India's Most Valuable Companies 2024 edition · Source: Hurun India
Rank#408- Valuation
- ₹12,480 Cr
2023 #413
Market Cap
₹14,521 Cr
USHAMART · NSE
Share Price
₹466.40
-2.12% today
Revenue
₹3,691 Cr
FY 2025-26 · +6.2% YoY
EBITDA
₹663 Cr
Margin 18.0%
Net Profit
₹457 Cr
FY 2025-26 · +12.8% YoY
P/E (TTM)
27.1x
P/B 4.5x
ROE
15.4%
ROCE 18.6%
Debt / Equity
0.11
Interest cover 3.6x
About Usha Martin Limited
Data last updated:
Usha Martin Limited is a public limited company based in Kolkata, West Bengal, India. It operates in the cable and wire segment of the manufacturing sector. It was incorporated on 22 May 1986 and has been in existence for over 40 years.
Usha Martin is part of the Nifty 500 and BSE 500 indices.
The company is registered with the Registrar of Companies (ROC), Kolkata, under CIN L31400WB1986PLC091621. Its GSTIN is 19AAACU2339M1Z0 (West Bengal). The company holds 22 GST registrations, of which 12 are active. Its shares are listed on BSE: 517146 and NSE: USHAMART.
The company has an authorised share capital of ₹100 Cr and a paid-up capital of ₹30.47 Cr. It was formerly known as Usha Beltron Limited. It is led by directors including Rajeev Jhawar (Managing Director) and Chirantan Chatterjee (Whole-Time Director).
Its last annual general meeting (AGM) was held on 07 August 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 2A Shakespear Sarani P S Shakespear Sarani, Kolkata, West Bengal, India – 700071.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹3,691.06 Cr, a growth of 6.2% compared to the previous year. For the same year it recorded a net profit of ₹457.17 Cr (net margin 12.4%) and EBITDA of ₹663.32 Cr (EBITDA margin 18%). The net worth stands at ₹3,301.93 Cr (up 20% YoY). Total assets are valued at ₹3,587.35 Cr (up 11.6% YoY).
The company has about 2,356 employees on its provident fund (EPFO) records. Its group structure includes 4 subsidiaries.
The company is associated with 1 brand: Usha Martin. As per MCA filings, the company has open charges of ₹375 Cr and satisfied charges of ₹15,419 Cr on record. Court records list 432 cases involving the company, including 228 filed by the company and 204 filed against it; 95 cases are pending. The company has 45 deals on record (39 market trades, 2 acquisitions, 2 funding rounds), with disclosed funding of ₹35.78 Cr; the latest was in December 2025. Its 3 peer companies in the Manufacturing industry (Cables and Wires), with the same principal business activity (metal and metal products) are compared by revenue, 2 larger and 1 smaller; the largest is Shilpi Cable Technologies Limited with revenue of ₹3,840.48 Cr. The company has 5 MSME Form 1 returns on record between 2019 and 2020, listing 161 overdue payments to 73 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website ushamartin.com.
Company details
CIN L31400WB1986PLC091621
Registration Number 091621
Incorporation Date 22 May 1986
ROC Kolkata
Listing Status Listed (BSE: 517146, NSE: USHAMART)
Company Status Active
Date of Last AGM 07 August 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
CIN history
Usha Martin has one previous CIN (Corporate Identification Number): L99999WB1986PLC091621. The current CIN is L31400WB1986PLC091621, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L31400WB1986PLC091621 | Current |
| L99999WB1986PLC091621 | Previous |
Key People
Rajeev Jhawar Managing Director Chirantan Chatterjee Whole-Time Director Sharngbhritprasanna Bhanu Pratapnarayan Sharma Whole-Time Director Recognitions & Rankings of Usha Martin
Stock market indices
Nifty 500 BSE 500
Contact details
Usha Martin Limited's registered office is in Kolkata, West Bengal. Its website is ushamartin.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address2A Shakespear Sarani P S Shakespear Sarani, Kolkata, West Bengal, India – 700071
- IndustryManufacturing, Cable & Wire
To see the full contact details of Usha Martin Limited, buy the company report.
Comprehensive company report
Usha Martin Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Usha Martin operates one associated brand: Usha Martin. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Industrial wire ropes are manufactured by Usha Martin in India. | ushamartin.com |
Business activity
The main business activity of Usha Martin is manufacturing. In detail, this covers metal and metal products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C7 | Metal and metal products |
To see the full business activity and turnover split of Usha Martin Limited, buy the company report.
