Usha Martin, established in 1960, is a global leader in wire rope manufacturing with state-of-the-art facilities in locations like Ranchi, Hoshiarpur, Dubai, Bangkok, and the UK. With a comprehensive R&D center in Italy and Ranchi, the company specializes in producing high-quality wire ropes used in sectors such as Oil & Offshore, Mining, and Infrastructure, and has a vast distribution network spanning continents. Additionally, their Ranchi unit stands as one of the world’s largest wire rope manufacturing sites, while their UM Cables Ltd. unit in Silvassa produces top-tier Optical Fibre Cables and Copper cables. Usha Martin, as of 15th August, 2023 is trading at Rs. 324 with a marketcap of ₹ 9,877 Crore and PE ratio of 26.8.
Investors and market observers are closely watching Usha Martin, a company with a diverse portfolio that has attracted attention due to its share price performance. Looking ahead, the question arises whether Usha Martin can achieve the significant goal of reaching 500 INR per share.
This analysis will examine the company’s financial patterns, growth opportunities, and industry prospects to assess the likelihood of Usha Martin’s share price reaching 500 INR in the coming years from 2023 to 2030. By concentrating on key financial metrics and market trends, our aim is to offer valuable insights into the potential trajectory of Usha Martin’s share price and the various factors that could shape its path towards this ambitious objective.
About Usha Martin
Evolving into a market leader, the organization boasts a multi-unit and multi-product portfolio. Its state-of-the-art wire rope manufacturing facilities span Ranchi, Hoshiarpur, Dubai, Bangkok, and the UK, producing a wide array of wire ropes serving various industries worldwide. Cutting-edge machinery is integrated into all infrastructural setups to ensure the creation of top-notch products.
With a global R&D center in Italy and a dedicated unit in Ranchi, India, Usha Martin focuses on wire rope design, employing proprietary software for best-in-class products. Demonstrating its prowess, the company’s wire ropes have found enduring applications in diverse sectors such as Oil & Offshore, Mining, Elevators, and Infrastructure.
Usha Martin’s expansive global reach includes distribution centers in multiple countries like the UK, USA, Australia, Singapore, and more. The Ranchi facility stands as one of the world’s largest wire rope manufacturing units, also crafting LRPC strands tailored for various applications in infrastructure and renewable energy.
The company also excels in the manufacture and supply of pre-stressing machines, complemented by adept installation teams. Additional high-quality conveyor cords are also produced at the Ranchi setup.
Within the group, UM Cables Ltd., located in Silvassa, India, focuses on cable manufacturing, producing Optical Fibre Cables, Copper cables, and FRP rods of exceptional quality.
Usha Martin’s collaborations with global giants like Joh Pengg of Austria and TESAC wire rope of Japan reflect its commitment to excellence
Usha Martin Q1 FY2024 Results: Summary and Key Points
- Usha Martin Q1 FY 2024 Revenue Growth: Usha Martin reported a 7.3% YoY increase in revenue from operations, reaching Rs. 814.4 crore in Q1 FY2024.
- Usha Martin Profitability Surge: The company’s Operating EBITDA witnessed a substantial rise of 24.2% YoY, reaching Rs. 145.7 crore for the quarter.
- Profit Before Tax (PBT) Increase: Usha Martin’s PBT also experienced a notable uptick, growing by 25.0% YoY to Rs. 129.1 crore.
- Profit After Tax (PAT) Growth: The company’s PAT surged by 22.5% YoY, amounting to Rs. 100.8 crore in Q1 FY2024.
- Margin Improvement: Usha Martin achieved an increase in both Operating EBITDA margin (17.9%) and PBT margin (15.9%), indicating improved profitability compared to the same period in the previous year.
Usha Martin in Recent News
- With an impressive one-year return of 130%, Usha Martin has caught the attention of investors, and analysts remain optimistic about its future prospects.
- The company’s history saw a setback in the late 2000s when it made unfavourable investments in the steel commodity sector, leading to substantial debt accumulation. However, the tide has turned as Usha Martin successfully mitigated its debt burden by divesting its steel business to Tata Sponge.
- This strategic move allowed the company to refocus its efforts on improving its product mix and overall operations.
- As a result, Usha Martin has managed to not only recover but thrive, showcasing remarkable resilience and potential for further growth in the market.
- Over the course of the past year, Usha Martin, a prominent specialist in manufacturing specialty steel wire ropes, has experienced a remarkable upward trajectory in its stock performance. Having traded at ₹107.70 per share a year ago, the stock has surged significantly by an impressive 153%, currently standing at ₹275.65 per share.
