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Usha Martin Limited
(USHAMART)
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Rating:73Outperform
Price Target:
₹495.00
▲(9.66% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by strong underlying financial quality—especially the improved, low-leverage balance sheet and solid profitability—supported by a positive technical trend. These positives are tempered by a relatively expensive valuation (high P/E and low dividend yield) and some volatility in margins and cash-flow consistency.
Positive Factors
Revenue and profit growth
Sustained revenue expansion and multi-year net income growth indicate broadening business scale and improving earnings capacity. This provides a stronger foundation for continued investment, customer support, and resilience over the next several quarters, provided profitability remains healthy.
Negative Factors
Margin volatility
Healthy absolute margins are offset by changing margin mix across years, including a notable gross-margin swing in 2026. This variability makes near-term earnings less predictable and suggests that reported profitability may remain sensitive to product mix and operating conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profit growth
Sustained revenue expansion and multi-year net income growth indicate broadening business scale and improving earnings capacity. This provides a stronger foundation for continued investment, customer support, and resilience over the next several quarters, provided profitability remains healthy.
Read all positive factors
Usha Martin Limited (USHAMART) vs. iShares MSCI India ETF (INDA)
Market Cap
₹135.26B
Dividend Yield0.84%
Average Volume (3M)52.89K
Price to Earnings (P/E)26.8
Beta (1Y)0.99
Revenue Growth8.54%
EPS Growth25.42%
CountryIN
Employees2,206
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)16.65
Shares Outstanding304,741,800
10 Day Avg. Volume32,977
30 Day Avg. Volume52,892
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)20.55
Revenue Forecast (FY)₹42.54B
Usha Martin Limited Business Overview & Revenue Model
Company Description
Usha Martin Limited, an Indian enterprise founded in 1960 and headquartered in Kolkata, operates globally as a producer and supplier of a diverse range of steel wire products. The company's core business involves manufacturing and distributing ste...
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 | 38.37B | 36.91B | 34.74B | 32.25B | 32.68B | 26.88B |
| Gross Profit | 14.61B | 12.47B | 17.24B | 15.92B | 14.61B | 12.01B |
| EBITDA | 8.28B | 7.76B | 6.03B | 6.04B | 5.27B | 4.03B |
| Net Income | 5.07B | 4.66B | 4.07B | 4.24B | 3.50B | 2.91B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 42.12B | 37.48B | 33.30B | 30.87B | 27.43B |
| Cash, Cash Equivalents and Short-Term Investments | 4.77B | 4.78B | 2.72B | 1.66B | 1.59B | 1.62B |
| Total Debt | 0.00 | 2.29B | 4.17B | 3.64B | 4.17B | 4.11B |
| Total Liabilities | -33.02B | 9.10B | 9.96B | 9.46B | 10.52B | 10.46B |
| Stockholders Equity | 33.02B | 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
Negative
451.40
Price Trends
494.93
Negative
494.66
Negative
463.86
Negative
Market Momentum
-12.03
Positive
33.08
Neutral
20.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:USHAMART, the sentiment is Negative. The current price of 451.4 is below the 20-day moving average (MA) of 484.15, below the 50-day MA of 494.93, and below the 200-day MA of 463.86, indicating a bearish trend. The MACD of -12.03 indicates Positive momentum. The RSI at 33.08 is Neutral, neither overbought nor oversold. The STOCH value of 20.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:USHAMART.
Usha Martin Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹135.26B | 26.78 | ― | 0.84% | 8.54% | 25.42% | |
70 Outperform | ₹600.02B | 46.05 | ― | 0.39% | 15.83% | 24.85% | |
67 Neutral | ₹146.03B | 26.52 | ― | 0.88% | -0.73% | -60.06% | |
65 Neutral | ₹162.60B | 37.55 | ― | 0.43% | -16.30% | -24.14% | |
59 Neutral | ₹9.76B | 14.07 | ― | ― | -7.69% | -1.46% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹44.78B | 28.64 | ― | ― | 20.27% | 2.82% |
* General Sector Average
IN:USHAMART
Usha Martin Limited
443.85
-18.43
-3.99%
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57.20
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IN:BHARATWIRE
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141.95
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IN:JINDALSAW
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228.35
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IN:RATNAMANI
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-4.02%
Usha Martin Limited Corporate Events
Usha Martin’s ESG Rating Upgraded to 63 in Voluntary Assessment
Oct 15, 2026
Usha Martin Limited disclosed that NSE Sustainability Ratings and Analytics Limited, a SEBI-registered Category-I ESG Rating Provider, has voluntarily and independently assigned the company an ESG score of 63 for financial year 2025-2026, up from ...
Usha Martin exits telecom cables arm in Rs. 77 crore slump sale to R R Kabel
Sep 24, 2026
Usha Martin Limited’s board has approved the sale of the entire business undertaking of its non-material, wholly owned subsidiary U M Cables Limited, which manufactures optical fibre and related telecom cables, to listed peer R R Kabel Limit...
Usha Martin’s ESG Score Upgraded in Independent SES Assessment
Sep 23, 2026
Usha Martin Limited has disclosed that SES ESG Research Private Limited has voluntarily and independently assigned the company an ESG rating of 67.9 for the financial year 2025-26, an improvement from the previous year’s 66.8. The rating, ba...
Usha Martin Discloses Independent ESG Ratings Assigned by Crisil
Aug 21, 2026
Usha Martin Limited has disclosed that Crisil ESG Ratings Analytics, a SEBI-registered Category-1 ESG ratings provider, has voluntarily assigned the company an ESG Rating of “Crisil ESG 54” and a Core ESG Rating of “Crisil Core ...
Usha Martin’s 40th AGM Resolutions Pass with Strong Shareholder Support
Aug 20, 2026
Usha Martin Limited has reported the voting results and scrutinizer’s report for its 40th Annual General Meeting, held on August 20, 2026 via video conferencing, to the Indian exchanges and the Luxembourg bourse. The disclosures cover remote...
Usha Martin Reports Strongest Post-Steel Performance at 40th AGM
Aug 20, 2026
Usha Martin Limited held its 40th Annual General Meeting on August 20, 2026 via video conferencing and other audio‑visual means, in line with Ministry of Corporate Affairs and SEBI guidelines and the Companies Act. The meeting ran from 11:30...
Usha Martin Posts Strong Q1 FY27 Results on Value-Added Product Mix
Aug 3, 2026
Usha Martin Limited reported a strong start to FY27, with consolidated revenue rising 16% year-on-year to INR 1,033 crore and operating EBITDA increasing 44% to INR 208 crore, yielding an EBITDA margin of 20.1%. Management highlighted that value g...
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.