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Prices as of 8 Oct 2026 close · Not investment advice

Usha Martin Limited

NSE: USHAMARTIron & Steel Products

Share price

₹503.95

-3.13% close of 8 Oct 2026

Market cap ₹15,622 CrP/E 28.6

Business score

How strong the business is, in one number. The parts behind it are in Pro.

64

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹15,622 Cr

P/E ratio

28.6

P/B ratio

4.7

ROCE

19.5%

ROE

15.1%

Dividend yield

0.7%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹535.0552-week low ₹387.35

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 8.5% over the past year, and 1.8% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 14.5% to 20.0% over the last four years.

Whether it grew faster than its sector

It grew 1.8% a year against a sector median of 10.6% — 8.9 percentage points slower.

Room to re-rate, or risk of de-rating

At 28.6× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 30.3×, across 5 companies. It is against its own five-year median of 24.8×, the 75th percentile of its own range.

Whether growth justifies the valuation

Priced at 3.2 times its growth rate, on earnings growth of 9%.

Profit growthPrice per ₹1 profitPer 1% growth
Usha Martin Limited — this one9%/yr28.6×₹3.2
Welspun Corp Limited119%/yr30.3×—
APL Apollo Tubes Limited23%/yr46.5×₹2.0
Shyam Metalics and Energy Limited9%/yr26.4×₹2.9
Ratnamani Metals & Tubes Limited-1%/yr39.9×—
Jindal Saw Limited14%/yr26.5×₹1.9

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Iron & Steel Products), it ranks 16 of 70 on returns, 57 of 68 on growth, 10 of 70 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

A narrow advantage: it earns 19.5% on capital, ahead of 77% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

Yes — Over the last five years it made ₹1932 crore of cash from the business, spent ₹829 crore on plant and equipment, and returned ₹833 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 519 arrived as cash — well above the profit; depreciation and interest are the reason, not a windfall. Its cash comes back more slowly than it used to: it went from being waiting 98 days for its cash to waiting 109 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

8 of 9 checks clear · 89%

Latest result

What the last results showed. Whether management kept its word is in Pro.

Results are expected soon.

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹15,622 Cr
Prev close
₹503.95
52w High
₹543
52w Low
₹380
Enterprise value
₹15,373 Cr
Beta
1.1
Price CAGR 1y
17.0%
Price CAGR 3y
17.0%
Price CAGR 5y
42.0%
Price CAGR 10y
43.0%

Ratios

Return on assets
11.1%
PEG ratio
3.1
P/E ratio
28.6
P/B ratio
4.7
EV / EBITDA
20.0
Industry P/E
24.9
ROCE
19.5%
ROCE 5y average
19.8%
ROE
15.1%
Debt / Equity
0.1
Interest coverage
31.8
Dividend yield
0.7%
ROE 3y average
16.0%
ROE last year
15.0%

Annual P&L

Annual revenue
₹3,691 Cr
Annual profit
₹466 Cr
Operating margin
19.0%
Net profit margin
12.6%
EBITDA margin
19.1%
Sales growth 3y
4.1%
Sales growth 5y
12.0%
Profit growth 3y
9.0%
Profit growth 5y
25.0%
EPS
₹15.3
Sales growth TTM
9.0%
Profit growth TTM
35.0%
Dividend payout
25.0%

Quarter P&L

Sales latest quarter
₹1,033 Cr
Profit latest quarter
₹142 Cr
YoY quarterly sales growth
16.4%
YoY quarterly profit growth
40.6%
OPM latest quarter
20.1%

Balance Sheet

Book Value
₹107
Face Value
₹1.0
Total debt
₹229 Cr
Total cash
₹478 Cr
Borrowings
₹229 Cr
Reserves / Equity
105.5

Cash Flow

Operating cash flow
₹655 Cr
Free cash flow
₹489 Cr
FCF yield
3.0%
Net cash flow
-₹19 Cr

Shareholding

Promoter holding
40.3%
FII holding
15.1%
DII holding
15.3%
Public holding
29.2%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Welspun Corp2,649.5030.369,8910.181,047.9198.64,081.114.922.9
APL Apollo Tubes2,063.7546.657,3020.40263.110.95,606.78.431.8
Shyam Metalics1,067.0026.529,7830.42350.718.15,455.123.413.0
Ratnamani Metals2,485.5039.617,4210.40107.0-37.7971.6-15.617.9
Jindal Saw271.5026.617,3630.7190.8-75.44,452.39.010.4
Usha Martin503.9528.215,3580.73142.040.71,033.016.419.5
Godawari Power205.5016.913,8350.47222.42.71,750.532.320.5
Median167.2022.69620.0014.328.3213.216.613.0

