MarketFriction

Usha Martin Ltd

NSE USHAMART · BSE 517146 · Iron & Steel Products
₹491.70 -1.39%
NSE close2026-10-01
52 week range380.00 - 542.60
Market cap₹15,204 Cr.
P/E27.9
Nifty 500Smallcap 250 Price band 20% Delivery 47.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales7857978298268918618968879089179791,033
Expenses640640678672730718757743735741768825
Operating Profit144157152154161143140145173176212208
OPM %18%20%18%19%18%17%16%16%19%19%22%20%
Other Income258149119282010-52114
Interest667789765544
Depreciation181923222326282928293134
Profit before tax144140136135141118133130150138197184
Tax %24%23%22%23%23%22%24%22%27%22%25%23%
Net Profit11010810610410992101101110108148142
EPS in Rs3.593.533.493.423.603.043.313.313.603.534.854.66
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,1123,8822,0662,4882,1542,0972,6883,2683,2253,4743,6913,837
Expenses3,7713,4932,2532,5121,9221,8142,3042,7542,6272,8772,9863,068
Operating Profit341389-188-24232284384513599597705768
OPM %8%10%-9%-1.0%11%14%14%16%19%17%19%20%
Other Income32120771753724754053574639
Interest547564921147457423025302017
Depreciation3083006061646870677798116121
Profit before tax-481-355-264-181630183346455550527615669
Tax %-11%1%2%-126%33%20%16%23%23%23%24%
Net Profit-428-358-26849421152291351424406466508
EPS in Rs-14.10-11.78-8.901.5713.744.919.5611.4913.9113.3715.2916.64
Dividend Payout %0%0%0%0%0%0%21%22%20%22%25%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-1%12%4%9%
Compounded Profit Growth12%25%9%35%
Stock Price CAGR46%42%13%9%
Return on Equity11%17%16%15%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital313131313131313131313131
Reserves1,7281,3239146977511,1971,3731,6632,0002,3492,7213,271
Borrowings3,9934,4724,3644,0733,565620530411417364417229
Other Liabilities2,5562,1112,4232,6462,645696649625627570563672
Total Liabilities8,3077,9367,7317,4456,9922,5442,5822,7303,0753,3133,7314,202
Fixed Assets5,4775,3025,0314,8629359569329139521,1531,4061,625
CWIP1321471211131333453813916611889
Investments04637394244485666566879
Other Assets2,6982,4412,5422,4326,0011,5111,5571,7221,9171,9382,1402,410
Total Assets8,3077,9367,7317,4456,9922,5442,5822,7303,0753,3133,7314,202
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity729856686914974212214159252444422655
Cash from Investing Activity-563-385-29-35-32,942-3457-155-285-219-353
Cash from Financing Activity-266-491-663-872-973-3,105-177-161-101-159-91-321
Net Cash Flow-100-20-57-250255-4-0111-19
Free Cash Flow13247164087398120717816590168191489
CFO/OP105%253%177%-491%-4,116%103%77%38%67%94%91%104%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days3955641194851575656615564
Inventory Days378241261350156183209196180199205187
Days Payable397288362561781081137260565661
Cash Conversion Cycle207-37-92126126153180175204205190
Working Capital Days-79-96-138-288-10656789898114107109
ROCE %6%1%3%-4%-1%7%13%18%21%22%19%19%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters47.51%47.41%46.04%45.11%43.54%43.48%43.90%42.45%41.75%40.52%40.52%40.28%
FIIs12.03%12.94%14.78%14.19%14.61%14.29%14.25%14.29%14.14%14.62%14.77%15.10%
DIIs3.86%3.45%3.60%4.88%7.44%8.14%9.25%11.06%12.29%14.11%14.81%15.26%
Public36.60%36.20%35.57%35.81%34.40%34.08%32.53%32.15%31.74%30.63%29.80%29.24%
Others0.00%0.00%0.00%0.00%0.00%0.00%0.06%0.06%0.06%0.11%0.11%0.11%
No. of Shareholders76,48281,19585,4471,00,1001,11,1931,50,4031,18,5641,14,3491,04,8211,04,3971,01,1771,04,425

