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Swing Capital

Usha Martin Ltd

NSE: USHAMART BSE: 517146Metal

Usha Martin Ltd is primarily engaged in manufacture and sale of steel wires, strands, wire ropes, cords, related accessories, etc. It is also involved in sale of other products such as wire drawing and allied machines.[1]

₹469
52W: ₹302 — ₹498
PE 36.5 · Book ₹58.7 · +699% vs book
Market Cap₹14,279 Cr
Stock P/E36.5Price to Earnings
ROCE30%Return on Capital
ROE23.5%Return on Equity
Div. Yield0.63%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 31.2% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 29.6%

Weaknesses

  • −Stock is trading at 7.87 times its book value
  • −The company has delivered a poor sales growth of 11.4% over past five years.
  • −Promoter holding has decreased over last 3 years: -7.34%

Shareholding Pattern

Promoters40.52%
FIIs14.77%
DIIs14.81%
Public29.8%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters45.11%43.54%▼1.643.48%▼0.143.9%▲0.442.45%▼1.441.75%▼0.740.52%▼1.240.52%
FIIs14.19%14.61%▲0.414.29%▼0.314.25%▼0.014.29%▲0.014.14%▼0.114.62%▲0.514.77%▲0.2
DIIs4.88%7.44%▲2.68.14%▲0.79.25%▲1.111.06%▲1.812.29%▲1.214.11%▲1.814.81%▲0.7
Public35.81%34.4%▼1.434.08%▼0.332.53%▼1.532.15%▼0.431.74%▼0.430.63%▼1.129.8%▼0.8

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales532515514547565544540551582640
Expenses420418413442450444444436456474
Operating Profit1129710110611510096115125166
OPM %21%19%20%19%20%18%18%21%22%26%
Net Profit817169787778718074128
EPS ₹2.672.332.262.562.532.572.332.612.444.22

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,312Cr, up 6.5% YoY. OPM at 22%.

Debt Position

Borrowings at ₹3Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹85Cr (11% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 14.81% (+11.37pp change). FIIs: 14.77% (+5.48pp change). Promoters hold 40.52%.

Margin & Efficiency

ROCE improving from 5% (Mar 2015) to 30% (Mar 2026). Working capital days: 73.

Valuation

PE 36.5x with 30% ROCE. Price is 699% above book value of ₹58.7. Dividend yield: 0.63%.

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