Usha Martin Share Price Target 2026: Stock Analysis, Share Price Today, Bull Case and Bear Case After Q1 FY27

Usha Martin Rs 520.25 (7 Oct 2026 close). 52-week range Rs 380 to Rs 542.60. Q1 FY27 revenue Rs 1,033 cr, up 16.4%; profit Rs 142 cr, up 40.9%.

The Usha Martin share price target for 2026 is Rs 484 to Rs 594 in the Univest base case, with the stock at Rs 520.25 at the 7 October 2026 close. That is 4.1 percent below its 52-week high of Rs 542.60 and 36.9 percent above its 52-week low of Rs 380.00, and the stock moved up 10.8 percent over the past year. Usha Martin is a maker of steel wire ropes, wires and strands with value-added products used in mining, oil and gas and cranes. Debt to equity is 0.07 and the dividend yield is 0.72 percent.

Three things changed since the last update: Q1 FY27 results on 27 July showed profit up 41 percent and revenue above Rs 1,000 crore for the first time, a final dividend of Rs 3.75 went ex on 13 August, and the stock hit Rs 542.60 in the week of 21 September. This Usha Martin stock analysis covers the Usha Martin share price today, the Usha Martin share price target for 2026, 2027 and 2030, the Q1 FY27 numbers, catalysts and risks, key price levels and a Usha Martin buy or sell view.

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What Is the Usha Martin Share Price Target for 2026?

The 2026 target for Usha Martin shares is Rs 484 to Rs 594 in the Univest base case, which is -7.0% to +14.2% against the last close. The bull case is Rs 729 to Rs 837 and the bear case is Rs 255 to Rs 315. No brokerage price target was available on the sources we track as of 7 October 2026, so every range below is a Univest research scenario. Analyst consensus is used as a cross-check, not as the base.

Usha Martin Share Price Target Scenarios: Bull Case, Base Case and Bear Case

Scenario	FY28E EPS	Target Multiple	Price Target (Rs)	Move vs Rs 520.25
Bull Case	Rs 27	27x to 31x	729 to 837	+40.1% to +60.9%
Base Case	Rs 22	22x to 27x	484 to 594	-7.0% to +14.2%
Bear Case	Rs 15	17x to 21x	255 to 315	-51.0% to -39.5%

FY28 EPS of Rs 22 in the base case compares with trailing EPS of Rs 16.65 and Q1 EPS of about Rs 4.65, and assumes revenue growth near 12 percent with EBITDA margin near 20 percent. Specialty steel names trade at 22 to 27 times earnings, and the stock trades at about 24 times the base estimate. The PE multiple used for each case is shown in the table, and the EPS estimate is a Univest assumption, not company guidance. Those assumptions set the Usha Martin share price target range around the current price.

Usha Martin Company Overview and Share Price Today as of 7 October 2026

Usha Martin share price today is Rs 520.25 on the NSE at the 7 October 2026 close, before the market opens on 8 October. The market capitalisation is Rs 15,854 crore, and the stock trades at 31.3 times earnings against an industry average of 23.3 times. The Univest base case Usha Martin share price target of Rs 484 to Rs 594 is -7.0% to +14.2% from here. The table below sets out the key numbers behind the Usha Martin share price target.

Parameter	Value	Context
NSE Ticker	USHAMART	BSE code 517146
Sector	Steel wire ropes and wires	Per Univest sector classification
Last Close (NSE)	Rs 520.25	7 Oct 2026 close
52-Week High	Rs 542.60	CMP is 4.1% below
52-Week Low	Rs 380.00	CMP is 36.9% above
1-Year Return	About +11%	Weekly close Rs 469.65 on 10 Oct 2025 to Rs 520.25
Market Capitalisation	Rs 15,854 crore	Small cap steel wire rope company
Trailing P/E	About 31.3x	Industry P/E about 23.32x
P/B Ratio	About 4.80x	Book value Rs 108.35 per share
EPS (TTM)	Rs 16.65	Trailing twelve months
Return on Equity	About 14.1%	Debt to equity 0.07
Dividend Yield	About 0.72%	Modest dividend
12-Month Target (Base Case)	Rs 484 to Rs 594	Univest base case
Bull Case	Rs 729 to Rs 837	+40.1% to +60.9%
Bear Case	Rs 255 to Rs 315	-51.0% to -39.5%

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How Did Usha Martin Perform in Q1 FY27?

Usha Martin reported Q1 FY27 consolidated revenue from operations of Rs 1,033 crore, up 16.4 percent from Rs 887 crore, and operating EBITDA of Rs 208 crore, up 43.8 percent. Profit after tax was Rs 142 crore, up 40.9 percent from Rs 100.9 crore. Together these Q1 FY27 numbers anchor the Usha Martin share price target.

