High Scoring Large Cap stocks have outperformed low scoring stocks by 90% over last 4 years
Technicals: Bullish SharesGuru indicator.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Size: Market Cap wise it is among the top 20% companies of india.
Past Returns: Outperforming stock! In past three years, the stock has provided 31.7% return compared to 13.3% by NIFTY 50.
Profitability: Recent profitability of 11% is a good sign.
No major cons observed.
Valuation | |
|---|---|
| Market Cap | 12.86 kCr |
| Price/Earnings (Trailing) | 30.65 |
| Price/Sales (Trailing) | 3.5 |
| EV/EBITDA | 18.62 |
| Price/Free Cashflow | 80.35 |
| MarketCap/EBT | 23.38 |
| Enterprise Value | 12.76 kCr |
Fundamentals | |
|---|---|
| Revenue (TTM) | 3.67 kCr |
| Rev. Growth (Yr) | 6.6% |
| Earnings (TTM) | 419.19 Cr |
| Earnings Growth (Yr) | 16.7% |
Profitability | |
|---|---|
| Operating Margin | 15% |
| EBT Margin | 15% |
| Return on Equity | 14.14% |
| Return on Assets | 10.88% |
| Free Cashflow Yield | 1.24% |
Growth & Returns | |
|---|---|
| Price Change 1W | -0.90% |
| Price Change 1M | 3.1% |
| Price Change 6M | 10.5% |
| Price Change 1Y | 31.5% |
| 3Y Cumulative Return | 31.7% |
| 5Y Cumulative Return | 64.2% |
| 7Y Cumulative Return | 42.5% |
| 10Y Cumulative Return | 46.3% |
Cash Flow & Liquidity | |
|---|---|
| Cash Flow from Investing (TTM) | -223.24 Cr |
| Cash Flow from Operations (TTM) | 421.76 Cr |
| Cash Flow from Financing (TTM) | -91.49 Cr |
| Cash & Equivalents | 278.06 Cr |
| Free Cash Flow (TTM) | 177.11 Cr |
| Free Cash Flow/Share (TTM) | 5.81 |
Balance Sheet | |
|---|---|
| Total Assets | 3.85 kCr |
| Total Liabilities | 888.76 Cr |
| Shareholder Equity | 2.96 kCr |
| Current Assets | 1.98 kCr |
| Current Liabilities | 646.94 Cr |
| Net PPE | 1.4 kCr |
| Inventory | 908.25 Cr |
| Goodwill | 55.22 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.05 |
| Debt/Equity | 0.06 |
| Interest Coverage | 23.29 |
| Interest/Cashflow Ops | 15.48 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 3 |
| Dividend Yield | 0.73% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
High Scoring Large Cap stocks have outperformed low scoring stocks by 90% over last 4 years
Technicals: Bullish SharesGuru indicator.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Size: Market Cap wise it is among the top 20% companies of india.
Past Returns: Outperforming stock! In past three years, the stock has provided 31.7% return compared to 13.3% by NIFTY 50.
Profitability: Recent profitability of 11% is a good sign.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 0.73% |
| Dividend/Share (TTM) | 3 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 13.77 |
Financial Health | |
|---|---|
| Current Ratio | 3.06 |
| Debt/Equity | 0.06 |
Technical Indicators | |
|---|---|
| RSI (14d) | 45.28 |
| RSI (5d) | 75.82 |
| RSI (21d) | 53.74 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Sell |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal | Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
Summary of Usha Martin's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Usha Martin's management provided an optimistic outlook during the Q3 FY26 earnings call, highlighting a stable operational base and strategic initiatives aimed at driving growth. The company reported consolidated revenues of INR 917 crore for the quarter, up 6.6% year-on-year, primarily driven by a 20.2% increase in the Wire segment. Despite the Wire Rope segment's modest 6.6% growth and a 13% decline in the LRPC segment, the overall operating EBITDA surged to INR 176 crore, marking a 23.3% year-on-year increase with a robust EBITDA margin of 19.2%.
