Usha MartinNSE:USHAMART +1.57%79 Operating Margin % is 18.41% as of Mar. 2026, which is 57% above its 10-year median of 11.70. GuruFocus rates NSE:USHAMART with a GF Score™ of 79/100 and a GF Value™ of ₹418.33 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 615 Steel companies, Usha Martin ranks better than 92.2% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. Usha Martin's Operating Income for the
three
months ended in Mar. 2026 was ₹1,803 Mil. Usha Martin's Revenue for the
three
months ended in Mar. 2026 was ₹9,793 Mil. Therefore, Usha Martin's Operating Margin % for the quarter that ended in Mar. 2026 was 18.41%.
Good Sign:
Usha Martin Ltd operating margin is expanding. Margin expansion is usually a good sign.
The historical rank and industry rank for Usha Martin's Operating Margin % or its related term are showing as below:
NSE:USHAMART'
s Operating Margin % Range Over the Past 10 Years
Min: 3.72 Med: 11.7 Max: 16.83
Current: 15.93
NSE:USHAMART's Operating Margin % is ranked better than 92.2% of 615
companies
in the Steel industry
Industry Median: 2.99
vs NSE:USHAMART: 15.93
Usha Martin's 5-Year Average Operating Margin % Growth Rate was 7.70% per year.
Usha Martin's Operating Income for the
three
months ended in Mar. 2026 was ₹1,803 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ₹4,433 Mil.
Usha Martin (NSE:USHAMART) Operating Margin % Explanation
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
Usha Martin Operating Margin % Related Terms
Usha Martin Operating Margin % Historical Data
* Premium members only.
The historical data trend for Usha Martin's Operating Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:USHAMART vs NUE, STLD, RS: Operating Margin % Comparison
For the Steel subindustry, Usha Martin's Operating Margin %, along with its competitors' market caps and Operating Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Usha Martin Operating Margin % vs Steel Industry
For the Steel industry and Basic Materials sector, Usha Martin's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Usha Martin's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Usha Martin's Operating Margin % for the fiscal year that ended in Mar. 2026 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Usha Martin (NSE:USHAMART) has a Operating Margin % of 18.41% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Usha Martin and its competitors. This is 57% above median its historical median of 11.70. Over the past decade, Usha Martin's Operating Margin % has ranged from 3.72 to 16.83. According to the industry distribution chart, Usha Martin ranks #48 out of 615 companies in the Steel industry, placing it in the top 7.8%.
Is Usha Martin's Operating Margin % too high?
Usha Martin's current Operating Margin % of 18.41% is 57% above median its 10-year median of 11.70. Over the past 10 years, this metric has ranged from a low of 3.72 to a high of 16.83. The Steel industry median Operating Margin % is 2.99. Usha Martin's value of 18.41% is 515.7% above this industry median. Based on the distribution chart, Usha Martin ranks #48 out of 615 companies in the Steel industry, which is in the top quartile — a strong position relative to peers. Overall, Usha Martin has a GF Score™ of 79/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Usha Martin's Operating Margin % compare to NUE and STLD?
According to the Steel industry distribution chart, Usha Martin ranks #48 out of 615 companies for Operating Margin %. This places Usha Martin in the top 8% of its industry — outperforming the majority of peers. The industry median Operating Margin % is 2.99. Usha Martin's value of 18.41% is 515.7% above this benchmark. Historically, Usha Martin's own Operating Margin % has ranged from 3.72 to 16.83 over the past decade. While the company's 10-year median is 11.70 vs. the industry median of 2.99, Usha Martin has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for a Steel company?
The median Operating Margin % among Steel companies is 2.99, based on 615 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Usha Martin's current Operating Margin % of 18.41% is 515.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Usha Martin and its competitors. For the Steel industry, the median Operating Margin % is 2.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Usha Martin's current Operating Margin % is 18.41%, which is 57% above median its own 10-year median of 11.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Usha Martin stock overvalued right now?
Based on GuruFocus' analysis, Usha Martin (NSE:USHAMART) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹418.33, compared to a current price of ₹473.10 — trading 13.1% above its estimated fair value. The current Operating Margin % is 18.41%, which is 57% above median its 10-year median of 11.70 and 515.7% above the Steel industry median of 2.99. Usha Martin's overall GF Score™ is 79/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Usha Martin (NSE:USHAMART), the current Operating Margin % is 18.41% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Usha Martin (NSE:USHAMART) Overvalued in 2026?
Based on GuruFocus' analysis, Usha Martin stock appears to be overvalued.
The current stock price of ₹473.10 is trading 13.1% above its estimated GF Value™ of ₹418.33.
GuruFocus considers Usha Martin to be Modestly Overvalued.
Key valuation signals for NSE:USHAMART:
Operating Margin %: 18.41% (57% above median its 10-year median of 11.70)
GF Value™: ₹418.33 vs. price of ₹473.10 (13.1% above fair value)
Industry Position: 515.7% above the Steel median (#48 of 615)
No single metric tells the full story. See the NSE:USHAMART stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Usha Martin Ltd is engaged in the business of the production of wire rope. The company's operating segment includes Wire and wire ropes and others. It generates maximum revenue from the Wire and wire ropes segment. The wire and wire ropes segment manufactures and sells steel wires, strands, wire ropes, cords, related accessories, and others. Its Others segment includes the manufacturing and selling of wire drawing and allied machines and corporate office. Geographically, it derives a majority of revenue from India and also has its presence outside India.
79GF Score
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