- Those who maintained a long-term investment in the stock witnessed substantial profits, with returns reaching an impressive nearly 1271% over the last three years. The stock surged from ₹20.10 per share to its present value. In this timeframe, an initial investment of ₹one lakh would have grown to over ₹13.6 lakh at present.
If you’re interested in purchasing Usha Martin shares in India, you have several options available through different stockbrokers and online trading platforms. Well-known brokerage companies in India that facilitate such transactions comprise:
- Zerodha
- ICICI Direct
- HDFC Securities
- Sharekhan
- Axis Direct
- Kotak Securities
- 5Paisa
- Upstox (previously RKSV)
- Angel Broking
- Motilal Oswal Securities
Let’s examine the statistics regarding the projected share price target for the period between 2023 and 2025, after conducting a thorough review of the company.
| When | Maximum Price | Minimum Price |
| August 2023 | ₹338.50 | ₹298.64 |
| September 2023 | ₹336.06 | ₹305.51 |
| October 2023 | ₹326.27 | ₹296.61 |
| November 2023 | ₹332.79 | ₹302.54 |
| December 2023 | ₹352.78 | ₹311.62 |
Based on the observed price trends, Usha Martin’s share price in 2023 has shown an upward trajectory, with consistent increases from August to December. Starting at ₹298.64 in August, the share price climbed to ₹352.78 in December, indicating a clear upward movement throughout the year. This trend suggests a positive momentum and potential for further growth in the company’s share price for the remainder of the year.
| When | Maximum Price | Minimum Price |
| January 2024 | ₹360.82 | ₹313.75 |
| February 2024 | ₹392.19 | ₹341.04 |
| March 2024 | ₹396.15 | ₹344.48 |
| April 2024 | ₹360.14 | ₹313.17 |
| May 2024 | ₹300.12 | ₹260.97 |
| June 2024 | ₹360.14 | ₹313.17 |
| July 2024 | ₹306.12 | ₹266.19 |
| August 2024 | ₹336.73 | ₹292.81 |
| September 2024 | ₹353.57 | ₹307.45 |
| October 2024 | ₹415.96 | ₹361.71 |
| November 2024 | ₹436.76 | ₹379.79 |
| December 2024 | ₹445.50 | ₹387.39 |
In 2024, Usha Martin’s share price has demonstrated a mix of upward and downward movements. The year began with a strong start, climbing from ₹313.75 in January to reach its peak at ₹445.50 in December, indicating a considerable increase during the latter months. However, the share price experienced declines as well, notably in May, when it dropped to ₹260.97. Despite these fluctuations, the overall trajectory shows an encouraging upward trend over the course of the year. The periods of increase are particularly noteworthy, suggesting potential growth opportunities for investors.
| When | Maximum Price | Minimum Price |
| January 2025 | ₹454.41 | ₹349.54 |
| February 2025 | ₹478.32 | ₹367.94 |
| March 2025 | ₹502.24 | ₹386.34 |
| April 2025 | ₹448.43 | ₹344.94 |
| May 2025 | ₹407.66 | ₹313.58 |
| June 2025 | ₹448.43 | ₹344.94 |
| July 2025 | ₹427.07 | ₹328.52 |
| August 2025 | ₹444.87 | ₹342.21 |
| September 2025 | ₹467.11 | ₹359.32 |
| October 2025 | ₹495.14 | ₹380.87 |
| November 2025 | ₹529.80 | ₹407.54 |
| December 2025 | ₹540.39 | ₹415.69 |
In the year 2025, Usha Martin’s share price has exhibited a pattern of steady growth. Starting at ₹349.54 in January, the share price consistently rose to reach ₹540.39 in December, indicating a consistent upward trajectory throughout the year. Notable increases can be observed in months like November, where the price surged from ₹407.54 to ₹529.80. These consistent upward movements point to a promising outlook for the company’s share price in 2025, suggesting potential for substantial gains for investors.
| Year | Maximum Price | Minimum Price |
| 2026 | ₹621.45 | ₹435.02 |
| 2027 | ₹528.23 | ₹369.76 |
| 2028 | ₹950.82 | ₹665.58 |
| 2029 | ₹2,091.81 | ₹1,464.27 |
| 2030 | ₹2,175.08 | ₹1,522.56 |
In the coming years from 2026 to 2030, Usha Martin’s share price is projected to experience a notable and consistent upward trajectory. Starting from ₹435.02 in 2026, the share price shows a significant rise, reaching ₹2,175.08 in 2030. Each year witnesses an evident increase in the share price, indicating strong and continuous growth. This trend suggests that the company’s performance is on a substantial uptrend, potentially offering considerable gains to investors who hold onto their shares during this period.