Financials of Usha Martin Limited
FY 2025-26 filings availableUsha Martin Limited reported revenue of ₹3,691.06 Cr (up 6.2% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹3,691 Cr
+6.2% YoY
EBITDA
₹663 Cr
+11.1% YoY
Profit After Tax
₹457 Cr
+12.8% YoY
Net Worth
₹3,302 Cr
+20.0% YoY
Total Assets
₹3,587 Cr
+11.6% YoY
Total Debt
₹229 Cr
-45.1% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 3,691 | 3,474 | 3,225 | 3,268 | 2,688 | 2,097 | 2,154 |
| Revenue growth | +6.2% | +7.7% | -1.3% | +21.6% | +28.2% | -2.6% | - |
| EBITDA | 663 | 597 | 599 | 513 | 384 | 279 | 232 |
| EBITDA margin | +18.0% | +17.2% | +18.6% | +15.7% | +14.3% | +13.3% | +10.8% |
| Profit before tax | 615 | 527 | 550 | 455 | 346 | 183 | 630 |
| Net profit | 457 | 405 | 424 | 349 | 264 | 149 | 408 |
| Net profit margin | +12.4% | +11.7% | +13.1% | +10.7% | +9.8% | +7.1% | +18.9% |
| EPS (₹) | 15.27 | 13.35 | 13.88 | 11.46 | 9.54 | 4.90 | 13.71 |
| Balance sheet | |||||||
| Total assets | 3,587 | 3,215 | 2,792 | 2,515 | 2,196 | 2,025 | 1,966 |
| Net worth | 3,302 | 2,752 | 2,380 | 2,031 | 1,694 | 1,404 | 1,227 |
| Total debt | 229 | 417 | 364 | 417 | 411 | 530 | 620 |
| Cash & bank | 478 | 275 | 168 | 162 | 165 | 119 | 112 |
| Net working capital | 1,722 | 1,492 | 1,279 | 1,204 | 1,067 | 822 | 720 |
| Cash flow | |||||||
| Cash from operations | 655 | 422 | 444 | 252 | 159 | 214 | 212 |
| Cash from investing | (353) | (219) | (285) | (155) | 56.94 | (34.07) | 2,942 |
| Cash from financing | (321) | (91.49) | (159) | (101) | (161) | (177) | (3,105) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,033 | 979 | 917 | 908 | 887 | 896 | 861 | 891 |
| Revenue growth (YoY) | +16.4% | +9.3% | +6.6% | +1.8% | +7.4% | - | - | - |
| Other income | 13.53 | 31.12 | 8.75 | 27.56 | 19.96 | 27.85 | 9.18 | 11.10 |
| EBITDA | 208 | 201 | 163 | 155 | 145 | 140 | 143 | 161 |
| EBITDA margin | +20.1% | +20.5% | +17.7% | +17.1% | +16.3% | +15.6% | +16.6% | +18.0% |
| Depreciation | 33.52 | 31.24 | 28.81 | 27.66 | 28.69 | 27.76 | 25.57 | 22.79 |
| Interest | 3.90 | 3.52 | 4.77 | 5.09 | 6.25 | 6.54 | 8.67 | 7.67 |
| Profit before tax | 184 | 197 | 138 | 150 | 130 | 133 | 118 | 141 |
| Tax | 42.08 | 49.25 | 30.09 | 40.21 | 28.82 | 32.21 | 25.36 | 32.10 |
| Net profit | 142 | 148 | 108 | 110 | 101 | 101 | 92.26 | 109 |
| EPS (₹) | 4.66 | 4.84 | 3.53 | 3.61 | 3.31 | 3.32 | 3.04 | 3.59 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 2,312 | 2,171 | 2,046 | 2,042 | 1,810 | 1,346 | 1,393 |
| Revenue growth | +6.5% | +6.1% | +0.2% | +12.8% | +34.5% | -3.4% | - |
| EBITDA | 460 | 422 | 400 | 298 | 251 | 187 | 171 |
| EBITDA margin | +19.9% | +19.4% | +19.6% | +14.6% | +13.9% | +13.9% | +12.3% |
| Profit before tax | 471 | 405 | 421 | 287 | 253 | 126 | 596 |
| Net profit | 343 | 300 | 322 | 214 | 185 | 100 | 395 |
| Net profit margin | +14.8% | +13.8% | +15.7% | +10.5% | +10.3% | +7.5% | +28.4% |
| EPS (₹) | 11.57 | 9.90 | 10.55 | 7.00 | 6.92 | 3.29 | 12.95 |
| Balance sheet | |||||||
| Total assets | 1,827 | 1,683 | 1,483 | 1,299 | 1,159 | 1,075 | 1,027 |
| Net worth | 1,789 | 1,531 | 1,320 | 1,080 | 928 | 714 | 615 |
| Total debt | 2.57 | 126 | 135 | 176 | 164 | 293 | 349 |
| Cash & bank | 269 | 147 | 55.07 | 53.42 | 99.71 | 9.26 | 7.23 |
| Net working capital | 730 | 647 | 510 | 484 | 464 | 327 | 234 |
