USHAMART

Usha Martin share price & financials

Price
₹476.05
Market cap
₹15.3k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 28 Jul 2026

Usha Martin Q1 FY27

Consolidated Revenue ₹1,033 cr +16%Operating EBITDA ₹208 cr +43%EBITDA Margin 20.1% +4%Profit After Tax ₹142 cr +41%

What went well

  • Consolidated revenue increased by 16% year-on-year to INR 1,033 crore.
  • Operating EBITDA stood at INR 208 crore, a 44% increase year-on-year, with an EBITDA margin of 20.1%.
  • Profit after tax grew to INR 142 crore from INR 101 crore, registering a growth of 41% year-on-year.

What to watch

  • Wire rope volumes were marginally lower overall, primarily due to a 28% decline in Middle East operations.
  • Geopolitical and market disruptions in the Middle East led to project delays and conservative stocking by distributors.
Read the full call →

What Usha Martin does

Usha Martin Limited manufactures speciality steel wire ropes, wires and LRPC (low relaxation prestressing concrete) strands for mission-critical applications in oil & gas, mining, cranes, elevators, construction, ports, marine and fishing. It earns revenue by selling engineered, high-performance rope and strand solutions, along with bespoke end-fittings and accessories, to industrial and infrastructure customers worldwide. Manufacturing is carried out across facilities in India, the UK, Dubai and Thailand, supported by Global R&D/Development centres, with products delivered through a network of distribution centres, channel partners and rigging centres located near end customers in key overseas markets.

Segments

  • Wire Rope
  • Wire
  • LRPC (Low Relaxation Prestressing Concrete) Strands
Manufacturing facilities
7 (across India, UK, Dubai & Thailand)
Total employees globally
~3,177
Countries with active market presence
75+
Group distribution centres and channel partners
250+
Global R&D / development centres
Italy and Ranchi
Manufacturing locations
Ranchi, Hoshiarpur (India), Dubai (UAE), Bangkok (Thailand), United Kingdom
Founded 1960Headquarters Kolkata, India Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 4 delivered 1 missed 11 open
  • EBITDA Margin delivered said Q4 FY25 Promised: minimum of 18% is our target for next year Q1 FY27: Promise related to FY26, which has been achieved and concluded.
  • Working Capital Days went quiet said Q1 FY26 Promised: reduce this further by at least 10 days over the few quarters Q1 FY27: No mention of working capital days after missing the target in FY26.
  • Capex revised up said Q2 FY26 Promised: close to INR 300 crore to INR 350 crore a year Q1 FY27: Revised annual capex guidance up to INR 250-300 crore for FY27 alone, from previous guidance of INR 300 crore over two years.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 16.5%, net profit up 40.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue891 861 896 887 908 +2%917 +7%979 +9%1,033 +16%
EBITDA161 143 140 145 173 +7%176 +23%212 +51%208 +43%
Net profit109 92 101 101 110 +1%108 +17%148 +47%142 +41%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +28.7% 1Y

₹400₹450₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 30 Jan 2026Q4 FY26 — 30 Apr 2026Q1 FY27 — 28 Jul 2026

1Y: ₹384.15 on 10 Sept 2025 → ₹494.5. High ₹520.25 (5 Aug 2026), low ₹383.55 (11 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
+2.0%
28 Jul
Q4 FY26
−2.2%
30 Apr
Q3 FY26
+0.2%
30 Jan
Q2 FY26
+2.5%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 4.1% a year over 3 years, FY23 to FY26. Operating margin widened to 19.1%.