Metric	Q1 FY27	Context
Revenue	Rs 1,033 crore	Up 16.4%; first quarter above Rs 1,000 crore
Operating EBITDA	Rs 208 crore	Up 43.8%; margin 20.1% against 16.3%
Profit After Tax	Rs 142 crore	Up 40.9% from Rs 100.9 crore
EBITDA per Tonne	Rs 40,581	Up 42% from Rs 28,502
Value-Added Share	73%	Of wire rope sales against 70% in FY26
Net Cash	Rs 465 crore	Operating cash flow Rs 242 crore

Wire rope revenue rose 18 percent to Rs 757 crore and wire and strand revenue rose 31.7 percent to Rs 124 crore. Sales volume was flat at about 51,000 tonnes, so the profit jump came from price, mix and cost, not more tonnes. Management maintained FY27 guidance of volume growth, capex and margin above 20 percent. The FY27 outlook from management is the main input for these estimates. These numbers sit behind every range in the scenario table above, so they anchor the Usha Martin share price target.

Why Is Usha Martin Share Price Up 37 Percent From Its March Low?

Usha Martin shares are about 37 percent above the Rs 380 low of the week of 23 March 2026 and up 11 percent in a year. The stock rose 8.7 percent in the week of 25 May on 77.7 lakh shares with no cause confirmed, and rose 8.7 percent again in the week of 29 June.

After Q1 results on 27 July it climbed to Rs 529 in the week of 31 August and a spike high of Rs 542.60 in the week of 21 September on 87.9 lakh shares, then closed the next week 5.2 percent lower. It closed at Rs 520.25, about 4 percent below the high. The Usha Martin share price target scenarios below account for that move.

Key Catalysts for the Usha Martin Share Price Target in 2026

4 catalysts matter most for the Usha Martin share price target, and sector tailwinds in Steel wire ropes and wires are part of the case. Together they decide whether the base case is reached.

1. Margin Expansion

EBITDA margin rose to 20.1 percent from 16.3 percent and EBITDA per tonne rose 42 percent. Mix and pricing drove it. If it plays out, the Usha Martin share price target moves toward the top of the base range.

2. Value-Added Products

Value-added products reached 73 percent of wire rope sales. These carry higher margin than standard rope. Strength here would support the upper end of the Usha Martin share price target.

3. Net Cash

Net cash of Rs 465 crore and operating cash flow of Rs 242 crore fund capex and dividends. Delivery on this point keeps the Usha Martin share price target on track.

4. Guidance

Management kept FY27 guidance of volume growth, capex and margin above 20 percent. Better news here would lift the Usha Martin share price target toward the bull case.

What Are the Key Risks to the Usha Martin Share Price Target?

The main risks are flat volume, valuation, steel input costs and margin reversal. Each can pull the Usha Martin share price target lower.

Flat Volume

Sales volume stayed at about 51,000 tonnes. Profit growth needs volume as well as price and mix. If it materialises, the Usha Martin share price target would slip toward the bear case.

Valuation

The stock trades at 31 times earnings against an industry average of 23 times. A miss would cut the multiple. This is the main downside risk to the Usha Martin share price target.

Input Costs

Steel rod prices drive costs. A spike without price pass-through would squeeze margin. A worsening here would cut the Usha Martin share price target toward the low end of the range.

Margin Reversal

A bear case EPS of Rs 15 at 17 times would put the price near Rs 255. Watch it closely, because it can pull the Usha Martin share price target lower quickly.

Usha Martin Stock Analysis: Support and Resistance Levels for the Share Price Target

Usha Martin stock analysis on weekly charts shows a range of Rs 464 to Rs 543 since mid-September, with the stock near the upper end.

The first support level is Rs 481 to Rs 492, the lows of the weeks of 28 September and 5 October. Below that, Rs 464 is the low of the week of 14 September and Rs 380 is the 52-week low.

The first resistance level is Rs 520 to Rs 523, the highs of the weeks of 28 September and 5 October. Above that, Rs 542.60 is the 52-week high of the week of 21 September. These levels come from weekly price action, are not trade recommendations, and frame the near-term Usha Martin share price target.

Usha Martin Share Price Target 2026, 2027 and 2030: Short, Medium and Long Term

Short-Term Usha Martin Share Price Target (3 to 6 Months)

In the near term the stock is likely to trade between Rs 492 and Rs 523. A close above Rs 523 would put the Rs 542.60 high in play, while a weekly close under Rs 481 would open Rs 464. Q2 FY27 results and volume growth are the main triggers. This range anchors the near-term Usha Martin share price target.

12-Month and 2027 Usha Martin Share Price Target

The 12-month target price is Rs 484 to Rs 594, valued on 22 to 27 times FY28 EPS of Rs 22. The range across scenarios runs from Rs 255 in the bear case to Rs 837 in the bull case.

Long-Term Usha Martin Share Price Target for FY29 to 2030

For FY29 to 2030 the Univest scenario range is Rs 546 to Rs 806. This assumes EPS of Rs 26 in FY29 and Rs 31 in FY30 and a multiple of 21 to 26 times. It needs value-added products to keep rising as a share of wire rope sales, EBITDA per tonne to hold above Rs 38,000 and volume growth to resume. This is the long-term Usha Martin share price target in the Univest scenarios.

