Usha Martin Ltd Share Price Today

Actions	Ex-Date	Record-Date
DividendsFinal Dividend of 375% at ₹3.75/Share	13-Aug-2026	13-Aug-2026
DividendsFinal Dividend of 300% at ₹3/Share	31-Jul-2025	31-Jul-2025

Mutual Fund Holder	Aug 26 Shares held	Sep 26 Shares held
Tata Small Cap Fund - Regular Plan - Growth	1.16 Cr	1.16 Cr no change
Quant Small Cap Fund - Growth	1.07 Cr	1.07 Cr no change
HDFC Small Cap Fund - Regular Plan - Growth	-	46.33 Lac (100%)
ICICI Prudential Commodities Fund - Regular Plan - Growth	31.38 Lac	31.38 Lac no change
Bandhan Large & Mid Cap Fund - Regular Plan - Growth	21.39 Lac	24.18 Lac (13.03%)

Vibhu Jain

12 Oct • 6:23 AM · SEBI-Registered Analyst

Usha Martin Ltd analysis on different parameteres

USHAMART

Quality :- Usha Martin Ltd continues to demonstrate strong operational fundamentals, supported by a high return on equity (ROE) of 16.43%, signalling effective management and efficient utilisation of shareholder capital. The company’s debt-to-equity ratio remains notably low at 0.08 times on average, indicating a conservative capital structure with limited reliance on external borrowings. This financial prudence contributes positively to the quality aspect of the evaluation. Valuation :- The valuation parameter has been a significant factor in the recent revision of the stock’s evaluation. Usha Martin Ltd is currently trading at a premium, with a price-to-book value ratio of 4.6, which is elevated compared to historical averages within the iron and steel products sector. This premium valuation suggests that the market is pricing in expectations of sustained profitability and growth, but it also implies limited margin for valuation expansion. Financial :- Usha Martin Ltd has shown encouraging signs in recent quarters. The company reported positive results for four consecutive quarters, with the latest six-month profit after tax (PAT) reaching ₹297.83 crores, reflecting a growth rate of 47.50%. Quarterly net sales hit a record high of ₹1,033 crores, while cash and cash equivalents also reached a peak of ₹477.80 crores during the half-year period Technical :- technical perspective, the stock exhibits a mildly bullish stance. Recent price movements show a modest correction of -0.52% on the day of the update, but the stock has delivered positive returns over multiple time frames: 1.91% over the past week, 0.59% in the last month, and a notable 16.18% over six months. Year-to-date returns stand at 10.26%, with a one-year return of 4.13%, outperforming the broader BSE500 index over the last three years, one year, and three months.

CA ABHAY VARN

27 Sep • 6:57 PM · SEBI-Registered Analyst

R R Kabel Enters Optical Fibre Cable Segment

RRKABEL

has approved the acquisition of the business undertaking of U M Cables Limited (UMCL), a wholly owned subsidiary of Usha Martin Limited. The acquisition will be completed through a slump sale on a going-concern basis for a cash consideration of ₹77 crore. The company had earlier announced the execution of a Business Transfer Agreement for the transaction on September 25, 2026. The acquisition marks R R Kabel’s entry into the optical fibre cable segment, expanding its presence beyond its existing cable and electrical product portfolio. The transaction involves acquiring the business undertaking of UMCL rather than purchasing equity shares of the company. The ₹77 crore cash consideration represents the stated acquisition cost, while the latest update confirms that the transaction has received approval from R R Kabel’s Board. The business transfer is structured as a slump sale, meaning the identified undertaking is being transferred as a going concern. For R R Kabel, the transaction provides an opportunity to establish a presence in the optical fibre cable industry through an existing business. Investors may track the completion of the acquisition, integration of the acquired operations, product capacity and the contribution of the new segment to future financial performance. The company’s September 25 filing had confirmed that R R Kabel, U M Cables and Usha Martin had executed the Business Transfer Agreement for the acquisition. The relevant regulatory disclosures had already been submitted to the stock exchanges on September 24. Disclosure: I do not hold any position or financial interest in the mentioned stock.

InvestAce Capital

25 Sep • 1:05 PM · SEBI-Registered Analyst

R R Kabel: ₹77 Cr Optical Fibre Cable Entry

R R Kabel Limited (RRKABEL) has approved the acquisition of the optical fibre cable business of U M Cables, a wholly owned subsidiary of Usha Martin, for ₹77 crore through a slump sale. The transaction marks R R Kabel’s entry into the optical fibre cable segment and expands its existing presence in communication cables. The acquisition gives the company access to an established business rather than building the capability entirely from scratch, which could allow it to broaden its product portfolio within the broader cable and wires market. For me, the important point is the strategic adjacency of the acquisition. R R Kabel already operates in wires and cables, while optical fibre cables provide exposure to the communication infrastructure segment. The ₹77 crore consideration is relatively small compared with the scale of the overall business, so the key question is whether the acquired business can be scaled meaningfully after integration. I would watch revenue contribution from the optical fibre business, integration progress and margins over the next few quarters. The acquisition itself is not enough to establish a meaningful earnings impact, but successful integration could give R R Kabel another growth avenue within the cable industry. Stance: Tracking the acquisition for execution, integration and incremental revenue contribution. Disclosure: Add your actual holding, position or interest disclosure before publishing.

