Usha Martin Share Price Target 2027: Can It Reach Rs 621? Base Case at Rs 511
- November 6, 2026
- Posted by: Ankit Jaiswal
- Category: Market
Usha Martin share price Rs 483.95 (6 November 2026). Base target Rs 511, bull Rs 621, downside risk Rs 390. PE 29.29. 52W range Rs 380.00 to Rs 542.60.
Quick Answer
The Usha Martin share price target for 2027 is Rs 511, about 5.6% above the current price of Rs 483.95. The bull case is Rs 621, and the downside risk level, which is not a target, is Rs 390. The base case assumes earnings per share grow 4.8% a year, the pace seen from FY24 to FY26, with the stock holding its PE of 29.29. These are model-based estimates built from reported financials, not guaranteed outcomes.
Investors weighing an Usha Martin target price for 2027 should start with where the stock sits today. At Rs 483.95 on 6 November 2026, it is 10.8% below its 52-week high of Rs 542.60 and 27.4% above its 52-week low of Rs 380.00. That range spans 43% from low to high, so the entry point matters as much as the Usha Martin price forecast itself.
This article builds the Usha Martin share price target from reported numbers only: five years of annual results, the last five quarters, the latest shareholding pattern and current valuation ratios from company filings and exchange data. Each scenario states its assumptions, so you can trace how the base case, the bull case and the downside risk level were reached and test them against your own view.
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Usha Martin Stock Analysis: Company Overview and Key Stats
Usha Martin (NSE: USHAMART) has a market capitalisation of Rs 14,861 crore. In FY26 it reported revenue of Rs 3,760 crore and net profit of Rs 491.20 crore. The table collects the figures the Usha Martin share price target is built on.
| Metric | Value |
|---|---|
| Company | Usha Martin |
| NSE Ticker | USHAMART |
| CMP (6 November 2026) | Rs 483.95 |
| 52-Week High | Rs 542.60 |
| 52-Week Low | Rs 380.00 |
| Market Cap | Rs 14,861 crore |
| PE Ratio (TTM) | 29.29 |
| Industry PE | 20.92 |
| Price to Book | 4.50 |
| Return on Equity | 14.11% |
| Debt to Equity | 0.07 |
| EPS (TTM) | Rs 16.65 |
| Dividend Yield | 0.77% |
| 12-Month Base Target | Rs 511 |
| Bull Case | Rs 621 |
| Downside Risk Level (not a target) | Rs 390 |
Why Is Usha Martin Share Price Target Set at Rs 511 for 2027?
The arithmetic is short. Trailing EPS of Rs 16.65 grown for one year gives a forward EPS estimate of Rs 17.45, and multiplying it by the unchanged PE of 29.29 gives the Rs 511 base-case Usha Martin stock target. The bull case adds faster earnings growth and a higher multiple, while the downside risk level assumes flat earnings and a lower multiple.
Earnings Growth Behind the Usha Martin Target Price: Five Years of Results
Usha Martin grew revenue from Rs 2,723 crore in FY22 to Rs 3,760 crore in FY26, a compound annual growth rate of 8.4%. Net profit grew faster, from Rs 291.43 crore to Rs 491.20 crore (13.9% a year), which shows margin gains did part of the work and not just higher sales.
| Financial Year | Revenue (Rs Cr) | Net Profit (Rs Cr) | EPS (Rs) | Dividend per Share (Rs) |
|---|---|---|---|---|
| FY22 | 2,723.31 | 291.43 | 9.56 | 2.00 |
| FY23 | 3,295.82 | 350.60 | 11.51 | 2.50 |
| FY24 | 3,265.48 | 424.12 | 13.92 | 2.75 |
| FY25 | 3,513.55 | 406.32 | 13.37 | 3.00 |
| FY26 | 3,759.94 | 491.20 | 15.29 | 3.75 |
FY26 revenue growth was 7.0%, close to the four-year average of 8.4%, and net profit moved up 20.9%. EPS rose from Rs 13.92 in FY24 to Rs 15.29 in FY26. The FY27 outlook depends on whether that EPS estimate keeps compounding.
Margins and the Latest Quarter
Usha Martin converted 13.1% of FY26 revenue into net profit, against 11.6% in FY25, within a five-year range of 10.6% to 13.1%. EBITDA margin was 20.6% in FY26 versus 18.6% in FY25.
In the June 2026 quarter, revenue was Rs 1,042 crore, up 15.4% from the same quarter a year earlier, while net profit of Rs 142.04 crore was up 40.9%. EBITDA came in at Rs 216.57 crore, up 35.3% year on year. The next quarterly result is the first test of whether the earnings assumption holds.
Balance Sheet and Cash Flow
Debt to equity stands at 0.07, and shareholders’ equity grew from Rs 1,697 crore in FY22 to Rs 3,302 crore in FY26. Operating cash flow in FY26 was Rs 655.34 crore against capital expenditure of Rs 198.06 crore, leaving free cash flow of Rs 457.28 crore, or 3.1% of the current market capitalisation. In FY25 free cash flow was Rs 177.11 crore.
