Usha Martin share price today

Usha Martin Ltd's share price was ₹486.00 at the close on 4 November 2026. It has been rising for 67 weeks. That is 3.2% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹401 and ₹520, and at that close it sat 72% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Usha Martin Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row.

Over the last 11 years the share price moved +4,834% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: indian funds and insurers (DIIs) raised their stake for 11 quarters in a row, revenue up on a year earlier for 9 quarters in a row and foreign funds (FIIs) raised their stake for 4 quarters in a row.

1. Indian funds and insurers (DIIs) raised their stake for 11 quarters in a row

   From 3.5% to 17.3% of the company by the September 2026 quarter.

2. Revenue up on a year earlier for 9 quarters in a row

   In the June 2026 quarter revenue was ₹1,033 crore, +16.5% on a year earlier.

   Why: Revenue rose because India, the US and Europe bought more, which made up for weakness in the Middle East.

   From the earnings call on 28 Jul 2026.

3. Foreign funds (FIIs) raised their stake for 4 quarters in a row

   From 14.1% to 15.3% of the company by the September 2026 quarter.

For April to June 2026 (the quarter ended 30 June 2026), Usha Martin reported revenue of ₹1,033 crore, up 16.5% from ₹887 crore a year earlier, and a profit of ₹142 crore, up 40.6% from ₹101 crore.

Usha Martin results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Usha Martin's management discussed these results on a call held on 28 July 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Usha Martin closed at ₹486.00 on 4 November 2026, up 2.9% from ₹472.45 a year earlier (7 November 2025) and up 427.7% over five years. Its highest weekly close since March 2016 was ₹519.80 on 4 June 2026.

Usha Martin share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

564 weekly closes from 11 March 2016 to 4 November 2026.

4 Nov 2026: Usha Martin closed at ₹486.00, up 9.0% on the week and down 1.2% on the month. 13 Aug 2026: ex-date for a dividend of ₹3.75 a share.

Earlier

• 28 Jul 2026: Usha Martin held its results call for April to June 2026. Management guided: FY27 capital spending ₹250-300 crores, including maintenance, specialized wire rope capacity and furnace modernization.
• Results for April to June 2026: Revenue up 16.5% and profit up 40.6% on a year earlier.

Usha Martin paid ₹3.75 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.77% at the ₹486.00 close on 4 November 2026. The last was a dividend of ₹3.75 a share, ex-date 13 August 2026.

Usha Martin dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Usha Martin Ltd paid out 25% of its profit as dividends in FY26, and it paid a dividend in 5 of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 28 July 2026, Usha Martin's management guided: FY27 capital spending ₹250-300 crores, including maintenance, specialized wire rope capacity and furnace modernization.

Rajiv Jhaver, on the call for April to June 2026

What management guided

• Elevator rope capacity expansion of approximately 6,000 metric tons per annum, with phased commissioning beginning October and completion scheduled by April to June 2027.
• Wire rope volume growth of 10.0-12.0% and value growth of approximately 15.0% in FY27; similar volume growth is expected in coming years.
• Plasticated LRPC goal of 3,500-4,000 tons in FY27 versus 6,000-ton annual capacity; full utilization is expected next year, with further capacity being considered 18-24 months ahead.
• Ocean Fiber revenue goal to increase from its current 2.0-3.0 million level to 10 million over the next few years.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 28 July 2026.

What is changing at Usha Martin, from the latest results and calls: value-added product mix shift (wire rope specialization + elevator/crane oem penetration), operating leverage from one usha martin + fixed cost reduction and international expansion (europe 26%, us 9%, saudi arabia).

• Value-Added Product Mix Shift (wire rope specialization + elevator/crane OEM penetration). Wire rope realizations exceeded ₹300,000/ton internationally for first time in Q4; 70% of wire rope sales now value-added; operating profit per ton ₹39,500 Q4 vs ₹30,100 FY25. ⚠ estimate
• Operating Leverage from One Usha Martin + Fixed Cost Reduction. ₹65-70 Cr cumulative One Usha Martin savings; fixed costs down 3%, admin down 7% despite 6% revenue growth; operating profit +18% on revenue +6.2%. ⚠ estimate
• International Expansion (Europe 26%, US 9%, Saudi Arabia). International revenue 57% of total; H1 FY27 order book strong in Europe; US market share below 5% with significant runway; 60 new customers added in Saudi Arabia. ⚠ estimate
• Interest Cost Elimination (Deleveraging Complete). From net debt ₹63 crore (Mar 2025) to net cash ₹332 crore (January to March 2026); gross debt eliminated; interest expense down to ₹4 crore in Q4. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 17 May 2026.

International revenue 57% of total; Europe 26%, US 9%; H1 FY27 order book strong in oil/offshore, elevators, cranes, mining.

✓ fact

Our read after the latest results, written 17 May 2026.

Management guided ₹250-350 Cr annual capital spending to sustain 10-15% volume growth in two consecutive calls; Apr 2026 disclosed ₹300 crore total over 2 years (~₹150 crore/yr), 40-50% cut with no explanation.

