Board Change • Jun 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. MD of Brunton Wire Ropes, FZCo. & Additional Non-Executive Non-Independent Director Sabyasachi Majumder was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 05
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: ₹16.12 (up from ₹13.37 in FY 2025). Revenue: ₹37.6b (up 8.2% from FY 2025). Net income: ₹4.91b (up 21% from FY 2025). Profit margin: 13% (up from 12% in FY 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 24
Usha Martin Limited to Report Q4, 2026 Results on Apr 30, 2026 Usha Martin Limited announced that they will report Q4, 2026 results on Apr 30, 2026 Reported Earnings • Jan 30
Third quarter 2026 earnings released: EPS: ₹3.53 (vs ₹3.04 in 3Q 2025) Third quarter 2026 results: EPS: ₹3.53 (up from ₹3.04 in 3Q 2025). Revenue: ₹9.17b (up 6.6% from 3Q 2025). Net income: ₹1.08b (up 16% from 3Q 2025). Profit margin: 12% (in line with 3Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 22
Usha Martin Limited to Report Q3, 2026 Results on Jan 29, 2026 Usha Martin Limited announced that they will report Q3, 2026 results at 12:15 PM, Indian Standard Time on Jan 29, 2026 Reported Earnings • Nov 09
Second quarter 2026 earnings released: EPS: ₹4.20 (vs ₹3.59 in 2Q 2025) Second quarter 2026 results: EPS: ₹4.20 (up from ₹3.59 in 2Q 2025). Revenue: ₹9.30b (up 4.4% from 2Q 2025). Net income: ₹1.28b (up 16% from 2Q 2025). Profit margin: 14% (up from 12% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 31
Usha Martin Limited to Report Q2, 2026 Results on Nov 08, 2025 Usha Martin Limited announced that they will report Q2, 2026 results at 12:15 PM, Indian Standard Time on Nov 08, 2025 Reported Earnings • Aug 13
First quarter 2026 earnings released: EPS: ₹3.31 (vs ₹3.42 in 1Q 2025) First quarter 2026 results: EPS: ₹3.31 (down from ₹3.42 in 1Q 2025). Revenue: ₹9.03b (up 9.2% from 1Q 2025). Net income: ₹1.01b (down 3.1% from 1Q 2025). Profit margin: 11% (down from 13% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 04
Usha Martin Limited to Report Q1, 2026 Results on Aug 12, 2025 Usha Martin Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Upcoming Dividend • Jul 24
Upcoming dividend of ₹3.00 per share Eligible shareholders must have bought the stock before 31 July 2025. Payment date: 06 September 2025. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (2.7%). Declared Dividend • Jul 09
Dividend increased to ₹3.00 Dividend of ₹3.00 is 9.1% higher than last year. Ex-date: 31st July 2025 Payment date: 6th September 2025 Dividend yield will be 0.8%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (22% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 14% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 54% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 08
Usha Martin Limited, Annual General Meeting, Aug 07, 2025 Usha Martin Limited, Annual General Meeting, Aug 07, 2025, at 11:30 Indian Standard Time. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹367, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the Metals and Mining industry in India. Total returns to shareholders of 192% over the past three years. Reported Earnings • May 13
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹13.37 (down from ₹13.91 in FY 2024). Revenue: ₹35.1b (up 8.9% from FY 2024). Net income: ₹4.07b (down 3.9% from FY 2024). Profit margin: 12% (down from 13% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 13
Usha Martin Limited Recommends Dividend for the Financial Year Ended 31 March 2025 Usha Martin Limited announced at the board meeting held on May 12, 2025, Recommended a Dividend of INR 3/- per Equity Share of INR 1/- each (300%) for the financial year ended 31st March 2025. The dividend recommended by the Board is subject To Approve the shareholders at the upcoming Annual General Meeting (`AGM') of the Company and will be paid as per applicable guidelines. Reported Earnings • Jan 30
Third quarter 2025 earnings released: EPS: ₹3.04 (vs ₹3.53 in 3Q 2024) Third quarter 2025 results: EPS: ₹3.04 (down from ₹3.53 in 3Q 2024). Revenue: ₹8.64b (up 8.5% from 3Q 2024). Net income: ₹925.7m (down 14% from 3Q 2024). Profit margin: 11% (down from 14% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 21
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: ₹16m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (127% cash payout ratio). Significant insider selling over the past 3 months (₹16m sold). Reported Earnings • Nov 07
