Usha Martin Limited

BSE

USHAMART

Stock

Yield per half year: -5.62%
Dividend yield: 0.6565%
Sector: Materials

Reporting Usha Martin Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹				9.3						82.49	9.30	0.00
Revenue, bln ₹	45.05	37.73	45.64	24.25	21.54	20.49	26.24	31.87	31.38	31.38	26.30	7.82
Net profit, bln ₹	-4.3	-3.59	-2.71	0.4798	4.19	1.5	2.91	3.5	4.24	4.24	3.27	0.24
EV, bln ₹				40.16	9.56	14.84	41.98	66.73	92.6	92.6	45.14	57.48
EBIT, bln ₹		1.02	1.8	2.67	1.75	2.29	3.34				2.37	13.16
EBITDA, bln ₹			5.95	5.66	2.8	3.08	4.46	5.53		5.53	4.31	-0.46
OIBDA ₹					0.2939	3.77	4.83	6.57			3.87	117.44
Book value, bln ₹	13.53	9.45	7.27	7.82	12.27	14.04	16.94	20.31	23.8	23.8	17.47	14.17
FCF, bln ₹			8.27	8.98	1.72	1.77	1.07	0.6926	1.66	1.66	1.38	-0.71
Operating Cash Flow, bln ₹	8.56	6.86	9.14	9.74	2.12	2.14	1.59	2.52	4.44	4.44	2.56	15.93
Operating profit, bln ₹	0.8648	1.53	2.74	2.48	1.68	2.19	3.29	4.54	5.28	5.28	3.40	25.74
Operating expenses, bln ₹		36.2	42.9	21.77	19.27	18.3	22.95	27.33	26.1	26.1	22.79	6.26
CAPEX, bln ₹	3.87	1.3	0.8718	0.7612	0.4056	0.3707	0.5112	1.82	2.78	2.78	1.18	46.96

	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Average for 5 quarters	CAGR 5
Capitalization, bln ₹				8.72																					8.72	0.00
Revenue, bln ₹															8.2	8.34	8.55	8.14	7.85	7.97	7.42	8.26	8.91	8.61	8.23	1.56
Net profit, bln ₹															0.7888	0.8394	1.05	1.01	1.09	1.08	1.06	1.04	1.1	0.9257	1.04	-3.04
EV, bln ₹									14.84		29.4		41.98		39.5		66.73		105.57		92.6		111.4		83.16	23.04
EBIT, bln ₹		0.7677	0.5417	0.5413	0.049	0.2857	0.7887	0.7781							1.04	1.14									0.8065	31.89
EBITDA, bln ₹									1.06	0.9774	0.99	1.09	1.4	1.24	1.21	1.34	1.67	1.52							1.40	4.16
Book value, bln ₹					12.27		12.75		14.04		15.08		16.94		17.67		20.31		21.53		23.8		25.74		21.81	7.81
Operating Cash Flow, bln ₹	9.74		2.25		2.12																				4.70	-39.85
Operating profit, bln ₹															0.9825	1.1	1.37	1.28	1.26	1.38	1.35	1.32	1.38	1.17	1.32	-3.25
Operating expenses, bln ₹															7.22	7.24	7.18	6.86	6.58	6.59	6.06	6.94	7.53	7.43	6.91	2.43
CAPEX, bln ₹	0.7612		0.4682		0.4056																				0.5450	-18.93

