Usha Martin financials and balance sheet

NSE: USHAMARTBSE: 517146Industrial ProductsSmall Cap

Formerly Usha Beltron

₹460.05₹6.35 (1.36%)BSE ₹460.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹466.40.

52-week range of traded prices to 23 Oct 2026

₹380.00Low, 23 Mar 2026₹542.60High, 21 Sep 2026

Market cap: ₹14,020 Cr467th largest listed
P/E: 27.7
P/B: 4.2
Dividend yield: 0.82%
ROE: 16.8%
ROCE: 18.8%
Debt to equity: 0.04
Volume, NSE: 5,20,02652.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Usha Martin annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 2 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.1% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2019, the company's revenue for that year, ₹2,470 Cr, differs from its quarters added, ₹3,257 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,691
Materials and goods−1,868
Employee costs−460
Other expenses−658
Operating profit705
Depreciation−116
Other income+69
One-off items−17
Finance costs−20
Profit before tax621
Tax−148
Joint ventures+19
Discontinued businesses−25
Net profit466

What the company owns

Plant, investments and other assets₹2,133 Cr
Inventory₹958 Cr
Receivables₹643 Cr
Cash and bank₹478 Cr

What pays for it: net worth and liabilities

Net worth₹3,302 Cr
Other liabilities₹453 Cr
Owed to suppliers₹311 Cr
Borrowings₹146 Cr

Usha Martin business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Usha Martin segment results by quarter

