Capital Goods · NIFTY 500

Usha Martin Limited

NSEUSHAMART BSE517146 ISININE228A01035 SeriesEQ Listed on NSE · BSE

₹488.80 -4.20 (-0.85%) Updated 12 Nov, 7:17 pm IST

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Price, daily close+0.67% in a year

Today

Open: ₹493.00
Prev close: ₹493.00
Day high: ₹495.60
Day low: ₹487.00
Volume: 1.05 L
Value traded: ₹5.14 Cr
Upper circuit: ₹591.60
Lower circuit: ₹394.40
52W high: ₹542.60
52W low: ₹380.00
1 month: -5.27%
6 months: -0.05%

52W low52W high

Ratios

Key numbers

Worked out from the latest filings (Consolidated) and today's price. TTM = last four quarters.

Market cap₹14,913 Cr

P/E (TTM)29.38

P/B4.52

Book value / share₹108.22

EPS (TTM)₹16.64

ROE15.4%

Dividend yield0.77%

Dividend (12m)₹3.75 / share

Net margin (TTM)13.2%

Operating margin20.1%

Debt / equity0.04

Current ratio3.28

EV / EBITDA19.71

Sales growth (YoY qtr)+16.44%

Profit growth (YoY qtr)+40.67%

Sales CAGR 3Y+4.14%

Profit CAGR 3Y+10.00%

Shares30.51 Cr

Quarterly results

Results for each quarter

Last 12 quarters, consolidated, ₹ crore. Hover a bar to see the number.

Revenue and net profit

785109

Sep 23

797108

Dec 23

829106

Mar 24

826104

Jun 24

891110

Sep 24

86192.6

Dec 24

896101

Mar 25

887101

Jun 25

908110

Sep 25

917108

Dec 25

979148

Mar 26

1,033142

Jun 26

Revenue · QoQ (vs last quarter)

—+1.6%+4.0%-0.3%+7.8%-3.4%+4.1%-1.0%+2.3%+1.0%+6.8%+5.5%

Revenue · YoY (vs a year ago)

————+14%+8.0%+8.1%+7.4%+1.8%+6.6%+9.3%+16%

Net profit · QoQ (vs last quarter)

—-1.8%-1.2%-2.0%+5.4%-16%+9.1%-0.1%+8.7%-2.0%+37%-3.9%

Net profit · YoY (vs a year ago)

————+0.2%-14%-5.0%-3.1%0.0%+16%+46%+41%

RevenueNet profitLine = trend

3.59

Sep 23

3.53

Dec 23

3.49

Mar 24

3.42

Jun 24

3.59

Sep 24

3.04

Dec 24

3.32

Mar 25

3.31

Jun 25

3.61

Sep 25

3.53

Dec 25

4.84

Mar 26

4.66

Jun 26

EPS (₹) · YoY (vs a year ago)

————0.0%-14%-4.9%-3.2%+0.6%+16%+46%+41%

EPS (₹)Line = trend

₹ Cr	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	785	797	829	826	891	861	896	887	908	917	979	1,033
Other income	21.3	5.9	9.5	5.0	6.9	3.9	23.7	15.5	22.7	4.1	26.7	8.6
Total income	806	803	839	831	898	864	920	903	930	921	1,006	1,042
Raw material	379	407	411	427	438	453	473	447	421	439	443	525
Purchases	6.7	6.5	7.4	6.3	9.5	7.8	7.8	1.9	3.3	1.4	1.6	1.7
Employee cost	105	106	109	126	121	111	116	113	111	114	122	122
Other expenses	140	142	151	155	167	174	157	166	159	162	170	183
Total expenses	665	665	707	701	761	752	791	778	767	775	802	862
Operating profit	144	157	152	154	161	143	140	145	173	163	208	208
OPM %	18.4%	19.7%	18.3%	18.6%	18.0%	16.6%	15.6%	16.3%	19.1%	17.7%	21.2%	20.1%
Finance cost	6.4	6.2	6.7	6.7	7.7	8.7	6.5	6.3	5.1	4.8	3.5	3.9
Depreciation	18.0	18.9	22.5	21.7	22.8	25.6	27.8	28.7	27.7	28.8	31.2	33.5
Exceptional items	—	—	—	—	—	—	—	—	—	-13.4	-3.5	—
Profit before tax	141	138	132	131	137	112	129	125	163	133	200	179
Tax	35.0	32.1	30.0	30.9	32.1	25.4	32.2	28.8	40.2	30.1	49.3	42.1
Net profit	110	108	106	104	109	92.3	101	101	110	108	148	142
Profit to shareholders	109	108	106	104	110	92.6	101	101	110	108	148	142
EPS (₹)	3.59	3.53	3.49	3.42	3.59	3.04	3.32	3.31	3.61	3.53	4.84	4.66

Profit & loss

Results for each year

8 financial years (April to March), consolidated, ₹ crore.

