āagman

Not investment advice. Data and computed figures, for information only.

Usha Martin Ltd

NSE: USHAMART
₹482.90
−₹4.10 (−0.84%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹15,300 Cr
CMP
₹482.90
52-wk High / Low
₹543 / 380
P/E
28.1
P/B
4.7
Book Value
₹108.0
Div Yield
0.75%
ROCE
19.0%
ROE
15.1%
Face Value
₹1
D/E
0.07

Price+2.8% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
7
/ 9
7 of 9 F-score tests passed
Graham Number
₹193
√(22.5 × EPS × book value per share)
ROIC
12.6%
vs 12.3% sector median
Cash flow to profit
1.41
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+379
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
11.9%
ROE × earnings retention ratio
ROE stability
1.5
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −0.24FII +0.33DII +0.45
Latest quarter vs the previous one
Cash-accrual divergence
−4.8%
of assets
Low = accruals track cash flow
Strengths
+Borrowings are down 94.9% since FY2016 (4472 to 229)
+Price trades above its 200-day moving average (1.0x)
+FII holding rose by 5.6pp over the last year
+Piotroski F-Score of 7/9 is in the strong band (≥7)
+PE of 28.1x is below the sector median of 43.6x
Watch-outs
−Promoter holding fell by 8.0pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales8147857978298268918618968879089179791,033
Expenses669640640678672730718757743735741768825
Operating Profit146144157152154161143140145173176212208
OPM %17.9%18.3%19.7%18.3%18.6%18.1%16.6%15.6%16.3%19.1%19.2%21.7%20.1%
Other Income7258149119282010−52114
Interest6667789765544
Depreciation18181923222326282928293134
Profit before tax129144140136135141118133130150138197184
Net Profit10111010810610410992101101110108148142
EPS (₹)3.313.593.533.493.423.603.043.313.313.603.534.854.66

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,5614,1123,8822,0662,4882,1542,0972,6883,2683,2253,4743,6913,837
Expenses3,8453,7713,4932,2532,5121,9221,8142,3042,7542,6272,8772,9863,068
Operating Profit717341389−188−24232284384513599597705768
OPM %15.7%8.3%10.0%−9.1%−1.0%10.8%13.5%14.3%15.7%18.6%17.2%19.1%20.0%
Other Income−6332120771753724754053574639
Interest522547564921147457423025302017
Depreciation4183083006061646870677798116121
Profit before tax−287−481−355−264−181630183346455550527615669
Net Profit−251−428−358−26849421152291351424406466508
EPS (₹)−8.31−14.10−11.78−8.901.5713.744.919.5611.4913.9113.3715.2916.64

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital313131313131313131313131—
Reserves1,7281,3239146977511,1971,3731,6632,0002,3492,7213,271—
Borrowings3,9934,4724,3644,0733,565620530411417364417229—
Other Liabilities2,5562,1112,4232,6462,645696649625627570563672—
Total Liabilities8,3077,9367,7317,4456,9922,5442,5822,7303,0753,3133,7314,202—
Fixed Assets5,4775,3025,0314,8629359569329139521,1531,4061,625—
CWIP1321471211131333453813916611889—
Investments04637394244485666566879—
Other Assets2,6982,4412,5422,4326,0011,5111,5571,7221,9171,9382,1402,410—
Total Assets8,3077,9367,7317,4456,9922,5442,5822,7303,0753,3133,7314,202—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity729856686914974212214159252444422655
Cash from Investing Activity−563−385−29−35−32,942−3457−155−285−219−353
Cash from Financing Activity−266−491−663−872−973−3,105−177−161−101−159−91−321
Net Cash Flow−100−20−57−250255−40111−19

Ratios

As of 31 Mar 2026
12 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %6.01.03.0−4.0−1.07.013.018.021.022.019.019.0
ROE %———————————15.1
EPS (₹)−8.31−14.10−11.78−8.901.5713.744.919.5611.4913.9113.3715.29
Book Value (₹)———————————108.0
Face Value (₹)———————————1
P/E———————————28.1
Div Yield %———————————0.75
NPM %−5.6−10.3−8.9−12.52.015.67.210.510.612.911.512.5
OPM %16.08.010.0−9.0−1.011.014.014.016.019.017.019.0
D/E2.273.304.625.594.560.500.380.240.210.150.150.07
P/B———————————4.7

Growth

As of 11 Oct 2026
Compounded sales growth
10 years−1.0%
5 years+12.0%
3 years+4.0%
TTM+9.0%
Compounded profit growth
10 years+12.0%
5 years+25.0%
3 years+9.0%
TTM+35.0%
Stock price CAGR
10 years+42.0%
5 years+41.0%
3 years+15.0%
Last year+7.0%
Return on equity
10 years11.0%
5 years17.0%
3 years16.0%
Last year15.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters51.28%51.28%50.66%50.66%52.46%50.87%49.26%48.27%46.04%43.90%40.52%40.28%
FIIs5.96%5.96%8.19%12.31%8.40%8.18%8.69%9.50%14.78%14.25%14.77%15.10%
DIIs2.91%2.91%2.74%1.28%1.17%0.06%0.05%2.12%3.60%9.25%14.81%15.26%
Government————————————
Public39.85%39.85%38.41%35.76%37.97%40.89%42.00%40.12%35.57%32.53%29.80%29.24%
No. of shareholders51,66151,66157,55444,65743,37349,39462,39766,39385,4471,18,5641,01,1771,04,425
Change since Jun 2023 (pp)
Promoters −11.00FIIs +9.14DIIs +12.35Public −10.61

Documents

As of 11 Oct 2026
Announcements
Announcement under Regulation 30 (LODR)-Newspaper PublicationClosure of Trading WindowDisclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('Listing Regulations') - Execution Of Business Transfer Agreement For Sale Of Business Undertaking Of U M Cables Limited ('Wholly Owned Subsidiary')Board Meeting Outcome for Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('Listing Regulations') - Slump Sale Of The Business Undertaking Of U M Cables Limited ('Wholly Owned Subsidiary')Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations 2015 - ESG Rating
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingMay 2026TranscriptMay 2026PPTMay 2026RecordingFeb 2026TranscriptFeb 2026PPTNov 2025TranscriptNov 2025PPTNov 2025RecordingNov 2025PPT

Corporate actions

As of 13 Aug 2026
13 Aug 2026DIVIDENDDividend - Rs 3.75 Per Share—
31 Jul 2025DIVIDENDDividend - Rs 3 Per Share—
6 Aug 2024DIVIDENDDividend - Rs 2.75 Per Share—
3 Aug 2023DIVIDENDDividend - Rs 2.50 Per Sh—
20 Jul 2022DIVIDENDAnnual General Meeting/Dividend - Rs 2 Per Share—
18 Jul 2013DIVIDENDAnnual General Meeting/Dividend Re 0.15/- Per Share—
19 Jul 2011DIVIDENDAnnual General Meeting / Dividend-Re.1/- Per Share—
16 Jul 2010DIVIDENDAnnual General Meeting And Dividend Re.1/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman