Usha Martin Ltd.

NSE: USHAMART · Capital Goods

₹477.40-2.10%06 Nov 2026

Ask the data

Instant answers about Usha Martin Ltd. — computed from its filings, no language model

Market cap₹14,565 cr

Current price₹477.40

High / Low₹535 / ₹387

P/E28.7

P/B4.41

Book value₹108.2

ROE15.4%

ROCE20.1%

Debt / equity0.04

Dividend yield0.63%

EPS (TTM)₹16.62

Face value₹1

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

showing latest 6 of 9 periods

	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	4,768	2,470	2,154	2,097	2,688	3,268	3,225	3,474	3,691
EBITDA	543	296	232	279	384	513	599	597	705
Operating margin	11.4%	12.0%	10.8%	13.3%	14.3%	15.7%	18.6%	17.2%	19.1%
Interest	587	114	74	57	42	30	25	30	20
Depreciation	305	61	64	68	70	67	77	98	116
Profit before tax	-264	162	147	188	338	444	537	509	621
Tax	5	-227	210	36	55	105	125	121	148
Net profit	-271	48	419	150	291	350	424	407	466
EPS ₹	-8.90	1.57	13.75	4.91	9.56	11.51	13.92	13.37	15.30
Operating cash flow	—	—	—	—	159	252	444	422	655
Capex	—	—	—	—	51	182	278	245	198
Dividend paid	—	—	—	—	0	61	76	84	91
Total assets	7,454	7,011	2,564	2,605	2,743	3,087	3,330	3,748	4,212
Equity	727	782	1,227	1,404	1,694	2,031	2,380	2,752	3,302

Quarterly performance

last 33 quarters · ₹ crore

showing latest 8 of 33 periods

	MAR '18	SEP '18	DEC '18	MAR '19	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26
Revenue	1,320	631	615	627	560	538	537	515	376	518	550	653	615	594	712	767	759	820	834	855	814	785	797	829	826	891	861	896	887	908	917	979	1,033
Operating profit	195	55	65	84	53	59	64	51	37	71	68	103	91	85	100	107	117	115	127	154	146	144	157	152	154	161	143	140	145	173	176	212	208
Operating margin	14.8%	8.7%	10.5%	13.5%	9.5%	11.0%	11.9%	10.0%	9.9%	13.7%	12.3%	15.8%	14.9%	14.3%	14.1%	13.9%	15.5%	14.0%	15.2%	18.0%	17.9%	18.4%	19.7%	18.3%	18.6%	18.0%	16.6%	15.6%	16.3%	19.1%	19.2%	21.6%	20.1%
Other income	39	15	15	6	24	11	7	17	8	8	10	8	6	14	9	6	7	6	4	11	4	21	6	9	5	7	4	24	15	23	4	27	9
Interest	146	25	29	33	24	17	17	17	16	15	13	14	12	12	11	7	7	8	8	8	6	6	6	7	7	8	9	7	6	5	5	4	4
Depreciation	79	15	15	15	15	16	16	16	17	17	17	17	18	18	17	17	17	17	17	17	18	18	19	23	22	23	26	28	29	28	29	31	34
Profit before tax	10	29	36	42	38	38	37	35	13	47	48	80	69	69	81	120	100	96	107	140	126	141	138	132	131	137	112	129	125	163	133	200	179
Tax	-2	1	3	-232	161	11	25	13	4	9	10	13	12	13	16	14	21	21	26	37	28	35	32	30	31	32	25	32	29	40	30	49	42
Net profit	11	26	-37	48	383	29	8	0	8	36	37	68	58	58	67	109	82	79	84	105	101	109	108	106	104	110	93	101	101	110	108	148	142
EPS ₹	0.37	0.84	-1.23	1.57	12.56	0.96	0.22	0.01	0.27	1.19	1.23	2.23	1.90	1.89	2.20	3.57	2.69	2.59	2.76	3.46	3.31	3.59	3.53	3.49	3.42	3.59	3.04	3.32	3.31	3.61	3.53	4.85	4.66
Revenue YoY	—	—	—	-52.5%	—	-14.7%	-12.8%	-17.9%	-32.8%	-3.7%	2.4%	26.9%	63.6%	14.6%	29.5%	17.4%	23.3%	38.1%	17.1%	11.6%	7.3%	-4.3%	-4.4%	-3.1%	1.5%	13.6%	8.0%	8.1%	7.4%	1.8%	6.6%	9.3%	16.4%
Profit YoY	—	—	—	320.8%	—	13.4%	—	-99.2%	-97.9%	23.9%	392.6%	17292.3%	606.0%	59.2%	79.3%	60.2%	41.5%	37.1%	25.2%	-3.2%	22.7%	38.8%	28.1%	1.0%	3.4%	0.2%	-13.9%	-5.0%	-3.1%	-0.0%	16.2%	46.4%	40.7%