Competes with: A-One Steels India Limited, APL Apollo Tubes Limited, Aeroflex Enterprises Limited, Aeroflex Industries Limited, Azad India Mobility Limited, Bansal Wire Industries Limited, Bedmutha Industries Limited, Beekay Steel Industries Limited, Behari Lal Engineering Limited, Bharat Wire Ropes Limited, D P Wires Limited, Dhatre Udyog Limited, Electrosteel Castings Limited, Electrotherm (India) Limited, Gallantt Ispat Limited, Gandhi Special Tubes Limited, Geekay Wires Limited, Godawari Power And Ispat limited, Goodluck India Limited, Grand Foundry Limited, Hariom Pipe Industries Limited, Hi-Tech Pipes Limited, Hisar Metal Industries Limited, INCREDIBLE INDUSTRIES LIMITED, JTL INDUSTRIES LIMITED, Jayaswal Neco Industries Limited, Jindal Saw Limited, Jindal Supreme (India) Limited, Kalyani Steels Limited, Kamdhenu Limited, Kirloskar Industries Limited, Kritika Wires Limited, MSP Steel & Power Limited, Mahamaya Steel Industries Limited, Maharashtra Seamless Limited, Man Industries (India) Limited, Manaksia Coated Metals & Industries Limited, Manaksia Limited, Metalic Technoforge Limited, Mukand Limited, Panchmahal Steel Limited, Prakash Steelage Limited, Rajputana Stainless Limited, Rama Steel Tubes Limited, Ratnamani Metals & Tubes Limited, Ratnaveer Precision Engineering Limited, Rhetan TMT Limited, Rudra Global Infra Products Limited, STEEL EXCHANGE INDIA LIMITED, Sambhv Steel Tubes Limited, Sarthak Metals Limited, Scoda Tubes Limited, Shah Alloys Limited, Shah Metacorp Limited, Shivalik Bimetal Controls Limited, Shri Bajrang Alliance Limited, Shyam Metalics and Energy Limited, Sunflag Iron And Steel Company Limited, Suraj Limited, Surya Roshni Limited, Technocraft Industries (India) Limited, Tembo Global Industries Limited, VMS TMT Limited, Vardhman Special Steels Limited, Venus Pipes & Tubes Limited, Vibhor Steel Tubes Limited, Welspun Corp Limited, Welspun Specialty Solutions Limited, Zenith Steel Pipes & Industries Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales8147857978298268918618968879089179791,033
Expenses669640640678672730718757743735741768825
Material Cost473447421439443525
Change in Inventories2.6814402431-6.97
Purchases of Stock-in-Trade7.751.913.271.391.621.66
Employee Cost116113111114122122
Other Expenses157166159162170183
Operating Profit146144157152154161143140145173176212208
OPM %18182018191817161619192220
Other Income7258149119282010-52114
Exceptional items (within Other Income)000-13-3.520
Interest6667789765544
Depreciation18181923222326282928293134
Profit before tax129144140136135141118133130150138197184
Tax %22242322232322242227222523
Net Profit10111010810610410992101101110108148142
EPS in Rs3.313.593.533.493.423.603.043.313.313.603.534.854.66
Diluted EPS in Rs3.323.313.613.534.844.66

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,5614,1123,8822,0662,4882,1542,0972,6883,2683,2253,4743,6913,837
Expenses3,8453,7713,4932,2532,5121,9221,8142,3042,7542,6272,8772,9863,068
Material Cost1,7921,749
Change in Inventories-73110
Purchases of Stock-in-Trade318.19
Employee Cost474460
Other Expenses653658
Operating Profit717341389-188-24232284384513599597705768
OPM %16810-9-11114141619171920
Other Income-6332120771753724754053574639
Exceptional items (within Other Income)0-17
Interest522547564921147457423025302017
Depreciation4183083006061646870677798116121
Profit before tax-287-481-355-264-181630183346455550527612669
Tax %-12-1112-12633201623232324
Net Profit-251-428-358-26849421152291351424406466508
EPS in Rs-8.31-14-12-8.901.57144.919.561114131517
Diluted EPS in Rs1315
Dividend Payout %00000002122202225

