From Rs 13 to Rs 460! Multibagger stock attracts fresh analysts interest after 3,500% rise

Usha Martin shares target price: Select domestic brokerage firms have initiated coverage on multibagger stock Usha Martin, which has zoomed nearly 3,500 per cent since May 2020 lows. They are positive on its rising global footprints, attractive valuations, capex plans, long term customer relation and range of value-added products.

Usha Martin is a global and India’s leading specialty steel wire rope solutions provider. Its manufacturing prowess stems from its state-of-the-art manufacturing facilities in India, Dubai, Bangkok and UK, along with a global R&D center in Italy. It is engaged in the manufacturing of high quality wires, low relaxation prestressed concrete steel strand (LRPC), bespoke end-fittings, accessories.

The organic capex plan, including maintenance capex, is projected to be close to Rs 300-350 crore annually over the next 2 to 3 years, with future cash flow utilization focusing on growth plans, said SBI Securities. It is in the final stages of approval with a key customer for its value-added LRPC range, whose noticeable volume growth is expected from 4QFY26 and 1QFY27 onwards, it said.

"Usha Martin aims to gradually increase wire volume up to 1,00,000 tonnes over the next 2 to 3 years and EBITDA per tonne

in this segment is expected to remain stable at around Rs 10,000 per tonne. Going ahead, H2FY26 is expected to yield better demand for its products with expectations of projects that were delayed due to monsoon start picking up pace," said SBI Securities.

Shares of Usha Martin rose nearly 2 per cent in the early trade, but dropped more than 3.6 per cent from day's high to Rs 446.2 on Thursday. The total market capitalization of the company managed to hold above Rs 13,500 crore. The stock is down 10 per cent from its 52-week high at Rs 497.50 hit on November 11, 2025.

Usha Martin has 80–85 per cent of revenues coming from recurring replacement demand, providing strong predictability and resilience even during industry downturns. Post deleveraging, USM is focusing on value added products (VAP) like (crane, oil & offshore, elevator, mining, fishing), which form 71 per cent in FY25 of wire rope sales, said SMIFS.

It is undertaking capacity expansion to cater the rising demand in value added segment. It has completed planned capex at Ranchi and Bangkok with further plans on investing Rs 350 crore for FY26E. Usha Martin has rolled out its ‘One Usha Martin’ initiative aimed at integrating global operations, centralizing procurement, streamlining logistics and optimizing operations, it said.

Having deleverage its balance sheet post-2019, it is virtually debt-free and well positioned to fund growth through internal accruals. With its focus on value-added wire ropes, rising global market share and operating efficiencies, Usha Martin is poised for sustained growth, SMIFS adds.

Shares of Usha Martin have zoomed 3,460 per cent from its low around Rs 13 in May 2020 to hit Rs 463 mark today. The stock is up 45 per cent in the last six months, while it has gained 20 per cent in the last one year. The stock has jumped 66 per cent from its 52-week low of Rs 278.80 hit in February 2025.

SMIFS has a 'buy' rating on Usha Martin with a target price of Rs 518 as it sees transformation and capacity expansion to drive 22 per cent earnings CAGR over FY25–28E, driven by Ebitda margin expansion to 21 per cent in FY28E. SBI Securities has a 'buy' rating on the stock with a target price of Rs 527 apeice, citing slowdown in demand, Increase in input costs.