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Last Updated: April 2, 2026, 3:53 am
Author: Getaka|Social: XLinkedIn

Usha Martin Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹343.20Overvalued by 15.68%vs CMP ₹407.00

P/E (27.7) × ROE (15.8%) × BV (₹97.30) × DY (0.74%)

₹195.08Overvalued by 52.07%vs CMP ₹407.00
MoS: -108.6% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹369.0723%Fair (-9.3%)
Graham NumberEarnings₹173.5016%Over (-57.4%)
Earnings PowerEarnings₹100.7611%Over (-75.2%)
DCFCash Flow₹198.3414%Over (-51.3%)
Net Asset ValueAssets₹97.387%Over (-76.1%)
EV/EBITDAEnterprise₹173.949%Over (-57.3%)
Earnings YieldEarnings₹137.507%Over (-66.2%)
ROCE CapitalReturns₹120.467%Over (-70.4%)
Revenue MultipleRevenue₹57.055%Over (-86%)
Consensus (9 models)₹195.08100%Overvalued
Key Drivers: Wide model spread (₹57–₹369) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 7.5%

*Investments are subject to market risks

Investment Snapshot

69
Usha Martin Ltd scores 69/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health76/100 · Strong
ROCE 18.8% GoodROE 15.8% GoodD/E 0.30 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 0.37% (6mo) Slight increaseDII holding up 4.86% MF buyingPromoter decreased by 1.23% Caution
Earnings Quality65/100 · Strong
OPM expanding (15% → 18%) Improving
Quarterly Momentum68/100 · Strong
Revenue (4Q): +6% YoY GrowingProfit (4Q): +2% YoY Positive
Industry Rank70/100 · Strong
P/E 27.7 vs industry 83.4 Cheaper than peersROCE 18.8% vs industry 13.3% Above peersROE 15.8% vs industry 192.3% Below peers3Y sales CAGR: 9% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:53 am

Market Cap 12,392 Cr.
Current Price 407
Intrinsic Value₹195.08
High / Low 498/281
Stock P/E27.7
Book Value 97.3
Dividend Yield0.74 %
ROCE18.8 %
ROE15.8 %
Face Value 1.00
PEG Ratio3.67

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Usha Martin Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Usha Martin Ltd 12,392 Cr. 407 498/28127.7 97.30.74 %18.8 %15.8 % 1.00
Mukand Ltd 1,800 Cr. 125 162/84.430.0 66.31.61 %9.91 %7.84 % 10.0
Shah Alloys Ltd 116 Cr. 58.4 83.8/46.8 5.180.00 %25.8 %1,108 % 10.0
Jindal Stainless Ltd 58,109 Cr. 705 884/49719.7 2190.43 %18.2 %16.2 % 2.00
Ashnisha Industries Ltd 87.0 Cr. 3.28 4.94/2.57256 2.300.00 %1.23 %0.28 % 1.00
Industry Average18,104.25 Cr217.8983.3566.630.46%13.27%192.30%5.67

All Competitor Stocks of Usha Martin Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 834855814785797829826891861896887908917
Expenses 707701669640640678672730718757743735741
Operating Profit 127154146144157152154161143140145173176
OPM % 15%18%18%18%20%18%19%18%17%16%16%19%19%
Other Income 7137258149119282010-5
Interest 8866677897655
Depreciation 17171818192322232628292829
Profit before tax 110142129144140136135141118133130150138
Tax % 23%26%22%24%23%22%23%23%22%24%22%27%22%
Net Profit 8410510111010810610410992101101110108
EPS in Rs 2.753.453.313.593.533.493.423.603.043.313.313.603.53

Last Updated: February 3, 2026, 5:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 8:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 4,0744,5614,1123,8822,0662,4882,1542,0972,6883,2683,2253,4743,608
Expenses 3,3573,8453,7713,4932,2532,5121,9221,8182,3042,7542,6272,8772,975
Operating Profit 717717341389-188-24232279384513599597633
OPM % 18%16%8%10%-9%-1%11%13%14%16%19%17%18%
Other Income 82-63321207717537297540535753
Interest 4405225475649211474574230253023
Depreciation 3334183083006061646870677798113
Profit before tax 27-287-481-355-264-181630183346455550527551
Tax % 50%-12%-11%1%2%-126%33%20%16%23%23%23%
Net Profit 13-251-428-358-26849421152291351424406419
EPS in Rs 0.35-8.31-14.10-11.78-8.901.5713.744.919.5611.4913.9113.3713.75
Dividend Payout % 0%0%0%0%0%0%0%0%21%22%20%22%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-2030.77%-70.52%16.36%25.14%118.28%759.18%-63.90%91.45%20.62%20.80%-4.25%
Change in YoY Net Profit Growth (%)0.00%1960.25%86.87%8.78%93.14%640.90%-823.08%155.34%-70.83%0.18%-25.04%