Year endingFY23FY24FY25FY26
Revenue₹3.3k Cr₹3.2k Cr₹3.5k Cr₹3.7k Cr
Operating profit₹513 Cr₹599 Cr₹598 Cr₹706 Cr
Operating margin15.7%18.6%17.2%19.1%
Interest₹31 Cr₹25 Cr₹31 Cr₹20 Cr
Depreciation₹68 Cr₹78 Cr₹99 Cr₹117 Cr
Net profit₹350 Cr₹425 Cr₹406 Cr₹467 Cr
Net margin10.7%13.2%11.7%12.7%
ROCE21.0%22.0%19.0%19.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹31 Cr₹31 Cr₹31 Cr₹31 Cr₹31 Cr₹31 Cr
Reserves₹1.4k Cr₹1.7k Cr₹2.0k Cr₹2.3k Cr₹2.9k Cr₹3.3k Cr
Borrowings₹530 Cr₹411 Cr₹417 Cr₹364 Cr₹264 Cr₹229 Cr
Other liabilities₹649 Cr₹625 Cr₹627 Cr₹570 Cr₹624 Cr₹672 Cr
Total liabilities₹2.6k Cr₹2.7k Cr₹3.1k Cr₹3.3k Cr₹3.9k Cr₹4.2k Cr
Fixed assets₹932 Cr₹913 Cr₹952 Cr₹1.2k Cr₹1.5k Cr₹1.6k Cr
Capital work in progress₹45 Cr₹38 Cr₹139 Cr₹166 Cr₹177 Cr₹89 Cr
Investments₹48 Cr₹56 Cr₹66 Cr₹56 Cr₹70 Cr₹79 Cr
Other assets₹1.6k Cr₹1.7k Cr₹1.9k Cr₹1.9k Cr₹2.1k Cr₹2.4k Cr
Total assets₹2.6k Cr₹2.7k Cr₹3.1k Cr₹3.3k Cr₹3.9k Cr₹4.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +4.20 pp while the public trimmed −2.91 pp. The shareholder count shrank 9% to 1,04,425.

Promoters
40.3%
FIIs
15.1%
DIIs
15.3%
Public
29.2%
Others
0.1%

Since Jun 2025

  • DIIs +4.20 pp
  • Public −2.91 pp
  • Promoters −2.17 pp

How it drifted, 12 quarters

Over this window DIIs went from 3.9% to 15.3% — +11.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 47.5%, FIIs 12.0%, DIIs 3.9%, Public 36.6%.Dec '23: Promoters 47.4%, FIIs 12.9%, DIIs 3.5%, Public 36.2%.Mar '24: Promoters 46.0%, FIIs 14.8%, DIIs 3.6%, Public 35.6%.Jun '24: Promoters 45.1%, FIIs 14.2%, DIIs 4.9%, Public 35.8%.Sep '24: Promoters 43.5%, FIIs 14.6%, DIIs 7.4%, Public 34.4%.Dec '24: Promoters 43.5%, FIIs 14.3%, DIIs 8.1%, Public 34.1%.Mar '25: Promoters 43.9%, FIIs 14.3%, DIIs 9.3%, Public 32.5%, Others 0.1%.Jun '25: Promoters 42.5%, FIIs 14.3%, DIIs 11.1%, Public 32.1%, Others 0.1%.Sep '25: Promoters 41.8%, FIIs 14.1%, DIIs 12.3%, Public 31.7%, Others 0.1%.Dec '25: Promoters 40.5%, FIIs 14.6%, DIIs 14.1%, Public 30.6%, Others 0.1%.Mar '26: Promoters 40.5%, FIIs 14.8%, DIIs 14.8%, Public 29.8%, Others 0.1%.Jun '26: Promoters 40.3%, FIIs 15.1%, DIIs 15.3%, Public 29.2%, Others 0.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Usha Martin above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Umil Share & Stock Broking Services Ltd 13.48%unchanged
Kenwyn Overseas Limited 8.06%unchanged
Usha Martin Ventures Limited 6.21%unchanged
India Opportunities Growth Fund Ltd - Pinewood Strategy FPI fund5.11%unchanged
Neutral Publishing House Limited 4.78%unchanged
Tata Mutual Funds Mutual fund4.17%unchanged
Quant Mutual Funds Mutual fund3.83%unchanged
Brij Investments Pvt Ltd 2.07%unchanged
Tata Indian Opportunities Fund FPI fund1.68%unchanged
ICICI Prudential Mutual Funds Mutual fund1.57%−0.59 pp
Rajeev Jhawar 1.39%unchanged
Peterhouse Investments Limited 1.18%−0.21 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in USHAMART

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.05 L shares (+1.1%).

Held by funds
₹23 Cr
5 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹14 Cr · 0.4% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹14 Cr+0.04 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹7 Cr+0.02 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +5,204 shares (+1.1%)

Funds are sitting on
+30%
vs est. average cost
Held by funds
₹23 Cr
5 schemes · ≈ 0.14% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹14 Cr · 0.4% of that fund

Shares held by these funds +250%

Sep '23 4.62 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹494, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹283 — downside of 43%.

Growth the price implies
20.6% a year
for 7 years, fading to 4%
It has actually compounded at
10.1% a year
net profit, FY23–FY26 · EPS 10.0%
The gap
0.1 pp
-43% downside if it only repeats history
Price today ₹494.5 Value at the reference growth ₹283.36

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Usha Martin

Guides on how to read this kind of business and the numbers that matter.