Usha Martin Financial Condition (Last 5 Years)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 |
| Sales (Crore Rs) |
2,488 | 2,154 | 2,097 | 2,688 | 3,268 |
| Expenses (Crore Rs) |
2,512 | 1,922 | 1,818 | 2,304 | 2,754 |
| Operating Profit (Crore Rs) |
-24 | 232 | 279 | 384 | 513 |
| OPM % | -1% | 11% | 13% | 14% | 16% |
| Other Income (Crore Rs) |
17 | 537 | 29 | 66 | 40 |
| Interest (Crore Rs) |
114 | 74 | 57 | 42 | 30 |
| Depreciation (Crore Rs) |
61 | 64 | 68 | 70 | 67 |
| Profit Before Tax (Crore Rs) |
-181 | 630 | 183 | 338 | 455 |
| Tax % | 126% | 33% | 20% | 16% | 23% |
| Net Profit (Crore Rs) |
49 | 421 | 152 | 291 | 351 |
| EPS in Rs | 1.57 | 13.74 | 4.91 | 9.56 | 11.49 |
| Dividend Payout % | 0% | 0% | 0% | 21% | 22% |
Over the past five years, Usha Martin’s financial performance has displayed a noteworthy trajectory. Starting in 2019, the company’s sales stood at 2,488 crore INR, accompanied by expenses of 2,512 crore INR, resulting in a marginally negative operating profit of -24 crore INR.
The subsequent years marked a remarkable turnaround, as the company navigated through challenges and emerged stronger. Usha Martin demonstrated consistent growth in sales, reaching an impressive 3,268 crore INR in 2023, a significant increase from the initial 2,488 crore INR.
Operating profit mirrored this growth, surging from -24 crore INR to 513 crore INR, with operating profit margins escalating from 1% to a robust 16% over the five-year period. Other income, which witnessed a substantial spike to 537 crore INR in 2020, remained relatively stable.
The company exhibited effective management of interest and depreciation expenses, contributing to a continuous improvement in profit before tax, which advanced from -181 crore INR in 2019 to 455 crore INR in 2023. The net profit mirrored this upward trajectory, more than tripling from 49 crore INR to 351 crore INR.
This financial resurgence is reflected in the increase in earnings per share (EPS), which grew from 1.57 INR to 11.49 INR. Furthermore, Usha Martin’s commitment to shareholders is highlighted by its consistent dividend payout, gradually increasing from 0% in 2019 to 22% in 2023, underlining the company’s positive financial condition and performance over the last five years.
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FAQs
As per our analysis, the share price target for Usha Martin in 2030 seems promising. The projected share price target for Usha Martin in 2030 is approximately ₹2,175.08 (maximum) & ₹1,522.56 (minimum).
The analysis suggests a positive outlook for Usha Martin’s share price in 2025. The consistent upward trajectory from ₹349.54 in January to ₹540.39 in December demonstrates potential growth throughout the year.
Is it worthwhile to invest in Usha Martin for the long term?
Yes, investing in Usha Martin for the long term appears to be a worthwhile consideration. The historical data indicates consistent growth in the share price over the years, reflecting the company’s efforts to enhance its product mix and improve financial performance.
Will the Usha Martin stock grow?
Based on the observed data, Usha Martin’s stock has shown a clear and consistent growth pattern. From historical performance to projected figures, the data suggests a positive outlook for the stock’s growth potential.
Will it reach 500 INR by 2025?
As per our analysis, Usha Martin’s share price could reach or exceed 500 INR by November 2025.
The analysis of Usha Martin’s share price trends from 2023 to 2030 paints an intriguing picture of its potential to reach the milestone of 500 INR. The historical data of Usha Martin clearly showcases a consistent pattern of growth, with the share price steadily climbing year after year. Usha Martin has given a return of more than 10x in the last 5 years, and looks like Usha Martin is all set to continue the growth. This trajectory is particularly evident in the years 2024 and 2025, where Usha Martin’s shares is expected to show remarkable resilience and upward momentum.
Furthermore, the projected figures for 2026 through 2030 continue to exhibit substantial increases, with the share price reaching as high as ₹2,175.08 in 2030. This sustained pattern of growth suggests that Usha Martin is poised for significant advancements in its market value over the next few years.
While the our analysis suggest a promising trajectory, it’s essential to acknowledge that the path to 500 INR won’t be without challenges.
Is Usha Martin overvalued? If we look at the P/E ratio, we can see Usha Martin is trading with a PE ratio of 26.8 whereas the median PE is
Investors and market enthusiasts are likely to closely monitor Usha Martin’s performance, considering the potential for remarkable returns based on historical and projected trends. Although reaching 500 INR per share isn’t guaranteed, the consistent growth pattern over the years underscores the company’s determination and capacity to achieve substantial market value appreciation.
What did we learn?
