Usha Martin share price
NSE: USHAMARTBSE: 517146Industrial ProductsSmall Cap
Share price at the NSE close on 28 Oct 2026. Previous close ₹479.30.
28 Oct: open ₹477.45, high ₹477.45, low ₹460.00
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹14,143 Cr467th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 27.89
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 4.28
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.81%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 16.8%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 18.8%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.04
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 3,05,63251.5% delivered
About Usha Martin
Usha Martin Limited makes steel wire ropes and steel wires for industries including oil and gas, mining, elevators, heavy engineering, shipping and logistics.1 It also makes LRPC strands (steel strands used to prestress concrete) and prestressing systems for bridges, metros and other structures.2 Its registered office is in Kolkata, its Indian plants include Ranchi and Hoshiarpur, and it also has plants in Thailand, Dubai and the UK.3
Its brands include GALSTAR corrosion-resistant coated wires and OceanFibre synthetic fibre ropes for marine, offshore and mooring use, and its products include Powerform 8P, Minesform 8PVF and Oceanmax 35.45 It also offers rigging, inspection and recertification services for ropes.6 Usha Martin International in the UK oversees the European business, Usha Martin Singapore is a warehousing and distribution hub for Asia, and Usha Martin Americas is based in Houston.78
The business began in 1960 with a single plant in Ranchi, and the present company was incorporated in 1986.910 Promoters and the promoter group held 39.90% of the shares at the end of March 2026, including shares underlying GDRs (global depositary receipts, certificates for shares traded abroad).11 Rajeev Jhawar has been Managing Director since 1998, and his daughter Shreya Jhawar, part of the promoter group, joined the board in May 2026.1213
Usha Martin key points
Results
- In the quarter to Jun 2026, consolidated revenue from operations rose 16.4% to ₹1,033 crore from ₹887 crore, and profit after tax rose 41% to ₹142 crore from ₹101 crore.1415
- Operating EBITDA (earnings before interest, tax, depreciation and amortisation) rose 44% to ₹208 crore from ₹145 crore in the quarter to Jun 2026, a margin of 20.1%.161718
- In the year to Mar 2026, consolidated revenue from operations grew 6.2% to ₹3,691 crore and operating EBITDA rose 18.1% to ₹705 crore, an operating margin of 19.1%.19
- Profit after tax from continuing operations (the businesses the company still runs) rose 20.9% to ₹491 crore in the year to Mar 2026, and the group had net cash (cash above its borrowings) of about ₹465 crore at the end of June 2026.2021
Market position
Business segments
- Wire ropes. Wire ropes made 73% of revenue in the year to Mar 2026, up from 72% a year earlier; value-added ropes were 73% of the wire rope business in the quarter to Jun 2026, against 70% in the year to Mar 2026.2627
- In the quarter to Jun 2026, wire rope revenue grew 18%, wire and strand revenue 31.7% and LRPC revenue 3.9% from a year earlier.28
- Plasticated LRPC. The company said plasticated LRPC (plastic-coated strand for bridge stay cables) recorded its highest volume and value in the quarter to Jun 2026, when it also won its first international order for it.2930
Where revenue comes from
- Share of revenue by region, as the company stated it on its earnings call313233International business was 57% of revenue in the year to Mar 2026, up from 55% a year earlier.