Usha Martin Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:-3%
5 Years:10%
3 Years:9%
TTM:9%
Compounded Profit Growth
10 Years:16%
5 Years:0%
3 Years:15%
TTM:-5%
Stock Price CAGR
10 Years:39%
5 Years:69%
3 Years:38%
1 Year:12%
Return on Equity
10 Years:6%
5 Years:17%
3 Years:18%
Last Year:16%

Last Updated: September 5, 2025, 1:50 pm

Balance Sheet

Last Updated: December 4, 2025, 2:10 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 31313131313131313131313131
Reserves 1,9721,7281,3239146977511,1971,3731,6632,0002,3492,7212,934
Borrowings 3,7323,9934,4724,3644,0733,565620530411417364417264
Other Liabilities 2,9142,5562,1112,4232,6462,645696649625627570563624
Total Liabilities 8,6498,3077,9367,7317,4456,9922,5442,5822,7303,0753,3133,7313,854
Fixed Assets 5,5005,4775,3025,0314,8629359569329139521,1531,4061,461
CWIP 37313214712111313334538139166118177
Investments 004637394244485666566870
Other Assets 2,7752,6982,4412,5422,4326,0011,5111,5571,7221,9171,9382,1402,146
Total Assets 8,6498,3077,9367,7317,4456,9922,5442,5822,7303,0753,3133,7313,854

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1,144729856686914974212214159252444422
Cash from Investing Activity + -1,050-563-385-29-35-32,942-3457-155-285-219
Cash from Financing Activity + 18-266-491-663-872-973-3,105-177-161-101-159-91
Net Cash Flow 113-100-20-57-250255-4-0111
Free Cash Flow -2713247164087398120717816590168191
CFO/OP 164%105%253%177%-491%-4,116%103%77%38%67%94%91%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow714.00714.00337.00385.00-192.00-27.00-388.00-251.00-27.0096.00235.00180.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 4739556411948515756566155
Inventory Days 400378241261350156183209196180199205
Days Payable 4293972883625617810811372605656
Cash Conversion Cycle 18207-37-92126126153180175204205
Working Capital Days -104-79-96-138-288-10656789898114107
ROCE %9%6%1%3%-4%-1%22%13%18%21%22%19%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 48.27%47.87%47.51%47.41%46.04%45.11%43.54%43.48%43.90%42.45%41.75%40.52%
FIIs 9.50%9.29%12.03%12.94%14.78%14.19%14.61%14.29%14.25%14.29%14.14%14.62%
DIIs 2.12%3.44%3.86%3.45%3.60%4.88%7.44%8.14%9.25%11.06%12.29%14.11%
Public 40.12%39.38%36.60%36.20%35.57%35.81%34.40%34.08%32.53%32.15%31.74%30.63%
Others 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.06%0.06%0.06%0.11%
No. of Shareholders 66,39371,45476,48281,19585,4471,00,1001,11,1931,50,4031,18,5641,14,3491,04,8211,04,397

