Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹10,795.00 last close on 14 Oct 2026 +0.42%
Research updated
Usha Martin Ltd.
NSE: USHAMARTBasic MaterialsSteel
- Last close
- ₹487.00
- Day change
- +₹0.55 (+0.11%)vs
- Market cap
- ₹14,699 crIndian rupees
- Research updated
- 1 report
About Usha Martin
Usha Martin Ltd., an established player in the steel and wire rope manufacturing industry, engages in the production and supply of diverse industrial products. Its primary function is to deliver high-quality steel and specialized wire ropes to various sectors, including shipping, mining, oil & gas, and construction. Notable features of Usha Martin include its vertical integration in steel manufacturing, from iron ore mining to producing steel wire rods and finished wire ropes. The company also offers mechanical, electro-mechanical, and hydraulically powered machineries designed for enhancing the operational capabilities of its clientele. Based in India, Usha Martin holds a significant position in both domestic and international markets due to its extensive distribution network and commitment to innovation. Renowned for its stringent quality control measures and robust research and development, Usha Martin serves a pivotal role in facilitating the infrastructure and transportation industries' growth, highlighting its market prominence.
- Sector
- Basic Materials
- Industry
- Steel
- Listing
- NSE: USHAMART
- Employees
- 2,234
- Headquarters
- Kolkata, India
- ISIN
- INE228A01035
- Website
- ushamartin.com
Public research · Report of
Business model & financial foundation
Usha Martin (NSE: USHAMART), Steel wire ropes, wires and LRPC (specialty steel wire products): revenue of ₹3,691 crore in FY26 (+6.2% on FY25), an EBITDA margin of 19.1%, net profit of ₹466.0 crore and net cash of ₹332.5 crore.
- Revenue, FY26 (₹ crore)
- 3,691
- consolidated
- Revenue growth, FY26
- +6.2%
- on FY25
- Net profit, FY26 (₹ crore)
- 466.0
- to owners
- Return on equity, FY26
- 15.4%
- on average equity
- Market capitalisation (₹ crore)
- 14,576
- at the close of 15 Oct 2026
Company profile
Usha Martin is a specialty steel wire rope maker — among the largest globally — selling wire ropes (about 73% of revenue), wires and LRPC (low relaxation prestressed concrete strand) for mining, oil and gas, crane, elevator, fishing and infrastructure uses. Manufacturing is in Ranchi and Hoshiarpur (India), Bangkok, Dubai and the UK, with distribution across Europe, the Americas, the Middle East and Asia; 57% of FY26 revenue was earned outside India. It sold its steel business to Tata Steel in 2019 and has been net cash since FY26.
| Item | Value |
|---|---|
| Legal name | Usha Martin Limited |
| Exchange and ticker | NSE: USHAMART; BSE: 517146 |
| ISIN | INE228A01035 |
| Sector | Basic Materials |
| Industry | Steel wire ropes, wires and LRPC (specialty steel wire products) |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP (since 2016) |
| Market capitalisation | ₹14,576 crore (15 Oct 2026) |
| Shares outstanding | 30.45 crore shares (FY26) |
| Price | ₹487.0 (close, 15 Oct 2026) |
| 52-week range | ₹380.0 - ₹542.6 (to 15 Oct 2026) |
| Website | https://www.ushamartin.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Usha Martin International Limited (UK) | 100% | Holding company for European operations (Brunton Shaw UK, De Ruiter Staalkabel NL, Usha Martin Europe BV, Usha Martin Italia) |
| Usha Siam Steel Industries Public Company Limited (Thailand) | 100% | Wire rope manufacturing, Bangkok |
| Brunton Wire Ropes FZCO (Dubai) | 100% | Wire rope manufacturing and distribution for the Middle East |
| Brunton Wire Ropes Industrial Company Limited (Saudi Arabia) | 51% | Wire ropes, slings for the Middle East |
| Usha Martin Americas Inc. | 100% | US distribution and service of wire ropes |
| Usha Martin Singapore Pte. Limited | 100% | Asian warehousing and distribution hub; step-down subsidiaries in Australia, Vietnam, Indonesia |
| U M Cables Limited | 100% | Telecom cables, Silvassa; business agreed to be sold to R R Kabel for Rs 77 cr (Sep 2026) |
| Gustav Wolf Speciality Cords Limited | 100% | Speciality cords, India |
Joint ventures (Pengg Usha Martin and others) are equity-accounted; share of JV profit about Rs 18.5 cr in FY26.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 41.76% | 40.52% | 40.52% | 40.28% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 14.14% | 14.62% | 14.76% | 15.10% |
| Domestic institutions | 12.29% | 14.11% | 14.81% | 15.26% |
| of which mutual funds | 10.90% | 12.17% | 12.46% | 12.14% |
| Retail | 16.62% | 16.49% | 15.90% | 16.05% |
| Other | 15.19% | 14.26% | 14.01% | 13.32% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Usha Martin makes steel wire ropes (73% of Q1FY27 revenue), wires and LRPC for mining, oil and gas, cranes, elevators, fishing and infrastructure. Wire rod is bought (the steel business was sold to Tata Steel in 2019) and converted at Ranchi and Hoshiarpur, Bangkok, Dubai and the UK, with distribution in Europe, the Americas, the Middle East and Asia. International business was 57% of FY26 revenue (55% in FY25); geography in Q1FY27: India 43%, Europe 27%, APAC 12%, MEA 9%, Americas 9%. Steel cost is passed through in absolute rupees, so EBITDA per tonne, not margin, is the economic unit.