Revenue by segment

₹3,691 CrTotal

Wire & Wire Ropes₹3,613 Cr97.9% of total
Others₹78 Cr2.1% of total

Profit by segment

Wire & Wire Ropes₹650 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Wire & Wire Ropes
Revenue, ₹ crore
2,365
2,079
2,004
2,584
3,156
3,090
3,374
3,613
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
281
261
277
377
512
603
564
650
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
105
75
93
104
112
135
100
78
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−4
−15
0
10
5
14
3
−2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	6,412	2,219	2,097	2,688	3,268	3,225	3,474	3,691
Company revenue, as in its results	2,470	2,154	2,097	2,688	3,268	3,225	3,474	3,691
Revenue	2,365	2,079	2,004	2,584	3,156	3,090	3,374	3,613
Revenue growth	–	−12.1%	−3.6%	28.9%	22.1%	−2.1%	9.2%	7.1%
Profit	281	261	277	377	512	603	564	650
Profit growth	–	−7.2%	6.1%	36.1%	36.0%	17.7%	−6.4%	15.2%
Margin	11.9%	12.5%	13.8%	14.6%	16.2%	19.5%	16.7%	18.0%
Return on capital	17.2%	16.5%	17.0%	20.5%	23.1%	24.0%	20.1%	20.8%
Assets	1,992	2,065	2,150	2,318	2,711	2,962	3,289	3,664
Liabilities	360	488	519	482	492	451	480	532
Capital employed	1,633	1,578	1,631	1,836	2,219	2,511	2,809	3,132
Revenue	105	75	93	104	112	135	100	78
Revenue growth	–	−28.4%	24.3%	11.5%	7.4%	21.2%	−26.2%	−21.9%
Profit	−4	−15	0	10	5	14	3	−2
Profit growth	–	–	–	–	−47.8%	174.1%	−77.4%	–
Margin	−4.2%	−20.2%	−0.5%	9.3%	4.5%	10.2%	3.1%	−2.1%
Return on capital	–	–	−0.8%	19.3%	9.5%	27.7%	7.2%	−3.8%
Assets	735	495	108	84	88	77	58	65
Liabilities	3,870	808	51	33	35	27	15	22
Capital employed	−3,135	−312	57	50	53	50	43	42
Revenue	–	65	0	–	–	–	–	–
Revenue growth	–	–	−100.0%	–	–	–	–	–
Profit	–	501	−4	–	–	–	–	–
Margin	–	768.8%	–	–	–	–	–	–
Assets	–	0	0	–	–	–	–	–
Liabilities	–	0	0	–	–	–	–	–
Capital employed	–	0	0	–	–	–	–	–
Revenue	3,942	–	–	–	–	–	–	–
Profit	147	–	–	–	–	–	–	–
Margin	3.7%	–	–	–	–	–	–	–
Return on capital	6.4%	–	–	–	–	–	–	–
Assets	4,284	–	–	–	–	–	–	–
Liabilities	1,967	–	–	–	–	–	–	–
Capital employed	2,317	–	–	–	–	–	–	–
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	−17
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	19
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Usha Martin quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 3 Jun	Mar 2020Filed 8 Jun	Mar 2021Filed 21 May	Mar 2022Filed 2 May	Mar 2023Filed 2 May	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue from operations	4,255	4,768	2,470	2,154	2,097	2,688	3,268	3,225	3,474	3,691
	3,866	4,225	2,173	1,922	1,818	2,304	2,754	2,627	2,877	2,986
Materials and goods bought	1,820	2,347	1,512	1,225	1,171	1,487	1,806	1,633	1,750	1,868
Employee costs	–	–	279	306	298	330	373	428	474	460
Other expenses	–	–	382	391	349	487	575	566	653	658
Operating profit before depreciation	389	543	296	232	279	384	513	599	597	705
Operating margin	9.2%	11.4%	12.0%	10.8%	13.3%	14.3%	15.7%	18.6%	17.2%	19.1%
Materials, % of revenue	–	–	61.2%	56.9%	55.8%	55.3%	55.3%	50.6%	50.4%	50.6%
Employee costs, % of revenue	–	–	11.3%	14.2%	14.2%	12.3%	11.4%	13.3%	13.7%	12.5%
Other expenses, % of revenue	–	–	15.5%	18.2%	16.7%	18.1%	17.6%	17.5%	18.8%	17.8%
Depreciation and amortisation	300	305	61	64	68	70	67	77	98	116
Operating profit after depreciation	89	238	235	168	211	314	446	522	499	589
Other income	120	85	40	53	33	35	28	40	39	69
Finance costs	564	587	114	74	57	42	30	25	30	20
Profit before one-off items and tax	−355	−264	162	147	188	307	444	537	509	638
One-off items	0	0	0	0	0	31	0	0	0	−17
Profit before tax	−355	−264	162	147	188	338	444	537	509	621
	5	5	−227	210	36	55	105	125	121	148
Current tax	–	–	10	10	9	37	103	126	108	118
Deferred tax	–	–	−237	200	27	18	2	−1	13	31
Share of profit of joint ventures and associates	2	–	3	0	5	8	12	12	18	19
Profit from discontinued businesses	–	–	−343	483	−4	–	–	–	–	−25
	−358	−268	49	421	152	291	351	424	406	466
Belonging to the company's shareholders	−358	−268	48	419	150	291	350	424	407	466
Belonging to outside owners of subsidiaries	–	–	1	2	2	0	0	0	−1	0
Other comprehensive income	–	–	7	25	19	−1	48	1	54	180
Total comprehensive income	–	–	56	446	170	290	399	425	460	646
Net margin	−8.4%	−5.6%	–	–	7.2%	10.8%	10.7%	13.2%	11.7%	12.6%
Net margin without joint ventures and associates	−8.4%	–	–	–	7.0%	10.5%	10.4%	12.8%	11.2%	12.1%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the years to Mar 2019 and Mar 2020: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 3 Jun	Mar 2020Filed 8 Jun	Mar 2021Filed 21 May	Mar 2022Filed 2 May	Mar 2023Filed 2 May	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	814	1,265	1,407	1,697	2,035	2,384	2,752	3,302
	782	1,227	1,404	1,694	2,031	2,380	2,752	3,302
Share capital	31	31	31	31	31	31	31	31
Reserves	751	1,197	1,373	1,663	2,000	2,349	2,721	3,271
Belonging to outside owners of subsidiaries	32	38	4	4	4	4	0	0
	3,160	538	423	366	355	298	338	146
Repayable after a year	2,306	305	237	189	197	200	145	24
Repayable within a year	854	233	186	178	157	98	192	121
	1,859	852	811	705	709	616	695	696
Trade payables	325	363	362	295	299	248	266	311
Other financial liabilities	555	139	160	84	88	82	77	115
Other liabilities	115	104	91	108	110	125	101	93
Provisions	9	10	9	9	11	15	16	16
Tax owed	3	2	2	30	44	47	43	39
	2,370	443	388	341	343	330	301	214
Other financial liabilities	–	37	39	41	56	–	69	67
Other liabilities	17	31	30	31	16	58	–	–
Provisions	28	49	58	56	48	45	46	56
Deferred tax	19	20	23	25	26	28	41	66
Liabilities going with businesses held for sale	1,967	–	–	–	–	–	–	–
	7,011	2,561	2,605	2,743	3,087	3,330	3,748	4,212
Held for sale or for a demerger	4,310	14	14	–	–	8	8	–
	1,448	1,253	1,212	1,153	1,337	1,541	1,764	1,932
Plant in use, after depreciation	860	884	864	852	891	1,024	1,265	1,480
Plant being built	13	33	45	38	139	166	117	89
Intangible assets	12	9	6	2	2	7	8	8
Goodwill	55	55	55	55	55	55	55	55
Intangible assets being developed	0	0	0	1	0	–	1	0
Property held to earn rent	7	8	7	4	4	–	–	0
Investments	0	0	0	0	0	0	0	0
Stakes in joint ventures and associates	42	44	48	56	66	56	68	79
Loans given	1	7	6	6	6	5	5	4
Other financial assets	38	37	33	28	28	29	35	32
Deferred tax	250	55	29	13	12	17	16	9
Other assets	169	121	118	99	134	181	194	175
	1,253	1,294	1,379	1,590	1,749	1,781	1,976	2,280
Inventories	647	615	672	797	890	890	985	958
Trade receivables	325	298	328	414	500	539	528	643
Cash and cash equivalents	46	97	99	154	150	150	261	242
Other bank balances	28	15	19	10	12	18	14	236
Loans given	9	1	1	1	2	1	2	2
Other financial assets	108	184	189	108	89	92	105	83
Tax paid in advance	42	–	–	0	0	–	0	–
Other assets	49	84	71	104	107	91	82	116
Net debt	3,086	426	304	202	193	130	63	−332

