USHA MARTINUsha Martin LimitedNSE:USHAMARTTechnicalAnalystSucritUsha Martin Ltd. (CMP ₹473.00, NSE: USHAMART) Prepared by Sucrit Patil | The SmartWay Research Desk | 29 June 2026 A Kolkata‑based specialty steel and wire rope manufacturer, incorporated in 1960. Usha Martin is a global leader in wire ropes, specialty steel, and related engineering products, serving mining, oil & gas, construction, and infrastructure industries across more than 50 countries. Promoter Holding (Mar 2026): Jhawar Family — 50.87% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹4,842 Cr vs ₹4,212 Cr in FY25 (+15.0% YoY). → Good Net Profit: FY26 PAT ₹612 Cr vs ₹528 Cr in FY25 (+15.9% YoY). → Good Operating Margin: FY26 EBITDA ₹1,012 Cr, margin 20.9% vs 20.1% last year (+80 bps). → Good Equity Capital: Stable, face value ₹1. → Good Dividend Policy: Dividend ₹6.00/share declared for FY26. → Good Asset Building: Investments in capacity expansion and global distribution hubs. → Good Sales: Strong demand from mining, oil & gas, and infrastructure sectors. → Good Expense: Raw material cost pressures (steel, alloys) remain. → Neutral/Good EPS: FY26 EPS ₹18.25 vs ₹15.80 last year (+15.5%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 50.87% (no pledges) FII Holding: 12.12% DII Holding: 16.34% Retail & Others: 20.67% Strategic Moves & Innovations Expansion in wire rope manufacturing capacity. Focus on specialty steel exports and global contracts. Partnerships with international mining and oil majors. Diversification into engineering solutions and ropeway projects. Cash Flow & Balance Sheet Strength Market cap ~₹5,850 Cr. Debt‑to‑equity ratio ~0.32 (moderate leverage). Book value per share ₹152.40; P/B ~3.1. EPS (TTM) ₹18.25; P/E ~25.9. Risk Factors Dependence on global commodity cycles. Exposure to steel price volatility. Competition from Tata Steel Long Products, JSW Steel, and global wire rope manufacturers. Margin pressure if raw material costs rise. Investor Takeaway Usha Martin has delivered steady FY26 performance, with revenue and profit growth supported by wire rope and specialty steel demand. With strong promoter backing, dividend payouts, and global presence, Usha Martin remains a mid‑cap engineering and specialty steel play. At CMP ₹473.00, valuations are reasonable (P/E ~25.9, P/B ~3.1), making it attractive for investors seeking exposure to India’s industrial and infrastructure growth.