Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Oct - Newspaper Publication regarding "Special Window for Transfer and Dematerialization of Physical Securities".
Source: Bse
Usha Martin Limited (USHAMART)
Large CapIndustrials stocks · Large cap · NSE
Usha Martin, established in 1960, is a leading global and India's No. 1 specialty steel wire rope solutions provider. It manufactures high-quality wires, LRPC, end-fitments, and accessories. With facilities in India, Dubai, Bangkok, UK, and R&D in Italy, it serves diverse industries worldwide.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result27 Jul, 10:46 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
50NeutralMACD −
Stock trend: 55
Sector RS: 44
Sector 3M: -7.5% vs Nifty 500 -5.5%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
USHAMARTD candles · FIT view+3.5%Latest close ₹476.50 on 2026-10-21
Bar
-1.2%
RSI
39
MACD hist
-3.05
52W pos
59%
2026-10-21O ₹482.50H ₹487.30L ₹470.25C ₹476.50Vol 4.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
USHAMARTNifty India ManufacturingNifty 500
- USHAMART
- -4.7%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +1.8 pp
Chart stats
21 Oct 2026- From 52W high
- -12.2%
- 52W range position
- 59%
- ATR (14)
- 3.2%
- Volume vs 20D
- 0.51x
- Avg traded value
- ₹38.5 Cr
- 20D price channel
- ₹470.3 - ₹541
₹542.6
₹380 - ₹542.6
₹15.4
Latest completed session
20-session average
28.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +16.5% · PAT +40.6% YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model+27.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +16% YoY · PAT +41% YoY · margin expansion · +6% QoQ · operating leverage
Filed 27 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,033 Cr | +16.5% | +5.5% |
| EBITDA | ₹208 Cr | +43.4% | -1.9% |
| Operating margin | 20.0% | +400 bps | -200 bps |
| PAT | ₹142 Cr | +40.6% | -4.0% |
| PAT margin | 13.8% | +236 bps | -137 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 27.00
- P/B
- 4.47
- EV/EBITDA
- 16.81
- Market Cap
- 14716.00Cr
Profitability
- ROE
- 15.10%
- ROCE
- 19.50%
- ROA
- 12.09%
- Dividend Y
- 0.78%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 9.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 45.18×
- Altman Z
- 8.89
- Book Value
- 108.00
Cash Flow
- FCF Yield
- 2.05%
- FCF Positive Y
- 12/5
- OCF
- 655.00 Cr
- EPS TTM
- 16.64
Shareholding
- Promoter Hold
- 40.28%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 63%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 3,837+4.0% vs prev
Net Profit
₹ CrLatest: 406-4.2% vs prev
Return on Equity
%Latest: 12.3-20.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 39.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
72
RS percentile
Stage 1 Base / Transition
1M return
-10.8%
3M return
-4.7%
6M return
+8.5%
1Y return
+3.0%
RS 1D
+1
RS 20D
-2
Sector rank
#6
Industry rank
-
Stage evidence
- Price is within 1.0% of the 30-week proxy.
- The 30-week proxy changed +2.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 104.14-0.87%
RS vs Nifty 500104
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth17/25
Quality11/20
Balance Sheet9/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 27.1%.
- Cash flow contributes 8/10 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Quality is weaker at 11/20; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
27.0
PB
4.5
EV/EBITDA
16.8
ROE
15.1%
ROCE
19.5%
FCF Yield
2.0%
Debt/Equity
0.1
MoS
+27.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+27.1%
Previous: +27.1%
Score history
12 stored score snapshots. Latest stored move: +1 points.
22 Oct 2026
v4.3-runtime-valuation
52
52
52
54
54
56
54
54
54
56
56
57
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹201.09
-137.0% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹653.95
+27.1% MoS
PEG
1.45
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ACE
Large
Action Construction Equipment Limited
Construction Machinery
match 19
62
32.7
22.8%
+25%
UNDERVALUED
ZENTEC
Large
Zen Technologies Limited
IT Services / Digital
match 19
43
80.9
10.7%
-106%
WATCHLIST
TEGA
Large
Tega Industries Limited
Retail
match 17
29
—
5.9%
-7025%
OVERVALUED
ELGIEQUIP
Large
Elgi Equipments Limited
Industrial Machinery
match 17
52
39.2
19.0%
+5%
FAIR VALUE
GRAPHITE
Large
Graphite India Limited
Industrial Products
match 17
31
71.8
3.1%
-70%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T09:12:43.905Z
Management commentary snapshot
Q1 FY27 consolidated revenue crossed Rs 1,000 crore, growing 16.4% YoY to Rs 1,033 crore. Operating EBITDA rose 43.8% YoY to Rs 208 crore, with margins expanding to 20.1%. PAT increased 40.9% YoY to Rs 142 crore, driven by improved product mix, higher realizations, and cost management.