Management emphasized several forward-looking points:
Volume Growth: The company expects a rebound in volume growth, particularly in value-added segments such as elevator ropes and crane ropes. Management indicated that volume increases could be realized as early as Q4 FY26, driven by a healthy order book and new customer additions, particularly in markets like Saudi Arabia.
Cash Position and ROCE: Usha Martin closed the quarter with a net cash position of INR 198 crore and a return on capital employed (ROCE) of 20%. This strong cash flow generation allows continued investment in growth initiatives while maintaining financial discipline.
Capex Plans: The management plans to invest INR 250-300 crore annually over the next two to three years to support targeted growth in high-value products and expand production capacity, including brownfield projects.
Market Diversification: The company aims to enhance its presence in markets such as Europe, emphasizing the importance of European OEMs for future growth.
Product Mix Improvement: An ongoing focus on value-added products is expected to bolster margins further, maintaining EBITDA margins between 19% and 20%, despite headwinds from fluctuating steel prices.
Through these strategies, Usha Martin aims to achieve sustainable volume growth, improved margins, and an enhanced competitive position in the market.
Question: When do we expect a clear and sustained recovery in volume growth and which business segment are likely to lead this recovery?
Answer: Volume growth is crucial. We've seen about 5% volume increase this year. The Wire segment is performing better, and while Rope volumes are just marginally up, we are ready to boost production. Our strategies like customer tracking and OEM approvals will enhance visibility, and we anticipate growth starting in Q4FY26 and into FY27.
Question: Are we seeing a good order position compared to last year?
Answer: Yes, our order book is stronger both domestically and internationally. This positive trend should help us increase volumes in this quarter and the next.
Question: How is the synthetic sling business scaling up?
Answer: Our Ocean Fiber brand is doing well, with consistent month-on-month orders. We've added several new customers. We expect this segment to contribute meaningfully to revenues and margins in the next financial year.
Question: What is the current status of Saudi Arabian business and the ramp-up of Thailand operations?
Answer: The Saudi Arabian business is gradually ramping up with 60 new customers. For Thailand, we've initiated modernization with capex, and we hope to see better financial results in 4-6 quarters.
Question: What is the expected significant volume in plasticated LRPC and its importance for the company?
Answer: The plasticated LRPC is vital for our infrastructure business. We expect approvals in the next 2-3 months, which will enhance supply opportunities both domestically and for exports.
Question: What will drive the next phase of growth for Usha Martin?
Answer: We are focusing on diverse geographies and segments. Specific growth from Saudi Arabia, Europe, and various OEMs will be vital. We plan to ramp up volumes across all sectors without neglecting any segment.
Question: Could you share any trends in Wire Ropes volumes across different markets?
Answer: In Q3, we did approximately 13,000 tons in India, reflecting about a 5% growth year-on-year. Europe remained flat, while the US saw a 5% to 8% growth.
Question: What measures are being taken regarding the Carbon Border Adjustment Mechanism (CBAM)?
Answer: Wire Ropes are not yet impacted, but we are preparing calculations as some of our wire products are affected. We are committed to green manufacturing initiatives to minimize future emissions.
Question: What is the capacity utilization at the Ranchi facility?
Answer: The Ranchi plant's current capacity utilization for rope is about 75%, with overall wire utilization around 78%. We anticipate continued improvement in utilization levels soon.
Question: Is there any scope for further working capital improvement?
Answer: Yes, we've reduced working capital by INR97 crore recently. Our target is to lower net working capital days to about 180 days, maintaining our focus on inventory and receivables management.
These answers encapsulate the major themes regarding Usha Martin's current performance, strategic direction, and future guidance from the Q&A session.