The main risks

• Capital spending guidance cut (₹300 crore/2yr) materially below stated growth requirement (₹250-350 Cr/yr): Management guided ₹250-350 Cr annual capital spending to sustain 10-15% volume growth in two consecutive calls; Apr 2026 disclosed ₹300 crore total over 2 years (~₹150 crore/yr), 40-50% cut with no explanation. ✓ fact
• Input cost inflation (steel, LPG, logistics) exceeding pass-through capability: LPG costs up from ₹2.5-3 Cr/month to ₹4.5-5 Cr/month; steel raw material inflation ongoing. Wire and LRPC segments have pass-through; wire rope exposed to mix risk. ✓ fact
• Middle East geopolitical disruption persisting (~900 tons/quarter volume impact): Middle East crisis cost ~900 tons in January to March 2026; supply chain disrupted; Saudi Arabia demand recovery slower than expected. ✓ fact
• Promoter stake erosion (48.27% Mar 2023 → 41.75% Sep 2025): Promoter stake down 6.5pp over 2.5 years; no buyback announced to offset dilution; DII accumulation (2.12%→12.29%) is partially compensating signal. ✓ fact

Our read after the latest results, written 17 May 2026.

When Usha Martin reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Consolidated operating margin should stay at the new minimum base of 20.0% next quarter, with mix-driven variation around 20.0-21.0%.

Usha Martin is on one of our India lists: Small & mid cap stocks.

Usha Martin Ltd earned ₹142 Cr of net profit in the Jun 2026 quarter, +40.6% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹466 Cr. That is 13.7% of the quarter's revenue. The same quarter a year earlier earned ₹101 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹466 Cr (+14.8% on the year before).

Why profit moved: revenue changed +16.5% on a year earlier and the margin moved +4.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +26.4% and revenue +8.6%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Usha Martin Ltd reported ₹1,033 Cr of revenue in the Jun 2026 quarter, +16.5% on the same quarter a year earlier. That is the 9th quarter in a row with growth on the year before. Over 10 years it has grown −1.1% a year on average. The last full year, FY26, came in at ₹3,691 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. International now 57% of revenue (up from 55%). Europe (26% of revenue) is the primary value-added channel via Brunton Shaw integration, direct Ranchi-to-Europe shipments reducing lead times and improving competitiveness. US (9% of revenue) is growing with tariffs passed through and a large tender secured. Saudi Arabia (60 new customers since market launch, recovering from Middle East disruption). Thailand modernization aiming for Asia-Pacific specialty cord market. The H1 FY27 order book is described as strong with healthy visibility across oil/offshore, elevators, cranes, and mining.

The last four reported quarters add to ₹3,837 Cr.

FY26 revenue was ₹3,691 Cr, +6.2% on the year before.

Recent pace: the last four quarters grew +8.6% on average, against −1.1% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +8.5%, against +8.9% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +26.1%, against +8.9% a year (accelerating).

Usha Martin Ltd's operating margin was 20.0% in the Jun 2026 quarter, 4.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between −9.0% and 19.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The core engine of the Usha Martin thesis. Strategic shift away from commodity LRPC toward elevator ropes, crane ropes, offshore rigging, and specialized wires. Q4 FY26 demonstrated the payoff: wire segment revenue surged 31.2% while LRPC fell 20.4% by design. International realization for wire rope crossed Rs 300,000/ton for the first time. EBITDA per ton improved from Rs 30,100 (FY25) to Rs 34,100 (FY26) to Rs 39,500 (Q4 alone). The Rs 300 Cr 2-year capex to 70-75% allocated to rope capacity (+6,000 tons), is specifically planned to expand this segment. Plasticated LRPC near customer approvals adds a new specialty stream.

Why the margin moved: operating margin changed +3.8 percentage points on the year while gross margin changed +1.9 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

Over the last 3 years, 117% of Usha Martin Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹655 Cr of operating cash against ₹466 Cr of profit. After ₹306 Cr of spending on assets, ₹349 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 117% of profit came in as cash: the cash cycle got 37 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: the bigger use of cash is spending on new assets, at 3.1× depreciation over three years. The next section checks what that spending is building.

Usha Martin Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 190 days in FY26, up from 153 days in FY21. It spent ₹914 Cr on assets over the last 3 years. Customers take 64 days to pay, and stock sits for 187 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹3,691 Cr, each day of that cycle ties up about ₹10.1 Cr, so roughly ₹1,921 Cr is tied up in the business at any time.

FY26: customers took 64 days to pay and stock sat for 187 days, about 6.2 months of sales sitting as stock, for a full cycle of 190 days, longer than FY21's 153.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 187 days. Customers pay about 64 days after that. Suppliers are paid at 61 days. Together that makes the 190-day cycle.

Spending on assets: ₹914 Cr over the last 3 years, against ₹291 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹89.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Usha Martin Ltd's P/E is 27.1×, near the high end of its own history: higher than 72% of past readings. Its usual P/E (the middle reading) is 20.4×, over 7.7 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why this happened. A genuine new-product catalyst that has been repeatedly delayed. In Nov 2025 management guided Q4/Q1 FY27 significant growth; in Jan 2026 pushed to Q1/Q2 FY27 ramp; in Apr 2026 said final approvals within 2-3 weeks. Approval is not yet confirmed. If approvals materialize, plasticated LRPC doubles in volume from 2,500 to 4,500-5,000 tons, a higher-margin variant than traditional black LRPC. Synthetic slings (Ocean Fiber brand) are already profitable and gaining customers in Europe and Latin America. These two new streams are excluded from the base case until Q1 FY27 actuals confirm.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹16.64.