The company delivered robust Q1 FY27 results, exceeding the Rs 1,000 crore revenue milestone with strong YoY growth across key financial metrics. Margin expansion, healthy cash conversion, and a strengthened balance sheet support the investment thesis, despite some QoQ moderation in profitability.
Current business mix
Revenue by Product Segment (Q1 FY27)
Latest issuer-disclosed distribution across 4 reported categories.
Wire Rope73.0%
LRPC12.0%
Wire9.0%
Others6.0%
Growth engines
Higher-Value Applications
Rope business recorded healthy growth in India, US, and Europe, particularly across higher-value applications.
Wires Business Volume Growth
Wires business delivered strong volume growth of around 19%, with revenue increasing by approximately 32%.
Specialised Wire Ropes Capacity Expansion
Ongoing investments are focused on expanding capacity in specialised wire ropes.
Newer Verticals
Aim to scale newer verticals like plasticated LRPC and OceanFibre.
Capacity and execution
Specialised Wire Ropes
Ongoing investments are focused on expanding capacity in specialised wire ropes.
Tailwinds
Improved Product and Geographic Mix
Performance supported by an improved product and geographic mix.
Disciplined Cost Management
Performance supported by disciplined cost management and timely pricing actions.
Healthy Demand in Key Markets
Overall, demand in our key markets remains healthy.
Headwinds
Higher Input and Freight Costs
Performance achieved despite higher input and freight costs.
Geopolitical Conflict
Reduction in volumes in the Middle East caused by the ongoing geopolitical conflict.
Risk radar
Geopolitical Conflict Impact
Reduction in volumes in the Middle East caused by the ongoing geopolitical conflict.
Input and Freight Cost Volatility
Performance achieved despite higher input and freight costs.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The company operates in a manufacturing sector where both year-on-year growth indicates underlying business expansion and sequential trends reflect execution momentum, utilization, and pricing power. The presentation provides both comparisons for key financial and operational metrics.
Sector KPIs management disclosed
Revenue from Operations
Rs 1,033 crore in Q1 FY27, +16.4% YoY, +5.5% QoQ.
Operating EBITDA
Rs 208 crore in Q1 FY27, +43.8% YoY, -1.7% QoQ.
Operating EBITDA margin
20.1% in Q1 FY27, +380bps YoY, -1.5 pps QoQ.
PAT
Rs 142 crore in Q1 FY27, +40.9% YoY, -8.4% QoQ.
Management forward view
Revenue Milestone Achieved
Pleased to commence FY27 on a strong note with revenue crossing the Rs 1,000 crore milestone.
Strong Cash Generation
Earnings translated into strong cash generation, with Rs 242 crore operating cash flow and Rs 465 crore net cash.
Future Growth Focus
Aim going forward is to focus on value-led volume growth, scale newer verticals like plasticated LRPC and OceanFibre.
Global Operations Integration
Further strengthen the integration and collaboration of our global operations under 'One Usha Martin'.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Specialised Wire Ropes Capacity | Ongoing investments in expanding capacity in specialised wire ropes. | Monitor progress and utilization of new capacity. |
| New Vertical Scaling | Scaling newer verticals like plasticated LRPC and OceanFibre. | Track revenue contribution and profitability from these new segments. |
| Middle East Volumes | Reduction in volumes in the Middle East caused by geopolitical conflict. | Watch for recovery in Middle East volumes as geopolitical situation evolves. |
| Working Capital Optimization | Focus remains on improving inventory turns and receivables to further optimize cash conversion. | Monitor inventory days and receivables days for improvement. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 86th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
85 docs text-extracted · 23 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Industrials: 86th pctile, median 68 · Large: 70th pctile, median 73
Evidence depth
Financial-only
85 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.1%.
- ▸12 years of positive FCF.
- ▸Debt/equity is 0.07.
Trust risks
- ▸Promoter holding fell 1.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Usha Martin Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep - Usha Martin schedules an in-person analyst and institutional investor group meeting in Ranchi on 8 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Usha Martin schedules a physical analyst/institutional investor meeting on 21 September 2026 in Ranchi.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Company Ir
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Jul - The newspaper advertisement published on Tuesday, 28th July 2026, with respect to the unaudited financial results (standalone and consolidated) for the quarter ended ....
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Jul - The newspaper advertisement published on Tuesday, 28th July 2026, with respect to the "Notice of 40th AGM and e-voting Information."
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5h - The details of Q1 FY27 Earnings Conference Call scheduled to be held on Tuesday, 28th July 2026 at 10:30 AM IST.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul - The copies of newspaper advertisement published on Thursday, 16th July 2026, with respect to the ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jun - The Newspaper Publication with respect to "Saksham Niveshak- Second 100 Day Campaign" and "Special Window for Transfer and Dematerialisation of Physical Securities."
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.