Usha Martin Ltd. (currently trading at ₹442) is India’s leading wire rope manufacturer with a global footprint across mining, oil & gas, elevators, ports, and infrastructure. Headquartered in Ranchi, the company operates integrated steel and wire rope plants in Jharkhand and has subsidiaries in the UK, UAE, and Thailand. With over six decades of experience, Usha Martin is known for its metallurgical expertise, backward integration, and high-margin specialty products. It exports to 50+ countries and serves marquee clients like Coal India, ONGC, Indian Railways, and global OEMs.
Usha Martin – FY22–FY25 Snapshot
• Sales – ₹2,370 Cr → ₹2,850 Cr → ₹3,180 Cr → ₹3,520 Cr Growth driven by export traction, elevator ropes, and infra demand
• Net Profit – ₹260 Cr → ₹340 Cr → ₹410 Cr → ₹480 Cr Earnings supported by margin expansion and backward integration
• Operating Performance – Strong → Strong → Strong → Strong EBITDA margins consistently above 18%; high asset utilization
• Dividend Yield (%) – 0.80% → 1.00% → 1.10% → 1.20% Steady payouts aligned with profit growth
• Equity Capital – ₹30.00 Cr (constant) No dilution; lean capital structure
• Total Debt – ₹220 Cr → ₹180 Cr → ₹140 Cr → ₹100 Cr Rapid deleveraging supported by internal accruals
• Fixed Assets – ₹1,050 Cr → ₹1,120 Cr → ₹1,180 Cr → ₹1,250 Cr Capex focused on capacity expansion, automation, and alloy upgrades
Institutional Interest & Ownership Trends
Promoter holding stands at 49.00%, with no pledging. FIIs and DIIs have steadily accumulated post FY24 breakout and export visibility. Delivery volumes reflect long-term positioning by infra, railways, and specialty steel-focused funds.
Business Growth Verdict
Usha Martin is scaling across high-margin wire ropes and global OEM supply chains Margins remain robust due to backward integration and alloy optimization Debt is declining steadily with strong operating cash flows Capex supports long-term competitiveness and export readiness
Management Con Call
• Q1 FY26 revenue rose 14.2% YoY to ₹890 Cr; PAT up 18.5% YoY to ₹122 Cr • Elevator ropes segment grew 28% YoY; exports up 22% YoY • Commissioned new alloy steel line in Ranchi; automation upgrades underway • FY26 outlook: 12–15% revenue growth, margin retention, and PAT expected to cross ₹500 Cr
Final Investment Verdict
Its improving profitability, disciplined capital structure, and expanding export base make it suitable for accumulation by investors seeking exposure to India’s infra, mining, and OEM supply chain themes. With strong execution, alloy-led margin expansion, and global client onboarding, Usha Martin remains a durable value creator in the specialty steel and wire rope space.
Usha Martin – FY22–FY25 Snapshot
• Sales – ₹2,370 Cr → ₹2,850 Cr → ₹3,180 Cr → ₹3,520 Cr Growth driven by export traction, elevator ropes, and infra demand
• Net Profit – ₹260 Cr → ₹340 Cr → ₹410 Cr → ₹480 Cr Earnings supported by margin expansion and backward integration
• Operating Performance – Strong → Strong → Strong → Strong EBITDA margins consistently above 18%; high asset utilization
• Dividend Yield (%) – 0.80% → 1.00% → 1.10% → 1.20% Steady payouts aligned with profit growth
• Equity Capital – ₹30.00 Cr (constant) No dilution; lean capital structure
• Total Debt – ₹220 Cr → ₹180 Cr → ₹140 Cr → ₹100 Cr Rapid deleveraging supported by internal accruals
• Fixed Assets – ₹1,050 Cr → ₹1,120 Cr → ₹1,180 Cr → ₹1,250 Cr Capex focused on capacity expansion, automation, and alloy upgrades
Institutional Interest & Ownership Trends
Promoter holding stands at 49.00%, with no pledging. FIIs and DIIs have steadily accumulated post FY24 breakout and export visibility. Delivery volumes reflect long-term positioning by infra, railways, and specialty steel-focused funds.
Business Growth Verdict
Usha Martin is scaling across high-margin wire ropes and global OEM supply chains Margins remain robust due to backward integration and alloy optimization Debt is declining steadily with strong operating cash flows Capex supports long-term competitiveness and export readiness
Management Con Call
• Q1 FY26 revenue rose 14.2% YoY to ₹890 Cr; PAT up 18.5% YoY to ₹122 Cr • Elevator ropes segment grew 28% YoY; exports up 22% YoY • Commissioned new alloy steel line in Ranchi; automation upgrades underway • FY26 outlook: 12–15% revenue growth, margin retention, and PAT expected to cross ₹500 Cr
Final Investment Verdict
Its improving profitability, disciplined capital structure, and expanding export base make it suitable for accumulation by investors seeking exposure to India’s infra, mining, and OEM supply chain themes. With strong execution, alloy-led margin expansion, and global client onboarding, Usha Martin remains a durable value creator in the specialty steel and wire rope space.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.