Neha

1 Sep • 4:23 PM · SEBI-Registered Analyst

🚨 **Usha Martin: High-Margin Wire Rope Story**

Usha Martin delivered a strong FY26, with the business continuing its transition toward **high-value, specialised wire ropes** and stronger balance-sheet discipline. 📊 **FY26 HIGHLIGHTS**

USHAMART

• Revenue: **₹3,691 Cr | +6.2% YoY** • Operating EBITDA: **₹705 Cr | +18.1% YoY** • EBITDA Margin: **19.1%** • ROCE: **20.6%** • Operating Cash Flow: **₹736 Cr** • Standalone business: **100% debt-free** • Consolidated Net Cash: **₹332 Cr** 🔥 **THE BIG SHIFT** Over the last 5 years, wire ropes increased from **61% → 73%** of revenue, while value-added products increased from **59% → 70%**. This is important because Usha Martin is increasingly focusing on technically demanding applications across: → Elevators → Cranes & infrastructure → Mining → Oil & gas → Offshore wind → Specialised industrial lifting 🌍 India’s infrastructure expansion, offshore energy projects and global supply-chain realignment could provide a long runway for specialised rope demand. 🏭 **CAPEX & EXECUTION** The company has expanded capacity by around **40,000 MT** over the last three years and successfully shifted high-end OceanMax rope production from the UK to Ranchi. Going forward, management plans to invest around **₹200–250 Cr annually** in technical segments. ⚠️ **BUT THERE’S A MAJOR RISK** The biggest concern is not the operating business — it is the **legal and governance overhang**. ED proceedings involve provisional attachment of Ranchi land parcels valued at around **₹190 Cr**, alongside a CBI investigation concerning historical matters. The auditors issued a clean opinion, but this legal issue remains a significant monitorable. Other points to watch: • Contingent liabilities of around **₹231 Cr consolidated** • Rising slow-moving inventory provisions !HFCL **Neha Gupta** *SEBI Registered Research Analyst* *For educational purposes only. Not investment advice. Investors should conduct their own research.*

Neha

1 Sep • 9:46 AM · SEBI-Registered Analyst

🚨Smartworks FY25: Workspace Story Is Scaling Fast

Smartworks Coworking Spaces is emerging as a major player in India’s rapidly growing managed office & flexible workspace market.

USHAMART

📊 FY25 HIGHLIGHTS • Revenue: ₹1,374 Cr | +32.2% YoY • Portfolio: 11.79 Mn sq. ft. • Presence: 15 cities | 55 centres • Enterprise clients contribute ~88% of demand • ~94% revenue comes from annuity rentals • Normalised OCF: ₹243.5 Cr vs EBITDA of ₹172.2 Cr 🔥 THE GROWTH STORY India’s flexible workspace market is expanding rapidly, with managed workspaces gaining share as corporates increasingly prefer flexible, Grade-A office solutions. Smartworks is targeting this opportunity through: → Whole-building managed campuses → 2–3 Mn sq. ft. annual expansion visibility → Procurement & operating efficiencies → “Fit-out-as-a-service” offerings → Selective management-contract/variable-rent models The company’s unit economics are also notable, with centres reaching breakeven around 65–70% occupancy and reported capex payback of roughly 30–32 months. ⚠️ BUT INVESTORS NEED TO WATCH THE RISKS 🔴 Consolidated net loss widened to ₹63.2 Cr in FY25. 🔴 Current liabilities exceeded current assets by around ₹961 Cr. 🔴 Significant related-party exposure exists, including ₹94.9 Cr of housekeeping & security charges paid to Talbotforce Services. 🔴 Management remuneration increased despite rising losses. Strong operating execution ✅ Large market opportunity ✅ Cash-flow conversion ✅ Rapid footprint expansion ✅ Losses ⚠️ Working-capital/balance-sheet pressure ⚠️ Related-party exposure ⚠️ Bottom Line: Smartworks has built a strong operating platform, but investors must balance its impressive growth with losses, balance-sheet structure and governance-related monitorables. Neha Gupta SEBI Registered Research Analyst For educational purposes only. Not investment advice. Investors should conduct their own research. #Smartworks #CommercialRealEstate #Coworking #GCC #IndianStocks #Investing

Neha

24 Aug • 5:04 PM · SEBI-Registered Analyst

Usha Martin: From Debt Reduction to a High-Margin Wire Rope

Usha Martin delivered a strong FY26, with the business continuing its transition toward high-value, specialised wire ropes and stronger balance-sheet discipline. 📊 FY26 HIGHLIGHTS • Revenue: ₹3,691 Cr | +6.2% YoY

USHAMART

• Operating EBITDA: ₹705 Cr | +18.1% YoY • EBITDA Margin: 19.1% • ROCE: 20.6% • Operating Cash Flow: ₹736 Cr • Standalone business: 100% debt-free • Consolidated Net Cash: ₹332 Cr 🔥 THE BIG SHIFT Over the last 5 years, wire ropes increased from 61% → 73% of revenue, while value-added products increased from 59% → 70%. This is important because Usha Martin is increasingly focusing on technically demanding applications across: → Elevators → Cranes & infrastructure → Mining → Oil & gas → Offshore wind → Specialised industrial lifting 🌍 India’s infrastructure expansion, offshore energy projects and global supply-chain realignment could provide a long runway for specialised rope demand. The company has expanded capacity by around 40,000 MT over the last three years and successfully shifted high-end OceanMax rope production from the UK to Ranchi. Going forward, management plans to invest around ₹200–250 Cr annually in technical segments. ⚠️ BUT THERE’S A MAJOR RISK The biggest concern is not the operating business — it is the legal and governance overhang. ED proceedings involve provisional attachment of Ranchi land parcels valued at around ₹190 Cr, alongside a CBI investigation concerning historical matters. The auditors issued a clean opinion, but this legal issue remains a significant monitorable. Other points to watch: • Contingent liabilities of around ₹231 Cr consolidated • Rising slow-moving inventory provisions • 12.5% of consolidated receivables classified as having a significant increase in credit risk • Certain CARO qualifications and audit-control observations . Neha Gupta SEBI Registered Research Analyst For educational purposes only. Not investment advice. Investors should conduct their own research.

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