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Cash, bln ₹	0.4822	0.4323	0.7086	0.7316	1.12	1.17	1.62	1.5	1.5	1.5	1.38	6.02
Short-Term Investments ₹		0.0034	0.2113	0.2763	0.1264	2.09	1.19	0.0899	0.1583	0.1583	0.7309	4.60
Accounts Receivable ₹	6.15	7.18	7.04	3.57	2.98	3.28	4.14	5	5.39	5.39	4.16	12.58
Total Current Assets ₹	22.98	23.77	22.6	55.22	13.11	13.93	15.9	17.49	17.89	17.89	15.66	6.41
Net assets, bln ₹	53.55	50.46	48.75	8.74	9.17	9.08	8.9	17.49		15.9	10.68	14.88
Assets, bln ₹	79.5	77.35	74.54	70.11	25.61	26.05	27.43	30.87	33.3	33.3	28.65	5.39
Short-Term Debt ₹	10.38	9.53	9.7	8.54	2.33	2.49	1.78	1.57	0.9758	0.9758	1.83	-15.98
Long-Term Debt ₹	29.96	28.49	27.52	23.06	3.05	2.37	1.89	1.97	2	2	2.26	-8.09
Liabilities, bln ₹	65.97	67.56	66.94	61.97	13.33	11.98	10.46	10.52	9.46	9.46	11.15	-6.63
Net debt, bln ₹			40.22	35.19	4.82	3.7	2.05	2.04	1.48	1.48	2.82	-21.03
Debt, bln ₹	40.34	38.02	37.21	31.59	5.38	4.87	3.66	3.55	2.98	2.98	4.09	-11.14
Interest Income ₹	5.59	0.0773	0.0668	0.0569	0.7418	0.0369	0.0489	0.0201			0.1809	-18.79
Interest Expense, bln ₹				1.05	0.6374	0.5221	0.3837	0.2812	0.2148	0.2148	0.4078	-19.55
Net interest income, bln ₹		-5.57	-5.8	-1.08	-0.7002	-0.5321	-0.3757	-0.2826		0.0201	-0.5941	-23.52
Goodwill ₹	0.5522	0.5522	0.5522	0.5522	0.5522	0.5522	0.5522	0.5522			0.5522	0.00
Cost of production, bln ₹	29.94	24.09	30.6	16.73	12.25	12.06	15.3	18.57	16.96	16.96	15.03	6.72
Inventory ₹	13.45	13.09	12.77	6.56	6.47	7.02	8.44	8.9	8.9	8.9	7.95	6.59

	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q3	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Average for 5 quarters	CAGR 5
Cash, bln ₹					1.12	1.02	1.17	1.25		1.62		0.8608		1.5		1.88		1.5		1.77		1.50	15.51
Short-Term Investments ₹			2.49			2.03	2.09	1.68		1.19		1.15		1.01		1.34		0.1583		1.19		0.9697	0.69
Accounts Receivable ₹					4.78	2.99	3.28	3.19		4.14		4.74		5		4.6		5.39		6.02		5.15	4.90
Total Current Assets ₹					13.08	12.92	13.93	14.77		15.9		16.65		17.49		17.36		17.89		19.99		17.88	3.72
Net assets, bln ₹	8.74		8.8		9.17		13.93	14.77		15.9		9.02		17.49								14.22	4.66
Assets, bln ₹					25.61	25.23	26.05	26.3		27.43		28.52		30.87		31.45		33.3		36.6		32.15	5.12
Short-Term Debt ₹			2.74		2.33		2.49	2.02		1.78		1.97		1.57		1.68		0.9758		2.18		1.68	2.05
Long-Term Debt ₹					3.05	2.74	2.37	2.01		1.89		1.7		1.97		1.94		2		1.64		1.85	-0.72
Liabilities, bln ₹					13.33	12.1	11.98	11.19		10.46		10.81		10.52		9.88		9.46		10.81		10.30	0.00
Net debt, bln ₹						3.75	3.7	2.78		2.05		2.81		2.04		1.73		1.48		2.06		2.02	-6.02
Debt, bln ₹	31.6		5.62		5.38							3.67		3.55		3.61		2.98		3.82		3.53	0.80
Interest Income ₹	0.3269	0.2404	0.1658	0.1673	0.1683																	0.2137	-12.43
Interest Expense, bln ₹												0.0751	0.0764	0.0795	0.0552	0.064	0.062	0.0336	0.0667	0.0767	0.0867	0.0651	6.94
Net interest income, bln ₹								-0.1221	-0.1133	-0.0233	-0.0717	-0.0751	-0.0764	-0.0795	-0.0552	-0.064	-0.062					-0.0674	-4.09
Goodwill ₹	0.5522		0.5522		0.5522	0.5522	0.5522	0.5522		0.5522		0.5522		0.5522		0.5522						0.5522	0.00
Cost of production, bln ₹												4.75	4.68	4.51	4.28	3.96	3.92	4.8	3.92	4.43	4.33	4.28	2.01
Inventory ₹					6.47	5.67	6.72	7.88		7.97		9.14		8.9		8.6		8.9		9.86		9.08	1.53

