Usha Martin Limited (IN:USHAMART)
:USHAMART
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Usha Martin Limited
(USHAMART)
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Rating:74Outperform
Price Target:
₹506.00
▲(12.10% Upside)
Action:Reiterated
Date:05/02/26
The score is driven primarily by strong fundamentals—improving scale, solid profitability, and a conservatively positioned balance sheet with low leverage—supported by constructive technical trend signals. The main constraint is valuation (P/E ~25.6) combined with a low dividend yield, which tempers upside despite the strong financial profile.
Positive Factors
Conservative balance sheet
The materially reduced leverage and stronger equity base provide durable financial resilience in a cyclical steel industry. Lower debt-to-equity cuts refinancing risk, preserves borrowing headroom for capex or downturns, and supports sustained investment without stressing liquidity.
Negative Factors
Margin mix volatility
Notable year-to-year swings in gross and operating margins reflect exposure to product mix and raw-material pricing. This volatility makes earnings less predictable, complicates medium-term margin guidance, and can compress profitability during adverse market or input-cost cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
The materially reduced leverage and stronger equity base provide durable financial resilience in a cyclical steel industry. Lower debt-to-equity cuts refinancing risk, preserves borrowing headroom for capex or downturns, and supports sustained investment without stressing liquidity.
Read all positive factors
Usha Martin Limited (USHAMART) vs. iShares MSCI India ETF (INDA)
Market Cap
₹141.83B
Dividend Yield0.65%
Average Volume (3M)79.76K
Price to Earnings (P/E)20.2
Beta (1Y)0.94
Revenue Growth6.24%
EPS Growth14.40%
CountryIN
Employees2,206
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)13.28
Shares Outstanding304,741,800
10 Day Avg. Volume63,544
30 Day Avg. Volume79,756
Financial Highlights & Ratios
PEG Ratio1.77
Price to Book (P/B)3.61
Price to Sales (P/S)3.23
P/FCF Ratio26.04
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)20.75
Revenue Forecast (FY)₹42.12B
Usha Martin Limited Business Overview & Revenue Model
Company Description
Usha Martin Limited, together with its subsidiaries, manufactures and sells steel wires, strands, wire ropes, and cord related accessories in India and internationally. The company offers wire ropes, including oil and offshore, crane, mining, elev...
How the Company Makes Money
Usha Martin primarily makes money by manufacturing and selling steel wire ropes and related wire products to industrial and infrastructure customers. Its core revenue stream comes from domestic and export sales of wire ropes (including specialty a...
Usha Martin Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 35.51B | 36.91B | 34.74B | 32.25B | 32.68B | 26.88B |
| Gross Profit | 17.08B | 12.47B | 17.24B | 15.92B | 14.61B | 12.01B |
| EBITDA | 6.12B | 7.05B | 5.91B | 5.96B | 5.20B | 3.95B |
| Net Income | 4.04B | 4.66B | 4.07B | 4.24B | 3.50B | 2.91B |
Balance Sheet | ||||||
| Total Assets | 38.54B | 42.12B | 37.48B | 33.30B | 30.87B | 27.43B |
| Cash, Cash Equivalents and Short-Term Investments | 3.86B | 4.78B | 2.72B | 1.66B | 1.59B | 1.62B |
| Total Debt | 2.64B | 2.29B | 4.17B | 3.64B | 4.17B | 4.11B |
| Total Liabilities | 8.89B | 9.10B | 9.96B | 9.46B | 10.52B | 10.46B |
| Stockholders Equity | 29.65B | 33.02B | 27.52B | 23.80B | 20.31B | 16.94B |
Cash Flow | ||||||
| Free Cash Flow | 2.29B | 4.58B | 1.77B | 1.66B | 692.60M | 1.07B |
| Operating Cash Flow | 3.33B | 6.56B | 4.22B | 4.44B | 2.52B | 1.59B |
| Investing Cash Flow | -555.80M | -3.85B | -2.23B | -2.88B | -1.58B | 557.40M |
| Financing Cash Flow | -2.66B | -3.04B | -914.90M | -1.59B | -1.01B | -1.61B |
Usha Martin Limited Technical Analysis
Positive
451.40
Price Trends
436.99
Positive
431.74
Positive
427.44
Positive
Market Momentum
8.21
Positive
54.58
Neutral
28.98
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:USHAMART, the sentiment is Positive. The current price of 451.4 is below the 20-day moving average (MA) of 465.31, above the 50-day MA of 436.99, and above the 200-day MA of 427.44, indicating a bullish trend. The MACD of 8.21 indicates Positive momentum. The RSI at 54.58 is Neutral, neither overbought nor oversold. The STOCH value of 28.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:USHAMART.
Usha Martin Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹85.14B | 10.70 | ― | 1.82% | -11.28% | -9.81% | |
74 Outperform | ₹141.83B | 20.18 | ― | 0.65% | 6.24% | 14.40% | |
64 Neutral | ₹95.21B | 40.33 | ― | 0.30% | 11.83% | 2.18% | |
62 Neutral | ₹68.17B | 20.39 | ― | 0.28% | 6.72% | 30.63% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | ₹30.63B | -5.55 | ― | 1.18% | -34.19% | -193.48% | |
53 Neutral | ₹66.04B | 139.02 | ― | ― | -14.81% | -77.11% |
* Basic Materials Sector Average
IN:USHAMART
Usha Martin Limited
465.40
150.62
47.85%
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Usha Martin Limited Corporate Events
Usha Martin Schedules Q4 and FY26 Earnings Call for April 30
Apr 23, 2026
Usha Martin Limited has scheduled a conference call for analysts and investors on April 30, 2026, at 4:30 p.m. IST to discuss its fourth-quarter and full-year FY26 financial results, which will be released the same day. Senior management will lead...
Usha Martin Confirms SEBI Compliance on Demat Processes for March Quarter
Apr 6, 2026
Usha Martin Limited has filed a disclosure confirming that its registrar and share transfer agent, KFin Technologies, has complied with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 March 2...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.