Item quarter to Jun 2026 Europe, in the quarter to Jun 2026 27% Americas, at present 9% to 10% Middle East 9% - On a standalone basis, exports were 35% of turnover in the year to Mar 2026, and the company served customers in 75 countries.34
- In the quarter to Jun 2026, Middle East rope volumes fell about 28% amid the regional conflict, while realisations (average selling prices) rose about 36%, keeping Middle East revenue broadly at the previous year's level.35
Expansion and capital spending
- Over the 3 years to Mar 2026, the company added 40,000 MT of rope and wire capacity and moved some high-end OceanMax rope orders from its UK plant to Ranchi.36
- On its earnings call of 28 Jul 2026, the company said it expects capital spending of about ₹250 crore to ₹300 crore in the year to Mar 2027, focused on specialised wire rope capacity and manufacturing efficiency.37
- On its earnings call of 28 Jul 2026, the company said its elevator rope capacity expansion of about 6,000 tonnes a year was expected to be commissioned in phases from October, with completion by the quarter to Jun 2027; later documents give no update.38
What the company expects
- On its earnings call of 28 Jul 2026, the company said it expects volume growth of 10% to 12% and value growth of 15%, depending on product mix, in the year to Mar 2027, including the Middle East unless conditions there worsen.3940
- On its earnings call of 28 Jul 2026, the company said it aims for an EBITDA margin of at least 20%, rising as its initiatives come through.41
- On its earnings call of 28 Jul 2026, the company said plasticated LRPC capacity is 6,000 tons a year; its volume was close to 2,500 tons in the year to Mar 2026, and it targets 3,500 to 4,000 tons in the year to Mar 2027.42
Recent events
- On 25 Sep 2026, U M Cables, the company's wholly owned telecom cable maker at Silvassa, agreed to sell its business to R R Kabel as a going concern by slump sale (a sale of the whole business for one price).4344
- On 23 Jul 2026, India Ratings and Research upgraded the company's long-term bank loan rating (an opinion on its ability to repay) to IND AA- from IND A+, with a stable outlook, and reaffirmed its short-term rating at IND A1+.45
Litigation and regulatory matters
- At the end of March 2026, the group reported contingent liabilities (possible obligations from disputes and claims, not booked as liabilities) of ₹23,120 lakh, and its auditor treated litigation claims as a key audit matter.46
Last updated
All 46 sources, each with its page
- 1. Annual report, 27 Jul 2026, page 75
- 2. Annual report, 27 Jul 2026, page 16
- 3. Annual report, 27 Jul 2026, page 356
- 4. Annual report, 27 Jul 2026, page 14
- 5. Annual report, 27 Jul 2026, page 36
- 6. Annual report, 27 Jul 2026, page 17
- 7. Annual report, 27 Jul 2026, page 70
- 8. Annual report, 27 Jul 2026, page 71
- 9. Annual report, 27 Jul 2026, page 10
- 10. Annual report, 27 Jul 2026, page 74
- 11. Annual report, 27 Jul 2026, page 135
- 12. Annual report, 27 Jul 2026, page 347
- 13. Annual report, 27 Jul 2026, page 344
- 14. Earnings call, 28 Jul 2026, page 4
- 15. Earnings call, 28 Jul 2026, page 5
- 16. Earnings call, 28 Jul 2026, page 2
- 17. Earnings call, 28 Jul 2026, page 4
- 18. Earnings call, 28 Jul 2026, page 5
- 19. Annual report, 27 Jul 2026, page 20
- 20. Annual report, 27 Jul 2026, page 4
- 21. Earnings call, 28 Jul 2026, page 4
- 22. Earnings call, 28 Jul 2026, page 11
- 23. Earnings call, 28 Jul 2026, page 12
- 24. Earnings call, 28 Jul 2026, page 10
- 25. Earnings call, 28 Jul 2026, page 11
- 26. Annual report, 27 Jul 2026, page 19
- 27. Earnings call, 28 Jul 2026, page 5
- 28. Earnings call, 28 Jul 2026, page 5
- 29. Earnings call, 28 Jul 2026, page 7
- 30. Earnings call, 28 Jul 2026, page 3
- 31. Earnings call, 28 Jul 2026, page 11
- 32. Earnings call, 28 Jul 2026, page 14
- 33. Annual report, 27 Jul 2026, page 19
- 34. Annual report, 27 Jul 2026, page 75
- 35. Earnings call, 28 Jul 2026, page 3
- 36. Annual report, 27 Jul 2026, page 24
- 37. Earnings call, 28 Jul 2026, page 4
- 38. Earnings call, 28 Jul 2026, page 4
- 39. Earnings call, 28 Jul 2026, page 12
- 40. Earnings call, 28 Jul 2026, page 13
- 41. Earnings call, 28 Jul 2026, page 12
- 42. Earnings call, 28 Jul 2026, page 10
- 43. Exchange filing, 25 Sep 2026, page 1
- 44. Annual report, 27 Jul 2026, page 71
- 45. Exchange filing, 23 Jul 2026, page 1
- 46. Annual report, 27 Jul 2026, page 233
Results
Consolidated; ₹ crore.Usha Martin quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +8.5%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +25.4%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹1,033 Crup 5.49%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹142 Crdown 4.05%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 13.8%
Revenue by quarter
Net profit by quarter, a loss in red
The quarters either side of a change of basis do not compare. From the quarter to Sep 2025, the company reports a discontinued business.