| Cash flow | |||||||
| Cash from operations | 445 | 313 | 301 | 142 | 185 | 111 | 145 |
| Cash from investing | (316) | (106) | (173) | (122) | 68.79 | (10.94) | 2,923 |
| Cash from financing | (228) | (115) | (124) | (65.73) | (161) | (101) | (3,072) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 642 | 640 | 582 | 551 | 540 | 544 | 565 | 547 |
| Revenue growth (YoY) | +19.0% | +17.5% | +2.9% | +0.6% | +5.1% | - | - | - |
| Other income | 6.34 | 25.12 | 3.37 | 30.14 | 14.94 | 23.00 | 3.08 | 12.28 |
| Total expenses | 504 | 484 | 469 | 454 | 444 | 444 | 450 | 442 |
| EBITDA | 139 | 155 | 112 | 96.79 | 95.83 | 99.91 | 115 | 106 |
| EBITDA margin | +21.6% | +24.3% | +19.3% | +17.6% | +17.7% | +18.4% | +20.3% | +19.3% |
| Depreciation | 15.68 | 15.32 | 14.43 | 13.84 | 13.57 | 12.96 | 12.50 | 11.33 |
| Interest | 0.52 | 0.40 | 1.18 | 1.27 | 2.01 | 3.41 | 3.10 | 2.75 |
| Profit before tax | 129 | 165 | 99.84 | 112 | 95.19 | 107 | 102 | 104 |
| Tax | 31.41 | 36.14 | 25.56 | 32.32 | 24.32 | 28.30 | 25.32 | 25.85 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 22 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,033 | 979 | 917 | 908 | 887 | 896 | 861 | 891 |
| Revenue growth (YoY) | +16.4% | +9.3% | +6.6% | +1.8% | +7.4% | - | - | - |
| Other income | 13.53 | 31.12 | 8.75 | 27.56 | 19.96 | 27.85 | 9.18 | 11.10 |
| EBITDA | 208 | 201 | 163 | 155 | 145 | 140 | 143 | 161 |
| EBITDA margin | +20.1% | +20.5% | +17.7% | +17.1% | +16.3% | +15.6% | +16.6% | +18.0% |
| Depreciation | 33.52 | 31.24 | 28.81 | 27.66 | 28.69 | 27.76 | 25.57 | 22.79 |
| Interest | 3.90 | 3.52 | 4.77 | 5.09 | 6.25 | 6.54 | 8.67 | 7.67 |
| Profit before tax | 184 | 197 | 138 | 150 | 130 | 133 | 118 | 141 |
| Tax | 42.08 | 49.25 | 30.09 | 40.21 | 28.82 | 32.21 | 25.36 | 32.10 |
| Net profit | 142 | 148 | 108 | 110 | 101 | 101 | 92.26 | 109 |
| EPS (₹) | 4.66 | 4.84 | 3.53 | 3.61 | 3.31 | 3.32 | 3.04 | 3.59 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 3,691 | 3,474 | 3,225 | 3,268 | 2,688 | 2,097 | 2,154 |
| Revenue growth | +6.2% | +7.7% | -1.3% | +21.6% | +28.2% | -2.6% | - |
| Other income | 87.39 | 57.20 | 52.73 | 39.80 | 74.82 | 28.94 | 537 |
| Total expenses | 3,028 | 2,877 | 2,627 | 2,754 | 2,304 | 1,818 | 1,922 |
| Employee cost | 460 | 474 | 428 | 373 | 330 | 298 | 306 |
| EBITDA | 663 | 597 | 599 | 513 | 384 | 279 | 232 |
| EBITDA margin | +18.0% | +17.2% | +18.6% | +15.7% | +14.3% | +13.3% | +10.8% |
| Depreciation | 116 | 97.86 | 77.00 | 67.48 | 69.75 | 67.87 | 63.62 |
| Interest | 19.63 | 29.55 | 24.78 | 30.27 | 42.46 | 56.90 | 74.18 |
| Profit before tax | 615 | 527 | 550 | 455 | 346 | 183 | 630 |
| Tax | 148 | 121 | 125 | 105 | 54.85 | 36.44 | 210 |
| Net profit | 457 | 405 | 424 | 349 | 264 | 149 | 408 |
| Net profit margin | +12.4% | +11.7% | +13.1% | +10.7% | +9.8% | +7.1% | +18.9% |
| EPS (₹) | 15.27 | 13.35 | 13.88 | 11.46 | 9.54 | 4.90 | 13.71 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 30.51 | 30.52 | 30.54 | 30.54 | 30.54 | 30.54 | 30.54 |
| Reserves & surplus | 3,271 | 2,721 | 2,349 | 2,000 | 1,663 | 1,373 | 1,197 |
| Shareholders' funds (net worth) | 3,302 | 2,752 | 2,380 | 2,031 | 1,694 | 1,404 | 1,227 |
| Minority interest | 0.15 | (0.17) | 4.24 | 4.31 | 3.63 | 3.57 | 37.77 |
| Secured loans | 139 | 332 | 292 | 347 | 355 | 461 | 568 |
