Usha Martin Limited

BSE:517146 Stock Report

Market Cap: ₹146.7b

Usha Martin Management

Management criteria checks 1/4

Usha Martin's CEO is Rajeev Jhawar, appointed in May 2008, has a tenure of 18.08 years. total yearly compensation is ₹134.41M, comprised of 32.8% salary and 67.2% bonuses, including company stock and options. directly owns 3.57% of the company’s shares, worth ₹5.24B. The average tenure of the management team and the board of directors is 2 years and 3.4 years respectively.

Key information

Rajeev Jhawar

Chief executive officer

₹134.4m

Total compensation

CEO salary percentage32.83%
CEO tenure18.1yrs
CEO ownership3.6%
Management average tenure2yrs
Board average tenure3.4yrs

Recent management updates

Recent updates

Narrative Update • Jun 06

517146: Upcoming Dividend And Board Meeting Will Support Measured Future Outlook

Narrative Update Overview The updated analyst price target for Usha Martin remains aligned with a fair value estimate of ₹564.00. Analysts point to slightly adjusted assumptions on discount rate, revenue growth, profit margin and future P/E to refine their valuation rather than overhaul it.
Narrative Update • May 04

517146: Upcoming Board Meeting And Dividend Decision Will Support Confident Outlook

Analysts have trimmed Usha Martin's fair value estimate from ₹600 to ₹564, reflecting slightly higher discount rate assumptions, marginally lower revenue growth expectations at 11.88% and a modestly lower future P/E multiple of 32.10x. What's in the News Board meeting scheduled for April 30, 2026, at 12:00 Indian Standard Time to review audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 (Key Developments).
Narrative Update • Nov 28

517146: Stable Outlook Will Drive Confidence Ahead Of Board And Remuneration Meetings

Analysts have maintained their fair value estimate for Usha Martin at ₹600, citing a stable long-term outlook despite minor adjustments to growth, margin, and discount rate assumptions. What's in the News A board meeting is scheduled for November 8, 2025, to consider approval of unaudited financial results for the quarter and half year ended September 30, 2025 (Key Developments).
Narrative Update • Nov 14

517146: Future Performance Outlook Remains Positive Amid Board And Remuneration Updates

Analysts have maintained their fair value estimate for Usha Martin at ₹600, reflecting a balanced view. Recent downward revisions to projected revenue growth and profit margins were offset by an increase in the assumed discount rate and a higher expected future price-to-earnings ratio.
Narrative Update • Oct 30

517146: Upcoming Shareholder Meeting And Steady Performance Will Drive Future Success

Narrative Update on Usha Martin: Change in Analyst Price Target Analysts have maintained Usha Martin's fair value estimate at ₹600, citing stable expectations for the company's growth and profitability metrics. This comes despite a marginal uptick in the applied discount rate and future price-to-earnings ratio.
Narrative Update • Oct 16

Ranchi Capacity And International Shipping Will Ensure Future Success

Analysts have raised their fair value estimate for Usha Martin from ₹541 to ₹600 per share. They cite updated profit margin expectations and adjustments to discount rates as key factors behind the revised target.
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New Narrative • Feb 17

Expansion In Ranchi And Thailand Will Increase Production Capacity

Expansion of production and digitalization efforts are aimed at enhancing revenue and operational efficiencies, improving margins over time.

CEO Compensation Analysis

How has Rajeev Jhawar's remuneration changed compared to Usha Martin's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

