Loading…
One of the world's largest wire rope manufacturers, serving mining, construction, oil & gas and elevator industries.
One of the world's largest wire rope manufacturers, serving mining, construction, oil & gas and elevator industries.
Makes its own steel wire rod and then draws it into ropes and specialty wire, so it controls the main input for its products. Customers are industrial buyers who replace ropes regularly, giving repeat orders beside new-equipment sales, and exports are a large share of sales.
In one line: A leading global wire-rope maker with no single large direct US peer.
Moat: narrow (scale, process know-how, brand). Global scale and decades of wire-rope engineering expertise across demanding industrial applications.
Headquarters: Ranchi, India · Founded: 1961 · Employees: 5,058
Size Usha Martin (USHAMART.NS) is an India Industrials company (Metal Fabrication) with a market value of $1.54B, the 460th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹477.40 on 6 Nov 2026.
Performance Over six months the shares was unchanged, against -20.6% for the median peer and 0.0% for the India market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 8.5% over the last twelve months (peer median +20.3%); the operating margin is 16.9% (peer median 8.2%).
Valuation It trades at 22.8× forward earnings against a peer median of 40.5× (7th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.9 points above its cost of capital (12.8% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹38.4B | ₹36.8B | ₹34.6B | ₹32.1B | ₹31.9B |
| Revenue growth | — | +6% | +8% | +1% | — |
| Gross profit | ₹13.2B | ₹9.80B | ₹8.36B | ₹8.01B | ₹6.75B |
| EBITDA | ₹7.68B | ₹7.56B | ₹5.87B | ₹5.85B | ₹5.06B |
| Net income | ₹5.07B | ₹4.66B | ₹4.07B | ₹4.24B | ₹3.50B |
| Free cash flow | n/a | ₹4.58B | ₹1.59B | ₹1.63B | ₹467M |
| Capital expenditure | n/a | ₹1.98B | ₹2.45B | ₹2.78B | ₹1.82B |
| Total debt | n/a | ₹2.29B | ₹4.17B | ₹3.64B | ₹4.17B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | USHAMART.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.2% | -14.0% | 10th highest of 21 |
| 6-month return | 0.0% | -20.6% | 7th highest of 21 |
| Distance from 52-week high | -12.0% | -49.5% | 4th highest of 21 |
| Revenue growth (TTM) | +8.5% | +20.3% | 7th lowest of 21 |
| Operating margin | 16.9% | 8.2% | 5th highest of 21 |
| Forward P/E | 22.8× | 40.5× | 7th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 23.1% | 11.3% | 3rd most demanding of 8 |
| Growth delivered (Del g) | +12.0% | +12.8% | 3rd lowest of 8 |
| Hurdle (Req g minus delivered) | +11.1 pp | +0.9 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | +1.9 pp | -3.5 pp | 4th highest of 21 |
| EV / EBITDA | 18.9× | 13.2× | 3rd most expensive of 8 |
| Net debt / EBITDA | -0.3× | 1.2× | 2nd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Usha Martin USHAMART.NS | India | $1.54B | 0% | +9% | 17% | 22.8× | 23.1% | +12.0% |
| Luoyang Xinqianglian Slewing Bearing 300850.SZ | China | $1.54B | -42% | +10% | 21% | 11.1× | n/a | n/a |
| Essence Fastening Systems (Shanghai) 301005.SZ | China | $1.54B | -55% | +17% | 0% | n/a | n/a | n/a |
| Shenzhen Vital New Material 301319.SZ | China | $1.53B | +15% | +34% | 5% | 82.0× | n/a | n/a |
| Suzhou UIGreen Micro&Nano Technologies 688661.SS | China | $1.55B | -44% | -7% | -3% | 44.2× | n/a | n/a |
| HENGHUI Technology 301678.SZ | China | $1.53B | -28% | +10% | 8% | n/a | n/a | n/a |
| Richelieu Hardware RCH.TO | Canada | $1.48B | -2% | +7% | 7% | 20.5× | 5.7% | +11.7% |
| Changzhou Nrb 002708.SZ | China | $1.63B | +50% | +29% | 1% | 74.0× | n/a | n/a |
| Azad Engineering AZAD.NS | India | $1.66B | +8% | +29% | 28% | 91.6× | n/a | n/a |
| Nanshan Aluminium International 2610.HK | Hong Kong | $1.67B | -45% | -19% | 21% | 7.8× | n/a | n/a |
| Freewon China 688678.SS | China | $1.41B | -13% | +33% | 6% | 19.6× | n/a | n/a |
| Riyue Heavy Industry 603218.SS | China | $1.41B | -28% | -17% | 5% | 24.6× | 5.0% | +4.1% |
| Happy Forging HAPPYFORGE.NS | India | $1.70B | +20% | +16% | 25% | 40.5× | 42.7% | +21.2% |
| Gaona Aero Material 300034.SZ | China | $1.71B | -29% | +5% | 5% | 49.0× | 21.3% | +18.5% |
| Wuxi Paike New Materials and Technology 605123.SS | China | $1.34B | -31% | +23% | 8% | 22.0× | n/a | n/a |
| Ramkrishna Forgings RKFORGE.NS | India | $1.34B | +12% | +25% | 9% | 46.9× | n/a | n/a |
| SF Diamond 300179.SZ | China | $1.81B | -12% | +34% | 11% | 79.8× | 49.2% | +12.2% |
| Baoding Technology 002552.SZ | China | $1.84B | +44% | +64% | 15% | n/a | 11.3% | +54.0% |
| Beijer Alma BEIA-B.ST | Sweden | $1.86B | 0% | +6% | 15% | 20.7× | 9.9% | +12.8% |
| Hunan Boyun New Materials 002297.SZ | China | $1.25B | -41% | +37% | 15% | n/a | n/a | n/a |
| Guangdong Xianglu Tungsten 002842.SZ | China | $1.23B | -38% | +126% | 15% | n/a | n/a | n/a |