Manufactures steel wire ropes and specialised wires, selling to industrial users in cranes, elevators, ports, mining, oil & offshore and wind energy applications. The Wire & Wire Ropes segment accounted for Rs 3,613.07 cr of segment revenue in FY26 (97.9% of segment revenue) and generated Rs 650.43 cr of EBIT, while an 'Others' segment contributed Rs 77.99 cr. International markets made up 57% of the topline in Q4 FY26 commentary. Q1 FY27 consolidated revenue rose 16% year-on-year to Rs 1,033 cr, with operating EBITDA at Rs 208 cr (margin 20.1%). Recent product moves include plasticated LRPC ropes (FY27 target 3,500–4,000 tons versus 2,500 tons in FY26), Galstar wires, Oceanmax single-reel ropes and Ocean Fiber. The largest input cost is raw materials at 47.4% of FY26 revenue (wire rod and zinc flagged in Q1 FY27 commentary, where 100% input cost pass-through was achieved through pricing actions). Capex guidance for FY27 is Rs 250–300 cr, including 6,000 MTPA of additional elevator rope capacity phased from October 2026 to Q1 FY28, and the company ended Q1 FY27 in a net cash position of Rs 465 cr. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wire & Wire Ropes (98%), Others (2%). Asset-heavy, specialised industrial wire rope and wire manufacturer with strong export tilt.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,688 | 3,268 | 3,225 | 3,474 | 3,691 |
| EBITDA (ex other income) | 415 | 513 | 599 | 597 | 688 |
| margin % | 15.4 | 15.7 | 18.6 | 17.2 | 18.6 |
| Owners' profit | 291 | 350 | 424 | 407 | 466 |
| EPS, as reported (₹) | 9.56 | 11.51 | 13.92 | 13.37 | 15.30 |
| ROE % · ROCE % | 17.2 · 18.7 | 17.2 · 19.9 | 17.8 · 20.7 | 14.8 · 17.6 | 14.1 · 18.2 |
| Debt / equity (x) | 0.22 | 0.17 | 0.12 | 0.12 | 0.04 |
| Cash from operations | 159 | 252 | 444 | 422 | 655 |
| Capex | (51) | (182) | (278) | (245) | (198) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 891 | 861 | 896 | 887 | 908 | 917 | 979 | 1,033 |
| Profit before tax | 137 | 112 | 129 | 125 | 163 | 133 | 200 | 179 |
| Net profit | 109 | 92 | 101 | 101 | 110 | 108 | 148 | 142 |
| EPS (₹) | 3.59 | 3.04 | 3.32 | 3.31 | 3.61 | 3.53 | 4.85 | 4.66 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Wire & Wire Ropes | 2,723 | 73.8 |
| Others | 78 | 2.1 |
| Wire & Wire Ropes | 890 | 24.1 |
| Total, before eliminations | 3,691 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Peterhouse Investments sells 150,000 shares of Usha Martin | ownership changes | medium | — | — |
| 3 Sept 2026 · Usha Martin schedules analyst and institutional investor meeting on 8 September 2026 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Usha Martin gets Crisil ESG rating of 54 and Core ESG rating of 58 | business updates | medium | — | — |
| 20 Aug 2026 · 40th AGM voting results: all 12 resolutions passed; Rs. 3.75 dividend approved | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Usha Martin 40th AGM held, dividend of Rs 3.75 per share approved | board shareholder meetings | low | — | — |
| 3 Aug 2026 · Usha Martin Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 28 Jul 2026 · Q1 FY27 Earnings Call Audio Recording Now Available on Website | investor communications | low | — | — |
| 28 Jul 2026 · Usha Martin publishes Q1 FY27 results in newspapers | compliance | minimal | — | — |
| 28 Jul 2026 · 40th AGM notice; Rs 3.75/share final dividend recommended | compliance | minimal | — | — |
| 27 Jul 2026 · Usha Martin 40th AGM set for 20 August 2026, dividend record date 13 August | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| APL APOLLO TUBES LTD |
| 59,803 |
| 48.6 |
| 11.29 |
| 31.1 |
| 22.7 |
| 26.1 |
| 22.1 |
| 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| RATNAMANI MET & TUB LTD. | 19,815 | 45.8 | 4.71 | 23.1 | 12.7 | 15.6 | 14.4 | 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. ◆ | 15,069 | 29.7 | 4.56 | 19.8 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.7 | 16.2 | 85 of 118 | 28% |
| P/B | 4.6 | 1.7 | 84 of 99 | 15% |
| ROCE | 17.7 | 8.7 | 14 of 120 | 89% |
| ROE | 14.1 | 8.6 | 25 of 114 | 79% |
| Debt / Equity | 0.0 | 0.1 | 43 of 114 | 63% |
| EBITDA margin | 21.0 | 11.0 | 24 of 100 | 77% |
| Revenue growth | 16.4 | 13.7 | 41 of 97 | 58% |
| Profit growth | 40.9 | 29.3 | 46 of 105 | 57% |
| Market cap | 15069 | 247 | 7 of 120 | 95% |
| 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 |
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.
