# Usha Martin share price today (Usha Martin Ltd, NSE: USHAMART)

> Usha Martin share price today: ₹460.75 at the NSE close on 3 November 2026, down 0.9% in a year. Usha Martin (NSE: USHAMART) is worth ₹14,037 crore, trades at a P/E of 25.7 and has closed between ₹400.85 and ₹519.80 over the past 52 weeks. > Usha Martin Ltd's earnings have grown faster than its share price. Earnings per share grew +14.4% in a year while the price moved −0.9%. USHAMART · Steel - Wires · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/usha-martin-ltd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Turning around, from the last 12 quarters
- Price: ₹460.75 (−0.9% in a year)
- P/E: 25.7× (higher than 67% of the last 7.7 years)
- Revenue (Jun 2026): ₹1,033 Cr (+16.5% on a year ago)
- Profit (Jun 2026): ₹142 Cr (+40.6% on a year ago)
- Operating margin: 20.0% (+4.0 points on a year ago)
- ROCE: 19%, FY26
- ROIC: 16.6%, against a 12.0% cost of capital: +4.6 points

The main question: promoters moved −3.4 percentage points over 8 quarters while the business went the other way. ## What is the Usha Martin share price today? Usha Martin Ltd's share price was ₹460.75 at the close on 3 November 2026. It has been rising for 67 weeks. That is 2.1% below 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 50% of the way up from that low. 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 +4,578% 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. ## What changed at Usha Martin this quarter? 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. ## What are Usha Martin's latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹1,033 crore | ₹887 crore | +16.5% |
| Profit | ₹142 crore | ₹101 crore | +40.6% |
| Earnings per share | ₹4.66 | ₹3.31 | +40.8% |
| Operating margin | 20.0% | 16.0% | +4.0 points |

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.)

## What is the Usha Martin share price history? Usha Martin closed at ₹460.75 on 3 November 2026, down 0.9% from ₹464.85 a year earlier (31 October 2025) and up 400.3% over five years. Its highest weekly close since March 2016 was ₹519.80 on 4 June 2026. ### Usha Martin share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹460.05 | +0.2% |
| 1 month ago · 1 Oct 2026 | ₹491.70 | −6.3% |
| 6 months ago · 30 Apr 2026 | ₹451.80 | +2.0% |
| 1 year ago · 31 Oct 2025 | ₹464.85 | −0.9% |
| 3 years ago · 3 Nov 2023 | ₹286.35 | +60.9% |
| 5 years ago · 4 Nov 2021 | ₹92.10 | +400.3% |
| 10 years ago · 4 Nov 2016 | ₹16.05 | +2,770.7% |
| Earliest and lowest weekly close in our records · 11 Mar 2016 | ₹9.85 | +4,577.7% |
| Highest weekly close since March 2016, also the 52-week high · 4 Jun 2026 | ₹519.80 | −11.4% |
| 52-week low (weekly close) · 20 Mar 2026 | ₹400.85 | +14.9% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (564 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Usha Martin? 3 Nov 2026: Usha Martin closed at ₹460.75, up 0.2% on the week and down 6.3% 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. ## What dividend does Usha Martin pay? Usha Martin paid ₹3.75 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.81% at the ₹460.75 close on 3 November 2026. The last was a dividend of ₹3.75 a share, ex-date 13 August 2026. ### Usha Martin dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 13 Aug 2026 | ₹3.75 | Dividend |
| 31 Jul 2025 | ₹3 | Dividend |
| 6 Aug 2024 | ₹2.75 | Dividend |
| 3 Aug 2023 | ₹2.50 | Dividend |
| 20 Jul 2022 | ₹2 | Dividend |

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. 4 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did Usha Martin management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/1909-28-Jul-2026.pdf). (From the call for April to June 2026, 28 July 2026.)

## What is the future of Usha Martin? What is changing in the business? 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.)