Bull Case and Bear Case for Usha Martin Share Price Target

Bull Case Rs 729 to Rs 837

The bull case of Rs 729 to Rs 837 for the Usha Martin share price target needs EPS of Rs 27 and the market to pay 27 to 31 times for it. It is +40.1% to +60.9% from the last close.

Bear Case Rs 255 to Rs 315

The bear case of Rs 255 to Rs 315 for the Usha Martin share price target equals 17 to 21 times FY28 EPS of Rs 15 and sits below the Rs 380 low. It is -51.0% to -39.5% from the last close.

Is Usha Martin a Good Buy at Rs 520? Usha Martin Buy or Sell View

Whether Usha Martin is a buy at Rs 520.25 depends on horizon and risk appetite. The base case sits between 7 percent below and 14 percent above the current price, the stock is 4 percent below its high, and the open question is when volume growth returns. The Usha Martin share price target range is the starting point for that decision.

Long-term holders may focus on value-added mix, margin and net cash, and treat Rs 464 as the level to watch. Short-term traders may prefer to wait for a close above Rs 543. Check institutional holding in the September quarter filing for signs of accumulation or selling. Consult a SEBI-registered advisor before acting, since this Usha Martin buy or sell view is educational.

How to Invest in Usha Martin Shares

Step 1: Check the live price, valuation and the latest Usha Martin share price target range on the Univest Screener.

Step 2: Open a demat and trading account with a SEBI-registered broker such as Univest before acting on any Usha Martin share price target.

Step 3: Search for USHAMART on the NSE or 517146 on the BSE in your trading app.

Step 4: Place a limit order near your planned entry and size the position so a fall to Rs 255 is bearable.

Step 5: Track volume growth, EBITDA per tonne and Q2 FY27 results and set price alerts on the Univest App to follow any change in the Usha Martin share price target.

Conclusion

Usha Martin closed at Rs 520.25 against a Univest base case share price target of Rs 484 to Rs 594, a bull case of Rs 729 to Rs 837 and a bear case of Rs 255 to Rs 315. Q1 FY27 delivered profit up 41 percent to Rs 142 crore with margin at 20.1 percent. The main risks are flat volume, valuation and input costs.

The stock is 4.1 percent below its 52-week high, so the base case sits between 7 percent below and 14 percent above the current price. The triggers to watch are volume growth, EBITDA per tonne and Q2 FY27 results and the Rs 492 and Rs 523 levels. Re-check the Usha Martin share price target after each quarterly result. Investors with a long horizon and tolerance for volatility can track these triggers, while others may prefer to size positions carefully.

Download the Univest iOS App or Univest Android App to track Usha Martin live price and get daily stock recommendations.

FAQs on Usha Martin Share Price Target 2026

What is the Usha Martin share price target for 2026?

Ans. The Usha Martin share price target for 2026 is Rs 484 to Rs 594 in the Univest base case, with a bull case of Rs 729 to Rs 837 and a bear case of Rs 255 to Rs 315. No brokerage target was available on the sources we track as of 7 October 2026, so these are Univest research scenarios. These are estimates and can change after the Q2 FY27 results.

What is the Usha Martin share price target for 2027?

Ans. The Usha Martin share price target for 2027 is Rs 484 to Rs 594 in the base case, valued on 22 to 27 times FY28 EPS of Rs 22. The scenario range runs from Rs 255 to Rs 837.

Is Usha Martin a good buy at Rs 520.25?

Ans. Whether Usha Martin is a good buy at Rs 520.25 depends on your horizon, risk appetite and how you read the Usha Martin share price target. Profit and margin are rising and the company holds net cash, but volume is flat and the stock trades at 31 times earnings against an industry average near 23 times. Consult a SEBI-registered advisor before investing.

What are the key risks to the Usha Martin share price target?

Ans. The key risks to the Usha Martin share price target are flat volume, valuation, input costs and margin reversal. Sales volume stayed at about 51,000 tonnes. Profit growth needs volume as well as price and mix.

What are the key catalysts for the Usha Martin share price target?

Ans. The key catalysts for the Usha Martin share price target are margin expansion, value-added products, net cash and guidance. EBITDA margin rose to 20.1 percent from 16.3 percent and EBITDA per tonne rose 42 percent. Mix and pricing drove it.

Where can I track Usha Martin share price today and Usha Martin share price target updates?

Ans. You can track the live Usha Martin share price, results and any change to the Usha Martin share price target on the Univest Screener and the Univest App. Download the Univest iOS App or Univest Android App for research from SEBI-registered analysts.

What are Usha Martin's 52-week high and low?

Ans. Usha Martin's 52-week high is Rs 542.60 and its 52-week low is Rs 380.00, based on weekly NSE data. At Rs 520.25 the stock is 4.1 percent below the high and 36.9 percent above the low. Both levels frame the Usha Martin share price target.

How to buy Usha Martin shares?

Ans. Open a demat account with a SEBI-registered broker such as Univest, search for USHAMART on the NSE or 517146 on the BSE, and place a limit order near your entry price, using the Usha Martin share price target range as a guide. Size the position so a fall to Rs 255 is bearable, and check the live price on the Univest Screener first.