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 21 May	Mar 2022Filed 2 May	Mar 2023Filed 2 May	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	214	159	252	444	422	655
	217	146	345	561	541	736
	−68	−264	−208	−78	−84	−31
Receivables	−46	−90	−89	−37	11	−113
Inventories	−56	−126	−93	2	−95	27
Payables	17	−60	8	−53	21	46
Other working capital	17	12	−35	10	−21	10
Tax paid	−4	13	−94	−117	−119	−81
Capital spending	37	51	182	278	245	198
Free cash flow	177	108	69	166	177	457
	−34	56	−158	−287	−223	−367
Plant and property sold	1	58	20	2	14	32
Companies bought	0	0	0	0	−4	0
Interest received	4	5	2	3	6	11
Dividends received	0	0	4	4	6	7
	−177	−161	−101	−159	−91	−321
Borrowings raised	9	3	50	71	11	0
Borrowings repaid	−102	−125	−62	−133	29	−192
Interest paid	−56	−38	−28	−22	−30	−18
Lease payments	0	0	0	0	−12	−13
Dividends paid	0	0	61	76	84	91
Shares bought back	0	0	0	0	7	0
Shares issued	0	0	0	0	0	0
Net change in cash	2	54	−7	−3	107	−33

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Usha Martin dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 3 Jun	Mar 2020Filed 8 Jun	Mar 2021Filed 21 May	Mar 2022Filed 2 May	Mar 2023Filed 2 May	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Earnings per share	−₹11.73	−₹8.90	₹1.57	₹13.75	₹4.91	₹9.56	₹11.51	₹13.92	₹13.37	₹15.30
Diluted earnings per share	−₹11.73	−₹8.90	₹1.57	₹13.75	₹4.91	₹9.56	₹11.51	₹13.92	₹13.37	₹15.29
Dividend per share	–	–	–	–	–	₹2.00	₹2.50	₹2.75	₹3.00	₹3.75
Book value per share	–	–	₹25.61	₹40.19	₹45.96	₹55.46	₹66.50	₹77.92	₹90.17	₹108.22
Dividend payout	–	–	–	–	–	21.0%	21.8%	19.8%	22.5%	24.6%
Shareholder yield	–	–	–	–	0.0%	0.0%	0.9%	0.8%	0.9%	0.8%
Market cap at the year end (₹ crore)	532	558	1,234	488	1,007	4,099	6,537	9,698	10,280	11,929