Fundamentals

Market Cap₹ 15,204 Cr.
Current Price₹ 499
Stock P/E27.9
Book Value₹ 108
ROCE19.5 %
ROE15.1 %
Dividend Yield0.75 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)9%
Compounded Profit Growth (TTM)35%
Consolidated figures.
Valuation
Market capRs 15,019 Cr
Enterprise valueRs 14,769 Cr
P/E (TTM)29.62x
Price to book4.55x
Price to sales3.91x
EV / EBITDA18.29x
EV / EBIT21.52x
EV / sales3.85x
Price to cash flow22.92x
Earnings yield3.38%
Dividend yield0.76%
P/E, 3-year average24.63x
P/B, 3-year average3.82x
P/E, 5-year average21.34x
P/B, 5-year average3.42x
Profitability
Operating margin (excl. other income)19.10%
Operating margin (incl. other income)20.34%
EBITDA margin21.05%
Pre-tax margin17.44%
Net profit margin13.21%
Net margin, latest quarter13.74%
ROE15.39%
ROCE18.94%
ROA11.75%
ROE, 3-year average16.83%
ROCE, 3-year average19.96%
ROA, 3-year average12.20%
ROE, 5-year average17.62%
ROCE, 5-year average20.10%
ROA, 5-year average11.92%
ROIC (approx.)17.06%
Tax rate24.14%
Other income / net worth1.38%
Growth
Sales growth (latest year)6.24%
Profit growth (latest year)14.38%
Sales CAGR, 3 years4.14%
Sales CAGR, 5 years11.97%
Profit CAGR, 3 years10.00%
Profit CAGR, 5 years25.51%
Sales growth QoQ5.49%
Profit growth QoQ-3.94%
Sales growth YoY (latest quarter)16.43%
Profit growth YoY (latest quarter)40.67%
Per share
EPS (TTM)Rs 16.60
EPS (latest year)Rs 15.26
EPS (latest quarter)Rs 4.65
EPS, 3-year averageRs 14.16
EPS, 5-year averageRs 12.69
Book value per shareRs 108.10
Sales per shareRs 125.62
Cash flow per shareRs 21.46
Free cash flow per shareRs 16.01
Dividend per share (latest year)Rs 3.75
Dividend per share, 3-year averageRs 3.16
Dividend per share, 5-year averageRs 2.80
Dividends
Dividend payout24.55%
Dividend payout, 3-year average22.28%
Dividend payout, 5-year average21.92%
Efficiency
Asset turnover0.88x
Fixed asset turnover2.27x
Inventory turnover2.29x
Inventory days159 days
Debtor days64 days
Debtors turnover5.74x
Creditor days61 days
Cash conversion cycle190 days
Working capital days109 days
Leverage
Total debtRs 229 Cr
Cash and bankRs 478 Cr
Net debtRs -249 Cr
Debt to equity0.07x
Net debt / EBITDA-0.31x
Interest coverage39.73x
Current ratio (filing 2026-03-31)3.28x
Quick ratio (filing 2026-03-31)1.90x
Trade payables (filing 2026-03-31)Rs 311 Cr
Owners' fund to total sources78.57%
Debt to assets5.44%
Cash flow
Cash from Operating Activity (latest year)Rs 655 Cr
Cash from Investing Activity (latest year)Rs -353 Cr
Cash from Financing Activity (latest year)Rs -321 Cr
Net Cash Flow (latest year)Rs -19 Cr
Free cash flow (latest year)Rs 489 Cr
FCFE (approx.: FCF + change in debt)Rs 301 Cr
Cash from ops / profit, 5 years1.00x