Sales, operating profit and net profit

2,47029648.0

FY19

2,154232419

FY20

2,097279150

FY21

2,688415291

FY22

3,268513350

FY23

3,225599424

FY24

3,474597407

FY25

3,691688466

FY26

Revenue · YoY (vs a year ago)

—-13%-2.6%+28%+22%-1.3%+7.7%+6.2%

Net profit · YoY (vs a year ago)

—+773%-64%+95%+20%+21%-3.9%+14%

RevenueOperating profitNet profitLine = trend

₹ Cr	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	2,470	2,154	2,097	2,688	3,268	3,225	3,474	3,691
Other income	39.8	53.4	33.3	35.2	28.1	40.3	39.4	68.9
Total expenses	2,348	2,060	1,943	2,417	2,852	2,728	3,005	3,122
Employee cost	279	306	298	330	373	428	474	460
Operating profit	296	232	279	415	513	599	597	688
OPM %	12.0%	10.8%	13.3%	15.4%	15.7%	18.6%	17.2%	18.6%
Finance cost	114	74.2	56.9	42.5	30.3	24.8	29.6	19.6
Depreciation	60.9	63.6	67.9	69.8	67.5	77.0	97.9	116
Profit before tax	162	147	188	338	444	537	509	621
Tax	-227	210	36.4	54.9	105	125	121	148
Tax rate %	-140.7%	142.5%	19.4%	16.2%	23.6%	23.3%	23.7%	23.9%
Net profit	49.3	421	152	291	351	424	406	466
Profit to shareholders	48.0	419	150	291	350	424	407	466
Net margin %	1.9%	19.4%	7.1%	10.8%	10.7%	13.1%	11.7%	12.6%
EPS (₹)	1.57	13.75	4.91	9.56	11.51	13.92	13.37	15.29

Balance sheet

Assets and debt

At each year end (and the latest half year), ₹ crore.

Equity, debt and assets

2,031355150

Mar 23

2,380298150

Mar 24

2,752338261

Mar 25

3,302146242

Mar 26

Shareholders' equity · YoY (vs a year ago)

—+17%+16%+20%

Shareholders' equityBorrowingsCashLine = trend

₹ Cr	Mar 23	Mar 24	Mar 25	Mar 26
Shareholders' equity	2,031	2,380	2,752	3,302
Long-term borrowings	197	200	145	24.1
Short-term borrowings	157	97.6	192	121
Total borrowings	355	298	338	146
Current liabilities	709	616	695	696
Fixed assets (PPE)	891	1,024	1,265	1,480
Inventories	890	890	985	958
Trade receivables	500	539	528	643
Cash & equivalents	150	150	261	242
Current assets	1,749	1,781	1,976	2,280
Total assets	3,087	3,330	3,748	4,212
Debt / equity	0.17	0.13	0.12	0.04

Cash flow

Cash coming in and going out

For each financial year, ₹ crore. Free cash flow = cash from operations minus spending on fixed assets.

Operating, investing and financing cash

15955.7-161

FY22

252-158-101

FY23

444-287-159

FY24

422-223-91.5

FY25

655-367-321

FY26

Operations · YoY (vs a year ago)

—+59%+76%-5.0%+55%

OperationsInvestingFinancingLine = trend

₹ Cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	159	252	444	422	655
Cash from investing	55.7	-158	-287	-223	-367
Cash from financing	-161	-101	-159	-91.5	-321
Spent on fixed assets	-51.0	-182	-278	-245	-198
Free cash flow	108	69.3	166	177	457
Net cash flow	53.7	-7.2	-2.6	107	-32.8

Shareholding

Who holds the shares

Promoter and public holding at each quarter end, as filed with NSE.