## What is Usha Martin's order book? 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.)

## What could change the Usha Martin story? What are the risks? 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.)

## What to watch in Usha Martin's next results? 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%. - What to check (from the call)
- Consolidated operating margin should stay at the new minimum base of 20.0% next quarter, with mix-driven variation around 20.0-21.0%. - Wire rope volumes need to begin recovering toward the FY27 10.0-12.0% goal while Middle East activity remains at current disruption levels. - Plasticated LRPC approvals and export traction should support FY27 volume of 3,500-4,000 tons against 6,000-ton annual capacity. - Elevator rope expansion should begin phased commissioning in October and remain on track for approximately 6,000 metric tons per annum by April to June 2027. ## Which stock lists is Usha Martin on? Usha Martin is on one of our India lists: Small & mid cap stocks. [Small & mid cap stocks Size rank in India: 470](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Usha Martin profitable? 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. 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. ## How much revenue does Usha Martin make, and is it growing? 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. 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). ## How much of every ₹100 of sales does Usha Martin keep? 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. 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. ## Is Usha Martin's profit turning into cash? 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. 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. ## Where does Usha Martin's cash go? 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. 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. ## What is Usha Martin's P/E ratio, and how does it compare with its own history? Usha Martin Ltd's P/E is 25.7×, in the middle of its own history: higher than 67% 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. 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. Why the multiple is where it is: over the past year earnings per share moved +14.4% while the price moved −0.9%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +38.0% a year; about +22.2% a year came from earnings growth and about +15.8 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Usha Martin share price assume? Worked out from its price on 20 July 2026, Usha Martin Ltd's share price assumed profit growth of about 18.5% a year. Today its P/E is 25.7×, higher than 67% of its own last 7.7 years. This is a one-day reading, taken on 20 July 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Usha Martin business getting better or worse? Usha Martin Ltd's business is turning around. Profit growth has swung from −5.4% at its low to +26.1%, improving for 3 quarters in a row, with ROCE steady at 20.9%. This is based on 12 quarters of 4 measures. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. ## What is the Usha Martin story, and has it been checked? Usha Martin Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: FULLY EXPANDED. Still open: Management guided Rs 250-350 Cr annual capex to sustain 10-15% volume growth in two consecutive calls; Apr 2026 disclosed Rs 300 Cr total over 2 years (~Rs 150 Cr/yr), 40-50% cut with no explanation. Our read, 17 May 2026. From the numbers. DII accumulation (2.12% Mar 2023 → 12.29% Sep 2025, +10.2pp) is a strong…

