NSE: USHAMART · BSE: 517146
USHA MARTIN LTD.
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. ◆ | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.9 | 15.4 | 71 of 105 | 33% |
| P/B | 4.3 | 1.5 | 87 of 101 | 14% |
| ROCE | 17.7 | 9.1 | 13 of 115 | 90% |
| ROE | 14.1 | 8.6 | 21 of 103 | 80% |
| Debt / Equity | 0.0 | 0.2 | 30 of 101 | 71% |
| 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 | 14152 | 216 | 6 of 122 | 96% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · ESG rating upgraded from 60 to 63 by NSE Sustainability Ratings | business updates | medium | — | — |
| 14 Oct 2026 · Compliance certificate for dematerialization submitted | compliance | minimal | — | — |
| 6 Oct 2026 · Newspaper ad on special window for dematerialisation of physical shares | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure Notice for Designated Persons | compliance | minimal | — | — |
| 25 Sept 2026 · Usha Martin sells U M Cables business to R R Kabel via slump sale | strategic transactions | high | — | — |
| 24 Sept 2026 · Usha Martin to sell subsidiary's optical fibre cables unit to R R Kabel for Rs 77 cr | strategic transactions | medium | — | — |
| 23 Sept 2026 · Peterhouse Investments sells 0.066% of Usha Martin on NSE | ownership changes | high | — | — |
| 19 Sept 2026 · Promoter group member Nidhi Rajgarhia sells 24,000 shares via open market | ownership changes | high | — | — |
| 16 Sept 2026 · Usha Martin schedules analyst meeting on 21 Sep 2026 at Ranchi | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Promoter entity Peterhouse Investments sells 200,000 Usha Martin shares | ownership changes | 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.