| Unsecured loans | 89.22 | 84.73 | 72.15 | 69.73 | 56.02 | 68.52 | 52.06 |
| Total debt | 229 | 417 | 364 | 417 | 411 | 530 | 620 |
| Total liabilities | 3,587 | 3,215 | 2,792 | 2,515 | 2,196 | 2,025 | 1,966 |
| Assets | |||||||
| Gross block | 2,433 | 2,073 | 1,717 | 1,456 | 1,352 | 1,312 | 1,269 |
| Net block | 1,625 | 1,406 | 1,153 | 952 | 913 | 932 | 956 |
| Capital work in progress | 89.05 | 118 | 166 | 139 | 38.44 | 45.23 | 32.70 |
| Investments | 79.32 | 68.01 | 56.00 | 65.73 | 56.40 | 48.47 | 43.65 |
| Inventories | 958 | 985 | 890 | 890 | 797 | 672 | 615 |
| Sundry debtors | 643 | 528 | 539 | 500 | 414 | 328 | 298 |
| Cash & bank balances | 478 | 275 | 168 | 162 | 165 | 119 | 112 |
| Loans & advances | 201 | 197 | 192 | 198 | 213 | 261 | 271 |
| Total current assets | 2,280 | 1,984 | 1,789 | 1,749 | 1,590 | 1,379 | 1,297 |
| Total current liabilities | 558 | 492 | 510 | 546 | 522 | 557 | 577 |
| Net working capital | 1,722 | 1,492 | 1,279 | 1,204 | 1,067 | 822 | 720 |
| Total assets | 3,587 | 3,215 | 2,792 | 2,515 | 2,196 | 2,025 | 1,966 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 261 | 150 | 150 | 154 | 99.46 | 97.32 | 47.62 |
| Net cash from operating activities | 655 | 422 | 444 | 252 | 159 | 214 | 212 |
| Net cash from investing activities | (353) | (219) | (285) | (155) | 56.94 | (34.07) | 2,942 |
| Net cash from financing activities | (321) | (91.49) | (159) | (101) | (161) | (177) | (3,105) |
| Net change in cash | (18.88) | 111 | (0.38) | (4.22) | 54.92 | 2.14 | 49.70 |
| Closing cash | 478 | 275 | 168 | 162 | 165 | 119 | 112 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +6.2% | +7.7% | -1.3% | +21.6% | +28.2% | -2.6% | - |
| EBITDA growth | +11.1% | -0.3% | +16.6% | +33.8% | +37.4% | +20.5% | - |
| PBT growth | +16.7% | -4.1% | +20.7% | +31.5% | +88.9% | -70.9% | +9998.0% |
| Net income growth | +12.8% | -4.3% | +21.3% | +32.1% | +77.4% | -63.5% | - |
| Revenue CAGR (3Y) | +4.1% | +8.9% | +15.4% | +14.9% | +2.6% | +0.5% | -17.8% |
| EBITDA CAGR (3Y) | +8.9% | +15.9% | +29.0% | +30.4% | - | - | -15.9% |
| Profitability & leverage | |||||||
| Net income margin | +12.6% | +11.7% | +13.2% | +10.7% | +10.8% | +7.0% | +19.5% |
| Return on capital employed | +18.7% | +18.5% | +21.7% | +20.7% | +17.4% | +10.4% | +4.3% |
| Return on net worth | +15.4% | +15.8% | +19.2% | +18.8% | +17.3% | +8.9% | +25.3% |
| Debt / equity | 0.11 | 0.15 | 0.18 | 0.22 | 0.30 | 0.44 | 2.08 |
| Long-term debt / equity | 0.05 | 0.09 | 0.12 | 0.13 | 0.16 | 0.23 | 1.32 |
| Interest cover | 3.59 | 5.92 | 4.75 | 6.79 | 13.53 | 26.93 | 44.16 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 1.64 | 1.83 | 2.03 | 2.33 | 2.02 | 1.63 | 1.75 |
| Inventory turnover | 3.80 | 3.71 | 3.62 | 3.87 | 3.66 | 3.26 | 3.41 |
| Debtors turnover | 6.30 | 6.51 | 6.21 | 7.15 | 7.25 | 6.70 | 6.90 |
| EPS (₹) | 15.27 | 13.35 | 13.88 | 11.46 | 9.54 | 4.90 | 13.71 |
| Dividend per share (₹) | 3.75 | 3.00 | 2.75 | 2.50 | 2.00 | 0.00 | 0.00 |
| Book value per share (₹) | 108.22 | 90.17 | 77.92 | 66.50 | 55.46 | 45.96 | 40.19 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 642 | 640 | 582 | 551 | 540 | 544 | 565 | 547 |
| Revenue growth (YoY) | +19.0% | +17.5% | +2.9% | +0.6% | +5.1% | - | - | - |
