USHAMART

Usha Martin Limited

Specialty steel and wire ropes for crane, elevator, mining and oil & gas applications

Industrials›Capital Goods›Industrial Products›Iron & Steel Products

ushamartin.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹485.15
Market cap
14,781 Cr
Stock P/E
29.2
P/B
4.48
Dividend yield
0.6%
ROE (FY26)
14.1%
ROCE (FY26)
18.3%
Operating margin (FY26)
15.9%
Debt / equity (FY26)
0.04
OCF / EBITDA (FY26)
92.9%
OCF / EBITDA (3Y)
80.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Usha Martin makes steel wire ropes and wires, mainly for crane, elevator, mining and oil and offshore uses, and sells to customers in India, Europe, the US and the Middle East.

Company snapshot

7thBy market cap

Ranked among 64 companies in Iron & Steel Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 97.6% of revenue

SegmentRevenue shareRevenuePBTAssets
Others
2.4%
21 Cr0.65 Cr70 Cr
Wire & Wire Ropes
97.6%
840 Cr131 Cr3,304 Cr

What we see

Positives
  • ✓Debt-to-equity of 0.04x — the company is largely funded by its own money, not borrowed funds.
1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales785 Cr797 Cr829 Cr826 Cr891 Cr861 Cr896 Cr887 Cr908 Cr917 Cr979 Cr1,033 Cr
Operating expenses (approx.)640 Cr640 Cr678 Cr672 Cr730 Cr718 Cr757 Cr743 Cr735 Cr741 Cr768 Cr825 Cr
EBITDA144 Cr157 Cr152 Cr154 Cr161 Cr143 Cr140 Cr145 Cr173 Cr176 Cr212 Cr208 Cr
OPM %18.4%19.7%18.3%18.6%18.0%16.6%15.6%16.3%19.1%19.2%21.6%20.1%
Other income21 Cr6 Cr9 Cr5 Cr7 Cr4 Cr24 Cr15 Cr23 Cr4 Cr27 Cr9 Cr
Interest6 Cr6 Cr7 Cr7 Cr8 Cr9 Cr7 Cr6 Cr5 Cr5 Cr4 Cr4 Cr
Depreciation18 Cr19 Cr23 Cr22 Cr23 Cr26 Cr28 Cr29 Cr28 Cr29 Cr31 Cr34 Cr
Profit before tax144 Cr140 Cr136 Cr135 Cr141 Cr118 Cr133 Cr130 Cr150 Cr138 Cr195 Cr184 Cr
Tax %24.2%23.0%22.0%22.9%22.7%21.6%24.2%22.2%26.8%21.8%24.0%22.9%
Net profit110 Cr108 Cr106 Cr104 Cr109 Cr92 Cr101 Cr101 Cr110 Cr108 Cr148 Cr142 Cr
EPS (₹)₹3.59₹3.53₹3.49₹3.42₹3.59₹3.04₹3.32₹3.31₹3.61₹3.53₹4.85₹4.66