Holding over time

47.4%Dec 23

46.1%Mar 24

45.1%Jun 24

43.5%Sep 24

43.5%Dec 24

43.9%Mar 25

42.5%Jun 25

41.8%Sep 25

40.5%Dec 25

40.5%Mar 26

40.3%Jun 26

40.1%Sep 26

Promoter & groupPublic

Latest (30 Sep 2026)

40.1%promoter

Promoter & group: 40.09%
Public (FIIs, mutual funds, retail…): 59.80%
Employee trusts: 0.11%
Promoter change, last quarter: -0.19 pts

Dividends & news

Latest dividends and announcements

Dividends & corporate actions

Dividend - Rs 3.75 Per ShareEx 13-Aug-2026
Dividend - Rs 3 Per ShareEx 31-Jul-2025
Dividend - Rs 2.75 Per ShareEx 06-Aug-2024
Annual General MeetingEx 06-Aug-2024
Annual General MeetingEx 03-Aug-2023
Dividend - Rs 2.50 Per ShEx 03-Aug-2023
Annual General Meeting/Dividend - Rs 2 Per ShareEx 20-Jul-2022
Annual General MeetingEx 03-Aug-2021

Board meetings

USHA MARTIN LIMITED has informed the Exchange about Board Meeting to be held on 13-Nov-2026 to inter-alia consider and approve the Unaudited Financia…13-Nov-2026
the unaudited financial results (standalone and consolidated) of the Company for the quarter and half year ended September 30, 2026.13-Nov-2026
USHA MARTIN LIMITED has informed the Exchange about Board Meeting to be held on 27-Jul-2026 to inter-alia consider and approve the Unaudited Financia…27-Jul-2026
the financial results for the period ended Jun 30, 202627-Jul-2026
the Yearly Audited Financial results of the Company for the period ended March 2026 and Dividend.30-Apr-2026

Filings with NSE

Analysts/Institutional Investor Meet/Con. Call Updates7 Nov
General Updates1 Nov
General Updates1 Nov
General Updates15 Oct
Certificate under SEBI (Depositories and Participants) Regulations, 201814 Oct
Copy of Newspaper Publication6 Oct
Trading Window28 Sep

Latest news

Usha Martin Share Recommendation for November 5, 2026BusinessLine · 5 Nov, 6:30 am USHAMART Stock Price and Chart — NSE:USHAMARTTradingView · 1 Oct, 12:30 pm Usha Martin Share Price Target 2027: 5.6% Upside, Bull Rs 621Univest · 6 Nov, 7:20 pm Stock to buy today: Usha Martin (₹486) – BUYBusinessLine · 5 Nov, 6:30 am Usha Martin promoter group sells 200,000 shares via open marketscanx.trade · 23 Sep, 12:30 pm Usha Martin shares rise 2% post strong Q1 performanceMoneycontrol.com · 28 Jul, 12:30 pm Castrol India, Usha Martin, Suzlon shares: Which stock has the best technical setupBusiness Today · 18 Aug, 12:30 pm Is It Smart To Buy Usha Martin Limited (NSE:USHAMART) Before It Goes Ex-Dividend?Simply Wall St · 9 Aug, 12:30 pm

About

About Usha Martin Limited

Usha Martin Limited is listed on the NSE under the symbol USHAMART and belongs to the Capital Goods sector.

Company details

Company name: Usha Martin Limited
NSE symbol: USHAMART
BSE scrip code: 517146
ISIN: INE228A01035
Listed on: NSE, BSE
Series: EQ (normal equity)
Listed on NSE since: 11 Oct 2000
Face value: ₹1 per share
Market lot: 1 share
Shares issued: 30.51 crore
Index: NIFTY 500
Sector (NSE): Capital Goods
Industry: Metal Fabrication
Managing director / CEO: Rajeev Jhawar
Chair: Vijay Singh Bapna
Headquarters: Kolkata, IN
Registered address: Usha Martin Limited, 2A Shakespeare Sarani, Kolkata – 700071
Founded: 1986
Employees: 5,058
Financial year: April to March
Results basis: Consolidated
Website: ushamartin.com

Peers

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Prices from NSE via Upstox. Financials from the company's results filed with NSE (XBRL); ratios are our own working. Profile from global-stock-logos (MIT). For information only, not a recommendation to buy or sell.

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Usha Martin Limited

Today

Ratios

Quarterly results

Revenue and net profit

Profit & loss

Sales, operating profit and net profit

Balance sheet

Equity, debt and assets

Cash flow

Operating, investing and financing cash

Shareholding

Holding over time

Latest (30 Sep 2026)

Dividends & news

Dividends & corporate actions

Board meetings

Filings with NSE

Latest news

About

Company details

Peers