| Other income | 6.34 | 25.12 | 3.37 | 30.14 | 14.94 | 23.00 | 3.08 | 12.28 |
| Total expenses | 504 | 484 | 469 | 454 | 444 | 444 | 450 | 442 |
| EBITDA | 139 | 155 | 112 | 96.79 | 95.83 | 99.91 | 115 | 106 |
| EBITDA margin | +21.6% | +24.3% | +19.3% | +17.6% | +17.7% | +18.4% | +20.3% | +19.3% |
| Depreciation | 15.68 | 15.32 | 14.43 | 13.84 | 13.57 | 12.96 | 12.50 | 11.33 |
| Interest | 0.52 | 0.40 | 1.18 | 1.27 | 2.01 | 3.41 | 3.10 | 2.75 |
| Profit before tax | 129 | 165 | 99.84 | 112 | 95.19 | 107 | 102 | 104 |
| Tax | 31.41 | 36.14 | 25.56 | 32.32 | 24.32 | 28.30 | 25.32 | 25.85 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 2,312 | 2,171 | 2,046 | 2,042 | 1,810 | 1,346 | 1,393 |
| Revenue growth | +6.5% | +6.1% | +0.2% | +12.8% | +34.5% | -3.4% | - |
| Other income | 73.57 | 41.38 | 60.14 | 30.67 | 64.69 | 14.39 | 511 |
| Total expenses | 1,852 | 1,749 | 1,646 | 1,744 | 1,559 | 1,159 | 1,222 |
| Employee cost | 184 | 165 | 163 | 139 | 127 | 117 | 128 |
| EBITDA | 460 | 422 | 400 | 298 | 251 | 187 | 171 |
| EBITDA margin | +19.9% | +19.4% | +19.6% | +14.6% | +13.9% | +13.9% | +12.3% |
| Depreciation | 57.16 | 47.19 | 32.74 | 26.51 | 31.40 | 30.64 | 27.77 |
| Interest | 4.86 | 11.37 | 6.78 | 14.98 | 31.16 | 44.52 | 58.07 |
| Profit before tax | 471 | 405 | 421 | 287 | 253 | 126 | 596 |
| Tax | 118 | 103 | 98.75 | 73.51 | 42.13 | 25.40 | 201 |
| Net profit | 343 | 300 | 322 | 214 | 185 | 100 | 395 |
| Net profit margin | +14.8% | +13.8% | +15.7% | +10.5% | +10.3% | +7.5% | +28.4% |
| EPS (₹) | 11.57 | 9.90 | 10.55 | 7.00 | 6.92 | 3.29 | 12.95 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 30.51 | 30.52 | 30.54 | 30.54 | 30.54 | 30.54 | 30.54 |
| Reserves & surplus | 1,758 | 1,500 | 1,289 | 1,049 | 897 | 684 | 585 |
| Shareholders' funds (net worth) | 1,789 | 1,531 | 1,320 | 1,080 | 928 | 714 | 615 |
| Secured loans | 0.00 | 123 | 126 | 166 | 151 | 267 | 338 |
| Unsecured loans | 2.57 | 3.02 | 9.46 | 10.33 | 12.34 | 25.66 | 11.27 |
| Total debt | 2.57 | 126 | 135 | 176 | 164 | 293 | 349 |
| Total liabilities | 1,827 | 1,683 | 1,483 | 1,299 | 1,159 | 1,075 | 1,027 |
| Assets | |||||||
| Gross block | 1,141 | 1,005 | 825 | 623 | 586 | 566 | 558 |
| Net block | 797 | 709 | 569 | 393 | 377 | 383 | 405 |
| Capital work in progress | 84.78 | 71.18 | 126 | 134 | 35.69 | 37.81 | 30.12 |
| Investments | 151 | 151 | 151 | 151 | 151 | 151 | 151 |
| Inventories | 326 | 344 | 311 | 367 | 296 | 255 | 229 |
| Sundry debtors | 272 | 266 | 286 | 205 | 247 | 217 | 182 |
| Cash & bank balances | 269 | 147 | 55.07 | 53.42 | 99.71 | 9.26 | 7.23 |
| Loans & advances | 181 | 165 | 153 | 164 | 174 | 246 | 259 |
| Total current assets | 1,049 | 922 | 804 | 790 | 817 | 727 | 677 |
| Total current liabilities | 318 | 275 | 294 | 307 | 353 | 400 | 443 |
| Net working capital | 730 | 647 | 510 | 484 | 464 | 327 | 234 |
| Total assets | 1,827 | 1,683 | 1,483 | 1,299 | 1,159 | 1,075 | 1,027 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 146 | 54.59 | 50.35 | 96.76 | 3.85 | 4.77 | 8.29 |
| Net cash from operating activities | 445 | 313 | 301 | 142 | 185 | 111 | 145 |
| Net cash from investing activities | (316) | (106) | (173) | (122) | 68.79 | (10.94) | 2,923 |
| Net cash from financing activities | (228) | (115) | (124) | (65.73) | (161) | (101) | (3,072) |
