NSE: UMESLTD · BSE: 532398
USHA MARTIN EDU & SOL LTD
Operates a small listed services platform with FY26 revenue of ₹0.88 crore and total assets of ₹3.19 crore, with the parent consolidating a wholly-owned subsidiary, Usha Martin Education Private Limited. Revenue is earned through fixed-price service contracts, as flagged by the statutory auditor as a key audit matter involving revenue recognition under Ind AS 115 and effort estimation. The cost base is dominated by employee expenses at 26.9% of revenue and other operating expenditure at 23.5%, with no material inputs reported and negligible capital expenditure. The company carries unabsorbed depreciation and business losses, did not declare a dividend for FY26, and has a clean (unmodified) audit opinion from BCAG & Associates. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fixed-price service contracts. Small, services-based, minimal capital intensity, accumulated losses.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 1 | 1 | 1 | 1 |
| EBITDA (ex other income) | 0 | 0 | 0 | — | 0 |
| margin % | 13.1 | 12.9 | 30.2 | — | 47.4 |
| Owners' profit | 0 | 0 | 0 | — | 0 |
| EPS, as reported (₹) | 0.02 | 0.02 | 0.06 | 0.00 | 0.30 |
| ROE % · ROCE % | 0.4 · 1.5 | 0.4 · 1.6 | 1.1 · 3.2 | — · 3.2 | 16.1 · 18.3 |
| Debt / equity (x) | 0.19 | 0.18 | 0.12 | — | 0.09 |
| Cash from operations | 0 | 0 | 1 | 1 | 0 |
| Capex | 0 | 0 | 0 | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | — | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.01 | 0.06 | 0.00 | 0.01 | 0.04 | 0.00 | 0.14 | 0.02 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · RTA certificate for share dematerialisation filed for Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · All 4 resolutions approved at 29th AGM with 99.9% majority | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 29th AGM held; financials adopted, director re-appointments passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed from 1 Oct 2026 for Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · 29th AGM notice via VC on 30 Sept, book closure 24-30 Sept | compliance | minimal | — | — |
| 8 Sept 2026 · 29th AGM Notice and Annual Report for FY 2025-26 | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Notice of 29th AGM on 30 Sept 2026, book closure from 24 Sept | board shareholder meetings | low | — | — |
| 8 Sept 2026 · 29th AGM on 30 Sept 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 7 Sept 2026 · 29th AGM scheduled via video conferencing on 30 Sep 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · NSE seeks clarification on Q1 FY27 results compliance | results | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.