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Usha Martin (USHAMART) had a P/E of 27.3× on 6 Nov 2026, above the industry P/E of 19.9×, and the shares are 12% below their 52-week high. Sales and net profit grew 4.1% and 10.0% a year over 3 years, with ROCE of 19% and ROE of 15%. It carries very little debt, and its dividend yield is 0.8%. It is a small-cap company with a market cap of ₹14,532 Cr, ranked 15th of 150 Steel companies by market cap; the shares rose 2.8% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹480.00
Day high
₹484.60
Day low
₹475.45
Prev. close
₹487.65
Volume
1.7 L

Health check

2 good · 2 fair · 2 to check
  • ReturnsBehind

    +2.8% over a year, better than 2 of 7 peers.

  • Price tagPricier

    P/E 27.3 vs industry 19.9.

  • GrowthSteady

    Sales +4.1%, profit +10.0% a year over 3 years.

  • ProfitabilityAverage

    ROCE 18.7% vs peer median 18.7%.

  • Balance sheetSolid

    Debt 0.07× equity, interest covered 36.6×, Piotroski 7 of 9.

  • Red flagsNone found

    No warning signs in the headline numbers.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Steel

149 listed peers. Screen the industry

Small cap

₹14,532 Cr, #15 of 150 in its industry by size.

Defensive

Beta 0.37 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Jun 2026: sales ₹3,837 Cr · profit ₹532 Cr
Market cap
₹14,532 Cr
Small cap
P/E
27.3
Industry 19.9
Price to book
4.40
Peers 2.28
Dividend yield
0.79%
ROE
15.4%
Peers 23.4%
ROCE
18.7%
Peers 18.7%
Debt to equity
0.07
Debt ₹229 Cr
EPS (TTM)
₹17.46
Face value ₹1
OPM (TTM)
19.4%
Net margin 13.2%
Sales growth
+16.4%
Latest quarter vs a year ago
Profit growth
+40.7%
Latest quarter vs a year ago
Price to sales
3.79
EV/EBITDA 18.6

Strengths and risks

Strengths

  • Practically debt-free.
  • Quarterly profit up 40.7% on a year ago.
  • Quarterly sales up 16.4% on a year ago.
  • Positive operating cash flow in each of the last 4 years.

No obvious red flags in the headline numbers.

Derived automatically from reported figures. Not a recommendation.

About Usha Martin

Usha Martin Limited, together with its subsidiaries, manufactures and sells steel wires, strands, wire ropes, wire drawing and allied machine, cord, and related accessories in India and internationally. The company offers wire ropes, including crane, mining, elevator, oil and offshore, fishing, general engineering, aerial transportation, structural, and forestry ropes, as well as conveyor cords. It also provides spring, welding, fencing, ACSR, needle,…

Headquarters
Kolkata
Employees
2,234
Sector
Basic Materials
ISIN
INE228A01035
Website
ushamartin.com

Price range

52 weeks

₹380.00₹542.60

Today

₹475.45₹484.60
Avg volume (3M)
7.5 L
1-year return
plus 2.8%
From 52-week high
minus 12.0%

Peers · Steel

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
JSWSTEELJSW Steel1,357.10plus 0.11%3,31,26511.712.218.7%17.7%0.623.6%plus 14.7%
TATASTEELTata Steel186.30plus 2.36%2,32,39721.19.111.3%15.2%0.89−1.6%plus 1.5%
JINDALSTELJindal Steel1,165.00plus 1.31%1,18,59441.514.97.5%15.9%0.42−13.1%plus 6.4%
LLOYDSMELloyds Metals And Energy1,785.50minus 1.38%1,00,48219.118.819.4%37.4%1.2371.3%plus 37.4%
SAILSteel Authority of India171.60minus 0.41%70,88012.68.17.2%12.9%0.502.0%plus 24.7%
NMDCNMDC70.40minus 0.01%61,8948.36.228.4%30.0%0.1922.0%minus 5.2%
APLAPOLLOAPL Apollo Tubes2,185.30minus 0.41%60,67746.332.728.0%8.2%0.1712.6%plus 23.3%
USHAMARTUsha Martin477.40minus 2.10%14,53227.320.218.7%19.4%0.074.1%plus 2.8%
Median of 7 peers–−0.01%1,00,48219.112.218.7%15.9%0.503.6%14.7%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrMar 25Jun 25Sep 25Mar 26Jun 26
8968879179791,033
–––+9.3%+16.4%
757743741768825
140145176212208
15.6%16.3%19.2%21.6%20.1%
27.9208.831.113.5
6.56.34.83.53.9
27.828.728.831.233.5
––−13.4−3.5–
133130138204184
24.2%22.2%21.8%24.1%22.9%
101101108148142
–––+46.4%+40.7%
3.323.313.534.844.66

Dec 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+4.1%
Profit CAGR 3Y
+10.0%
EPS CAGR 3Y
+9.9%
ROE
15.4%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
3,1873,1383,3833,596
–minus 1.5%+7.8%+6.3%
2,6662,5332,7792,887
522605604708
16.4%19.3%17.8%19.7%
28.427.745.959
28.121.526.818
67.57797.9116
0.915.21.86.7
455550527640
23.0%22.8%22.9%23.2%
350424407466
–+21.1%minus 3.9%+14.4%
11.5113.9213.3715.29

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
30.530.530.530.5
2,0002,3492,7213,271
417364417229
640587579681
3,0873,3303,7484,212
1,0671,2861,4831,669
176195140108
1.90.74.70.7
159165272477
1,6831,6831,8481,957
3,0873,3303,7484,212

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
252444422655
−158−288−223−367
−101−159−91.5−321
−7.2−3.4107−32.8
−182−278−245−198
69.3166177457
−61−76.2−83.8−91.4

Shareholding pattern

Source: NSE filings

NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 29.1% (Yahoo estimate).

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you