USHAMART
Large CapUsha Martin Limited
Industrials
Usha Martin is a leading global and India's No. 1 specialty steel wire rope solutions provider, also manufacturing high-quality wires, LRPC, end-fitments, and accessories. It operates manufacturing facilities in India, Dubai, Bangkok, and UK, with a global R&D center in Italy.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +9% YoY · PAT +47% YoY · margin expansion · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹979 Cr | +9.3% | +6.8% |
| EBITDA | ₹212 Cr | +51.4% | +20.5% |
| Operating margin | 22.0% | +600 bps | +300 bps |
| PAT | ₹148 Cr | +46.5% | +37.0% |
| PAT margin | 15.1% | +385 bps | +334 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Usha Martin reported strong Q4 FY26 results with revenue up 9.3% YoY to Rs. 979 cr and Operating EBITDA up 51.6% YoY to Rs. 212 cr, driven by margin expansion. FY26 saw 6.2% revenue growth and 18.1% Operating EBITDA growth, achieving a net cash position of Rs. 332 cr.
The company delivered robust Q4 and FY26 results, marked by significant margin expansion, strong operating cash flow conversion, and a shift to a net cash position. Management's focus on specialty products and disciplined capital allocation supports continued profitable growth despite external uncertainties.
Revenue by Product Segmentation (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Better Product Mix
Margin expansion was driven by better product mix and increased share of high-performance ropes.
High-Performance Ropes
Margin expansion was driven by increased share of high-performance ropes.
Specialty Product Portfolio
Management expects continued momentum in the specialty product portfolio, supported by healthy demand across key end-markets.
International Business Growth
The share of international business rose to 57% in FY26 from 55% in FY25.
Capacity and Capability Enhancement
Invested Rs. 198 crore in FY26 for capacity and capability enhancement, fully funded through internal accruals.
Healthy Demand
Management expects continued momentum in specialty product portfolio, supported by healthy demand across key end-markets.
Strong Balance Sheet
A strong balance sheet positions the company to deliver sustainable and profitable growth over the long term.
Global Customer Relationships
Established global customer relationships contribute to the company's strong market position.
Difficult External Environment
Performance was achieved despite a difficult external environment, including geopolitical tensions and disruptions in the Middle East.
Geopolitical Tensions
Geopolitical tensions and disruptions in the Middle East impacted the external environment.
Higher Raw Material Costs
Higher raw material costs were a factor in the difficult external environment.
Competition
The company faces competition from both domestic and international players.
Economic Growth
Future performance is subject to economic growth in India and abroad.
Raw Material Price Volatility
The company's profitability can be affected by fluctuations in steel prices.
International Operations Management
Risks include the company's ability to manage its international operations amidst global uncertainties.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY provides a clear view of annual growth and margin expansion, while QoQ highlights sequential momentum in revenue, EBITDA, and PAT, reflecting recent operational improvements and cost discipline.
Revenue from Operations
Q4 FY26: Rs. 979.3 cr (+9.3% YoY, +6.8% QoQ). FY26: Rs. 3,691.1 cr (+6.2% YoY).
Operating EBITDA
Q4 FY26: Rs. 211.5 cr (+51.6% YoY, +20.2% QoQ). FY26: Rs. 705.1 cr (+18.1% YoY).
Operating EBITDA Margin
Q4 FY26: 21.6% (+6.0 pps YoY, +2.4 pps QoQ). FY26: 19.1% (+1.9 pps YoY).
Operating EBITDA / ton
Q4 FY26: Rs. 39,496 (+46.7% YoY, +18.4% QoQ). FY26: Rs. 34,107 (+13.9% YoY).
Strong FY26 Close
Management is pleased to close FY26 on a strong note, with Q4 revenue growing ~9% YoY and Operating EBITDA reaching its highest quarterly level since the steel business sale.
Resilience of Global Operating Model
Improved performance, despite a difficult external environment, reflects the resilience of the global operating model, driven by product mix and cost discipline.
Expect Continued Momentum
Despite external uncertainty, management expects continued momentum in the specialty product portfolio, supported by healthy demand across key end-markets.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating EBITDA Margin | 19.1% (FY26) | Sustained margin expansion driven by product mix and cost discipline. |
| Net Cash Position | Rs. 332 cr (FY26) | Maintenance or improvement of net cash position and efficient capital allocation. |
| Free Cash Flow | Rs. 457 cr (FY26) | Continued strong free cash flow generation and funding of capex through internal accruals. |
| International Business Share | 57% (FY26) | Continued growth in international business contribution to overall revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +13.0% / mo
Technical chart
USHAMARTweekly · 1Y+61.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 61. Wait for confirmation.
- SMA20 rising (~11.5% over last month) — short-term momentum positive.
- RSI(14) at 61 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 6% off 52W high · 64% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 28.1%.
- Cash flow contributes 7/10 to the score.
Main drags
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Quality is weaker at 11/20; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 91st percentile of the scored universe and 92nd percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 1.9%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 92nd pctile, median 68 · Large: 77th pctile, median 74
82 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.9%.
- ▸12 years of positive FCF.
- ▸Debt/equity is 0.07.
Trust risks
- ▸Promoter holding fell 1.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 29.90
- P/B
- 4.57
- EV/EBITDA
- 18.64
- Market Cap
- 15078.00Cr
Profitability
- ROE
- 16.60%
- ROCE
- 20.20%
- ROA
- 11.06%
- Dividend Y
- 0.61%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 13.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 35.25×
- Altman Z
- 8.80
- Book Value
- 108.00
Cash Flow
- FCF Yield
- 1.91%
- FCF Positive Y
- 12/5
- OCF
- 655.00 Cr
- EPS TTM
- 15.29
Shareholding
- Promoter Hold
- 40.52%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.