Usha Martin Limited (USHAMART.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+146.1%

₹1,138.91

vs ₹462.85 price

Levered DCF

₹1,777.51

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	25.58×	24.98×	23.96×	18.67×	14.07×	6.54×	-7.58×	3.17×
P/B	3.61×	3.7×	4.27×	3.22×	2.42×	0.72×	0.4×	1.58×
P/S	3.23×	2.93×	3.15×	2×	1.52×	0.48×	0.23×	0.5×
EV / EBITDA	15.35×	17.13×	17.15×	12.92×	10.8×	4.83×	4.09×	8.41×
Gross margin	33.8%	49.6%	49.4%	44.7%	44.7%	44.2%	43.1%	39.2%
Operating margin	15.9%	35.5%	35.6%	32.9%	32.1%	29.5%	28.4%	27.5%
Net margin	12.6%	11.7%	13.1%	10.7%	10.8%	7.1%	19.4%	1.9%
Current ratio	3.28×	2.85×	2.9×	2.47×	2.26×	1.72×	1.53×	1.44×
Debt / equity	0.07×	0.15×	0.15×	0.21×	0.24×	0.38×	0.51×	4.56×
Interest coverage	29.99×	41.69×	46.38×	35.53×	20.3×	10.87×	8.26×	6.02×
Dividend yield	0.8%	0.8%	0.8%	0.9%	0.0%	0.0%	0.0%	0.0%
Payout ratio	19.6%	20.6%	18.0%	17.4%	0.0%	0.0%	0.0%	0.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.1%	14.8%	17.8%	17.2%	17.2%	10.7%	34.1%	6.1%
Return on invested capital	12.4%	29.2%	31.4%	32.6%	32.7%	24.5%	-13.0%	15.4%
Return on assets	11.1%	10.9%	12.7%	11.3%	10.6%	5.7%	16.4%	0.7%
Free cash flow yield	3.8%	1.7%	1.6%	1.1%	2.6%	17.5%	35.2%	72.6%
Earnings yield	3.9%	4.0%	4.2%	5.4%	7.1%	14.9%	85.9%	3.9%
Enterprise value	₹119.1B	₹103.3B	₹103.6B	₹68B	₹43.6B	₹14.4B	₹10B	₹47.6B
Net debt / EBITDA	-0.02×	0.26×	0.35×	0.51×	0.64×	1.45×	2.09×	6.22×
Cash conversion cycle (days)	167	223	225	195	206	195	157	129