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 891 | 861 | 896 | 887 | 908 | 917 | 979 | 1,033 |
| Net profit | 109 | 92 | 101 | 101 | 110 | 108 | 148 | 142 |
| Net margin | 12.3% | 10.7% | 11.3% | 11.4% | – | 11.7% | 15.1% | 13.8% |
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹3,691 Crup 6.24%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹466 Crup 14.76%
- Net margin
- 12.6%
Revenue by year
Net profit by year, a loss in red
- Net profit
- Loss
The years either side of a change of basis do not compare. From the year to Mar 2019, the company's revenue for that year, ₹2,470 Cr, differs from its quarters added, ₹3,257 Cr; the company reports a discontinued business.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,255 | 4,768what Revenue, Mar 2018, includes. This period's revenue includes excise duty of ₹110 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,470 | 2,154 | 2,097 | 2,688 | 3,268 | 3,225 | 3,474 | 3,691 |
| Net profit | −358 | −268 | 49 | 421 | 152 | 291 | 351 | 424 | 406 | 466 |
| Net margin | −8.4% | −5.6% | – | – | 7.2% | 10.8% | 10.7% | 13.2% | 11.7% | 12.6% |
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- Wire & Wire RopesWire & Wire Ropes, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹3,613 Crup 7.08%97.9%
- OthersOthers, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹78 Crdown 21.94%2.1%
Valuation
Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2019: days before it are of the company before the change.Usha Martin PE ratio and valuation
At or below today's level on 68% of 1,239 trading days over the last 5 years.
At or below today's level on 70% of 1,969 trading days since Nov 2018.
At or below today's level on 84% of 2,457 trading days over the last 10 years.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +17.0% | +14.4% | +1.4% | 1.0% |
| 3 years | +23.1% | +10.0% | +11.1% | 0.9% |
| 5 years | +65.0% | +25.5% | +30.6% | 1.1% |
Mutual fund holdings
71 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 50 of the 52 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.All 71 funds holding Usha Martin
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 2
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 1
- AddedAdded. Funds that held more shares than at the end of the month before.
- 20
- CutCut. Funds that held fewer shares than at the end of the month before.
- 32
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 15
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 3
| Fund | |||
|---|---|---|---|
| 1,16,09,989 | 4.38% | ₹578.9 Cr | |
| 1,07,16,104 | 1.50% | ₹534.4 Cr | |
| 46,32,557 | 0.57% | ₹231.0 Cr | |
| 31,38,006 | 3.79% | ₹156.5 Cr | |
| 24,17,714 | 0.58% | ₹120.6 Cr | |
| 22,47,450 | 2.09% | ₹112.1 Cr | |
| 11,59,577 | 0.16% | ₹57.8 Cr | |
| 11,00,000 | 0.53% | ₹54.9 Cr | |
| 9,20,000 | 1.35% | ₹45.9 Cr | |
| 8,84,903 | 0.82% | ₹44.1 Cr |
Promoter and insider buying and selling
Trades made since 29 Oct 2025.Usha Martin insider trading
- Promoters and promoter group12 purchases, 18 sales₹5.88 Cr₹229 CrNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.−₹223 Cr2 off-market moves
- Employees3 purchases, 0 sales₹2.12 CrNo saleNet₹2.12 Cr
- Others6 purchases, 0 sales₹4.40 CrNo saleNet₹4.40 Cr
Usha Martin competitors and peers