| Peer | Why the dossier compares them |
|---|---|
| Bharat Wire Ropes (BHARATWIRE) | Only other listed Indian wire rope maker; domestic-focused and smaller |
| Bansal Wire Industries (BANSALWIRE) | Listed Indian steel wire maker; overlaps in wire and specialty wire |
| Ratnamani Metals & Tubes (RATNAMANI) | Export-oriented Indian specialty steel products maker for oil & gas and industrial customers; similar size |
| WireCo WorldGroup | Global wire rope leader (private, US); main competitor in mining, oil & gas and crane ropes |
| Bekaert (Bridon-Bekaert Ropes) | Global steel wire and rope major listed in Brussels; competes in Europe and offshore |
| Kiswire | Korean wire rope and steel cord major competing in Asia and elevator ropes |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,624 | 3,187 | 3,225 | 3,474 | 3,691 |
| Cost of revenue (vendor classification) * | 1,530 | 1,857 | 1,696 | 1,750 | 1,939 |
| Other operating costs (vendor classification) * | 438.2 | 512.5 | 488.7 | 878.2 | 573.5 |
| EBITDA (vendor classification) * | 422.4 | 550.1 | 632.8 | 654.3 | 767.3 |
| EBIT * | 384.7 | 483.5 | 571.0 | 556.4 | 657.6 |
| Finance costs | 38.4 | 28.1 | 24.8 | 29.6 | 19.6 |
| Profit before tax (continuing operations) | 346.3 | 455.4 | 549.5 | 526.9 | 639.6 |
| Tax expense (continuing operations) | 54.9 | 104.8 | 125.4 | 120.5 | 148.4 |
| Profit after tax (incl. discontinued) | 291.4 | 350.6 | 424.1 | 406.3 | 466.3 |
| Diluted EPS (INR, total operations) | 9.56 | 11.51 | 13.92 | 13.37 | 15.29 |
| COGS (materials + stock-in-trade + inventory change) | 1,633 | 1,750 | 1,868 | ||
| Employee benefits expense | 427.6 | 474.3 | 460.5 | ||
| Other expenses | 565.7 | 652.7 | 658.0 | ||
| EBITDA (revenue less cogs, employee, other expenses) | 598.6 | 597.1 | 705.1 | ||
| Other income | 40.3 | 39.4 | 68.9 | ||
| Depreciation and amortisation | 77.0 | 97.9 | 116.4 | ||
| Share of profit of joint ventures | 12.5 | 17.8 | 18.5 | ||
| Exceptional items (charge negative) | 0.00 | 0.00 | -16.9 | ||
| Profit/(loss) from discontinued operations | 0.00 | 0.00 | -24.9 | ||
| Non-controlling interest | 0.16 | -1.07 | 0.32 | ||
| PAT attributable to owners | 424.0 | 407.4 | 466.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (incl. NCI) | 1,697 | 2,035 | 2,384 | 2,752 | 3,302 |
| Borrowings (non-current + current, excl. leases) | 411.4 | 416.5 | 297.8 | 337.6 | 145.5 |
| Cash and cash equivalents | 154.4 | 150.2 | 149.8 | 260.7 | 241.8 |
| Trade receivables | 414.1 | 499.9 | 539.3 | 527.6 | 643.4 |
| Inventories | 797.4 | 889.9 | 889.6 | 984.9 | 957.8 |
| Trade payables (MSME + others) | 295.0 | 298.8 | 248.4 | 266.2 | 311.0 |
| Property, plant and equipment (net) | n.r. | n.r. | n.r. | 1,265 | 1,480 |
| Capital work-in-progress | 41.7 | 176.0 | 195.4 | 117.3 | 88.9 |
| Total assets | 2,743 | 3,087 | 3,330 | 3,748 | 4,212 |
| Other bank balances | n.r. | 14.0 | 236.0 | ||
| Current investments | n.r. | 0.20 | 0.20 | ||
| Net debt (negative = net cash) | 148.0 | 62.6 | -332.5 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 141.5 | 263.2 | 443.8 | 421.8 | 655.3 |
| Free cash flow (vendor definition) * | 107.5 | 69.3 | 166.2 | 177.1 | 457.3 |
| Dividends paid | -61.0 | -76.2 | -83.8 | -91.4 | |
| Purchase of PPE, CWIP and intangibles | 6.39 | -162.1 | -277.6 | -244.7 | -198.1 |
| Free cash flow (CFO + capex) | 166.2 | 177.1 | 457.3 | ||