| Net change in cash | (99.15) | 91.74 | 4.24 | (46.41) | 92.91 | (0.92) | (3.52) |
| Closing cash | 269 | 147 | 55.07 | 53.42 | 99.71 | 9.26 | 7.23 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +6.5% | +6.1% | +0.2% | +12.8% | +34.5% | -3.4% | - |
| EBITDA growth | +9.0% | +5.4% | +34.3% | +18.6% | +34.6% | +9.4% | - |
| PBT growth | +16.5% | -3.8% | +46.5% | +13.3% | +101.3% | -78.9% | +9998.0% |
| Net income growth | +14.1% | -6.7% | +50.8% | +15.1% | +84.9% | -74.6% | - |
| Revenue CAGR (3Y) | +4.2% | +6.3% | +15.0% | +13.6% | +2.0% | -1.0% | -24.6% |
| EBITDA CAGR (3Y) | +15.6% | +18.9% | +28.9% | +20.4% | - | - | -21.0% |
| Profitability & leverage | |||||||
| Net income margin | +15.3% | +13.9% | +15.7% | +10.5% | +11.7% | +7.5% | +28.4% |
| Return on capital employed | +27.1% | +26.3% | +30.7% | +24.6% | +16.7% | +8.9% | +3.9% |
| Return on net worth | +21.3% | +21.2% | +26.9% | +21.3% | +15.1% | +6.6% | +26.0% |
| Debt / equity | 0.04 | 0.09 | 0.13 | 0.17 | 0.28 | 0.48 | 4.33 |
| Long-term debt / equity | 0.02 | 0.07 | 0.11 | 0.13 | 0.19 | 0.33 | 2.98 |
| Interest cover | 1.21 | 3.03 | 1.84 | 5.52 | 14.17 | 28.53 | 40.64 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.15 | 2.37 | 2.83 | 3.38 | 3.14 | 2.39 | 2.54 |
| Inventory turnover | 6.90 | 6.63 | 6.03 | 6.15 | 6.57 | 5.56 | 5.90 |
| Debtors turnover | 8.59 | 7.87 | 8.34 | 9.02 | 7.80 | 6.74 | 6.98 |
| EPS (₹) | 11.57 | 9.90 | 10.55 | 7.00 | 6.92 | 3.29 | 12.95 |
| Dividend per share (₹) | 3.75 | 3.00 | 2.75 | 2.50 | 2.00 | 0.00 | 0.00 |
| Book value per share (₹) | 58.63 | 50.15 | 43.22 | 35.35 | 30.37 | 23.39 | 20.15 |
To see the full year-wise statements and ratios of Usha Martin Limited, buy the company report.
Board of directors of Usha Martin Limited
Usha Martin has 10 current directors and 30 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Venkatachalam Ramakrishnaiyer | Director | 12 Nov 2021 | 4 Years 11 Months | Current |
| Vijay Singh Bapna | Director | 27 May 2019 | 7 Years 4 Months | Current |
| Rajeev Jhawar | Managing Director | 19 May 1998 | 28 Years 5 Months | Current |
| Sethurathnam Ravi | Director | 12 Nov 2021 | 4 Years 11 Months | Current |
| Ramni Nirula Also directs: Heg Limited, Samvedna Microfinance Private Limited, DRN Investments and Agriculture Private Limited and 1 more | Director | 26 Jul 2019 | 7 Years 2 Months | Current |
| Chirantan Chatterjee Also directs: Gustav Wolf Speciality Cords Limited | Whole-Time Director | 12 May 2025 | 1 Years 5 Months | Current |
Showing 6 of 10 current directors. View all directors
Peer comparison
Usha Martin Limited is compared with the 3 companies closest to it by revenue in the Manufacturing industry (Cables and Wires), with the same principal business activity (metal and metal products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Shilpi Cable Technologies Limited | ₹3,840.48 Cr (FY 2017) | -2.0% | New Delhi, Delhi, India | |||
| Usha Martin Limitedthis company | ₹3,691.06 Cr (FY 2026) | ₹457.17 Cr | 12.4% | 6.2% | 2,356 | Kolkata, West Bengal, India |
| Bansal Wire Industries Limited | ₹3,516.61 Cr (FY 2025) | 42.0% | Delhi, India | |||
| Bekaert Industries Private Limited | ₹2,236.68 Cr (FY 2025) | -2.0% | Pune, Maharashtra, India |
To see the full peer comparison of Usha Martin Limited, buy the company report.