Iron & Steel Products, 146 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Usha Martin in market cap.Capital goods stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| 60,121 | 45.90 | 10.47 | +15.8% | +24.9% | 25.3% | 26.0% | 0.39% | |
| 31,952 | – | 2.77 | +22.8% | – | – | 11.8% | 0.39% | |
| 16,191 | 37.40 | 3.94 | −16.3% | −24.1% | 11.2% | 13.2% | 0.43% | |
| 15,415 | 28.10 | 1.22 | −0.7% | −60.1% | 4.4% | 6.7% | 0.83% | |
| 13,008 | 16.12 | 2.24 | +8.4% | +8.9% | 15.1% | 17.2% | 0.52% | |
| 12,962 | 31.81 | 3.72 | +5.5% | −17.3% | 12.4% | 12.3% | 0.37% | |
| 8,682 | 12.61 | 2.62 | +18.3% | +82.8% | 23.4% | 25.3% | 0.00% | |
| 7,238 | 9.82 | 1.05 | −12.2% | – | 11.2% | 8.4% | 1.85% |
Dividends
Per share, by the year it was paid for, and the latest payments.Usha Martin dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossary| Ex-date | Type | Per share |
|---|---|---|
| 13 Aug 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹3.75 |
| 31 Jul 2025 | Final | ₹3.00 |
| 6 Aug 2024 | Final | ₹2.75 |
| 3 Aug 2023 | Final | ₹2.50 |
| 20 Jul 2022 | Final | ₹2.00 |
| 18 Jul 2013 | Final | ₹0.15 |
Latest announcements
Routine notices left out.Usha Martin announcements
Oct 2026
15 Oct · General Updates
Sep 2026
23 Sep · General Updates
Usha Martin share price by year
Each calendar year to 2025.Usha Martin share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 454.00 | +20.6% | 481.60 | 289.25 |
| 2024 | 376.30 | +26.9% | 440.85 | 277.45 |
| 2023 | 296.45 | +72.2% | 370.85 | 167.65 |
| 2022 | 172.20 | +91.1% | 177.55 | 84.20 |
| 2021 | 90.10 | +144.8% | 100.85 | 28.70 |
| 2020 | 36.80 | +36.3% | 36.80 | 11.35 |
| 2019 | 27.00 | −25.3% | 41.25 | 22.50 |
| 2018 | 36.15 | +45.8% | 43.70 | 18.25 |
| 2017 | 24.80 | +65.3% | 27.25 | 15.25 |
| 2016 | 15.00 | +47.1% | 18.60 | 6.75 |
Recent sessions
The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 27 Oct 2026 | 469.50 | 486.85 | 463.35 | 479.30 | 474.22 | 3,18,540 | 46.6% |
| 26 Oct 2026 | 455.65 | 469.00 | 450.00 | 465.15 | 462.43 | 4,75,641 | 67.3% |
| 23 Oct 2026 | 463.40 | 464.55 | 448.75 | 460.05 | 456.63 | 5,20,026 | 52.8% |
| 22 Oct 2026 | 482.00 | 482.50 | 464.10 | 466.40 | 470.08 | 3,81,703 | 39.9% |
| 21 Oct 2026 | 482.50 | 487.30 | 470.25 | 476.50 | 477.75 | 4,54,592 | 57.5% |
| 19 Oct 2026 | 494.65 | 494.65 | 483.00 | 485.15 | 486.69 | 4,81,055 | 61.4% |
| 16 Oct 2026 | 482.90 | 495.00 | 481.00 | 491.30 | 491.04 | 5,85,395 | 55.1% |
| 15 Oct 2026 | 486.25 | 487.00 | 480.00 | 482.90 | 482.80 | 3,39,303 | 59.2% |
| 14 Oct 2026 | 486.45 | 488.60 | 482.50 | 487.00 | 485.56 | 4,48,565 | 54.7% |
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 25 Sep 2014 | Price move | – | Between two trading sessions the price moved by a fifth or more. No corporate action is on record. Not adjusted for. |
| 29 Aug 2007 | Split | 0.2000 | Each share became 5. |
Company details
- NSE symbol
- USHAMART
- BSE code
- 517146
- ISIN
- INE228A01035
- Industry
- Industrial Products
- Former symbols
- USHABEL
- Website
- www.ushamartin.com
- CIN
- L31400WB1986PLC091621
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1986
- Registered office
- 2A, Shakespeare Sarani, Kolkata 700071, West Bengal
- Share registrar
- KFin Technologies Ltd
- Keeps the register of shareholders and handles transfers and dividend payments