From the price. Price stage 2, week 67, below its 200-day line, relative strength falling. From the research. Where they disagree. DII accumulation (2.12% Mar 2023 → 12.29% Sep 2025, +10.2pp) is a strong institutional confidence signal. Promoter stake-cutting (48.27% → 41.75%, -6.5pp) is a structural negative. First expansion was EPS-driven from the steel business exit. This expansion is mix/margin-driven. What is proven. What is not proven yet. Management guided Rs 250-350 Cr annual capex to sustain 10-15% volume growth in two consecutive calls; Apr 2026 disclosed Rs 300 Cr total over 2 years (~Rs 150 Cr/yr), 40-50% cut with no explanation. The test written in advance. Capex guidance cut (Rs 300 Cr/2yr) materially below stated growth requirement (Rs 250-350 Cr/yr). Measured by: Capex guidance cut (Rs 300 Cr/2yr) materially below stated growth requirement (Rs 250-350 Cr/yr) Actual capex spend disclosed each quarter (goal: 300 Cr over FY27+FY28) by the next result. The test written in advance. The test written in advance. Input cost inflation (steel, LPG, logistics) exceeding pass-through capability. Measured by: Input cost inflation (steel, LPG, logistics) exceeding pass-through capability Q1 FY27 OPM vs input cost commentary; LPG/steel price trajectory by the next result. Lever 2 · Value-added mix: building. Wire rope realizations exceeded Rs 300,000/ton internationally for first time in Q4; 70% of wire rope sales now value-added; EBITDA per ton Rs 39,500 Q4 vs Rs 30,100 FY25. What proves it keeps working: Value-Added Product Mix Shift (wire rope specialization + elevator/crane OEM penetration). It stops working if Actual capex spend disclosed each quarter (goal: 300 Cr over FY27+FY28). Lever 1 · Operating leverage: building. Rs 65-70 Cr cumulative One Usha Martin savings; fixed costs down 3%, admin down 7% despite 6% revenue growth; EBITDA +18% on revenue +6.2%. What proves it keeps working: Operating Leverage from One Usha Martin + Fixed Cost Reduction. It stops working if Actual capex spend disclosed each quarter (goal: 300 Cr over FY27+FY28). Lever 10 · New geographies: building. 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. What proves it keeps working: International Expansion (Europe 26%, US 9%, Saudi Arabia). It stops working if Actual capex spend disclosed each quarter (goal: 300 Cr over FY27+FY28). Lever 3 · Management change: building. From net debt Rs 63 Cr (Mar 2025) to net cash Rs 332 Cr (Q4 FY26); gross debt eliminated; interest expense down to Rs 4 Cr in Q4. What proves it keeps working: Interest Cost Elimination (Deleveraging Complete). It stops working if Actual capex spend disclosed each quarter (goal: 300 Cr over FY27+FY28). Sources: our stock research file (17 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Usha Martin management deliver what it promised? What Usha Martin Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Plasticated LRPC Volume Goal Cut · 28 July 2026. In the Apr 2026 call, management expected FY27 plasticated LRPC volumes of close to 5,000-6,000 tons. In the Jul 2026 call, the goal was reduced to 3,500-4,000 tons, a material reduction of roughly one-third; although management cited slightly delayed approval paperwork, it did not reconcile the lower goal with the earlier forecast. Capex Horizon Recast · 28 July 2026. The Apr 2026 call described approximately INR 300 crore as the total capex intended over the next two years. The Jul 2026 call instead guides 250-300 crore for FY27 alone, implying a materially higher spending pace without explaining the change in the multi-year capex plan. Capital Expenditure Guidance Sharply Reduced · 30 April 2026. Both prior calls guided annual capex (including maintenance) of INR 250-350 crore per year and explicitly linked this spending level to sustaining 10-15% volume growth goals. Volume Growth Goal Downgraded · 30 April 2026. In the Jan 2026 call, management explicitly guided combined Wire and Rope volume CAGR of 12-15%, with Wire growing around 20% and Rope at 10-12%, and directly linked this goal to the accompanying capex plan. The Apr 2026 call revised this down to 10-12% across all product segments, cutting the upper bound by 3 percentage points with no explanation for why the growth ceiling has been lowered. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Usha Martin earn on its capital? Usha Martin Ltd earned a ROCE of 19% in FY26. That is up from a low of −4% in FY18. Its return on capital used (ROIC) is 4.6 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 12.6% net margin and 0.88× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 12.6% net margin × 0.88× asset turnover × 1.27× leverage (assets divided by equity) ≈ 14.1% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 16.6% − 12.0% = +4.6 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 16.6% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 15.5%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Usha Martin have too much debt? Usha Martin Ltd has total debt of ₹229 Cr against shareholder equity of ₹3,302 Cr as of Jun 2026, so its debt is 0.07× its equity, which is very little. Year by year, that ratio went from 0.24 in FY22 to 0.07 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Usha Martin shareholding pattern? Domestic institutions raised their stake in Usha Martin Ltd by 9.9 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 17.3% of the company. Promoters moved −3.4 points over the same period, to 40.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. From net debt Rs 63 Cr (Mar 2025) to net cash Rs 332 Cr (Q4 FY26); gross debt eliminated; interest expense down to Rs 4 Cr in Q4. Over the last two years: Domestic institutions: +9.9 points over 8 quarters, to 17.3%; Promoters: −3.4 points over 8 quarters, to 40.1%; Foreign institutions: +0.7 points over 8 quarters, to 15.3%. Why the owners changed: domestic institutions drove it (+9.9 points), with the other side taken by promoters (−3.4 points). They raised their stake step by step. ## How far is Usha Martin from balance-sheet trouble? For Usha Martin Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Usha Martin rank in its industry? 69.1 out of 100, rank 1 of 3 in Steel - Wires, with 86% of the evidence available. Usha Martin Ltd scores 69.1 out of 100 against the 3 companies it is compared with in Steel - Wires, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 25.8 + 20.9 + 5 + 17.4 = 69.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Usha Martin compared with? Usha Martin ranks 1 of 3 Steel - Wires companies on the 4-Factor Sector Score, with 69.1 out of 100. 1. Usha Martin Ltd this page USHAMART · quiet · Most evidence points up · 86% evidence 69.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.8/35 · Revenue 8.5% · Profit 26.1% · Operating margin change 4 points · 88% evidence Capital efficiency 20.9/25 · ROCE 19.5% · Operating margin 20% · 100% evidence Valuation 5.0/20 · P/E 24.9× · PEG 3.3 · 50% evidence Relative strength 17.4/20 · Lead over its industry 7.5% · Lead over NIFTY 500 1.5% · 1 year -4.1% · 100% evidence · 2 of 12 weeks ahead Exact sum: 25.8 + 20.9 + 5 + 17.4 = 69.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Bansal Wire Industries Ltd](https://www.sectoralpha.in/stocks/bansal-wire-industries-ltd) BANSALWIRE · quiet · Evidence leans up · 90% evidence 52.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.6/35 · Revenue 20.3% · Profit 2.6% · Operating margin change 1 points · 100% evidence Capital efficiency 11.8/25 · ROCE 13.8% · Operating margin 8% · 100% evidence Valuation 5.0/20 · P/E 28.2× · PEG 3.91 · 50% evidence Relative strength 17.4/20 · Lead over its industry 5.8% · Lead over NIFTY 500 -0.1% · 1 year -5.8% · 100% evidence · 1 of 12 weeks ahead Exact sum: 18.6 + 11.8 + 5 + 17.4 = 52.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Bharat Wire Ropes Ltd](https://www.sectoralpha.in/stocks/bharat-wire-ropes-ltd) BHARATWIRE · quiet · Evidence leans down · 86% evidence 35.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 7.4/35 · Revenue -7.8% · Profit -4.2% · Operating margin change -1 points · 88% evidence Capital efficiency 14.7/25 · ROCE 12.3% · Operating margin 20% · 100% evidence Valuation 13.4/20 · P/E 14.1× · PEG 1.02 · 50% evidence Relative strength 0.0/20 · Lead over its industry -15.2% · Lead over NIFTY 500 -20.1% · 1 year -29.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 7.4 + 14.7 + 13.4 + 0 = 35.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Steel - Wires](https://www.sectoralpha.in/sectors/steel-wires), all 3 compared on one page. ## Which companies are close to Usha Martin in size? Usha Martin is the largest of 3 Steel - Wires companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Bansal Wire Industries and Bharat Wire Ropes. ### Steel - Wires companies close in size