Share

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS	-13.62	-11.78	-8.9	1.57	13.74	4.91	9.56	11.49	13.91		13.91	10.72	0.25
Share price		24.75	36	26.95	36.8	90.05	172.05	296.2	376.2	307.15	307.15	248.33	27.81
Number of shares, mln				304.75	304.74	304.74	304.74	304.74	304.74		304.74	304.74	0.00
FCF/share				29.48	5.64	5.8	3.53	2.27	5.45		5.45	4.54	-0.68

	2019Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
EPS		3.57	2.69	2.59	2.75	3.45	3.31	3.59	3.53	3.49	3.6			3.50	1.69
Share price		95.52	127.72	135.88	137.77	190.7	239.38	331.87	313.06			347.25	307.15	307.74	5.11
Number of shares, mln	304.75													304.75	0.00

	Average for 5 quarters	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %	-31.75	-37.98	-37.31	6.14	34.12	10.66	18.81	18.8	19.23		19.23	13.89	20.32	-10.84
ROA, %	-5.41	-4.64	-3.64	0.6843	16.36	5.74	10.89	12.01	13.21		13.21	8.15	11.64	-4.19
ROIC, %				1.22			17.1	17.87			17.87	13.61	12.06	144.67
ROS, %		-9.51	-5.94	1.98	19.45	7.3	11.1	10.99	13.51	13.51	13.51	8.99	11.28	13.10
ROCE, %		10.41	23.71	32.73	14.24	16.31	16.37			0	0	11.64	20.67	-7.14
EBIT margin					8.12	11.2	12.72			0	0	7.75	10.68	16.14
EBITDA margin			13.04	23.34	13.01	15.03	17	17.35		17.63	17.63	18.54	16.00	6.27
Net margin	-9.54	-9.51	-5.94	1.98	19.45	7.3	11.1	10.99	13.51		13.51	9.27	12.47	-7.03
Operational efficiency, %		4.07	6	10.23	7.8	10.69	12.53	14.25	16.83	16.83	16.83	12.28	14.23	9.50
FCF yield, %				96.61									96.61	0.00

	2019Q1	2019Q3	2020Q1	2020Q3	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %			0.0318	2.84	4.83	3.82		6.42		4.46		7.26		6.79		5.93		5.59				13.89	6.01	4.62
ROA, %			0.0152	1.43	2.6	2.19		3.96		2.77		6.82		3.51		3.28		3.14				8.15	3.90	2.54
ROIC, %	1.22																					13.61	1.22	0.00
ROS, %												12.3	12.37	13.95	13.49	14.32	12.6	12.31	10.76	13.51	13.51	8.99	12.54	1.40
ROCE, %		4.42	0.3992	6						5.87												11.64	4.17	7.35
EBITDA margin						16.66	15.35	19.93	16.35	14.71	16.11	19.57	18.7							17.63	17.63	18.54	17.93	1.82
Net margin										9.62	10.07	12.3	12.37	13.95	13.49	14.32	12.6	12.31	10.76			9.27	12.70	-4.42
Operational efficiency, %												16	15.72	16.1	17.34	18.26	16.01	15.48	13.61	16.83	16.83	12.28	15.75	1.00

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E			19.38	1.13	7.45	13.71	18.47	21.49		21.49	43.39	12.45	80.23
P/BV			1.19	0.3861	0.7916	2.35	3.18	3.82		3.82	5.17	2.11	58.15
P/S			0.3835	0.22	0.5436	1.52	2.03	2.9		2.9	3.90	1.44	67.49
P/FCF			1.04				119.1	49.63	49.63	49.63	3.77	54.85	162.83
E/P			0.0516				0.0424	0.0514	0.0514	0.0514	0.05	0.0492	-0.10
EV/EBIT				5.47	5.91	12.58		0	0	0	13.72	7.99	32.00
EV/EBITDA			7.1	3.41	4.82	9.41	12.06			12.06	14.27	7.36	11.18
EV/S			1.66	0.4437	0.6617	1.6	2.09	2.95	2.95	2.95	3.86	2.05	34.84
EV/FCF			4.47	5.56	7.68	39.07	96.34	55.71	55.71	55.71	0.24	50.90	48.63
Debt/EBITDA		6.25	5.58	1.92	1.58	0.8217	0.641	0.5383	0.5383	0.5383	1.68	0.8239	-19.37
Netdebt/Ebitda		6.76	6.22	1.72	1.2	0.459	0.3695	0.2675	0.2675	0.2675	1.50	0.5127	-25.93
Debt/Ratio	0.4915	0.4992	0.4506	0.2103	0.1868	0.1336	0.1149	0.0894	0.0894	0.0894	0.14	0.1228	-13.70
Debt/Equity	4.02	5.12	4.04	0.4387	0.3467	0.2164	0.1746	0.1251	0.3969	0.3969	0.84	0.2519	2.74
Debt/Net Income	-10.59	-13.72	65.85	1.29	3.25	1.26	1.01	0.7023	0.7023	0.7023	2.88	1.38	-26.39
PEG									17.31	17.31	-3.84	17.31	0.00
Beta							-0.5013	-3.08	-0.9135	-0.9135	1.68	-1.4983	22.14
Altman Index			0.9299				9.71	10.82	10.82	10.82	6.27	8.07	84.69

