Usha Martin logo

Usha Martin share price

NSE: USHAMARTBSE: 517146Industrial ProductsSmall Cap

Usha Martin Limited · Formerly Usha Beltron · Face value ₹1 · Listed Jul 1988 on BSE, Oct 2000 on NSE
Last close ₹464.10down ₹15.20 (3.17%)BSE ₹463.60

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

52-week range of traded prices to 28 Oct 2026
₹380.00Low, 23 Mar 2026₹542.60High, 21 Sep 2026
Market cap
₹14,143 Cr467th largest listed
P/E
27.89
P/B
4.28
Dividend yield
0.81%
ROE
16.8%
ROCE
18.8%
Debt to equity
0.04
Volume, NSE
3,05,63251.5% delivered

Usha Martin share price chart

Daily closes since Jan 2007, adjusted for splits and bonuses

+0.2%over a year · Nifty 500 −8.8%

Results20-session average 5,60,124 shares a day, 55.0% 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

  • On its earnings call of 28 Jul 2026, the company said it holds about 60% to 65% of the elevator rope market in India and more than 95% of the port rope market in India.2223
  • The company said 85% of its market is replacement demand across sectors, and that these replacements are safety mandated.2425

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 call313233
    Itemquarter to Jun 2026
    Europe, in the quarter to Jun 202627%
    Americas, at present9% to 10%
    Middle East9%
    International business was 57% of revenue in the year to Mar 2026, up from 55% a year earlier.
  • 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. 1. Annual report, 27 Jul 2026, page 75
  2. 2. Annual report, 27 Jul 2026, page 16
  3. 3. Annual report, 27 Jul 2026, page 356
  4. 4. Annual report, 27 Jul 2026, page 14
  5. 5. Annual report, 27 Jul 2026, page 36
  6. 6. Annual report, 27 Jul 2026, page 17
  7. 7. Annual report, 27 Jul 2026, page 70
  8. 8. Annual report, 27 Jul 2026, page 71
  9. 9. Annual report, 27 Jul 2026, page 10
  10. 10. Annual report, 27 Jul 2026, page 74
  11. 11. Annual report, 27 Jul 2026, page 135
  12. 12. Annual report, 27 Jul 2026, page 347
  13. 13. Annual report, 27 Jul 2026, page 344
  14. 14. Earnings call, 28 Jul 2026, page 4
  15. 15. Earnings call, 28 Jul 2026, page 5
  16. 16. Earnings call, 28 Jul 2026, page 2
  17. 17. Earnings call, 28 Jul 2026, page 4
  18. 18. Earnings call, 28 Jul 2026, page 5
  19. 19. Annual report, 27 Jul 2026, page 20
  20. 20. Annual report, 27 Jul 2026, page 4
  21. 21. Earnings call, 28 Jul 2026, page 4
  22. 22. Earnings call, 28 Jul 2026, page 11
  23. 23. Earnings call, 28 Jul 2026, page 12
  24. 24. Earnings call, 28 Jul 2026, page 10
  25. 25. Earnings call, 28 Jul 2026, page 11
  26. 26. Annual report, 27 Jul 2026, page 19
  27. 27. Earnings call, 28 Jul 2026, page 5
  28. 28. Earnings call, 28 Jul 2026, page 5
  29. 29. Earnings call, 28 Jul 2026, page 7
  30. 30. Earnings call, 28 Jul 2026, page 3
  31. 31. Earnings call, 28 Jul 2026, page 11
  32. 32. Earnings call, 28 Jul 2026, page 14
  33. 33. Annual report, 27 Jul 2026, page 19
  34. 34. Annual report, 27 Jul 2026, page 75
  35. 35. Earnings call, 28 Jul 2026, page 3
  36. 36. Annual report, 27 Jul 2026, page 24
  37. 37. Earnings call, 28 Jul 2026, page 4
  38. 38. Earnings call, 28 Jul 2026, page 4
  39. 39. Earnings call, 28 Jul 2026, page 12
  40. 40. Earnings call, 28 Jul 2026, page 13
  41. 41. Earnings call, 28 Jul 2026, page 12
  42. 42. Earnings call, 28 Jul 2026, page 10
  43. 43. Exchange filing, 25 Sep 2026, page 1
  44. 44. Annual report, 27 Jul 2026, page 71
  45. 45. Exchange filing, 23 Jul 2026, page 1
  46. 46. Annual report, 27 Jul 2026, page 233

Results

Consolidated; ₹ crore.Usha Martin quarterly results

Revenue growth, 12 months
+8.5%
Net profit growth, 12 months
+25.4%

Quarter to Jun 2026, against the quarter before

Revenue
₹1,033 Crup 5.49%
Net profit
₹142 Crdown 4.05%
Net margin
13.8%

Revenue by quarter

₹891 CrSep 24₹861 CrDec 24₹896 CrMar 25₹887 CrJun 25₹908 CrSep 25₹917 CrDec 25₹979 CrMar 26₹1,033 CrJun 26

Net profit by quarter, a loss in red

₹109 CrSep 24₹92 CrDec 24₹101 CrMar 25₹101 CrJun 25₹110 CrSep 25₹108 CrDec 25₹148 CrMar 26₹142 CrJun 26

The quarters either side of a change of basis do not compare. From the quarter to Sep 2025, the company reports a discontinued business.

₹ croreSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue8918618968879089179791,033
Net profit10992101101110108148142
Net margin12.3%10.7%11.3%11.4%–11.7%15.1%13.8%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share. Net margin is left blank for Sep 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Wire & Wire Ropes₹3,613 Crup 7.08%97.9%
  • Others₹78 Crdown 21.94%2.1%
The pill is the change in revenue on the year before; the share is of all the businesses together.