Earlier results (standalone, Sep '07 – Dec '17)

₹ crore · from BSE, before the NSE XBRL filings begin

Usha Martin Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 9 periods

	FY09†	FY10†	FY11†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†
Revenue	2,132	1,862	2,534	2,841	3,045	3,287	3,746	3,447	3,512
Operating profit	414	351	476	367	529	615	608	298	346
Operating margin	19.4%	18.8%	18.8%	12.9%	17.4%	18.7%	16.2%	8.6%	9.8%
Other income	9	9	20	37	43	78	39	37	117
Interest	123	113	174	250	327	426	507	542	549
Depreciation	85	107	176	198	235	304	383	274	269
Profit before tax	214	139	145	-44	10	-37	-344	-480	-355
Tax	67	47	46	-11	3	-11	-52	-76	0
Net profit	147	92	100	-33	7	-26	-292	-404	-355

Quarters

showing latest 8 of 42 periods

	SEP '07†	DEC '07†	MAR '08†	JUN '08†	SEP '08†	DEC '08†	MAR '09†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	MAR '11†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†
Revenue	389	403	493	490	597	513	532	412	486	440	524	550	644	613	726	609	687	714	831	728	775	740	802	740	710	828	1,010	920	956	888	982	880	853	860	855	832	861	886	933	1,043	954	987
Operating profit	84	79	100	128	111	96	78	73	78	102	97	120	130	97	128	112	120	72	62	93	142	137	157	138	158	178	141	167	167	155	119	108	40	109	41	103	111	96	36	91	99	98
Operating margin	21.6%	19.7%	20.3%	26.1%	18.6%	18.8%	14.7%	17.7%	16.1%	23.2%	18.5%	21.9%	20.2%	15.8%	17.7%	18.5%	17.5%	10.1%	7.5%	12.7%	18.4%	18.5%	19.6%	18.7%	22.2%	21.5%	14.0%	18.1%	17.4%	17.5%	12.1%	12.3%	4.7%	12.6%	4.8%	12.3%	12.9%	10.8%	3.9%	8.8%	10.4%	10.0%
Other income	2	2	6	6	2	0	1	3	1	0	5	0	3	0	16	1	3	1	33	19	2	14	8	23	20	17	18	12	11	5	11	10	14	7	7	59	27	4	28	14	26	8
Interest	19	20	24	29	33	36	26	26	22	34	31	36	43	46	50	53	58	67	73	72	78	88	89	92	101	113	120	124	127	130	126	130	134	138	140	128	136	140	145	136	143	150
Depreciation	18	19	20	20	21	22	22	24	24	29	29	41	40	47	48	49	48	53	47	57	56	59	64	66	74	80	84	107	81	94	100	91	54	63	66	66	68	68	68	68	69	67
Profit before tax	48	42	63	85	59	39	31	26	32	39	42	44	50	5	47	11	-103	44	5	-17	10	4	13	4	3	1	-45	-52	-102	-72	-118	-103	-134	-85	-158	-33	-65	-108	-149	-98	-87	-111
Tax	12	10	19	29	17	12	10	12	18	21	-4	13	17	1	14	4	-32	13	4	-6	4	2	4	2	1	0	-15	-16	-29	-28	21	-32	-42	-2	0	0	0	0	0	0	0	0
Net profit	36	32	44	57	42	27	21	13	15	18	46	30	32	4	33	8	-72	31	1	-11	6	2	9	2	2	1	-31	-36	-73	-44	-140	-71	-92	-83	-158	-33	-65	-108	-149	-98	-87	-111
EPS ₹	1.43	1.30	1.77	2.27	1.67	1.07	0.86	0.54	0.58	0.74	1.56	1.00	1.07	0.12	1.09	0.25	-2.36	1.01	0.02	-0.36	0.21	0.08	0.30	0.07	0.06	0.03	-1.00	-1.19	-2.39	-1.43	-4.59	-2.34	-3.02	-2.74	-5.17	-1.07	-2.12	-3.55	-4.89	-3.23	-2.85	-3.63
Revenue YoY	—	—	—	—	53.3%	27.5%	7.8%	-16.0%	-18.6%	-14.3%	-1.4%	33.6%	32.7%	39.5%	38.5%	10.6%	6.6%	16.5%	14.4%	19.7%	12.8%	3.5%	-3.5%	1.6%	-8.4%	11.9%	26.0%	24.3%	34.7%	7.3%	-2.7%	-4.3%	-10.8%	-3.2%	-13.0%	-5.5%	1.0%	3.0%	9.2%	25.4%	10.8%	11.5%
Profit YoY	—	—	—	—	16.7%	-17.6%	-52.0%	-76.4%	-65.0%	-31.1%	115.0%	127.1%	121.8%	-80.6%	-27.8%	-74.9%	-320.9%	758.0%	-97.7%	-242.1%	—	-92.0%	1084.2%	—	-73.7%	-59.4%	-439.7%	-1743.2%	-4387.1%	-4503.0%	—	—	—	—	—	—	—	—	—	—	—	—