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
-1%
5 years
12%
3 years
4%
TTM
9%

Compounded profit growth

10 years
12%
5 years
25%
3 years
9%
TTM
35%

Stock price CAGR

10 years
43%
5 years
42%
3 years
17%
1 year
17%

Return on equity

10 years
11%
5 years
17%
3 years
16%
Last year
15%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital313131313131313131313131
Reserves1,7281,3239146977511,1971,3731,6632,0002,3492,7213,271
Borrowings3,9934,4724,3644,0733,565620530411417364417229
Other Liabilities2,5562,1112,4232,6462,645696649625627570563672
Minority Interest-0.170.15
Total Liabilities8,3077,9367,7317,4456,9922,5442,5822,7303,0753,3133,7314,202
Fixed Assets5,4775,3025,0314,8629359569329139521,1531,4061,625
CWIP1321471211131333453813916611889
Investments04637394244485666566879
Other Assets2,6982,4412,5422,4326,0011,5111,5571,7221,9171,9382,1402,410
Total Assets8,3077,9367,7317,4456,9922,5442,5822,7303,0753,3133,7484,212

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity729856686914974212214159252444422655
Cash from Investing Activity-563-385-29-35-32,942-3457-155-285-219-353
Cash from Financing Activity-266-491-663-872-973-3,105-177-161-101-159-91-321
Net Cash Flow-100-20-57-250255-4-0111-19
Free Cash Flow13247164087398120717816590168191489

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days3955641194851575656615564
Inventory Days378241261350156183209196180199205187
Days Payable397288362561781081137260565661
Cash Conversion Cycle207-37-92126126153180175204205190
Working Capital Days-79-96-138-288-10656789898114107109
ROCE %613-4-17131821221919

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters484746454443444242414140
FIIs121315141514141414151515
DIIs3.863.453.604.887.448.149.251112141515
Public373636363434333232313029
Others0000000.060.060.060.110.110.11
No. of Shareholders76,48281,19585,4471,00,1001,11,1931,50,4031,18,5641,14,3491,04,8211,04,3971,01,1771,04,425

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year +4.6% (₹481.60 → ₹503.95)Brick size ₹16.94 (fixed)Bricks 21
₹400₹450₹504Nov '25Apr '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹503.95 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

exports as % of revenue

57.00

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

-249inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

1,03,49,284inr

2026-03-31

News

News and filings about Usha Martin Limited. Open one to see why it matters.

No recent news for this company.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • core materials for wire ropes
  • lead
  • lubricants
  • packing materials
  • steel wire rod
  • zinc

Depends on the price of

  • Natural gas
  • steel
  • zinc

Buys from

Sells to

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Capital Goods
Industry
Iron & Steel Products
Classification
Capital Goods › Iron & Steel Products
ISIN
INE228A01035

Business segments

  • Wire & Wire Ropes · 98%
  • Others · 2%

Plants

  • Brunton Shaw UK Ltd
  • Brunton Wire Ropes FZCo
  • Hoshiarpur Unit
  • Ranchi Wire & Wire Rope Unit
  • UM Cables · Silvassa, Dadra and Nagar Haveli and Daman and Diu
  • Usha Siam Steel Industries

News impact

Big market events that reach Usha Martin Limited, and how the effect spreads.

No recent market events reach this company.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

13 Aug 2026unspecified₹3.75
31 Jul 2025unspecified₹3
6 Aug 2024unspecified₹2.75
3 Aug 2023unspecified₹2.5
20 Jul 2022unspecified₹2
18 Jul 2013unspecified₹0.15
19 Jul 2011unspecified₹1
16 Jul 2010unspecified₹1

Splits, bonuses & buybacks

  • daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

Insider trades

DisclosedWhoTypeSharesValue ₹ Cr
24 Sep 2026Peterhouse Investments Limited · Promoter GroupSELL2,00,00010.64
19 Sep 2026NIDHI RAJGARHIA · Promoter GroupSELL24,0001.19
17 Sep 2026Peterhouse Investments Limited · Promoter GroupSELL2,00,0009.54
14 Sep 2026Peterhouse Investments Limited · Promoter GroupSELL1,50,0007.40

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.