Ratios

Consolidated, years to March.Usha Martin PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 3 Jun	Mar 2020Filed 8 Jun	Mar 2021Filed 21 May	Mar 2022Filed 2 May	Mar 2023Filed 2 May	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue growth	2.6%	12.1%	–	−12.8%	−2.6%	28.2%	21.6%	−1.3%	7.7%	6.2%
Operating profit growth	10.0%	39.4%	–	−21.8%	20.6%	37.4%	33.8%	16.6%	−0.3%	18.1%
Net profit growth	–	–	–	754.1%	−64.0%	92.4%	20.3%	21.0%	−4.2%	14.8%
Earnings per share growth	–	–	–	775.8%	−64.3%	94.7%	20.4%	21.0%	−3.9%	14.4%
	–	–	–	–	11.4%	18.8%	18.8%	19.2%	15.9%	15.4%
	–	–	–	–	–	7.4 pts	0.0 pts	0.4 pts	−3.3 pts	−0.5 pts
From the net margin	–	–	–	–	–	5.9 pts	−0.2 pts	4.3 pts	−2.1 pts	1.2 pts
From asset turnover	–	–	–	–	–	4.1 pts	2.1 pts	−2.4 pts	−0.4 pts	−0.9 pts
From borrowing	–	–	–	–	–	−2.6 pts	−1.9 pts	−1.5 pts	−0.9 pts	−0.8 pts
Return on capital employed	–	–	–	9.3%	11.6%	15.2%	18.7%	19.4%	16.2%	17.1%
Cash conversion	–	–	–	–	141.1%	54.4%	71.8%	104.6%	103.8%	140.5%
Interest cover	0.2	0.4	2.1	2.3	3.7	7.4	14.7	21.0	16.9	30.0
Debt to equity	–	–	–	0.43	0.30	0.22	0.17	0.12	0.12	0.04
Receivable days	–	–	–	51	57	56	56	61	55	64
Inventory days	–	–	–	183	209	196	180	199	205	187
Payable days	–	–	–	108	113	72	60	55	56	61
Cash conversion cycle, days	–	–	–	126	153	180	175	204	205	190
Working capital days	–	–	–	95	111	122	116	124	126	121
Asset turnover	–	–	–	–	0.81	1.01	1.12	1.01	0.98	0.93
Assets per rupee of net worth	–	–	–	–	1.96	1.73	1.57	1.46	1.38	1.31
Sales per rupee of plant	–	–	2.87	2.44	2.43	3.16	3.67	3.15	2.75	2.49
Capital spending to depreciation	–	–	–	–	0.55	0.73	2.70	3.61	2.50	1.70
Plant being built, % of plant in use	–	–	1.6%	3.7%	5.2%	4.4%	15.6%	16.2%	9.3%	6.0%

Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2019 and Mar 2020: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2019, Mar 2020 and Mar 2021: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2019: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth and operating profit growth are left blank for the year to Mar 2019: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 11.7%
Cash from operations against operating profit: 92.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−1.2%	12.0%	4.1%
Profit growth, yearly rate	–	25.5%	10.0%
Return on equity, average	–	17.6%	16.8%
Return on capital employed, average	–	17.3%	17.6%
Operating margin, average	14.1%	17.0%	18.3%
Net margin, average	–	11.8%	12.5%
Asset turnover, average	–	1.01	0.97
Cash conversion cycle, days, average	–	191	200
Interest cover, average	9.9	18.0	22.6
Debt to equity, average	–	0.14	0.10

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,931	1,521	655
Cash from investing	−979	−877	−367
Cash from financing	−834	−572	−321
Capital spending	954	720	198
Dividends paid	312	251	91
Shares bought back	7	7	0
Shares issued for cash	0	0	0
Borrowings raised	135	82	0
Borrowings repaid	541	354	192

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	8	8	8	8	6	7
Altman Z-scorePublished threshold 1.81	0.65	2.21	2.62	5.03	6.61	9.10	9.03	10.79
Beneish M-scorePublished threshold −1.78	–	–	−2.50	−2.06	−1.98	−2.41	−2.61	−2.47
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−1.07	2.88	8.81	8.33	5.87	4.46
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	0.79	0.80	0.95	1.17
Receivables growth less revenue growthOur threshold 0 percentage points	–	4.47	12.39	−1.74	−0.85	9.19	−9.88	15.70
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	14.10	13.60	−8.31	−9.86	9.54	3.57	−9.46
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	3.16	−0.34	−1.78	−0.50	−0.40	0.12	0.32
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.37	0.95	0.65	1.30	0.79	0.35	0.27
Effective tax ratePublished threshold 17.16 per cent	−140.66	142.52	19.40	16.23	23.62	23.35	23.68	23.89
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	12.45	2.46	1.62	0.27	10.91

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
23 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA-; IND A1+Review, Other	Stable	385
23 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		100

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.