Sales to cash flow5.63x
Statement figures
Net sales (TTM)Rs 3,837 Cr
Net sales (latest year)Rs 3,691 Cr
Sales (latest quarter)Rs 1,033 Cr
Operating profit excl. other income (latest year)Rs 705 Cr
Operating profit (latest quarter)Rs 208 Cr
Other income (TTM)Rs 39 Cr
EBITDA (TTM)Rs 808 Cr
PBDT (TTM)Rs 790 Cr
Profit before tax (TTM)Rs 669 Cr
Tax (latest year)Rs 148 Cr
Net profit (TTM)Rs 507 Cr
Net profit (latest year)Rs 466 Cr
Net profit (latest quarter)Rs 142 Cr
Depreciation (TTM)Rs 121 Cr
Depreciation (latest quarter)Rs 34 Cr
Interest (TTM)Rs 17 Cr
Cost of goods sold (latest year)Rs 2,196 Cr
Total expenditure (latest year)Rs 2,986 Cr
Total income (latest year)Rs 3,737 Cr
Share capitalRs 31 Cr
ReservesRs 3,271 Cr
Shareholders' fundsRs 3,302 Cr
Total assetsRs 4,202 Cr
Net blockRs 1,625 Cr
Capital work in progressRs 89 Cr
InvestmentsRs 79 Cr
ReceivablesRs 643 Cr
InventoryRs 958 Cr
Other liabilitiesRs 672 Cr
Shares outstanding (crore)30.54
Ownership
Promoter holding40.28% (-2.17 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 29.6 is at the 78th percentile of its own 7.4-year range (median 22.4, low 1.3, high 35.1).
P/B 4.55 is at the 76th percentile (median 1.96).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodUSHAMARTNifty 50Difference
1 week-6.0%-2.8% -3.2 pts
1 month-1.6%-6.8% +5.2 pts
3 months-4.4%-7.6% +3.3 pts
6 months+25.6%+0.4% +25.2 pts
1 year+9.6%-9.9% +19.5 pts
2 years+39.8%-13.6% +53.4 pts
3 years+43.0%+14.2% +28.8 pts
5 years+462.3%+27.9% +434.4 pts
56 mutual fund schemes hold about ₹1,893 Cr. Over three months 6 bought more and 8 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Tata Small Cap Fund4.42%579 +0%
Quant Small Cap Fund1.50%535 -3%
ICICI Pru Commodities Fund3.66%157 -4%
Mahindra Manulife Small Cap Fund2.05%112 -5%
Bandhan Large & Mid Cap Fund0.51%107 +14%
Bandhan Small Cap Fund0.17%58 -13%
Tata Multicap Fund1.28%46 +1%
Mirae Asset Multicap Fund0.79%44 +89%
ICICI Pru Retirement Fund-Pure Equity Plan1.87%40 -3%
ICICI Pru Multi Cap Fund0.18%36 +2%
Quant Multi Cap Fund0.45%35 +5%
ICICI Pru Multi Cap Fund0.18%34 +2%
Nippon India Nifty Smallcap 250 Index Fund0.41%14 +1%
Bandhan Innovation Fund0.51%14 -2%
Bajaj Finserv Small Cap Fund0.43%11 +100%
ICICI Pru Children's Fund0.69%10 +4%
Navi Flexi Cap Fund(Q2.95%9 -1%
ITI ELSS Tax Saver Fund1.77%8 +3%
SBI Nifty Smallcap 250 Index Fund0.41%7 +1%
Motilal Oswal Nifty Smallcap 250 Index Fund0.41%5 +1%
Navi Aggressive Hybrid Fund3.03%4 +1%
Navi Large & Midcap Fund1.08%3 +3%
Qsif Equity Ex-Top 100 Long-Short Fund0.80%3 +100%
ICICI Pru Nifty Smallcap 250 Index Fund0.41%3 +1%
Edelweiss Nifty500 Multicap Momentum Quality 50 Index Fund0.52%3 -14%

