47.51%	47.41%	46.05%	45.11%	43.54%	43.48%	43.89%	42.45%	41.76%	40.52%	40.52%	40.28%
	12.04%	12.94%	14.79%	14.19%	14.61%	14.29%	14.25%	14.29%	14.15%	14.62%	14.76%	15.1%
	3.92%	3.52%	3.78%	5.08%	7.45%	8.15%	9.26%	11.06%	12.29%	14.12%	14.81%	15.26%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	36.53%	36.13%	35.38%	35.62%	34.4%	34.08%	32.53%	32.14%	31.74%	30.63%	29.8%	29.24%
No. of shareholders	—	—	—	—	—	—	—	—	1,04,821	1,04,397	1,01,177	1,04,425

Promoter holding down 7.23 percentage points since Sep 2023.

29 disclosures

Person	Deal	Shares	Value	Holding	Filed
NIDHI RAJGARHIAPromoter Group	SellMarket Sale	10,000	₹46.92 L	0.08% → 0.08%	4 Oct 20257(2)
Suraj Ratan LakhotiaImmediate relative	SellMarket Sale	10,500	₹47.19 L

12 deals · 12 Jun 2023 – 12 Dec 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
12 Dec 2025	PETERHOUSE INVESTMENTS INDIA LIMITED	Block	NSE	Sell	23,00,000	₹430.00	₹98.90 Cr
12 Dec 2025	PETERHOUSE INVESTMENTS INDIA LIMITED	Bulk	NSE	Sell	23,00,000	₹430.00	₹98.90 Cr
12 Dec 2025	3P INDIA EQUITY FUND 1	Block	NSE	Buy	11,00,000	₹430.00	₹47.30 Cr
12 Dec 2025	MORGAN STANLEY ASIA SINGAPORE PTE	Block	NSE	Buy	6,00,000	₹430.00	₹25.80 Cr
12 Dec 2025	BANDHAN MUTUAL FUND	Block	NSE	Buy	6,00,000	₹430.00	₹25.80 Cr
11 Oct 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	23,22,883	₹405.82	₹94.27 Cr
11 Oct 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	23,22,883	₹405.93	₹94.29 Cr
15 Sept 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Sell	21,35,751	₹345.33	₹73.75 Cr
15 Sept 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Buy	31,721	₹341.23	₹1.08 Cr
24 Jul 2023	SIXTEENTH STREET ASIAN GEMS FUND	Bulk	NSE	Buy	16,50,000	₹329.07	₹54.30 Cr

1–10 of 12

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Vijay Singh BapnaNon-Executive - Independent Director-Chairperson
Mr. Rajeev JhawarExecutive Director-MD
Mr. Venkatachalam Ramakrishna IyerNon-Executive - Independent Director
Mr. Sethurathnam RaviNon-Executive - Independent Director
Mrs. Ramni NirulaNon-Executive - Independent Director
Mr. Sharng Bhrit Prasanna Bhanu Pratap Narayan SharmaExecutive Director
Mr. Chirantan ChatterjeeExecutive Director
Mrs. Shreya JhawarNon-Executive - Non Independent Director
Mr. Dimitri Bracco GartnerNon-Executive - Non Independent Director
Mr. Sabyasachi MajumderNon-Executive - Non Independent Director
Mr. Abhijit PaulChief Financial Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 11 fund houses

Held by these funds

6.02%

of the company's equity

All mutual funds

12.14%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

32 schemes · 11 fund houses

		Shares
SMALL CAP FUND	Tata Mutual Fund	1.16 Cr	579.28	4.42%	3.81%	-0
Commodities Fund	ICICI Prudential Mutual Fund	31.38 L	156.57	3.66%	1.03%	-0
MULTICAP FUND	Tata Mutual Fund	9.2 L	45.9	1.28%	0.302%	-0
Retirement Fund - Pure Equity Plan	ICICI Prudential Mutual Fund	8.07 L	40.28	1.87%	0.265%	-0
Multi Cap FundNEW	ICICI Prudential Mutual Fund	7.19 L	35.86	0.18%	0.236%	—
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	2.9 L	14.49	0.41%	0.095%	+3,550
Small Cap Fund	Bajaj Finserv Mutual Fund	2.3 L	11.47	0.43%	0.075%	+65,133
(LIVE SCHEMES)	ITI Mutual Fund	1.64 L	8.19	1.77%	0.054%	-0

