What USHAMARTIN does

Usha Martin Limited is an India-headquartered, publicly listed (NSE: USHAMART, BSE: UMHL) manufacturer of steel wire ropes, specialty wires, low-relaxation pre-stressed concrete (LRPC) strands, optical fiber cables, and related machinery. Founded in 1960 in Ranchi, India in collaboration with Martin Black (UK), the company has grown into one of the world's largest wire rope manufacturers, with end-markets spanning infrastructure, mining, oil & offshore, elevators, ports, marine, forestry, and general engineering. The flagship Ranchi facility is described as the world's largest wire rope manufacturing facility under one roof, complemented by Hoshiarpur (India), Silvassa (India), Bangkok (Thailand), Jebel Ali Free Zone (UAE), and Brunton Shaw (UK) operations, alongside wholly-owned distribution and service entities in Singapore, Indonesia, Vietnam, Australia, the USA, the Netherlands, Scotland, and Italy.

The company derives revenue primarily through hardware sales of customized, project-specific wire rope solutions priced on a quote basis, supplemented by value-added services such as socketing, cutting, coiling, pre-stressing, installation, inspection, and turnkey project solutions. Its proprietary product portfolio includes OCEANMAX (high-performance offshore wire ropes up to 180-ton single-piece weight), GALSTAR (zinc-aluminium alloy coated wires), OCEANFIBRE (HMPE synthetic slings), POWERFORM (pre-stretched low-elongation crane ropes), and locked coil designs for structural applications. Go-to-market is enterprise-direct via technical sales teams, supported by a Global Development Centre in Italy for design, quality assurance, and life-cycle optimization, and a service network in over 75 countries. International manufacturing accreditations from Lloyds, DNV-GL, ABS, NK Class, SNI, China Classification Society, and ACRS support qualification for marine and offshore tenders.

For FY26 (ended March 2026), Usha Martin reported consolidated revenue of INR 3,691.06 crore (+6.24% YoY). Q1 FY27 marked the first quarter in company history to cross INR 1,000 crore in revenue (INR 1,033 crore, +16.4% YoY), with operating EBITDA surging 43.8% to INR 208 crore at 20.1% margins and net profit up 40.9% to INR 142 crore. The balance sheet transitioned from net debt of INR 63 crore in FY25 to net cash of INR 465 crore by Q1 FY27, supporting an India Ratings upgrade to IND AA- and reinforcing Usha Martin's >60% domestic Indian market share with ~4% global market share.

Name

USHAMARTIN

Legal name

Usha Martin Limited

Website

https://ushamartin.com

Company type

Public

Founded year

1960

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Usha Martin Limited is a publicly listed Indian steel wire rope manufacturer serving infrastructure, mining, oil & offshore, elevator, and marine customers globally. The company operates manufacturing facilities across India, Thailand, UAE, and UK, holding 60%+ domestic and ~4% global market share.

Ownership category

akta.pro rank

Product category

Industrial Wire Rope Manufacturing

NAICS

Rope, Cordage, Twine, Tire Cord, and Tire Fabric Mills (314994), Steel Wire Drawing (331222)

akta.pro primary industry

Industrial Ropes, Cords, Twines & Netting (Mooring/Lifting/Fishing/Load Restraint) (IMAOADAK)

Keywords

• Wire rope manufacturing
• Steel wire ropes
• Prestressing strands
• Specialty steel wires
• Offshore lifting solutions

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Offices15 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Wire Rope Sales: Manufacturing and sale of high-performance steel wire ropes for industrial applications including cranes, mining, elevators, oil & offshore, fishing, and structural applications
2. Wire Products: Production and sale of specialty wires including GALSTAR zinc-aluminium alloy coated wires, automotive cables, and fine cords
3. LRPC Strands & Prestressing: Low relaxation pre-stressing concrete strands and complete prestressing solutions including installation services for infrastructure projects
4. Optical Fiber Cables: Manufacturing and export of telecommunication cables including optical fiber cables, FTTH cables, and copper cables through UM Cables
5. Services & After-Sales: Value-added services including socketing, cutting, coiling, spooling, pre-stressing jobs, turnkey project solutions, installation, inspection, and training programs

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Usha Martin manufactures and sells high-performance steel wire ropes for critical industrial applications (cranes, mining, elevators, oil & offshore, fishing, structural, aerial transportation, forestry, and conveyor systems), LRPC strands for prestressed concrete infrastructure, specialty wires including zinc-aluminium alloy coated products, optical fiber and copper telecommunication cables, and supporting machinery. The company provides integrated value-added services including socketing, cutting, pre-stressing, installation, inspection, NDT testing, and customer training programs across 75+ countries.

Product overview

Usha Martin is a global wire rope and specialty steel products manufacturer offering a comprehensive portfolio of physical products organized around five core categories: (1) Wire Ropes with multiple specialized sub-products (crane, mining, elevator, oil & offshore, fishing, general engineering, aerial transportation, structural, forestry, conveyor cord); (2) Wire including GALSTAR specialty coated wires; (3) LRPC Strands and Prestressing solutions including complete installation services; (4) Optical Fiber Cables for telecommunications; and (5) Machinery. Key branded product lines include OCEANMAX for offshore applications, OCEANFIBRE for synthetic HMPE slings, POWERFORM for crane ropes, and ISMAL for prestressing. The company provides integrated solutions combining products with value-added services including socketing, cutting, pre-stressing, and turnkey project solutions. Operations span manufacturing facilities in India, Thailand, UAE, and UK, with a Global Development Centre in Italy and service centers across Europe, Middle East, Asia Pacific, Australia, and USA.