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

Price to earnings

At or below today's level on 68% of 1,239 trading days over the last 5 years.

LowestHighest
Its median24.58Industry median17.44
Price to book

At or below today's level on 70% of 1,969 trading days since Nov 2018.

LowestHighest
Its median2.57Industry median1.53
Dividend yield

At or below today's level on 84% of 2,457 trading days over the last 10 years.

LowestHighest
Its median0.00%Industry median0.43%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend 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%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add.

Shareholding

Per cent of all the company's shares, counting those held against depositary receipts traded abroad, from the filing for Sep 2026.Usha Martin shareholding pattern

Shareholding by group

  • Promoters39.48%
  • Foreign institutions15.11%
  • Indian institutions17.07%
  • Individuals and others26.71%
  • Employee trusts0.11%
  • Depositary receipts1.52%
Holder
UMIL SHARE AND STOCK BROKING SERVICES LTDPromoter13.27%
KENWYN OVERSEAS LIMITEDPromoter7.93%
USHA MARTIN VENTURES LIMITEDPromoter6.11%
NEUTRAL PUBLISHING HOUSE LIMITEDPromoter4.71%
INDIA OPPORTUNITIES GROWTH FUND LTD - PINEWOOD STRATEGYForeign portfolio investors, category I4.67%
BRIJ INVESTMENTS PVT LTDPromoter2.03%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters −0.19 pts, foreign institutions +0.24 pts, Indian institutions +2.05 pts, mutual funds +2.03 pts.

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 time
2
Bought again
1
Added
20
Cut
32
Held unchanged
15
Sold out
3
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 29 Oct 2025.Usha Martin insider trading

Bought on the market Sold on the market
  • Promoters and promoter group12 purchases, 18 sales₹5.88 Cr₹229 CrNet−₹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
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

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

Return on equity across, P/E up, size is market cap
Company
APL Apollo Tubes logoAPL Apollo TubesAPLAPOLLO60,12145.9010.47+15.8%+24.9%25.3%26.0%0.39%
Shyam Metalics and Energy logoShyam Metalics and EnergySHYAMMETL31,952–2.77+22.8%––11.8%0.39%
Ratnamani Metals & Tubes logoRatnamani Metals & TubesRATNAMANI16,19137.403.94−16.3%−24.1%11.2%13.2%0.43%
Jindal Saw logoJindal SawJINDALSAW15,41528.101.22−0.7%−60.1%4.4%6.7%0.83%
Godawari Power and Ispat logoGodawari Power and IspatGPIL13,00816.122.24+8.4%+8.9%15.1%17.2%0.52%
Gallantt Ispat logoGallantt IspatGALLANTT12,96231.813.72+5.5%−17.3%12.4%12.3%0.37%
Jayaswal Neco Industries logoJayaswal Neco IndustriesJAYNECOIND8,68212.612.62+18.3%+82.8%23.4%25.3%0.00%
Maharashtra Seamless logoMaharashtra SeamlessMAHSEAMLES7,2389.821.05−12.2%–11.2%8.4%1.85%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

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

Mar 17Mar 18Mar 19Mar 20Mar 212Mar 222.5Mar 232.8Mar 243Mar 253.8Mar 26
Highest ₹3.75 a share, year to Mar 2026.
Ex-dateTypePer share
13 Aug 2026Final₹3.75
31 Jul 2025Final₹3.00
6 Aug 2024Final₹2.75
3 Aug 2023Final₹2.50
20 Jul 2022Final₹2.00
18 Jul 2013Final₹0.15
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Usha Martin announcements

Usha Martin share price by year

Each calendar year to 2025.Usha Martin share price history

YearClose at year endChangeHighest closeLowest close
2025454.00+20.6%481.60289.25
2024376.30+26.9%440.85277.45
2023296.45+72.2%370.85167.65
2022172.20+91.1%177.5584.20
202190.10+144.8%100.8528.70
202036.80+36.3%36.8011.35
201927.00−25.3%41.2522.50
201836.15+45.8%43.7018.25
201724.80+65.3%27.2515.25
201615.00+47.1%18.606.75
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
27 Oct 2026469.50486.85463.35479.30474.223,18,54046.6%
26 Oct 2026455.65469.00450.00465.15462.434,75,64167.3%
23 Oct 2026463.40464.55448.75460.05456.635,20,02652.8%
22 Oct 2026482.00482.50464.10466.40470.083,81,70339.9%
21 Oct 2026482.50487.30470.25476.50477.754,54,59257.5%
19 Oct 2026494.65494.65483.00485.15486.694,81,05561.4%
16 Oct 2026482.90495.00481.00491.30491.045,85,39555.1%
15 Oct 2026486.25487.00480.00482.90482.803,39,30359.2%
14 Oct 2026486.45488.60482.50487.00485.564,48,56554.7%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Stock split history

Ex-dateEventPrice factorWhat happened
25 Sep 2014Price move–Between two trading sessions the price moved by a fifth or more. No corporate action is on record. Not adjusted for.
29 Aug 2007Split0.2000Each share became 5.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout. Any other event is noted and not adjusted for.

Company details

Managing director
Rajeev Jhawar
At the end of the quarter to Jun 2026
Chairperson
Vijay Singh Bapna
At the end of the quarter to Jun 2026
NSE symbol
USHAMART
BSE code
517146
ISIN
INE228A01035
Industry
Industrial Products
Former symbols
USHABEL
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