NSE: USHAMART · BSE: 517146 · ISIN INE228A01035
Usha Martin Limited stock analysis
Usha Martin Limited ranks #368 in the TickerSutra evidence-ranked universe with a score of 66/100 and 95% data confidence. The latest captured fundamentals show ROCE of 19.5%, quarterly sales growth of 16.4% and quarterly profit growth of 40.7%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.07×
- Strong CFO/EBITDA of 0.93×
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹2,688cr | ₹384cr | ₹291cr | 14.0% |
| 2023 | ₹3,268cr | ₹513cr | ₹351cr | 16.0% |
| 2024 | ₹3,225cr | ₹599cr | ₹424cr | 19.0% |
| 2025 | ₹3,474cr | ₹597cr | ₹406cr | 17.0% |
| 2026 | ₹3,691cr | ₹705cr | ₹466cr | 19.0% |
| TTM | ₹3,837cr | ₹768cr | ₹508cr | 20.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
The Trading Window for dealing in securities of the Company shall remain closed for Designated Persons and their Immediate Relatives with effect from 1st October 2026 till the expiry of ....
RoutineGeneral UpdatesNSE · 25 Sept 2026USHAMART: Usha Martin Limited has informed the Exchange about Execution of BusinessTransfer Agreement for sale of Business Undertaking of U M Cables Limited ( wholly owned subsidiary ).
RoutineUsha Martin Ltd - 517146 - Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('Listing Regulations') - Execution Of Business Transfer Agreement For Sale Of Business Undertaking Of U M Cables Limited ('Wholly Owned Subsidiary')BSE · 25 Sept 2026In continuation of our earlier intimation dated 24th September 2026, please find attached the disclosure with respect to Execution of Business Transfer Agreement on 25th September 2026 ....
RoutineUsha Martin Ltd - 517146 - Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011BSE · 23 Sept 2026The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Peterhouse Investments Ltd
RoutineUsha Martin Ltd - 517146 - Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011BSE · 19 Sept 2026The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Nidhi Rajgarhia
MANAGEMENT COMMENTARY
Signals from filed documents
Q1 FY27 Earnings Call Page 4 of 17 145 crore, a growth of 44% year-on-year. This demonstrates that our profitability growth has been driven by a richer product mix, effective cost recovery and strong operating leverage, enabling a significant expansion in earnings. This is visible from our EBITDA margin as well, which improved to 20.1%, a 380-basis point increase year-on-year.
As we move forward, we will remain focused on maintaining healthy cash conversion, improving working capital efficiency and deploying capital selectively towards opportunities that enhance returns and support long-term growth. To conclude, we made a strong start to FY27 with healthy revenue growth, margin expansion and robust cash generation. Our stronger balance sheet and improved credit profile provide us with fina
We have already begun supplying to select European customers in high-value applications such as automotive and rockfall protection, and we see considerable headroom to scale this as we secure further approvals and deepen our coverage in these markets. On plasticated LRPC, - the business continued to gain traction, supported by healthy demand both in the domestic and export markets. A key milestone this quarter was ou
While the external environment remains dynamic, demand across our key applications remains healthy. With our differentiated portfolio, long-standing customer relationships and strong balance sheet, we are confident of delivering consistent and profitable growth. With that, I would now like to invite our CFO, Mr.
This has enabled us to achieve an EBITDA per ton of INR 40,581. As highlighted earlier, our focus on improving product mix, increasing the share of specialized products and maintaining effective cost management continued to support profitability during the quarter. Our ability to pass on higher input and freight costs further enabled us to maintain healthy margins.
Rajeev Jhawar: Basically, you see in the business, the steel price has gone up by INR 7,000 per ton. So, our finished product, we have been able to recover that steel price increase. And the price of steel is INR 50,000 a ton or say, INR 55,000 a ton.
We did record the highest volume and value for this segment this quarter. And that is also one of the reasons why we saw topline growth in the LRPC segment despite seeing a volume decline year-on-year. We have started supplying plasticated LRPC to the export market as well for stay cable applications, which is an important development.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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