₹5b

Dec 31 2025n/an/a

₹4b

Sep 30 2025n/an/a

₹4b

Jun 30 2025n/an/a

₹4b

Mar 31 2025₹134m₹44m

₹4b

Dec 31 2024n/an/a

₹4b

Sep 30 2024n/an/a

₹4b

Jun 30 2024n/an/a

₹4b

Mar 31 2024₹63m₹16m

₹4b

Dec 31 2023n/an/a

₹4b

Sep 30 2023n/an/a

₹4b

Jun 30 2023n/an/a

₹4b

Mar 31 2023₹22m₹17m

₹4b

Dec 31 2022n/an/a

₹4b

Sep 30 2022n/an/a

₹3b

Jun 30 2022n/an/a

₹3b

Mar 31 2022₹12m₹9m

₹3b

Dec 31 2021n/an/a

₹3b

Sep 30 2021n/an/a

₹2b

Jun 30 2021n/an/a

₹2b

Mar 31 2021₹12m₹9m

₹2b

Dec 31 2020n/an/a

₹1b

Sep 30 2020n/an/a

₹769m

Jun 30 2020n/an/a

₹653m

Mar 31 2020₹15m₹11m

-₹644m

Compensation vs Market: Rajeev's total compensation ($USD1.42M) is above average for companies of similar size in the Indian market ($USD478.50K).

Compensation vs Earnings: Rajeev's compensation has increased by more than 20% in the past year.

CEO

Rajeev Jhawar (62 yo)

18.1yrs
Tenure
₹134,406,000
Compensation

Mr. Rajeev Jhawar has been the Managing Director at Usha Martin Limited since May 19, 2008. Mr. Jhawar has been associated with Usha Martin for more than a decade and has rich experience in the administrat...

Leadership Team

NamePositionTenureCompensationOwnership
Rajeev Jhawar
MD & Executive Director18.1yrs₹134.41m3.57%
₹ 5.2b
Abhijit Paul
Chief Financial Officer2.1yrs₹6.05mno data
Manish Agarwal
Company Secretary & Compliance Officer1.8yrs₹3.40mno data
Chirantan Chatterjee
President of Sales & Marketing and Whole Time Director1.1yrs₹9.17mno data
Ghanshyam Lakhotia
Vice President of Financeno data₹6.01mno data
Murari Rathi
Vice President of Accounts & Commercialno datano datano data
Sabyasachi Majumder
MD of Brunton Wire Ropesno datano datano data
Prabodh Kumar
Assistant VP & Head Manufacturing of Wire Rope Divisionno datano datano data
Jeffrey Schipani
President of Usha Martin Americas Incno datano datano data
Malay Vyas
Chief Executive Officer of Usha Martin Americas Incno datano datano data
Dimitri Gartner
CEO of Usha Martin International Ltd. & Additional Non-Executive Non-Independent Directorno datano datano data
Santanu Das
Assistant Vice President of Sales & Marketingno datano datano data
2.0yrs
Average Tenure
56yo
Average Age

Experienced Management: 517146's management team is not considered experienced ( 2 years average tenure), which suggests a new team.

Board Members

NamePositionTenureCompensationOwnership
Rajeev Jhawar
MD & Executive Director28.1yrs₹134.41m3.57%
₹ 5.2b
Chirantan Chatterjee
President of Sales & Marketing and Whole Time Director1.1yrs₹9.17mno data
Sabyasachi Majumder
MD of Brunton Wire Ropesless than a yearno datano data
Dimitri Gartner
CEO of Usha Martin International Ltd. & Additional Non-Executive Non-Independent Directorless than a yearno datano data
Ramni Nirula
Independent Non-Executive Director6.9yrs₹3.18mno data
Sethurathnam Ravi
Additional Independent Non-Executive Director4.6yrs₹3.55mno data
Vijay Bapna
Independent Non-Executive Chairman7.1yrs₹3.48mno data
Venkatachalam Ramakrishna Iyer
Independent Non-Executive Director4.6yrs₹3.70mno data
Sharng Bhrit Prasanna Bhanu Narayan Sharma
Whole Time Director2.2yrs₹12.03mno data
Shreya Jhawar
Additional Non-Executive Non-Independent Directorless than a yearno datano data
3.4yrs
Average Tenure
62yo
Average Age

Experienced Board: 517146's board of directors are considered experienced (3.4 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/23 23:36
End of Day Share Price 2026/06/23 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Usha Martin Limited is covered by 6 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null null360 ONE Capital Market Private Limited
Rajesh Majumdar360 ONE Capital Market Private Limited
Pankaj PandeyICICIdirect.com