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,255 Cr4,768 Cr2,470 Cr2,154 Cr2,097 Cr2,688 Cr3,268 Cr3,225 Cr3,474 Cr3,691 CrSign in free for the trailing twelve months
Operating expenses (approx.)3,866 Cr4,225 Cr2,173 Cr1,922 Cr1,818 Cr2,304 Cr2,754 Cr2,627 Cr2,877 Cr2,986 CrSign in free for the trailing twelve months
EBITDA389 Cr543 Cr296 Cr232 Cr279 Cr384 Cr513 Cr599 Cr597 Cr705 CrSign in free for the trailing twelve months
OPM %9.2%11.4%12.0%10.8%13.3%14.3%15.7%18.6%17.2%19.1%Sign in free for the trailing twelve months
Other income120 Cr85 Cr40 Cr53 Cr33 Cr35 Cr28 Cr40 Cr39 Cr69 CrSign in free for the trailing twelve months
Interest564 Cr587 Cr114 Cr74 Cr57 Cr42 Cr30 Cr25 Cr30 Cr20 CrSign in free for the trailing twelve months
Depreciation300 Cr305 Cr61 Cr64 Cr68 Cr70 Cr67 Cr77 Cr98 Cr116 CrSign in free for the trailing twelve months
Profit before tax-353 Cr-263 Cr-178 Cr631 Cr188 Cr346 Cr455 Cr550 Cr527 Cr612 CrSign in free for the trailing twelve months
Tax %-1.3%-1.9%127.7%33.2%19.4%15.8%23.0%22.8%22.9%23.8%Sign in free for the trailing twelve months
Net profit-358 Cr-268 Cr49 Cr421 Cr152 Cr291 Cr351 Cr424 Cr406 Cr466 CrSign in free for the trailing twelve months
EPS (₹)₹-11.78₹-8.90₹1.57₹13.75₹4.91₹9.56₹11.51₹13.92₹13.37₹15.30Sign in free for the trailing twelve months
Dividend payout %————0.0%0.0%17.4%18.0%20.6%19.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital31 Cr31 Cr31 Cr31 Cr31 Cr31 Cr31 Cr31 Cr31 Cr31 Cr
Reserves914 Cr697 Cr751 Cr1,197 Cr1,373 Cr1,663 Cr2,000 Cr2,349 Cr2,721 Cr3,271 Cr
Borrowings3,798 Cr3,723 Cr3,160 Cr538 Cr423 Cr366 Cr355 Cr298 Cr338 Cr146 Cr
Other liabilities2,962 Cr2,971 Cr3,037 Cr757 Cr775 Cr679 Cr697 Cr648 Cr659 Cr764 Cr
Total liabilities7,738 Cr7,454 Cr7,011 Cr2,561 Cr2,605 Cr2,743 Cr3,087 Cr3,330 Cr3,748 Cr4,212 Cr
Fixed assets (net)4,925 Cr4,762 Cr860 Cr884 Cr864 Cr852 Cr891 Cr1,024 Cr1,265 Cr1,480 Cr
CWIP121 Cr113 Cr13 Cr33 Cr45 Cr38 Cr139 Cr166 Cr117 Cr89 Cr
Investments37 Cr39 Cr50 Cr51 Cr56 Cr60 Cr69 Cr56 Cr68 Cr79 Cr
Loans & advances——9 Cr0.94 Cr0.95 Cr1 Cr2 Cr1 Cr2 Cr2 Cr
Inventories1,309 Cr1,226 Cr647 Cr615 Cr672 Cr797 Cr890 Cr890 Cr985 Cr958 Cr
Trade receivables683 Cr671 Cr325 Cr298 Cr328 Cr414 Cr500 Cr539 Cr528 Cr643 Cr
Cash & bank43 Cr50 Cr46 Cr97 Cr99 Cr154 Cr150 Cr150 Cr261 Cr242 Cr
Other assets621 Cr594 Cr5,061 Cr581 Cr542 Cr426 Cr445 Cr504 Cr523 Cr719 Cr
Total assets7,738 Cr7,454 Cr7,011 Cr2,561 Cr2,605 Cr2,743 Cr3,087 Cr3,330 Cr3,748 Cr4,212 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity686 Cr914 Cr974 Cr212 Cr214 Cr159 Cr252 Cr444 Cr422 Cr655 Cr
Cash from investing-31 Cr-34 Cr-4 Cr2,943 Cr-34 Cr56 Cr-158 Cr-287 Cr-223 Cr-367 Cr
Cash from financing-663 Cr-872 Cr-973 Cr-3,105 Cr-177 Cr-161 Cr-101 Cr-159 Cr-91 Cr-321 Cr
Net cash flow-5 Cr7 Cr-2 Cr50 Cr2 Cr55 Cr-4 Cr-0.38 Cr111 Cr-19 Cr
Free cash flow (OCF − Capex)556 Cr827 Cr898 Cr172 Cr177 Cr107 Cr69 Cr166 Cr177 Cr457 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %4.4%7.2%-1.6%39.1%13.4%18.8%20.3%21.4%18.0%18.3%
ROE %-36.7%-35.7%5.9%33.1%10.6%17.2%17.2%17.8%14.8%14.1%
Debtor days58514851575656615563
Inventory days274204148195212190180200200199
Days payable381327741151147060565465
Cash conversion cycle-49-72122131155176175205201198
OCF / EBITDA %176.1%168.3%328.8%91.7%76.5%41.3%49.0%74.2%70.6%92.9%
OCF / EBITDA % (3 years)——209.5%196.2%173.5%65.4%53.0%57.1%65.4%80.0%
Debt / equity4.025.124.040.440.300.220.170.130.120.04
Current ratio0.630.590.671.521.702.262.472.892.843.28
Net debt / EBITDA9.64—10.511.901.160.550.400.250.13-0.14