Auditor
Usha Martin Limited is audited by S.R. Batliboi & Co. LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| S.R. Batliboi & Co. LLP | FY 2023 | 301003E/E300005 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 40.30%, foreign institutional investors hold 15.10%, domestic institutional investors hold 15.30% and retail and other public shareholders hold 29.30%.
Sep 2026
QUARTER
40.30% Promoters
15.30% DII (Domestic Institutional)
15.10% FII (Foreign Institutional)
29.30% Retail & Others
Promoter holding - history
Now 40.30% · Sep 2026High 41.80% · Dec 2025Low 40.30% · Sep 2026
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 40.30% | 40.50% | 40.50% | 41.80% |
| Public | 59.70% | 59.50% | 59.50% | 58.20% |
Charges & borrowings
Open charges
₹375 Cr
Satisfied charges
₹15,419 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 17 Nov 2025 | 101195581 | Others | ₹275 Cr | Open | |
| 26 Apr 2019 | 100262443 | Others | ₹100 Cr | Open | |
| 11 Feb 2023 | 100680620 | Others | ₹100 Cr | Satisfied | |
| 15 Oct 2019 | 100299582 | Others | ₹43.02 Cr | Satisfied | |
| 01 Oct 2019 | 100297318 | Others | ₹41.41 Cr | Satisfied |
To see the full charge records of Usha Martin Limited, buy the company report.
Total charge records: 76 View all charges
Deals & funding
Usha Martin Limited has 45 deals on record (39 market trades, 2 acquisitions, 2 funding rounds), with disclosed funding of ₹35.78 Cr; the latest was in December 2025.
Total deals
45
Market trades
39
Acquisitions
2
Funding rounds
2
Secondary share transfers
2
Disclosed funding
₹35.78 Cr
Deals on record (5 of 45)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Dec 2025 | Market trade | ₹98.9 Cr | Seller: Peterhouse Investments India Limited |
| Dec 2025 | Market trade | ₹98.9 Cr | Buyer: 3P India Equity Fund 1, Bandhan Mutual Fund, Morgan Stanley Investment Management Seller: Peterhouse Investments India Limited |
| Oct 2024 | Market trade | ₹94.29 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Sep 2020 | Market trade | ₹4.29 Cr | Buyer: Neutral Publishing House Ltd |
| Mar 2020 | Market trade | ₹5.01 Cr | Buyer: Neutral Publishing House Ltd Seller: Nusarwar Merchants Pvt Ltd |
To see the full deal history of Usha Martin Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Usha Martin Limited has 432 court cases on record: 228 filed by Usha Martin, 204 filed against it. 95 cases are pending and 337 are disposed.
Total cases
432
Filed by the company
228
Filed against the company
204
Pending
95
Disposed
337
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 274 | 108 | 46 |
| District courts | 137 | 85 | 47 |
| Supreme Court | 15 | 9 | 2 |
| NCLT | 6 | 2 | 0 |
Cases on record (5 of 432)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Hyderabad CCC, Telangana | Court case (COS) | Filed against the company by My Home Industries Private Limited | Pending |
| Calcutta High Court | Court case (AP-COM) | Filed against the company by Al Sifah Minirals Private Limited | Pending |
| District court, Calcutta, West Bengal | Civil suit | Filed by the company against DK Tronics India Private Limited | Pending |
| High Court of Delhi | Court case (CM(M)) | Filed against the company by M/S Dharamraj Contracts India Pvt Ltd | Pending |
| High Court, West Bengal | Court case (CRR) | Filed against the company by Aumshivay Engineering Private Limited and Others Suryaneel Das and 2 others | Pending |
To see the full case history of Usha Martin Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Usha Martin Limited was last rated by Indiarating on 05 Aug 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Indiarating | 05 Aug 2022 |
To see the full credit ratings and regulatory alerts of Usha Martin Limited, buy the company report.
MSME payment delays
Usha Martin Limited has 5 MSME Form 1 returns on record between 2019 and 2020, listing 161 overdue payments to 73 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 73)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Peddington Lubricants & Coatings Private Limited | |||
| an individual supplier | |||
| Coro-Chem | |||
| an individual supplier | |||
| Sevenn Protective Fabrics Private Limited |
To see the full MSME payment records of Usha Martin Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Usha Martin has 4 subsidiary companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
4
Subsidiary companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Bharat Minex Private Limited | U13203WB2007PTC168604 | |
| U M Cables Limited | U26932WB1987PLC091221 | |
| Gustav Wolf Speciality Cords Limited | U28999WB2003PLC095883 | |
| Usha Martin Power & Resources Limited | U74999WB2008PLC126847 |
To see the full group structure of Usha Martin Limited, buy the company report.
Employees & EPFO
Usha Martin Limited has a workforce of 2,356 employees on its EPFO records as of Apr 06, 2024, across 5 active EPFO establishments.