	2019Q1	2019Q3	2019Q4	2020Q1	2020Q3	2021Q1	2021Q3	2022Q1	2022Q3	2023Q1	2023Q3	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E			131.9			16.42	21.23	17.06	19.57	35.14	48.37	28.39	25.39				43.39	31.37	5.35
P/BV						0.7916	1.76	2.35	2.07	3.18	4.81	3.82	4.24				5.17	3.62	15.42
P/S			1.62			1.84	2.22	2.1	2.41	3.86	6.33	3.83	3.34				3.90	3.95	6.74
P/FCF															49.63	49.63	3.77	49.63	0.00
E/P			0.0076												0.0514	0.0514	0.05	0.0368	89.11
EV/EBITDA								9.41	8.05	12.21							14.27	9.89	9.07
EV/S											13.45	12.48	12.5		2.95	2.95	3.86	8.87	-26.17
EV/FCF															55.71	55.71	0.24	55.71	0.00
Debt/EBITDA				9.37											0.5383	0.5383	1.68	3.48	-61.41
Netdebt/Ebitda					4.75	3.49	2.81	1.46	2.33	1.22					0.2675	0.2675	1.50	1.11	-28.78
Debt/Ratio	0.4507	0.2096		0.2103					0.1288	0.1149	0.1148	0.0894	0.1044		0.0894	0.0894	0.14	0.0975	-4.88
Debt/Equity	4.04	0.4714		0.4387					0.2078	0.1746	0.1678	0.1251	0.1485		0.3969	0.3969	0.84	0.2470	18.79
Debt/Net Income	65.98	19.24		1380.62							3.3	2.8	3.48		0.7023	0.7023	2.88	2.20	-26.62
PEG															17.31	17.31	-3.84	17.31	0.00
Beta														2.56	-0.3517	-0.9135	1.68	0.4316	-170.93
Altman Index														10.82	10.82	10.82	6.27	10.82	0.00

Dividends

IFRS

Reporting Annual Quarterly

	2007	2008	2009	2010	2011	2012	2013	2014	2018	2019	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Div. payout, bln									0.0013	0.0013	0.6095	0.7619			0.7619		0.3435	392.03
Dividend	0.75	1	1	1	1		0.15				2	2.5	2.75		2.75		1.68	22.42
Dividend yield, %			2.03	1.18	2.15	3.65	0.6004	0.346			1.37	0.594	0.6565		0.6565	1.37	0.7134	1.80
Dividends / profit, %										0.2709	20.93	17.41	17.97		17.97	32.20	14.15	185.39
Dividend coverage ratio														5.56	5.56	89.85	5.56	0.00

	2005Q3	2006Q3	2007Q3	2008Q3	2009Q3	2010Q3	2011Q3	2013Q3	2019Q1	2022Q3	2023Q3	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Div. payout, bln									0.0013						0.0013	0.00
Dividend	0.3	0.55	0.75	1	1	1	1	0.15		2	2.5				1.33	20.11
Dividend yield, %	0.218	0.3453	0.4031	1.33	1.83	1.19	2.41	0.6762		1.47	0.7533			1.37	1.30	-8.74
Dividends / profit, %									0.2715					32.20	0.2715	0.00
Dividend coverage ratio												5.56	5.56	89.85	5.56	0.00

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Revenue, %	1.88	1.81	1.95	5.72	8.85	8.85	36.32
Staff, people				2 152	2 152		0.00

	CAGR 5

	CAGR 5