Usha Martin Ltd.

NSE: USHAMART · Iron & Steel Products

52W Range₹334 ₹528

Snapshot

Unlock Usha Martin Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Usha Martin Limited is a prominent manufacturer of specialised steel wire ropes, strands, and related engineering products. The company serves diverse sectors including oil and offshore, mining, infrastructure, and general engineering, while also producing industrial machinery and telecommunication cables.

Business Model

The company generates revenue through the manufacturing and sale of high-value steel wire products and industrial machinery, supported by the provision of pre-stressing solutions and installation services. It operates both domestically in India and across international markets.

Growth Outlook

Growth is driven by sustained demand for high-performance wire ropes in the global mining and offshore energy sectors, alongside infrastructure development requiring pre-stressing solutions. The company continues to leverage its technical expertise in wire drawing and machinery manufacturing to expand its product portfolio.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the prices of steel and other raw materials can significantly impact the company's operating margins.
  • Cyclical Demand. The company's performance is sensitive to cyclical downturns in the global mining, oil, and infrastructure construction industries.
  • Geopolitical and Trade Risks. As an exporter, the company faces risks related to international trade barriers, tariffs, and geopolitical instability in key markets.
  • Foreign Exchange Risk. Exposure to international markets subjects the company to currency fluctuations that may affect profitability.

Price

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Key Metrics

REVENUE

₹3,691 Cr

TTM · consolidated

+6.2%YoY

NET PROFIT

₹466 Cr

TTM · consolidated

+14.8%YoY

EPS

₹16.12

TTM · consolidated

+20.6%YoY

RETURN ON EQUITY

16.1%

TTM · consolidated

-0.3 ppYoY

RETURN ON CAPITAL EMPLOYED

20.2%

TTM · consolidated

+1.0 ppYoY

P/E

31.0x

Q4 FY26 · consolidated

31.0 vs 52.9x5Y avg

EV/EBITDA

19.6x

Q4 FY26 · consolidated

19.6 vs 35.0x5Y avg

EBITDA MARGIN

21.0%

TTM · consolidated

+2.7 ppYoY

NET PROFIT MARGIN

15.1%

Q4 FY26 · consolidated

+3.8 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · consolidated

-0.08xYoY

Peers · Iron & Steel Products

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Usha Martin Ltd.USHAMART
12,18931.0319.556.2%21.0%16.1%20.2%+31.1%
Ratnamani Metals & Tubes LimitedRATNAMANI
15,91638.0221.12-13.4%19.6%14.2%18.2%-7.6%
Gallantt Ispat LimitedGALLANTT
13,00334.1821.902.9%17.6%16.4%19.9%+16.8%
Jindal Saw Ltd.JINDALSAW
11,71517.549.27-14.1%12.9%7.9%11.8%+17.3%
Maharashtra Seamless Ltd.MAHSEAMLES
7,47611.177.27-11.3%22.9%10.8%13.8%-20.0%
Jayaswal Neco Industries LimitedJAYNECOIND
7,02219.298.1318.9%18.8%18.6%22.0%+79.8%

As of Q4 FY26

Financials