Employee count
2,356
Active EPFO establishments
5
Employee growth
5.23%
GST
Usha Martin has 22 GST registrations: 12 active and 10 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
22
Active
12
Cancelled / inactive
10
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 19AAACU2339M1Z0 | West Bengal | Active | 01 Jul 2017 |
| 19AAACU2339M2ZZ | West Bengal | Active | 26 Jul 2017 |
| 03AAACU2339M1ZD | Punjab | Active | 01 Jul 2017 |
| 06AAACU2339M1Z7 | Haryana | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Usha Martin Limited, buy the company report.
Recent activity
Usha Martin Limited has 69 board changes on record since 1992: 40 appointments and 29 cessations. The latest: Dimitri Bracco Gartner was appointed as Additional Director on 26 May 2026.
Appointed
Dimitri Bracco Gartner was appointed as Additional Director.
Appointed
Sabyasachi Majumder was appointed as Additional Director.
Appointed
Shreya Jhawar was appointed as Additional Director.
Charges
A charge with Others of Rs. 100.00 Cr registered on 26 Apr 2019 with Charge ID 100262443 was modified on 07 Apr 2026.
Charges
A charge registered on 08 Apr 2019 via Charge ID 100258937 with State Bank Of India was fully satisfied on 23 Mar 2026.
Charges
A charge registered on 11 Feb 2023 via Charge ID 100680620 with Others was fully satisfied on 21 Jan 2026.
Charges
A charge with Others amounted to Rs. 275.00 Cr with Charge ID 101195581 was registered on 17 Nov 2025.
Charges
A charge registered on 15 Oct 2019 via Charge ID 100299582 with Others was fully satisfied on 06 Nov 2025.
AGM
Usha Martin Limited last Annual general meeting of members was held on 07 Aug 2025 as per latest MCA records.
Charges
A charge with Others of Rs. 43.02 Cr registered on 15 Oct 2019 with Charge ID 100299582 was modified on 24 Jun 2025.
Appointed
Chirantan Chatterjee was appointed as Whole-Time Director.
Ceased
Tapas Gangopadhyay ceased to be Director.
264 earlier events are in the company report.
News
Usha Martin: Sells U M Cables Business To R R Kabel For ₹77 Crore, Focuses On Core Wire And Wire Ropes.
Usha Martin: Company Set to Meet Analysts and Investors on September 28 and 29.
Frequently asked questions
Usha Martin is an active public limited company based in Kolkata, West Bengal, India. The company works in cable and wire, within the manufacturing industry. It was incorporated on 22 May 1986 (40+ years old) and is registered under CIN L31400WB1986PLC091621. Listed on BSE: 517146 and NSE: USHAMART.
Usha Martin reported revenue of ₹3,691.06 Cr for FY 2025-26 (up 6.2% YoY) based on consolidated financials.
Usha Martin has 10 current directors:
- Rajeev Jhawar - Managing Director
- Chirantan Chatterjee - Whole-Time Director
- Sharngbhritprasanna Bhanu Pratapnarayan Sharma - Whole-Time Director
- Venkatachalam Ramakrishnaiyer - Director
- Vijay Singh Bapna - Director
- Sethurathnam Ravi - Director
- Ramni Nirula - Director
- Sabyasachi Majumder - Additional Director
- Dimitri Bracco Gartner - Additional Director
- Shreya Jhawar - Additional Director
The latest financial statements of Usha Martin on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 07 August 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Usha Martin is 19AAACU2339M1Z0, registered in West Bengal. The company has 22 GST registrations in all, of which 12 are active and 10 are cancelled or inactive. Other active GSTINs include 19AAACU2339M2ZZ (West Bengal), 03AAACU2339M1ZD (Punjab), 06AAACU2339M1Z7 (Haryana).
The CIN (Corporate Identification Number) of Usha Martin is L31400WB1986PLC091621. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Usha Martin is listed on both BSE (code: 517146) and NSE (symbol: USHAMART).
Usha Martin has 432 court cases on record: 228 filed by the company and 204 filed against it. 95 are pending. Most are in the high courts.
Usha Martin was incorporated on 22 May 1986, making it 40+ years old. It is registered with the Registrar of Companies, Kolkata.
Usha Martin has 45 deals on record (39 market trades, 2 acquisitions, 2 funding rounds), with disclosed funding of ₹35.78 Cr; the latest was in December 2025.
The peers of Usha Martin by revenue are Shilpi Cable Technologies Limited, Bansal Wire Industries Limited, Bekaert Industries Private Limited, all in the Manufacturing industry (Cables and Wires), with the same principal business activity (metal and metal products).
Dimitri Bracco Gartner was appointed as Additional Director on 26 May 2026. Sabyasachi Majumder was appointed as Additional Director on 26 May 2026. Shreya Jhawar was appointed as Additional Director on 26 May 2026. Usha Martin has 69 board changes on record in total.