| Repayment of long-term borrowings | -101.2 | -7.38 | -183.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 30.47 | 30.47 | 30.47 | 30.47 | 30.45 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 891.2 | 860.5 | 896.1 | 887.2 | 907.6 | 917.1 | 979.3 | 1,033 |
| Cost of revenue (vendor classification) * | 442.5 | 432.9 | 483.0 | 463.1 | 464.9 | 475.4 | 519.3 | |
| Other operating costs (vendor classification) * | 166.7 | 174.1 | 157.2 | 166.3 | 162.0 | 170.4 | 183.3 | |
| EBITDA (vendor classification) * | 171.9 | 151.9 | 167.4 | 164.6 | 184.7 | 242.7 | 221.5 | |
| EBIT * | 149.1 | 126.3 | 139.7 | 135.9 | 142.5 | 207.9 | 188.0 | |
| Finance costs | 7.70 | 8.70 | 6.50 | 6.30 | 5.10 | 4.80 | 3.50 | 3.90 |
| PBT after exceptional, continuing ops (incl. JV share) | 141.4 | 117.6 | 133.1 | 129.6 | 167.8 | 137.8 | 204.4 | 184.1 |
| Tax expense | 32.1 | 25.4 | 32.2 | 28.8 | 40.2 | 30.1 | 49.3 | 42.1 |
| PAT (total, incl. discontinued) | 109.3 | 92.3 | 100.9 | 100.8 | 109.8 | 107.7 | 148.0 | 142.0 |
| EPS (Rs; basic as reported, diluted not disclosed in decks) (₹) | 3.59 | 3.04 | 3.32 | 3.31 | 3.61 | 3.53 | 4.85 | 4.66 |
| Operating EBITDA (excl. other income) | 160.8 | 142.7 | 139.6 | 144.6 | 173.0 | 175.9 | 211.5 | 208.0 |
| Other income | 6.90 | 3.90 | 23.7 | 15.5 | 22.7 | 4.10 | 26.7 | 8.60 |
| Depreciation | 22.8 | 25.6 | 27.8 | 28.7 | 27.7 | 28.8 | 31.2 | 33.5 |
| Exceptional items (negative = charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -13.4 | -3.50 | 0.00 |
| Profit/(loss) from discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | -17.8 | 0.00 | -7.10 | 0.00 |
| COGS (materials + stock-in-trade + inventory change) | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
| Employee benefits expense | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
| Other expenses | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
| Non-controlling interest | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
| PAT attributable to owners | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
| Share of profit of joint ventures | 4.20 | 5.30 | 4.10 | 4.50 | 4.90 | 4.80 | 4.40 | 4.90 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 28.1% | 21.5% | 1.2% | 7.7% | 6.2% |
| EBITDA margin | 18.6% | 17.2% | 19.1% | ||
| Net margin | 13.1% | 11.7% | 12.6% | ||
| Return on equity | 19.2% | 15.9% | 15.4% | ||
| Return on capital employed | 19.0% | 21.2% | 22.2% | 19.3% | 20.1% |
| Return on assets | 13.2% | 11.5% | 11.7% | ||
| Net debt (₹ crore) | 148.0 | 62.6 | -332.5 | ||
| Net debt / EBITDA | 0.25x | 0.10x | -0.47x | ||
| Interest cover | 10.0x | 17.2x | 23.0x | 18.8x | 33.5x |
| Asset turnover | 0.98x | 1.09x | 1.01x | 0.98x | 0.93x |
| Receivable days | 58 | 57 | 61 | 55 | 64 |
| Inventory days (on revenue) | 111 | 102 | 101 | 103 | 95 |
| Payable days (on revenue) | 41 | 34 | 28 | 28 | 31 |
| Cash conversion | 1.05x | 1.04x | 1.41x | ||
| Capex intensity | 0.2% | 5.1% | 8.6% | 7.0% | 5.4% |
| Free cash flow (₹ crore) | 135.1 | 101.2 | 166.2 | 177.1 | 457.3 |
| Dividend payout | 18.0% | 20.6% | 19.6% | ||
| EPS, diluted (₹) | 9.56 | 11.51 | 13.92 | 13.37 | 15.29 |
| Book value per share (₹) | 55.70 | 66.78 | 78.23 | 90.31 | 108.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cogs, employee, other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (revenue less cogs, employee, other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR, total operations)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Usha Martin
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