Usha Martin Limited (USHAMART) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Usha Martin Limited ₹199, price ₹492, upside -59.6%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range ₹48.64 – ₹535.05 · fair‑value band ₹146.09 – ₹263.40 · the ₹491.70 price screens above the ₹198.87 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Usha Martin Limited, together with its subsidiaries, manufactures and sells steel wires, strands, wire ropes, and cord related accessories in India and internationally.
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Usha Martin Limited, together with its subsidiaries, manufactures and sells steel wires, strands, wire ropes, and cord related accessories in India and internationally. The company offers wire ropes, including crane, mining, elevator, oil and offshore, fishing, general engineering, aerial transportation, structural, and forestry ropes, as well as conveyor cord. It also provides spring, welding, fencing, ACSR, needle, mesh, fishhook, CHQ, spoke, and brush wires; LRPC strands comprising compacted, indented, un-bonded polymer coated, bonded polymer LRPC strands; and wire drawing and related machines. In addition, the company offers pre-tensioning, and post-tensioning solutions; pre-stressing solutions; anchorage accessories and equipment, hydraulic jacks, powerpacks, and grout pumps and agitators; and pre-stressing machines and accessories, as well as installation services. Further, it provides optical fiber, aerial cables, micro ducts, hybrid category, FTTH/drop, aerial copper, duct copper, and jelly filled copper cables. The company was formerly known as Usha Beltron Limited and changed its name to Usha Martin Limited in May 2003. The company was founded in 1960 and is based in Kolkata, India.
Stock analysis
Usha Martin Limited (USHAMART) currently trades at ₹491.70, while our model-based Fair Value estimate is ₹198.87, 59.6% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ₹246.53 per share, and 0 of the 25 models we run sit above the ₹491.70 price.
Bear case: the Dividend Discount group reads lowest at ₹33.18, and 25 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹146.09 (bear) to ₹263.40 (bull), the price of ₹491.70 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Usha Martin Limited reported revenue of ₹36.9B in FY2026 versus ₹26.9B in FY2022, a compound +8.2%/yr. Reported net income was ₹4.7B in FY2026, compounding +12.5%/yr from FY2022.
Key figures
Market cap ₹150B (≈ $1.6B) · P/E ratio 28.6 · P/S ratio 3.61 · EPS (TTM) ₹17.21 · Dividend yield 0.8% · Net margin 12.6% · Return on equity 16.2% · Return on assets (EBIT) 29.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 27% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −44% fair-value upside, at −60%, USHAMART screens richer than that median.
Fair Value models
Bear ₹146.09Fair Value ₹198.87Bull ₹263.40
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹6.86 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.96/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.0%
Start year 2021 (pandemic). Over 10 years: −1.1% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.2%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+10.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.9%
Dividend (yield on the price)0.8%
Profit margin 2005 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 16%
⚠ Revenue per share shrinking 2.7%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+25.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +20.1% a year for the price and +5.4% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Steel · 406 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside−59.6% · Bottom 25%
Profitability
Return on equity (TTM)16.2% · Top 25%
Return on assets9.3% · Top 25%
Net margin (TTM)13.2% · Top 25%
Operating margin (TTM)16.9% · Top 25%
Growth and dividend
Revenue growth16.4% · Above median
Dividend yield (TTM)0.8% · Bottom 25%
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Steel median · lower = cheaper
P/E (TTM)28.6× · Pricier than median
P/B4.54× · Priciest 25%
P/S (TTM)3.91× · Priciest 25%
P/FCF32.7× · Pricier than median
EV/EBITDA19.0× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 22
FUTURE (revenue growth)82· sector 30
PAST (return on equity)65· sector 18
HEALTH (low debt)100· sector 95
DIVIDEND (yield)15· sector 51
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Usha Martin Limited Fair Value". https://www.fairvalue-calculator.com/stock/USHAMART
Frequently asked questions
Is Usha Martin Limited (USHAMART) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of ₹198.87 versus a price of ₹491.70, about −60% upside (overvalued).
What is the fair value of USHAMART?
Our model-based fair value for Usha Martin Limited is ₹198.87 (as of Oct 2, 2026), built from audited fundamentals. The current price: ₹491.70.
What is the quality score of USHAMART?
Usha Martin Limited has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Usha Martin Limited (USHAMART)?
Our model-based price target is the fair value of ₹198.87 (as of Oct 2, 2026) from 25 valuation models. Cautious scenario ₹146.09, optimistic scenario ₹263.40. It is a calculation from audited fundamentals, not an analyst target.
What is the Usha Martin Limited stock forecast for 2026?
Our models put fair value at ₹198.87, about −60% upside versus a price of ₹491.70 (overvalued). Cautious scenario ₹146.09, optimistic scenario ₹263.40. The calculation is refreshed regularly with new filings.
What is the revenue of Usha Martin Limited (USHAMART)?