Analysis of Usha Martin's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2025
| Description | Share | Value |
|---|---|---|
| Wire & Wire Ropes | 97.4% | 893.6 Cr |
| Others | 2.6% | 23.5 Cr |
| Total | 917 Cr |
Understand Usha Martin ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| UMIL SHARE & STOCK BROKING SERVICES LTD | 13.48% |
| KENWYN OVERSEAS LIMITED | 8.06% |
| USHA MARTIN VENTURES LIMITED | 6.21% |
| INDIA OPPORTUNITIES GROWTH FUND LTD - PINEWOOD STRATEGY | 5.25% |
| NEUTRAL PUBLISHING HOUSE LIMITED | 4.78% |
| TATA MUTUAL FUNDS | 3.97% |
| QUANT MUTUAL FUNDS | 3.83% |
| ICICI PRUDENTIAL MUTUAL FUNDS | 2.14% |
| BRIJ INVESTMENTS PVT LTD | 2.07% |
| TATA INDIAN OPPORTUNITIES FUND | 1.68% |
| RAJEEV JHAWAR | 1.39% |
| PETERHOUSE INVESTMENTS LIMITED | 1.39% |
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 1.02% |
| PETERHOUSE INVESTMENTS INDIA LIMITED | 0.58% |
| SUSMITA JHAWAR | 0.57% |
| RAJEEV JHAWAR - TRUSTEE OF BRIJ FAMILY TRUST | 0.49% |
| STUTI JHAWAR | 0.44% |
| AMISHA JHAWAR | 0.4% |
| SHREYA JHAWAR | 0.34% |
| PRAJEEV INVESTMENTS LIMITED | 0.21% |
Distribution across major stakeholders
Distribution across major institutional holders
Detailed comparison of Usha Martin against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | JSW Steel | 3.05 LCr | 1.8 LCr | +1.50% | +24.50% | 40.89 | 1.69 | - | - |
| TATASTEEL | TATA STEEL | 2.5 LCr | 2.27 LCr | +4.00% | +37.30% | 27.25 | 1.1 | - | - |
| JINDALSTEL | Jindal Steel & Power | 1.21 LCr | 50.32 kCr | +3.00% | +32.80% | 60.62 | 2.4 | - | - |
| SAIL | Steel Authority of India | 64.5 kCr | 1.1 LCr | +1.20% | +38.80% | 23.13 | 0.59 | - | - |
| KIRLFER | Kirloskar Ferrous Industries | 7.45 kCr | 6.84 kCr | -10.20% | -14.00% | 20.31 | 1.09 | - | - |
Usha Martin Limited, together with its subsidiaries, manufactures and sells steel wires, strands, wire ropes, and cord related accessories in India and internationally. The company offers wire ropes, including oil and offshore, crane, mining, elevator, fishing, aerial transportation, locked coil, and general engineering ropes, as well as ropes for conveyor cords and structural systems. It also manufactures a range of industrial machines, including wire drawing machines, stranding machines, wire rope closing machines, steel plant equipment, cable machines, and material handling equipment; machines for manufacturing bright bars; machines for armoring and rewinding; and copper coating lines for CO2 welding wire manufacture. In addition, the company provides pre-tensioning & post-tensioning solutions; pre-stressing solutions; anchorage accessories & equipment, hydraulic jacks, powerpacks, and grout pumps and agitators; and pre-stressing machines & accessories, as well as installation services. Further, the company offers spring steel, CO2 welding, detonator, mattress, cold heading quality, auto spoke, brush, needle, and cycle spoke wires; and LRPC strands, such as compacted, indented, and bonded and un-bonded polymer coated galvanized LRPC strands, as well as manufactures wire drawing and allied machines. Additionally, it provides optical fiber, aerial cables, micro ducts, hybrid category, FTTH/drop, aerial copper, duct copper, and jelly filled copper cables. The company was formerly known as Usha Beltron Limited and changed its name to Usha Martin Limited in May 2003. The company was founded in 1960 and is based in Kolkata, India.
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