1. Usha Martin Ltd ₹13,588 crore
2. [Bansal Wire Industries Ltd](https://www.sectoralpha.in/stocks/bansal-wire-industries-ltd) ₹4,493 crore
3. [Bharat Wire Ropes Ltd](https://www.sectoralpha.in/stocks/bharat-wire-ropes-ltd) ₹975 crore

[All 3 Steel - Wires companies, largest first](https://www.sectoralpha.in/sectors/steel-wires#all-companies)

### Companies close in size in other industries

1. [DCM Shriram Ltd](https://www.sectoralpha.in/stocks/dcm-shriram-ltd) ₹13,629 crore · Sugar
2. [ESDS Software Solution Ltd](https://www.sectoralpha.in/stocks/esds-software-solution-ltd) ₹13,596 crore
3. Usha Martin Ltd ₹13,588 crore
4. [Sammaan Capital Ltd](https://www.sectoralpha.in/stocks/sammaan-capital-ltd) ₹13,560 crore · Finance - Housing
5. [Gallantt Ispat Ltd.](https://www.sectoralpha.in/stocks/gallantt-ispat-ltd) ₹13,465 crore · Steel Products

## What else do people ask about Usha Martin? ### What is Usha Martin's share price today? Usha Martin Ltd's share price is ₹460.75, −0.9% over the past year. The whole company is worth ₹14,037 Cr on the market. In the last 52 weeks it traded between ₹401 to ₹520; today it is 50% of the way up from the low, 2.1% below its 200-day average (as of 3 November 2026). ### What were Usha Martin's latest quarterly results? Usha Martin Ltd reported revenue of ₹1,033 Cr and net profit of ₹142 Cr for the Jun 2026 quarter. Revenue rose 16.5% and profit rose 40.6% compared with a year earlier. Earnings per share were ₹4.66. The operating margin was 20.0%, 4.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Usha Martin's market cap? Usha Martin Ltd's market capitalisation is ₹14,037 Cr at a share price of ₹460.75. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Usha Martin performing? Usha Martin Ltd's share price has been rising for 67 weeks. In its latest quarter, revenue rose 16.5% and profit rose 40.6% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 3 November 2026). ### Will Usha Martin's share price go up? This page does not forecast Usha Martin Ltd's share price. What it shows instead: the share price is ₹460.75, and it has been rising for 67 weeks. Its P/E of 25.7× is higher than 67% of its own last 8 years (as of 3 November 2026). ### Who owns Usha Martin? Promoters own 40.1% of Usha Martin Ltd, foreign institutions 15.3%, domestic institutions 17.3% and the public 27.1% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 9.9 percentage points over 8 quarters (as of 3 November 2026). ### Where is Usha Martin in its business cycle? Usha Martin Ltd's FY26 operating margin was 19.0%, against a 13-year range of −9.0% to 19.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 20.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Usha Martin story? The main question: promoters moved −3.4 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Usha Martin a stock worth studying right now? What the numbers show: Usha Martin Ltd's earnings have grown faster than its share price. Earnings per share grew +14.4% in a year while the price moved −0.9%. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Usha Martin share price forecast for 2026? What management itself guided: FY27 capital spending ₹250-300 crores, including maintenance, specialized wire rope capacity and furnace modernization. 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). What would change the story: 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. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

This is research, not advice. We’re not SEBI-registered.