Red flags

F-score 7 of 8
lookAuditor change Auditor change 2026-05-26: Usha Martin Limited has informed the Exchange regarding Change in Auditors of the company.
lookRegulator order or action Regulator order or action 2026-02-03: USHAMART: Usha Martin Limited has informed the Exchange about Cautionary Letter received from BSE.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-09-18Nidhi RajgarhiaPromoter groupsell24,000SAST Open Market
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹1,033 Cr +16.5% vs Jun 2025. Net profit ₹142 Cr +40.6%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-13Dividend - Rs 3.75 Per Share
2025-07-31Dividend - Rs 3 Per Share
2024-08-06Dividend - Rs 2.75 Per Share
2024-08-06Annual General Meeting
2023-08-03Dividend - Rs 2.50 Per Sh
2023-08-03Annual General Meeting
2022-07-20Annual General Meeting/Dividend - Rs 2 Per Share
2021-08-03 Annual General Meeting
2020-09-15 Annual General Meeting
2019-09-12 Annual General Meeting
2018-09-07 Annual General Meeting
2017-09-12 Annual General Meeting
2016-07-29 Annual General Meeting
2015-07-21Annual General Meeting
2014-06-17Annual General Meeting
2013-07-18Annual General Meeting/Dividend Re 0.15/- Per Share
2012-07-19Annual General Meeting
2011-07-19Annual General Meeting / Dividend-Re.1/- Per Share
2010-07-16Annual General Meeting And Dividend Re.1/- Per Share
2009-07-16Agm/Div-Re.1/- Per Share
2008-07-14Agm/Div-Re.1 Per Share
2007-08-29Fv Split Rs.5/- To Re.1/0.2000
2007-07-12Agm/Div-Rs.3.75/- Per Sh
2006-07-13Agm/Dividend-55%
DateTypeWhat it says
2026-09-25General UpdatesExecution of BusinessTransfer Agreement for sale of Business Undertaking of U M Cables Limited ( wholly owned subsidiary ).
2026-09-24Board meeting outcomeOutcome of Board Meeting held on September 24, 2026 related to Slump Sale of the Business Undertaking of U M Cables Limited ( Wholly Owned Subsidiary ...
2026-09-23General UpdatesESG Rating assigned voluntarily by SES ESG Research Private Limited.
2026-09-23Concall / analyst meetSchedule of meet/conference with Analysts & Investors to be held on 28th and 29th September 2026.
2026-09-16Concall / analyst meetSchedule of meet.
2026-09-03Concall / analyst meetSchedule of meet.
2026-08-21General UpdatesESG Rating & Core ESG Rating assigned voluntarily by Crisil ESG Ratings & Analytics Ltd.
2026-08-20Shareholder meetingVoting results.
2026-08-20Shareholder meetingProceedings of Annual General Meeting held on August 20, 2026.
2026-08-03Concall / analyst meetTranscript
2026-07-28Concall / analyst meetLink of Recording.
2026-07-27General UpdatesA letter has been sent to those shareholders whose email addresses are not registered, providing the weblink of the Companys website from where the An...
2026-07-27General UpdatesDividend on equity shares as recommended by the Board of Directors for the financial year 2025-26, if approved at the 40th AGM, will be payable to tho...
2026-07-27Shareholder meetingNotice of Annual General Meeting to be held on August 20, 2026
2026-07-27Investor PresentationInvestor Presentation
2026-07-27Press ReleaseA press release dated July 27, 2026, titled "USHA MARTIN LTD. ANNOUNCES Q1 FY27 RESULTS".
2026-07-27Board meeting outcomeUsha Martin Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-23Credit RatingCredit Rating
2026-07-23Concall / analyst meetSchedule of meet
2026-07-15Record DateThe Record date for the purpose of Dividend is 13-Aug-2026.
2026-07-15UpdatesThe 40th Annual General Meeting of the Company is scheduled to be held on 20th August 2026 at 11:30 A.M. (IST).
2026-07-13General UpdatesIntimation sent to shareholders holding shares in physical mode requesting updation of their KYC details.
2026-07-06Disclosure under SEBI TakeovUsha Martin Ventures Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (...
2026-06-30Disclosure under SEBI TakeovUsha Martin Ventures Ltd has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Subs...
2026-06-02Disclosure under SEBI TakeovRajeev Jhawar has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acq...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-01-28NCLTUSHA MARTIN LTD Vs BENGAL SHELTER HOUSING DEVELOPMENT LTD.
2020-12-14NCLTUsha Martin Ltd. Vs Forge India Pvt. Ltd.
2020-03-02NCLTAshirbad Enterprises Vs Usha Martin Ltd.
2019-04-22NCLATUsha Martin Ventures Ltd. & Ors. VS Usha Martin Ltd. & Anr.
2019-04-11NCLATUsha Martin Ventures Ltd & Ors. VS Usha Martin Ltd & Anr
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Usha Martin Ltd?

Usha Martin Ltd (USHAMART) has a market capitalisation of Rs 15,204 Cr. at the 2026-10-01 close.

What is the P/E ratio of Usha Martin Ltd?

Usha Martin Ltd trades at a P/E of 27.9 on trailing twelve-month profit, at the 2026-10-01 close.

What were Usha Martin Ltd's latest quarterly results?

In the Jun 2026 quarter, Usha Martin Ltd sales was Rs 1,033 Cr (+16.5% vs Jun 2025) and net profit was Rs 142 Cr.

What is the 52-week high and low of Usha Martin Ltd?

The 52-week high is Rs 542.60 and the 52-week low is Rs 380.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03