Valuation Check for the Usha Martin Stock Target: PE, Price to Book and ROE
At a PE of 29.29 against an industry PE of 20.92, Usha Martin trades at a premium to its industry. Price to book is 4.50 on a book value of Rs 108.35 per share, and return on equity is 14.11%. A PE of 29.29 equals an earnings yield of 3.4%, and the FY26 dividend of Rs 3.75 per share gives a yield of 0.77%.
Shareholding Pattern and Institutional Holding
Promoters held 40.09% of Usha Martin in September 2026, and promoter holding fell from 41.76% in September 2025 to 40.09% in September 2026. Foreign institutional investors (FII) held 15.34% and domestic institutions (DII) held 14.35%, which puts total institutional holding at 29.69%. FII holding rose from 14.14% in September 2025 to 15.34% in September 2026. Public shareholders own the remaining 30.21%. A meaningful institutional holding adds a layer of research coverage and trading depth.
Usha Martin Share Price Targets for the Short Term and 12 Months
Short Term Usha Martin Stock Target Levels: Technical Setup
At Rs 483.95 on 6 November 2026, Usha Martin trades below its 50-day simple moving average of Rs 493.30 and above its 200-day exponential moving average of Rs 471.57. The 14-day RSI reads 47.2, which is neutral territory, and the MACD line sits above its signal line. The nearest resistance level is Rs 493.30 (50-day simple moving average) and the nearest support is Rs 471.57 (200-day exponential moving average). A sustained move above Rs 493.30 would improve the short-term setup, while a close below Rs 471.57 would shift attention to the next support.
12 Month Usha Martin Target Price for 2027
The 12-month target of Rs 511 means a move of 5.6% up from Rs 483.95 over the next 12 months. It would still leave the stock 5.8% below its 52-week high of Rs 542.60. Anyone checking the Usha Martin share price target against their own view should focus on two inputs: the EPS estimate and the PE multiple.
How EPS Growth and PE Multiple Change the Usha Martin Target Price
| EPS Growth | PE 23.43 | PE 29.29 | PE 33.68 |
|---|---|---|---|
| 0.0% (EPS Rs 16.65) | Rs 390 | Rs 488 | Rs 561 |
| 4.8% (EPS Rs 17.45) | Rs 409 | Rs 511 | Rs 588 |
| 10.8% (EPS Rs 18.45) | Rs 432 | Rs 540 | Rs 621 |
Each cell multiplies the forward EPS estimate by the PE shown. Reading across a row shows what a de-rating or re-rating does to the Usha Martin price forecast, and reading down a column shows what earnings growth is worth at a fixed multiple.
Bull Case and Downside Risk for Usha Martin Stock Target in 2027
Bull Case Rs 621
The bull case Usha Martin price target needs EPS growth of 10.8%, which lifts forward EPS to Rs 18.45, and a PE multiple that rises 15% to 33.68. That gives Rs 621, 28.3% above the current price and above the 52-week high of Rs 542.60, so the stock would have to set a fresh 52-week high.
Downside Risk Level Rs 390
The downside risk level is not a target. It assumes EPS stays flat at Rs 16.65 and the PE falls 20% to 23.43. That gives Rs 390, 19.4% below the current price and above the 52-week low of Rs 380.00.
| Scenario | EPS Growth | PE Multiple | Price (Rs) | Change vs CMP |
|---|---|---|---|---|
| Bull Case | 10.8% | 33.68 | Rs 621 | +28.3% |
| Base Case | 4.8% | 29.29 | Rs 511 | +5.6% |
| Downside Risk | 0.0% | 23.43 | Rs 390 | -19.4% |
Key Risks to the Usha Martin Target Price for 2027
Growth Slowdown Risk for the Usha Martin Price Target
Revenue in the June 2026 quarter was up 15.4% year on year, and FY26 revenue growth was 7.0%. If growth slows from here, the EPS estimate behind the Usha Martin stock target will need revising.
Liquidity and Size Risk
Usha Martin has a market capitalisation of Rs 14,861 crore. Institutional holding is 29.69%, and promoters hold 40.09%. Stocks of this size are usually liquid, though exits can take longer than entries when the market is falling.
Valuation and Margin Risk
Net margin was 13.1% in FY26, and a squeeze from higher costs or weaker pricing would hit earnings first. At a PE of 29.29 versus an industry PE of 20.92, a de-rating toward the downside-risk PE of 23.43 would cut the price even if earnings hold.
Market and Technical Risk
Technical indicators add short-term risk: the 14-day RSI is 47.2 and the MACD sits above its signal line. A broad fall in the Nifty 50 or the Sensex can override company fundamentals for weeks at a time.