Usha Martin Limited reported trailing-twelve-month revenue of about ₹38.4B (latest available figure, as of Oct 2, 2026).
Does Usha Martin Limited pay a dividend?
Usha Martin Limited currently shows a dividend yield of about 0.76% relative to its recent price (as of Oct 2, 2026).
What growth is priced into Usha Martin Limited (USHAMART)?
For today's price to be fair in a discounted-cash-flow model, Usha Martin Limited would have to grow free cash flow by +25.1 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.0 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of USHAMART use?
Our models discount Usha Martin Limited at 12.4 %: a base by market capitalisation (small), damped by beta 0.27, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Usha Martin Limited that is +25.1 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Usha Martin Limited (USHAMART) delivered so far?
Over the past 5 years revenue at Usha Martin Limited grew +12.0 % a year. The price currently implies +25.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Usha Martin Limited (USHAMART) growing?
The median revenue growth in the sector is +7.6 % a year. That is the yardstick for the growth priced into Usha Martin Limited (+25.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Usha Martin Limited (USHAMART)?
The free-cash-flow yield on the price is 3.06 %: that much free cash flow Usha Martin Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Usha Martin Limited (USHAMART)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Usha Martin Limited it is ₹198.87 per share (as of Oct 2, 2026), against a price of ₹491.70. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Usha Martin Limited stock overvalued or undervalued in 2026?
As of Oct 2, 2026, USHAMART trades above its calculated fair value: price ₹491.70, fair value ₹198.87, a gap of about −60% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of USHAMART?
No. The price is what the market pays today (₹491.70); the fair value is what the company's own numbers justify (₹198.87). For Usha Martin Limited the two are ₹292.83 per share apart. That gap is exactly why we show both numbers side by side.
How much is Usha Martin Limited worth?
The market values Usha Martin Limited at about ₹150B (market capitalisation, as of Oct 2, 2026). Per share that is ₹491.70; our models calculate a fair value of ₹198.87 per share.
What do the bullish and bearish scenarios say about USHAMART?
Our models span a range for Usha Martin Limited: cautious scenario ₹146.09, base ₹198.87, optimistic ₹263.40 per share (as of Oct 2, 2026, price ₹491.70). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of USHAMART?
Usha Martin Limited trades at a price-to-earnings ratio of 28.6 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹198.87 is built from several models across several years. Other multiples: P/B 4.5, P/S 3.9, EV/EBITDA 19.0.
How solid is the balance sheet of Usha Martin Limited (USHAMART)?
Balance-sheet figures for Usha Martin Limited (as of Oct 2, 2026): return on equity 16.2%, debt of 0.01 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is USHAMART from its 52-week high?
Usha Martin Limited trades at ₹491.70, about 8% below its 52-week high of ₹535.05 and 27% above the low of ₹387.35 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹198.87 is for.
Which stocks are comparable to Usha Martin Limited?
From the same area (Basic Materials) we also value Nucor Corporation, ArcelorMittal S.A, Steel Dynamics, Inc, JSW Steel Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Usha Martin Limited stock attractive at the current price?
The data as of Oct 2, 2026: price ₹491.70, calculated fair value ₹198.87 (−60%), Quality Score 64/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of USHAMART calculated?
We run Usha Martin Limited through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹198.87, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Usha Martin Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Usha Martin Limited (USHAMART)?
The closing price on Oct 1, 2026 was ₹491.70. Our model-based fair value is ₹198.87, about −60% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Usha Martin Limited right now?
The price sits above even our optimistic bull case (₹263.40). The favourable scenario is already priced in. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹146.09 to ₹263.40) leaves room in how you read the outcome.
Key figures of Usha Martin Limited
How large is the market capitalisation of Usha Martin Limited (USHAMART)?
The market capitalisation of Usha Martin Limited is ₹150B (≈ $1.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Usha Martin Limited (USHAMART)?
The price-to-sales ratio of Usha Martin Limited is 3.61 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Usha Martin Limited (USHAMART)?
Earnings per share at Usha Martin Limited are ₹17.21 (price ÷ EPS = P/E 28.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Usha Martin Limited (USHAMART)?
The dividend yield of Usha Martin Limited is 0.8% (payout 21.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Usha Martin Limited (USHAMART)?
The net margin of Usha Martin Limited is 12.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Usha Martin Limited (USHAMART)?
The return on equity (ROE) of Usha Martin Limited is 16.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Usha Martin Limited (USHAMART)?
On an EBIT basis the return on assets of Usha Martin Limited is 29.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Usha Martin Limited (USHAMART)?
The operating margin of Usha Martin Limited is 16.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Usha Martin Limited (USHAMART)?
Revenue at Usha Martin Limited is growing +16.4% versus a year earlier (3y avg +4.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Usha Martin Limited (USHAMART)?
Earnings per share at Usha Martin Limited are growing +40.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Usha Martin Limited (USHAMART) hold?
Usha Martin Limited holds more cash than debt, ₹2.5B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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