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 29 periods

	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26
ROE	53.6%	54.0%	59.8%	34.2%	3.7%	4.3%	6.7%	10.7%	14.2%	15.7%	17.8%	17.2%	18.6%	19.1%	20.0%	17.2%	18.2%	18.5%	19.6%	17.8%	18.0%	16.6%	16.0%	14.8%	14.7%	13.6%	14.1%	14.1%	15.4%
ROCE	6.5%	6.5%	6.2%	12.5%	10.7%	11.1%	11.5%	12.9%	15.7%	16.7%	18.4%	18.5%	19.8%	20.1%	21.2%	19.9%	20.9%	21.6%	22.7%	21.0%	21.2%	19.1%	18.3%	17.4%	17.2%	17.7%	18.2%	18.6%	20.1%
Net margin	17.2%	18.0%	20.7%	19.5%	2.3%	2.7%	4.2%	7.1%	8.5%	9.2%	9.7%	10.8%	11.1%	11.0%	11.1%	10.7%	11.1%	12.1%	13.0%	13.1%	13.2%	12.8%	12.1%	11.7%	11.4%	11.4%	11.6%	12.6%	13.2%
EBITDA margin	10.6%	11.2%	11.5%	10.6%	10.8%	11.5%	11.6%	13.3%	14.3%	14.4%	14.8%	14.3%	14.5%	14.4%	14.7%	15.7%	16.3%	17.4%	18.5%	18.6%	18.7%	18.6%	17.9%	17.2%	16.6%	16.9%	17.5%	19.1%	20.0%
Debt / equity	4.04	4.04	4.04	0.44	0.44	0.44	0.44	0.35	0.35	0.35	0.35	0.22	0.22	0.21	0.21	0.17	0.17	0.17	0.17	0.13	0.13	0.15	0.15	0.12	0.12	0.06	0.06	0.04	0.04
Interest coverage	2.30	2.49	2.72	2.98	2.86	3.07	3.36	4.30	5.59	6.26	7.12	8.96	10.75	12.94	15.32	15.66	17.40	19.70	21.92	22.67	21.88	20.76	18.25	18.23	18.29	20.94	25.29	32.64	40.07
Asset turnover	0.35	0.33	0.32	0.84	0.77	0.76	0.76	0.81	0.90	0.93	0.99	0.98	1.03	1.07	1.11	1.06	1.08	1.05	1.03	0.97	0.97	0.91	0.93	0.93	0.94	0.92	0.94	0.88	0.91

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 17 periods

	MAR '14‡	MAR '15‡	MAR '16‡	MAR '17‡	MAR '18‡	MAR '19‡	MAR '20‡	MAR '21‡	MAR '22‡	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26
Share capital	31	31	31	31	31	31	31	31	31	31	31	31	31	31	31	31	31
Other equity / reserves	1,942	1,667	1,305	914	697	751	1,197	1,373	1,663	1,737	2,000	2,122	2,349	2,544	2,721	2,934	3,271
Total equity	1,972	1,698	1,336	945	727	782	1,227	1,404	1,694	1,767	2,031	2,153	2,380	2,574	2,752	2,965	3,302
Borrowings	3,495	3,645	3,641	3,798	3,723	3,160	538	487	366	367	355	361	298	382	338	181	146
Current liabilities	3,474	3,571	3,319	3,798	3,820	—	856	811	705	752	709	667	616	769	695	647	696
Non-current liabilities	3,138	2,944	3,069	2,962	2,874	—	443	388	341	329	343	321	330	311	301	242	214
Total assets	8,646	8,305	7,787	7,738	7,454	7,011	2,564	2,605	2,743	2,852	3,087	3,145	3,330	3,660	3,748	3,854	4,212
Property, plant & equipment	5,441	5,418	5,256	4,925	4,762	860	839	817	804	839	891	832	1,024	1,228	1,265	1,397	1,480
Capital work-in-progress	373	121	124	121	113	13	33	45	38	63	139	210	166	151	117	177	89
Investments	0	0	0	0	0	0	0	0	0	59	66	67	56	59	68	70	79
Inventories	1,526	1,682	1,313	1,309	1,226	647	615	672	797	914	890	860	890	986	985	908	958
Receivables	527	486	480	683	671	325	298	328	414	472	500	460	539	602	528	603	643
Cash & equivalents	195	74	56	43	50	46	97	99	154	86	150	188	150	177	261	278	242

