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Usha Martin Limited (USHAMART) AI Stock Analysis

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IN:USHAMART

Usha Martin Limited

(NSE:USHAMART)

Select Model
Rating:73Outperform
Price Target:INR 533.00▲(10.23% Upside)
Action:reiterated
Date:11/07/26

The overall stock score is primarily driven by strong financial performance with low leverage and growing cash flows. Neutral technical analysis and moderate valuation metrics provide additional but less impactful contributions.

Positive Factors
Multi-year Revenue and Earnings GrowthRevenue and net income have expanded across 2021–2026, with continued revenue growth in 2026. This broad multi-year progression indicates sustained demand for the company’s steel and wire offerings, supporting operating scale and providing a durable base for future earnings generation.
Negative Factors
Margin VolatilityGross, operating, and net margins are generally healthy, but margin mix has varied year to year, including a notable gross-margin swing in 2026 versus 2024–2025. This instability can make earnings less predictable and complicate planning during changing steel-market conditions.

Usha Martin Limited (USHAMART) vs. iShares MSCI India ETF (INDA)

-20%-15%-10%-5%0%5%10%15%20%IN:USHAMART+7.55%INDA-5.86%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
INR 146.64B
Dividend Yield
0.77%
Average Volume (3M)
44.52K
Price to Earnings (P/E)
28.9
Beta (1Y)
0.94
Revenue Growth
8.54%
EPS Growth
25.42%
Country
India
Employees
2,206
Sector
General
Sector Strength
55
Industry
Steel

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 steel...

Usha Martin Limited Financial Statement Overview

Summary

Usha Martin demonstrates strong financial health with an income statement score of 82, balance sheet score of 92, and cash flow score of 88, supported by consistent revenue and profit growth, significant debt reduction, and strong operating cash flows.

Income Statement

82Very Positive

Balance Sheet

92Very Positive

Cash Flow

88Very Positive
Financial statement breakdown
BreakdownTTMMar 2026Mar 2025Mar 2024Mar 2023Mar 2022
Income Statement
Total Revenue38.37B36.91B34.74B32.25B32.68B26.88B
Gross Profit14.61B12.47B17.24B15.92B14.61B12.01B
EBITDA8.28B7.76B6.03B6.04B5.27B4.03B
Net Income5.07B4.66B4.07B4.24B3.50B2.91B
Balance Sheet
Total Assets042.12B37.48B33.30B30.87B27.43B
Cash, Cash Equivalents and Short-Term Investments4.77B4.78B2.72B1.66B1.59B1.62B
Total Debt02.29B4.17B3.64B4.17B4.11B
Total Liabilities-33.02B9.10B9.96B9.46B10.52B10.46B
Stockholders Equity33.02B33.02B27.52B23.80B20.31B16.94B
Cash Flow
Free Cash Flow2.29B4.58B1.77B1.66B692.60M1.07B
Operating Cash Flow3.33B6.56B4.22B4.44B2.52B1.59B
Investing Cash Flow-555.80M-3.85B-2.23B-2.88B-1.58B557.40M
Financing Cash Flow-2.66B-3.04B-914.90M-1.59B-1.01B-1.61B

Usha Martin Limited Technical Analysis

Technical Analysis SentimentNeutral
Last Price483.55

Price Trends

50DMA492.83Negative
100DMA494.29Negative
200DMA466.04Positive

Market Momentum

MACD-1.69Negative
RSI50.32Neutral
STOCH83.48Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:USHAMART, the sentiment is Neutral. The current price of 483.55 is above the 20-day moving average (MA) of 475.34, below the 50-day MA of 492.83, and above the 200-day MA of 466.04, indicating a neutral trend. The MACD of -1.69 indicates Negative momentum. The RSI at 50.32 is Neutral, neither overbought nor oversold. The STOCH value of 83.48 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:USHAMART.

Usha Martin Limited Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

IN:USHAMART against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
IN:RATNAMANIIN:RATNAMANI75OutperformINR 174.31B43.77―0.40%-16.84%-34.34%
IN:USHAMARTIN:USHAMART73OutperformINR 148.94B28.93―0.77%8.54%25.42%
IN:APLAPOLLOIN:APLAPOLLO70OutperformINR 619.65B47.89―0.38%15.83%24.85%
IN:BHARATWIREIN:BHARATWIRE62NeutralINR 10.42B16.05――-6.91%-12.25%
IN:JINDALSAWIN:JINDALSAW61NeutralINR 161.16B30.35―0.77%-0.73%-60.06%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
IN:BANSALWIREIN:BANSALWIRE53NeutralINR 46.52B29.07――20.27%2.82%

* General Sector Average

Performance Comparison

-25%0%25%50%75%IN:USHAMARTIN:APLAPOLLOIN:BANSALWIREIN:BHARATWIREIN:JINDALSAWIN:RATNAMANIDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
IN:USHAMART and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
IN:USHAMARTUsha Martin Limited483.5536.808.24%
IN:APLAPOLLOAPL Apollo Tubes Limited2250.00478.8727.04%
IN:BANSALWIREBansal Wire Industries Limited59.11-3.02-4.86%
IN:BHARATWIREBharat Wire Ropes Ltd.150.40-42.80-22.15%
IN:JINDALSAWJindal Saw Limited261.4594.0956.22%
IN:RATNAMANIRatnamani Metals & Tubes Ltd.2495.7059.782.45%

Usha Martin Limited Corporate Events

Usha Martin Discloses Independently Assigned ESG Score of 69.57

Nov 1, 2026

Usha Martin Limited has disclosed that it has been voluntarily assigned an environmental, social and governance rating of 69.57 by Niche Ninety Nine Capability and Certifications, a SEBI-registered Category-II ESG rating provider, using public inform...

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 60...

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 Limited via a...

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, based on pu...

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 ESG 58”, based on pu...

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 e‑voting...

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 a.m. to...

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.

Date of analysis: Nov 07, 2026