1–8 of 32

1 / 4

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jul 2026Transcript AI Summary PPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

11

Final dividend13 Aug 2026 · ex-date₹3.75
Final dividend31 Jul 2025 · ex-date₹3
Final dividend6 Aug 2024 · ex-date₹2.75
Final dividend3 Aug 2023 · ex-date₹2.5
Final dividend20 Jul 2022 · ex-date₹2
Dividend dividend18 Jul 2013 · ex-date₹0.15
Dividend dividend19 Jul 2011 · ex-date₹1
Dividend dividend16 Jul 2010 · ex-date₹1
Dividend dividend16 Jul 2009 · ex-date₹1
Dividend dividend14 Jul 2008 · ex-date₹1
Dividend dividend12 Jul 2007 · ex-date₹3.75

1

Board meeting to consider results27 Jul 2026

1

Earnings call28 Jul 2026call

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

30 announcementsExport CSV

28 Sept 2026, 4:04 pmInsider Trading / SAST

Closure of Trading Window

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.8%	43.1%	44.2%	44.7%	44.7%	49.4%	49.6%	49.4%
EBITDA margin %	12%	10.8%	13.3%	14.3%	15.7%	18.6%	17.2%	19.1%
EBIT margin %	9.5%	7.8%	10.1%	11.7%	13.6%	16.2%	14.4%	15.9%
PAT margin %	2%	19.6%	7.2%	10.8%	10.7%	13.2%	11.7%	12.6%
Working capital
Receivable days	—	—	57	56	56	61	55	64
Inventory days	—	—	209	196	180	199	205	187
Payable days	—	—	113	72	60	55	56	61
NWC days	—	—	153	180	175	204	205	190
Leverage
Current ratio	—	—	1.7	2.24	2.47	2.89	2.84	3.28
Debt to EBITDA	—	—	1.74	0.96	0.69	0.5	0.57	0.21
Debt to equity	—	—	0.35	0.22	0.17	0.13	0.12	0.04
Interest coverage	2.4	3	4.3	8.2	15.7	22.7	18.2	33.5
Asset turnover	—	—	0.81	0.98	1.06	0.97	0.93	0.88
Return ratios
Return on assets %	—	—	5.8%	10.6%	11.4%	12.7%	10.8%	11.1%
Return on capital employed %	—	—	13.6%	18.2%	21.5%	22.1%	18.7%	20%
Return on equity %	—	—	10.8%	17.2%	17.3%	17.8%	14.8%	14.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

Date	Category	Subject	Filing
28 Sept 2026, 4:04 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
19 Sept 2026, 3:34 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
16 Sept 2026, 8:10 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
16 Sept 2026, 4:50 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
11 Sept 2026, 12:24 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
3 Sept 2026, 5:14 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
21 Aug 2026, 11:29 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - ESG Rating & Core ESG Rating	PDF
20 Aug 2026, 11:39 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	214	159	252	444	422	655
	-34	56	-158	-287	-223	-367
	-177	-161	-101	-159	-91	-321
Net cash flow	2	54	-7	-3	107	-33
Free cash flow	177	108	69	166	177	457
CFO / Operating profit %	76.5%	41.3%	49%	74.2%	70.6%	93%

Usha Martin Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends11

Board meetings1

Other corporate actions1

Announcements

Dividends11

Board meetings1

Other corporate actions1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Discontinued operation · revenue

11

1

1

11

1

1