Second quarter 2025 earnings released: EPS: ₹3.59 (vs ₹3.59 in 2Q 2024) Second quarter 2025 results: EPS: ₹3.59 (in line with 2Q 2024). Revenue: ₹8.98b (up 14% from 2Q 2024). Net income: ₹1.10b (flat on 2Q 2024). Profit margin: 12% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹422, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 19x in the Metals and Mining industry in India. Total returns to shareholders of 383% over the past three years. Recent Insider Transactions • Aug 24
MD & Executive Director recently bought ₹10m worth of stock On the 20th of August, Rajeev Jhawar bought around 30k shares on-market at roughly ₹335 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rajeev has been a buyer over the last 12 months, purchasing a net total of ₹45m worth in shares. Announcement • Aug 14
Usha Martin Limited Appoints Manish Agarwal as Company Secretary and Compliance Officer Usha Martin Limited at its board meeting held on August 12, 2024 approved appointment of Mr. Manish Agarwal [ACS 29792] as Company Secretary and Compliance Officer [Key Managerial Personnel] of the Company with effect from 12th August 2024. Mr. Manish Agarwal possesses a bachelor's degree in Commerce (B.com) & Law (LLB) and is an Associate Member of the Institute of Company Secretaries of India (Membership no A29792). He has more than 14 years of experience in corporate secretarial, corporate governance, compliance functions, board processes amongst others. Prior to joining Usha Martin Limited, he was associated with listed entities like Rupa & Company Limited, Skipper Limited and Duroply Industries Limited. Reported Earnings • Jul 23
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: ₹13.91 (up from ₹11.49 in FY 2023). Revenue: ₹32.3b (down 1.3% from FY 2023). Net income: ₹4.24b (up 21% from FY 2023). Profit margin: 13% (up from 11% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 20
Dividend increased to ₹2.75 Dividend of ₹2.75 is 10% higher than last year. Ex-date: 6th August 2024 Payment date: 12th September 2024 Dividend yield will be 0.7%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (20% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 34% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 50% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 11
Usha Martin Limited, Annual General Meeting, Aug 13, 2024 Usha Martin Limited, Annual General Meeting, Aug 13, 2024, at 11:30 Indian Standard Time. Recent Insider Transactions • Jun 17
Insider recently sold ₹9.2m worth of stock On the 10th of June, Suraj Lakhotia sold around 25k shares on-market at roughly ₹367 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹12m more than they sold in the last 12 months. New Risk • Jun 14
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: ₹11m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (₹11m sold). Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹415, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Metals and Mining industry in India. Total returns to shareholders of 686% over the past three years. Recent Insider Transactions • Jun 04
Insider recently sold ₹1.1m worth of stock On the 30th of May, Nidhi Rajgarhia sold around 3k shares on-market at roughly ₹363 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹8.9m. Despite this recent sale, insiders have collectively bought ₹22m more than they sold in the last 12 months. Announcement • Jun 01
Usha Martin Limited Announces Resignation of Jayanta Paral, Senior Vice President - Manufacturing Usha Martin Limited announced change in the Senior Management Personnel of the Company being resignation of Mr. Jayanta Paral, Senior Vice President - Manufacturing effective from close of business hours of 31st May 2024. Recent Insider Transactions • May 29
Insider recently sold ₹8.9m worth of stock On the 24th of May, Suraj Lakhotia sold around 25k shares on-market at roughly ₹357 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹23m more than they sold in the last 12 months. Recent Insider Transactions • May 07
Insider recently sold ₹1.1m worth of stock On the 3rd of May, Nidhi Rajgarhia sold around 3k shares on-market at roughly ₹374 per share. This transaction amounted to 1.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹32m more than they sold in the last 12 months. Announcement • Apr 28
