Arthneeti

Usha Martin Q1 FY27 Share Price & Earnings Call Analysis

₹445.90-3.46% today
Market cap
₹13,597 Cr
P/E
24.94
ROE
15.10%
PEG
2.65
Price to sales
3.53
Debt to equity
0.07
52W high / low
₹535 / ₹387
Sales growth (5Y)
11.97%
EBITDA margin
20.03%
Net profit margin
12.39%
Promoter holding
40.09%
Sales (last year)
₹3,837 Cr

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]

Guidance scorecard · Q1 FY27 call

What Usha Martin Ltd's management guided
and where it ranks in Industrial Products

#100of 100 in
Industrial Products
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Usha Martin aims for 10-12% volume growth in FY27, despite a flattish volume in Q1; a double-digit growth expected in the remaining quarters.
  • Revenue is expected to grow around 15% driven by value growth and improved product mix.
  • New capacities, including an elevator rope expansion adding approx. 6,000 tons/year, will support volume growth.
  • Geographic diversification with growth in India, U.S., and Europe is expected to offset Middle East volume decline.
  • Focus on value-added products, new customer approvals, and higher-margin segments like plasticated LRPC and Oceanfibre to drive profitable growth.

2 more points from Usha Martin Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Usha Martin Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • For FY27, Usha Martin plans a capital expenditure of approximately INR 250 crore to INR 300 crore.
  • Key projects include expanding elevator rope capacity by about 6,000 metric tons per annum, expected to be commissioned in phases starting October and completing by Q1 FY28.
  • Capex also focuses on modernizing and expanding furnaces to meet increased demand.
  • Routine maintenance and efficiency improvement capex are included within the annual investment.

2 more points from Usha Martin Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Usha Martin Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • The company has a healthy pipeline of inquiries and orders across geographies, including India, the US, Europe, and the Middle East.
  • Despite a 30% volume dip in the Middle East due to geopolitical issues, other markets like India, US, and Europe showed volume growth.
  • Project-related delays in Asia Pacific are temporary with projects under negotiation expected to mature soon.
  • Efforts are ongoing to diversify and increase regular business volumes in segments such as crane ropes and elevators.
  • The company expects demand to improve with the resolution of geopolitical tensions, particularly in the Middle East for reconstruction and oil and gas activities.

2 more points from Usha Martin Ltd's call on the order book

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Full Q1 FY27 analysis
Full Industrial Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Usha Martin Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹532 Cr21.2
240%+Up 2%+₹450 Cr13.2
340%+Up 2%+₹371 Cr26.1
440%+Up 0–2%₹1,340 Cr32.9
540%+Up 0–2%₹1,196 Cr14.1
640%+Flat₹966 Cr25.0

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Financials of Usha Martin Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Usha Martin Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +855814785797829826891861896887908917979
Expenses +701669640640678672730718757743735741768
Operating Profit154146144157152154161143140145173176212
OPM %18%18%18%20%18%19%18%17%16%16%19%19%22%
Other Income +137258149119282010-521
Interest8666778976554
Depreciation17181819232223262829282931
Profit before tax142129144140136135141118133130150138197
Tax %26%22%24%23%22%23%23%22%24%22%27%22%25%
Net Profit +10510111010810610410992101101110108148
EPS in Rs3.453.313.593.533.493.423.603.043.313.313.603.534.85

Financials of Usha Martin Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +4,5614,1123,8822,0662,4882,1542,0972,6883,2683,2253,4743,691
Expenses +3,8453,7713,4932,2532,5121,9221,8142,3042,7542,6272,8772,986
Operating Profit717341389-188-24232284384513599597705
OPM %16%8%10%-9%-1%11%14%14%16%19%17%19%
Other Income +-63321207717537247540535746
Interest5225475649211474574230253020
Depreciation4183083006061646870677798116
Profit before tax-287-481-355-264-181630183346455550527615
Tax %-12%-11%1%2%-126%33%20%16%23%23%23%24%
Net Profit +-251-428-358-26849421152291351424406466
EPS in Rs-8.31-14.10-11.78-8.901.5713.744.919.5611.4913.9113.3715.29
Dividend Payout %0%0%0%0%0%0%0%21%22%20%22%25%

Financials of Usha Martin Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital313131313131313131313131
Reserves1,7281,3239146977511,1971,3731,6632,0002,3492,7213,271
Borrowings +3,9934,4724,3644,0733,565620530411417364417229
Other Liabilities +2,5562,1112,4232,6462,645696649625627570563681
Total Liabilities8,3077,9367,7317,4456,9922,5442,5822,7303,0753,3133,7314,212
Fixed Assets +5,4775,3025,0314,8629359569329139521,1531,4061,625
CWIP1321471211131333453813916611889
Investments04637394244485666566879
Other Assets +2,6982,4412,5422,4326,0011,5111,5571,7221,9171,9382,1402,419
Total Assets8,3077,9367,7317,4456,9922,5442,5822,7303,0753,3133,7314,212

Financials of Usha Martin Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +729856686914974212214159252444422655
Cash from Investing Activity +-563-385-29-35-32,942-3457-155-285-219-367
Cash from Financing Activity +-266-491-663-872-973-3,105-177-161-101-159-91-321
Net Cash Flow-100-20-57-250255-4-0111-33
Free Cash Flow13247164087398120717816590168191489
CFO/OP105%253%177%-491%-4,116%103%77%38%67%94%91%104%

Financials of Usha Martin Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days3955641194851575656615564
Inventory Days378241261350156183209196180199205187
Days Payable397288362561781081137260565661
Cash Conversion Cycle207-37-92126126153180175204205190
Working Capital Days-79-96-138-288-10656789898114107109
ROCE %6%1%3%-4%-1%7%13%18%21%22%19%20%

Guidance history

How Usha Martin Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q4 FY26 call →10–20%FlatPlanned—Rising
Q3 FY26 call →10–20%FlatPlannedNone plannedRising
Q2 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

53out of 100

Momentum score · price trend

53 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−3.0%58%
Last 6 months−1.3%53%
Last 3 months−10.1%44%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Usha Martin Ltd: 0.4 × 58 + 0.4 × 53 + 0.2 × 44 = 53.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Usha Martin Ltd's management said in earlier quarters

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