Usha Martin Limited (USHAMART)

Capital Goods · Industrial Products · NSE · Updated 15 July 2026

₹497.1 ↑ 27.35% (1Y)

🎯 Key Takeaways

Usha Martin Limited is in a growth phase driven by operational expansion and strong profitability, supported by consistent revenue growth and high dividend payouts. The company has demonstrated resilience in margins despite macroeconomic headwinds, with recent financial performance reflecting robust execution in its core industrial products segment.
Revenue declined 3.4% QoQ to ₹861 in Q3FY25.
⚠️ Ongoing regulatory scrutiny from ED and CBI investigations into alleged mining lease violations poses potential legal and reputational risk, despite n

Market Cap

₹14,413

P/E Ratio

34.9

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About USHAMART 📊 Interactive Charts

📖 The Story

Usha Martin Limited is in a growth phase driven by operational expansion and strong profitability, supported by consistent revenue growth and high dividend payouts. The company has demonstrated resilience in margins despite macroeconomic headwinds, with recent financial performance reflecting robust execution in its core industrial products segment. Management is focused on sustaining momentum through strategic auditor appointments and shareholder engagement ahead of the AGM.

📰 What's Happening

In Q1 FY26, Usha Martin reported consolidated revenue of ₹97,926 lakhs, up 5.8% YoY, driven by strong wire and rope sales, with profit before tax at ₹20,437 lakhs. The board approved FY2026 results, recommended a dividend of ₹3.75 per share (375% payout), and appointed Deloitte as internal auditor and Mani & Co. as cost auditor for FY2027 pending shareholder ratification at the AGM. Legal proceedings involving ED and CBI over alleged mining lease violations remain unresolved but carry no immediate financial impact. The company also disclosed gains from land sales and issued 341,500 ESOP shares, signaling ongoing capital efficiency initiatives.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	855	814	785	797	829	826	891	861
Operating Profit	165	149	166	163	161	159	168	147
OPM %	18.0%	17.9%	18.4%	19.7%	18.3%	18.6%	18.0%	16.6%
Net Profit	105	101	110	108	106	104	109	92
EPS	₹3.46	₹3.31	₹3.59	₹3.53	₹3.49	₹3.42	₹3.59	₹3.04

Revenue has shown a steady upward trend over the past eight quarters, rising from ₹785 lakhs in Q2FY24 to ₹861 lakhs in Q3FY25, with operating profit margin peaking at 19.7% in Q3FY24 before moderating to 16.6% in Q3FY25. Despite margin compression in recent quarters, profitability remains elevated, supported by operational scale and cost management. The consistent growth in revenue and stable operating cash flow of ₹51,313 lakhs underscore underlying business strength, even as exceptional items related to labor code changes and land liabilities introduce short-term volatility.

🔮 Management Outlook & What's Next

Management has emphasized the importance of shareholder approval for the recommended dividend and auditor remuneration at the upcoming AGM, framing these as part of broader governance and financial stewardship priorities. While no explicit forward guidance on revenue or margins was provided, management highlighted the continuation of strong segment performance, particularly in wire and rope, and affirmed confidence in sustaining operational momentum. The appointment of Deloitte as internal auditor for FY2027 signals a focus on audit rigor and transparency, reinforcing credibility with institutional stakeholders.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Industrial Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Cummins India Limited	1.49 L Cr	74.4	—	—	—
Polycab India Limited	1.38 L Cr	74.8	—	—	—
APL Apollo Tubes Limited	52,483	43.6	29.3%	22.7%	0.09
KEI Industries Limited	48,924	72.7	—	—	—
Supreme Industries Limited	44,570	43.6	—	—	—
Astral Limited	41,662	79.2	—	—	—
AIA Engineering Limited	35,987	31.0	20.4%	16.8%	0.07
Welspun Corp Limited	34,530	23.2	—	—	—
Timken India Limited	26,561	61.0	—	—	—
Kirloskar Oil Engines Limited	25,295	49.8	—	—	—

🔗 Peer Stock Analyses

CUMMINSIND POLYCAB APLAPOLLO KEI SUPREMEIND

⚠️ Risk Factors

1. Ongoing regulatory scrutiny from ED and CBI investigations into alleged mining lease violations poses potential legal and reputational risk, despite no immediate financial impact. 2. Margin compression in recent quarters, with OPM declining from 19.7% in Q3FY24 to 16.6% in Q3FY25, may pressure profitability if cost pressures persist. 3. Dependence on dividend approval at the AGM creates near-term governance risk, as shareholder dissent could delay payouts and impact sentiment. 4. ESOP dilution could affect EPS and investor perception if not clearly communicated as value-accretive in the long term.

📋 Recent Filings

🧠 Analyst's Read

Usha Martin demonstrates solid operational momentum and governance discipline, with consistent revenue growth and high profitability supporting its growth trajectory. Investors should monitor AGM outcomes for dividend confirmation and clarity on how land-related gains and ESOP implementation will affect future capital structure and earnings quality.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on USHAMART

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

📡 Get AI alerts when USHAMART files new disclosures

Track USHAMART filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track USHAMART — Free

Free account · 2 AI queries/day