Usha Martin Limited Proposes Dividend for the Financial Year Ended on 31St March 2024 Usha Martin Limited at its board meeting held on 26th April 2024 recommended Dividend of INR 2.75/- per Equity Share of INR 1/- each (275%) to the Shareholders for the financial year ended on 31 March 2024. The dividend recommended by the Board of the Company is subject To Approve the shareholders at the ensuing Annual General Meeting (AGM) of the Company and will be paid as per applicable guidelines. Reported Earnings • Apr 27
Full year 2024 earnings released: EPS: ₹13.92 (vs ₹11.49 in FY 2023) Full year 2024 results: EPS: ₹13.92 (up from ₹11.49 in FY 2023). Revenue: ₹32.7b (flat on FY 2023). Net income: ₹4.24b (up 21% from FY 2023). Profit margin: 13% (up from 11% in FY 2023). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 97% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 19
Usha Martin Limited to Report Q4, 2024 Results on Apr 26, 2024 Usha Martin Limited announced that they will report Q4, 2024 results on Apr 26, 2024 Announcement • Mar 28
Usha Martin Limited Announces Chief Financial Officer Changes Usha Martin Limited at its board of directors meeting held on March 27, 2024, approved appointment of Mr. Abhijit Paul as the Chief Financial Officer of the company with effect from May 1, 2024 and accepted the resignation of Mr. Anirban Sanyal, Chief Financial Officer of the Company from the close of business hours on April 30, 2024. Mr. Abhijit Paul is a Commerce graduate and a Chartered Accountant. He joined Usha Martin Limited (UML) in the year 2021 and was the Finance Controller of the Company. He has more than 18 years of experience in finance, accounts and taxation. Prior to his joining UML, he was associated with ABP Private Ltd. and Berger Paints India Limited. Announcement • Mar 27
Usha Martin Limited Announces Resignation of Sumit Kumar Modak as Whole-Time Director, Effective April 30, 2024 Usha Martin Limited at its board of directors meeting held on March 27, 2024, accepted the resignation of Mr. Sumit Kumar Modak from the office of Whole-Time Director of the company from close of business hours April 30, 2024. Announcement • Feb 22
Usha Martin Limited Announces Resignation of Manish Kumar Jain, Senior Vice President- Engineering Usha Martin Limited informed about change in the Senior Management Personnel of the Company being resignation of Mr. Manish Kumar Jain, Senior Vice President- Engineering effective from close of business hours of February 22, 2024. Reported Earnings • Feb 07
Third quarter 2024 earnings released: EPS: ₹3.53 (vs ₹2.76 in 3Q 2023) Third quarter 2024 results: EPS: ₹3.53 (up from ₹2.76 in 3Q 2023). Revenue: ₹7.97b (down 4.4% from 3Q 2023). Net income: ₹1.08b (up 28% from 3Q 2023). Profit margin: 14% (up from 10% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 123% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 29
Usha Martin Limited to Report Q3, 2024 Results on Feb 06, 2024 Usha Martin Limited announced that they will report Q3, 2024 results on Feb 06, 2024 Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹357, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 1,172% over the past three years. Announcement • Jan 12
Usha Martin Limited Announces Appointment of Manish Kumar Jain as Senior Vice President- Engineering, Effective 13 January 2024 Usha Martin Limited announced that the Board of Directors have appointed Mr. Manish Kumar Jain as Senior Vice President- Engineering of the Company effective 13 January 2024. Brief profile: Mr. Jain is B.E. (Mech.) from Govt. Engineering College, Jabalpur. He brings with him over 33 years of rich experience in Maintenance, Projects and Operations in the Iron and Steel Industry. Prior to joining Usha Martin, he has worked with companies like Rungta Mines Ltd, Tata Steel Long Products Ltd, Jindal Steel & Power Ltd, Bhushan Power & Steel Ltd. etc. Recent Insider Transactions • Nov 21
Insider recently sold ₹979k worth of stock On the 15th of November, Nidhi Rajgarhia sold around 3k shares on-market at roughly ₹326 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹27m more than they sold in the last 12 months. Recent Insider Transactions • Nov 17
Insider recently sold ₹959k worth of stock On the 13th of November, Nidhi Rajgarhia sold around 3k shares on-market at roughly ₹320 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹27m more than they sold in the last 12 months. Reported Earnings • Nov 04
Second quarter 2024 earnings released: EPS: ₹3.59 (vs ₹2.59 in 2Q 2023) Second quarter 2024 results: EPS: ₹3.59 (up from ₹2.59 in 2Q 2023). Revenue: ₹8.06b (down 1.7% from 2Q 2023). Net income: ₹1.09b (up 39% from 2Q 2023). Profit margin: 14% (up from 9.6% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 134% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 28