Shareholding Pattern Chart

No. of Shareholders

Usha Martin Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Tata Small Cap Fund 11,609,989 4.53 485.7611,367,6422026-03-12 06:28:092.13%
Quant Small Cap Fund 10,716,104 1.62 448.366,919,3212025-11-02 19:42:1454.87%
ICICI Prudential Commodities Fund 3,138,006 3.57 131.29N/AN/AN/A
Mahindra Manulife Small Cap Fund 2,187,053 2.25 91.512,271,2872026-03-12 06:28:09-3.71%
ICICI Prudential Manufacturing Fund 1,781,054 1.13 74.52N/AN/AN/A
Bandhan Large & Mid Cap Fund 1,595,115 0.45 66.741,217,3462026-01-26 03:43:0431.03%
Bandhan Small Cap Fund 1,230,714 0.25 51.49615,6482026-01-26 03:43:0499.91%
ICICI Prudential Retirement Fund - Pure Equity 857,275 2.07 35.87N/AN/AN/A
Quant Multi Cap Fund 698,546 0.4 29.23N/AN/AN/A
ICICI Prudential Multicap Fund 685,373 0.18 28.68533,6362026-03-24 00:33:1928.43%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 13.3713.9211.519.564.91
Diluted EPS (Rs.) 13.3713.9211.519.564.91
Cash EPS (Rs.) 15.9416.0013.3111.557.03
Book Value[Excl.RevalReserv]/Share (Rs.) 90.1778.0666.6455.5846.07
Book Value[Incl.RevalReserv]/Share (Rs.) 90.1778.0666.6455.5846.07
Revenue From Operations / Share (Rs.) 113.83105.61107.0088.0268.67
PBDIT / Share (Rs.) 20.8520.9217.7313.7210.23
PBIT / Share (Rs.) 17.6518.4015.5211.438.01
PBT / Share (Rs.) 16.6817.5914.5311.066.15
Net Profit / Share (Rs.) 12.7313.4811.109.274.81
NP After MI And SOA / Share (Rs.) 13.3513.8811.469.544.90
PBDIT Margin (%) 18.3119.8016.5615.5814.90
PBIT Margin (%) 15.5017.4214.5012.9811.66
PBT Margin (%) 14.6516.6513.5712.568.95
Net Profit Margin (%) 11.1812.7610.3610.527.00
NP After MI And SOA Margin (%) 11.7213.1410.7110.837.13
Return on Networth / Equity (%) 14.8017.8117.2417.1910.65
Return on Capital Employeed (%) 17.6420.6919.9317.1313.63
Return On Assets (%) 10.8612.7311.3410.615.74
Long Term Debt / Equity (X) 0.050.080.090.110.16
Total Debt / Equity (X) 0.120.120.170.210.30
Asset Turnover Ratio (%) 0.981.010.930.870.66
Current Ratio (X) 2.852.902.472.251.72
Quick Ratio (X) 1.441.461.211.120.89
Inventory Turnover Ratio (X) 3.711.832.102.211.76
Dividend Payout Ratio (NP) (%) 20.5617.970.000.000.00
Dividend Payout Ratio (CP) (%) 16.5815.200.000.000.00
Earning Retention Ratio (%) 79.4482.030.000.000.00
Cash Earning Retention Ratio (%) 83.4284.800.000.000.00
Interest Coverage Ratio (X) 21.5425.7817.899.875.49
Interest Coverage Ratio (Post Tax) (X) 14.1517.6112.196.933.66
Enterprise Value (Cr.) 10337.209856.706737.014313.041318.53
EV / Net Operating Revenue (X) 2.983.062.061.600.62
EV / EBITDA (X) 16.2415.4312.4410.304.22
MarketCap / Net Operating Revenue (X) 2.963.012.001.530.48
Retention Ratios (%) 79.4382.020.000.000.00
Price / BV (X) 3.734.093.222.430.72
Price / Net Operating Revenue (X) 2.963.012.001.530.48
EarningsYield 0.030.040.050.070.14

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Usha Martin Ltd. is a Public Limited Listed company incorporated on 22/05/1986 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L31400WB1986PLC091621 and registration number is 091621. Currently Company is involved in the business activities of Manufacture of other fabricated metal products. Company's Total Operating Revenue is Rs. 2171.06 Cr. and Equity Capital is Rs. 30.52 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Steel - Alloys/Special2A, Shakespeare Sarani, Kolkata West Bengal 700071Contact not found
Management
NamePosition Held
Mr. Vijay Singh BapnaChairman & Ind.Director
Mr. Rajeev JhawarManaging Director
Mr. S B N SharmaWhole Time Director
Mr. Chirantan ChatterjeeWhole Time Director
Mr. V Ramakrishna IyerIndependent Director
Mr. Sethurathnam RaviIndependent Director
Mrs. Ramni NirulaIndependent Director

FAQ

What is the intrinsic value of Usha Martin Ltd and is it undervalued?

As of 16 April 2026, Usha Martin Ltd's intrinsic value is ₹195.08, which is 52.07% lower than the current market price of ₹407.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (15.8 %), book value (₹97.3), dividend yield (0.74 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Usha Martin Ltd?

Usha Martin Ltd is trading at ₹407.00 as of 16 April 2026, with a FY2026-2027 high of ₹498 and low of ₹281. The stock is currently in the middle of its 52-week range. Market cap stands at ₹12,392 Cr..

How does Usha Martin Ltd's P/E ratio compare to its industry?

Usha Martin Ltd has a P/E ratio of 27.7, which is below the industry average of 83.35. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Usha Martin Ltd financially healthy?

Key indicators for Usha Martin Ltd: ROCE of 18.8 % indicates efficient capital utilization; ROE of 15.8 % shows strong shareholder returns. Dividend yield is 0.74 %.

Is Usha Martin Ltd profitable and how is the profit trend?

Usha Martin Ltd reported a net profit of ₹406 Cr in Mar 2025 on revenue of ₹3,474 Cr. Compared to ₹291 Cr in Mar 2022, the net profit shows an improving trend.

Does Usha Martin Ltd pay dividends?

Usha Martin Ltd has a dividend yield of 0.74 % at the current price of ₹407.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Usha Martin Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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