How to Invest in Usha Martin
Start with the live price and volume. Any Usha Martin share price target is only as current as the data behind it, and the data here is as of 6 November 2026, so refresh the Rs 483.95 price before acting on any level.
Next, review the fundamentals yourself. The Univest Screener lets you check Usha Martin’s PE, ROE, debt and shareholding in one place.
Check Usha Martin fundamentals on the Univest Screener
Then compare the three Usha Martin target price scenarios with your own view. If you expect EPS growth below 4.8%, the base case is too optimistic for you; if you expect more, the bull case deserves weight.
Decide your position size and exit levels before you buy. The support and resistance levels above can serve as reference points, but they are not recommendations.
Finally, place the order through a SEBI-registered broker or the Univest app, and review the position after each quarterly result. Consult a SEBI-registered advisor if you are unsure.
Download the Univest iOS App or Univest Android App to track Usha Martin live price and get daily stock recommendations.
Conclusion
The Usha Martin share price target for 2027 is Rs 511 in the base case, with Rs 621 as the bull case. The support for that view is arithmetic you can check: EPS grew 4.8% a year over FY24 to FY26, and the stock trades at a PE of 29.29. The risks are equally concrete, including a PE of 29.29 that sits above the industry PE of 20.92 and a downside scenario that cuts the price 19% if earnings stall. Use these numbers as a framework, check them against the latest filings, and size any position to your own risk appetite.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on Usha Martin Share Price Target 2027
What is the Usha Martin share price target for 2027?
Ans. The base-case Usha Martin share price target for 2027 is Rs 511, which is 5.6% above the price of Rs 483.95 on 6 November 2026. The bull case is Rs 621 and the downside risk level, which is not a target, is Rs 390. All three come from one method: forward EPS multiplied by a PE multiple, using only reported results. They are model estimates and not guaranteed outcomes, and the next quarterly result is the first check on the EPS assumption.
What is the Usha Martin share price today?
Ans. As of 6 November 2026, 9:57 AM IST, Usha Martin (NSE: USHAMART) trades at Rs 483.95, down 0.76% on the day. That is 10.8% below the 52-week high of Rs 542.60 and 27.4% above the 52-week low of Rs 380.00. The market capitalisation of Rs 14,861 crore places it among mid-cap stocks. Prices change through the trading session, so check the live quote before acting on any level in this article.
Is Usha Martin a buy or sell at the current price?
Ans. The data points both ways. On the positive side, EPS has grown 4.8% a year over FY24 to FY26 and the base case implies 5.6% upside; on the cautious side, the PE of 29.29 is above the industry PE of 20.92, and the downside risk level of Rs 390 is 19% below the current price. Whether Usha Martin fits your portfolio depends on your time horizon, position size and risk appetite. Consult a SEBI-registered advisor before investing, as this article is not investment advice.
What are the bull case target and downside risk level for Usha Martin shares?
Ans. The bull case in the Usha Martin share price target for 2027 is Rs 621, which assumes 10.8% EPS growth and a PE of 33.68, a 15% re-rating from today’s multiple. That is 28.3% above the current price and above the 52-week high of Rs 542.60, so the stock would have to set a fresh 52-week high. The downside risk level is Rs 390, which assumes flat EPS and a PE of 23.43, 20% lower than today. It sits 19.4% below the current price and above the 52-week low of Rs 380.00, and it marks a risk to watch, not a target.
What are the main risks to the Usha Martin price target?
Ans. Four risks matter most for the Usha Martin share price target: slower revenue or profit growth, a PE de-rating, thin liquidity or size risk, and weakness in the broader market. With a market capitalisation of Rs 14,861 crore, the stock is usually liquid, though exits can take longer than entries in a falling market. A fall to the downside-risk PE of 23.43 would cut the price even if earnings hold.
What is the PE ratio of Usha Martin and how does it compare with the industry?
Ans. The PE ratio of Usha Martin is 29.29, against an industry PE of 20.92, which is a premium to the industry. Price to book is 4.50 and return on equity is 14.11%, and the PE equals an earnings yield of 3.4%. The base case holds the PE unchanged, so the Usha Martin share price target moves only with earnings, while the bull and downside scenarios change the multiple by +15% and -20%.
Who owns Usha Martin, and what is the promoter holding?
Ans. Promoters held 40.09% of Usha Martin in September 2026. FII held 15.34%, DII held 14.35% and the public held 30.21%. Together the two institutional groups hold 29.69%. Shareholding is filed every quarter, so it is worth rechecking after each result.
What were Usha Martin’s latest quarterly results?
Ans. In the June 2026 quarter, Usha Martin reported revenue of Rs 1,042 crore (up 15.4% year on year) and net profit of Rs 142.04 crore (up 40.9%). For comparison, FY26 full-year revenue growth was 7.0% and net profit moved up 20.9%. Each new quarter either supports or weakens the EPS growth of 4.8% assumed in the base case.