Usha Martin Limited to Report Q2, 2024 Results on Nov 03, 2023 Usha Martin Limited announced that they will report Q2, 2024 results on Nov 03, 2023 Recent Insider Transactions • Sep 13
MD & Executive Director recently bought ₹35m worth of stock On the 8th of September, Rajeev Jhawar bought around 100k shares on-market at roughly ₹352 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Rajeev's only on-market trade for the last 12 months. Announcement • Aug 11
Usha Martin Limited Approves Dividend for Financial Year Ended March 31, 2023 Usha Martin Limited at its AGM held on August 10, 2023 approved dividend of INR 2.50 per share for the Financial Year ended 31st March 2023. Announcement • Jul 29
Usha Martin Limited to Report Q1, 2024 Results on Aug 05, 2023 Usha Martin Limited announced that they will report Q1, 2024 results at 12:15 PM, Indian Standard Time on Aug 05, 2023 Upcoming Dividend • Jul 27
Upcoming dividend of ₹2.50 per share at 0.8% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 09 September 2023. Payout ratio is a comfortable 22% and the cash payout ratio is 88%. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (7.4%). Reported Earnings • Jul 16
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ₹11.49 (up from ₹9.56 in FY 2022). Revenue: ₹32.7b (up 22% from FY 2022). Net income: ₹3.50b (up 20% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has increased by 157% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 12
Usha Martin Limited, Annual General Meeting, Aug 10, 2023 Usha Martin Limited, Annual General Meeting, Aug 10, 2023, at 11:30 Indian Standard Time. Announcement • Jun 06
Usha Martin Limited Announces Change in Directorate Usha Martin Limited announced that Mr. Dhrub Jyoti Basu ceased to be a Whole-Time Director of the Company upon completion of his tenure as WTD from the close of business hours of 5th June 2023. Accordingly, he ceases to be a Member of the Board. Board Change • May 09
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Whole Time Director Sumit Modak was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 29
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ₹11.51 (up from ₹9.56 in FY 2022). Revenue: ₹33.0b (up 23% from FY 2022). Net income: ₹3.50b (up 20% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 2.2%. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has increased by 139% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹210, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 10x in the Metals and Mining industry in India. Total returns to shareholders of 1,210% over the past three years. Reported Earnings • Feb 12
Third quarter 2023 earnings: Revenues and EPS in line with analyst expectations Third quarter 2023 results: EPS: ₹2.76 (up from ₹2.20 in 3Q 2022). Revenue: ₹8.34b (up 17% from 3Q 2022). Net income: ₹839.4m (up 25% from 3Q 2022). Profit margin: 10% (in line with 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 97% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jan 04
Insider recently sold ₹5.1m worth of stock On the 30th of December, Nand Patodia sold around 30k shares on-market at roughly ₹174 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹3.5m more than they sold in the last 12 months. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 20% share price gain to ₹178, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 568% over the past three years. Reported Earnings • Nov 09
Second quarter 2023 earnings released: EPS: ₹2.59 (vs ₹1.89 in 2Q 2022) Second quarter 2023 results: EPS: ₹2.59 (up from ₹1.89 in 2Q 2022). Revenue: ₹8.26b (up 39% from 2Q 2022). Net income: ₹788.8m (up 37% from 2Q 2022). Profit margin: 9.6% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: ₹2.69 (vs ₹1.90 in 1Q 2022) First quarter 2023 results: EPS: ₹2.69 (up from ₹1.90 in 1Q 2022). Revenue: ₹7.65b (up 24% from 1Q 2022). Net income: ₹821.1m (up 42% from 1Q 2022). Profit margin: 11% (up from 9.4% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improved over the past week After last week's 18% share price gain to ₹148, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 397% over the past three years. Upcoming Dividend • Jul 14
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 21 July 2022. Payment date: 28 August 2022. Trailing yield: 1.6%. Lower than top quartile of Indian dividend payers (1.8%). Lower than average of industry peers (6.6%).