Cash flow

annual · ₹ crore · line = free cash flow

showing latest 5 of 13 periods

	FY14‡	FY15‡	FY16‡	FY17‡	FY18‡	FY19‡	FY20‡	FY21‡	FY22	FY23	FY24	FY25	FY26
Cash from operations	1,144	729	847	686	914	974	212	214	159	252	444	422	655
Cash from investing	-1,045	-562	-374	-31	-34	-4	2,943	-34	56	-158	-287	-223	-367
Cash from financing	18	-266	-484	-663	-872	-973	-3,105	-177	-161	-101	-159	-91	-321
Capex	—	602	381	130	87	76	41	37	51	182	278	245	198
Free cash flow	—	127	466	556	827	898	172	177	107	69	166	177	457
Dividends paid	6	—	—	—	—	—	—	—	0	61	76	84	91

Where the assets sit

Mar '26 · ₹ crore

Fixed assets (PPE)

₹1,480 cr35%

CWIP

₹89 cr2%

Investments

₹79 cr2%

Inventories

₹958 cr23%

Receivables

₹643 cr15%

Cash & equivalents

₹242 cr6%

Other assets

₹721 cr17%

Peer comparison

largest in Capital Goods · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Hindustan Aeronautics Ltd.	3,33,052	4,980.00	35.7	8.12	22.7%
Bharat Electronics Ltd.	2,89,468	396.00	45.2	11.02	24.4%
Tata Motors Ltd.	1,56,797	425.50	24.8	10.26	41.3%
Bharat Heavy Electricals Ltd.	1,45,828	418.80	50.7	5.45	10.8%
ABB India Ltd.	1,43,541	6,774.00	55.7	15.37	27.6%
Siemens Ltd.	1,26,736	3,560.00	28.2	8.02	28.4%
Hitachi Energy India Ltd.	1,23,988	27,800.00	107.8	23.95	22.2%
CG Power and Industrial Solutions Ltd.	1,21,786	773.00	89.1	13.94	15.6%
Polycab India Ltd.	1,18,610	7,871.00	37.6	9.06	24.1%
Cummins India Ltd.	1,12,233	4,048.80	49.8	13.52	27.1%
Usha Martin Ltd.	14,565	477.40	28.7	4.41	15.4%

StoxGud checklist: Bullish setup · 9/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-8.2%

6 months+0.0%

1 year+3.2%

3Y CAGR+17.4%

5Y CAGR+37.4%

10Y CAGR+40.2%

50-day avg₹493.16

200-day avg₹467.17

RSI (14)45

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FAQs

What is the share price of Usha Martin Ltd.?

Usha Martin Ltd. (USHAMART) closed at ₹477.40 on NSE on 06 Nov 2026.

What is the market cap of Usha Martin Ltd.?

₹14,565 crore at the latest close.

What is the P/E ratio of Usha Martin Ltd.?

28.7, on trailing-twelve-month earnings from its filings.

How fast is Usha Martin Ltd. growing?

Usha Martin Ltd.: revenue has compounded at 4.1% a year over three years; net profit at 10.0% a year. Latest-quarter revenue is up 16.4% year on year, profit up 40.7%.

How profitable is Usha Martin Ltd.?

On a trailing-twelve-month basis return on equity is 15.4%, return on capital employed 20.1%, operating margin 20.0%, net margin 13.2%.

How much debt does Usha Martin Ltd. have?

Usha Martin Ltd. is debt-free: debt to equity is 0.04 with borrowings of ₹146 cr against cash of ₹242 cr (balance sheet of 2026-03-31). Operating profit covers interest 40.1 times.

Financials parsed from Usha Martin Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from MAR '18, annual from FY18, balance sheet from Mar '14. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.