Differentiator

Problem solved

Functional benefit

Brands

• OCEANMAX: High-performance wire ropes for offshore and marine applications
• GALSTAR
• OCEANFIBRE
• Powerform
• TITAN
• Windmax
• Minemax
• Cranemax

Products and services

• Wire Ropes High-performance steel wire ropes for critical industrial applications including cranes, mining, elevators, oil & offshore, fishing, general engineering, aerial transportation, structural, forestry, and conveyor cord applications. Includes specialized sub-products such as Crane Rope, Mining Rope, Elevator Rope, Oil & Offshore Rope, Fishing Rope, General Engineering Rope, Aerial Transportation Rope, Structural Rope, Forestry Rope, and Conveyor Cord. Sold to industrial customers across infrastructure, mining, oil & offshore, elevators, and marine sectors globally.
• Industrial Wires Industrial wires including galvanized wires, specialty wires (such as GALSTAR zinc-aluminium alloy coated wires), automotive cables, and fine cords for various engineering applications including automobiles, detonators, textile, and other engineering sectors.
• LRPC Strands (Low Relaxation Pre-stressed Concrete Strands) Low Relaxation Pre-stressed Concrete (LRPC) strands used for bridge construction, post-tensioning applications, and infrastructure projects requiring high-strength concrete reinforcement. Includes HDPE-coated variants.
• Prestressing Solutions Complete prestressing solutions including anchor systems, stressing equipment, and installation services for pre-tensioning and post-tensioning applications in bridge construction, metro railway, and infrastructure projects. Includes installation services for pre-stressing jobs.
• Optical Fiber Cables Telecommunication cables including optical fiber cables, FTTH cables, aerial cables, micro ducts, FTTH/Drop Cables, Fiber Reinforced Plastic Rod (FRP), Impregnated Glass Fiber Roving, and copper cables for telecommunications infrastructure.
• Machinery & Equipment Specialized machinery and equipment for wire rope installation, inspection, and maintenance including stressing equipment for prestressing applications.

Quantifiable outcome

• First quarterly revenue crossing Rs 1,000 crore (INR 1,033 crore in Q1 FY27)
• +4 more outcomes

Named customers5 records

Segments8 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

One partnership is on record.

• Tesac Wire Ropes Co. Ltd (Japan)minorStrategic or Co-development Partner · 1 January 2012Joint venture established in 2012 with Tesac Wire Ropes Co. Ltd of Japan. The partnership was later restructured with Usha Martin acquiring the remaining 50% stake in 2024 to form Usha Siam Specialty Wire Rope.

Scale indicators12 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Tokyo Rope: Japanese manufacturer of steel wire ropes, structural cables, and tire reinforcement materials. Directly comparable in product mix including structural ropes for bridges and specialized industrial applications, and competes in Asian and global infrastructure markets.
• Verope: European specialty wire rope brand focused on high-performance crane ropes, particularly compacted-strand designs. Direct competitor in the European crane rope segment where Usha Martin also markets Powerform and premium crane rope products.
• Bridon-Bekaert: A leading global manufacturer of steel wire ropes and synthetic ropes, formed from the merger of Bridon (UK) and Bekaert's rope business. Directly competes with Usha Martin in crane, mining, offshore, and structural rope segments globally, and is the most direct large-scale global peer.
• Gustav Wolf: German family-owned steel wire rope manufacturer with a global footprint in elevator ropes, crane ropes, and offshore applications. Directly comparable to Usha Martin's Brunton Shaw UK and Brunton Wire Ropes UAE operations in the premium European market.
• Kiswire: South Korean global manufacturer of steel wire ropes, tire bead wire, and specialty wire products. Directly comparable in product portfolio (crane ropes, mining ropes, elevator ropes) with strong presence in Asian markets, competing head-to-head with Usha Martin in commodity-grade and specialty wire rope segments.
• Bharat Wire Ropes: Indian-listed manufacturer of steel wire ropes serving mining, elevator, crane, and general engineering applications. The most direct domestic Indian competitor to Usha Martin, though significantly smaller in scale and competing primarily in mid-market segments.
• Teufelberger: Austrian manufacturer of steel wire ropes and synthetic fiber ropes for cranes, elevators, fishing, and offshore applications. Competes with Usha Martin across multiple end-markets and has been at the forefront of synthetic rope (HMPE) development, representing both direct competition and the substitution risk Usha Martin faces.
• WireCo WorldGroup: Privately held (private equity backed) global manufacturer of wire rope, synthetic rope, and electromechanical cable. Directly competes in mining, crane, oil & gas, and elevator ropes with comparable product breadth and global service center model.
• Pfeifer Holding: German family-owned manufacturer of wire ropes, wire rope slings, and architectural rope systems. Directly competes with Usha Martin in structural ropes (bridges, cable-stayed structures) and crane/elevator ropes, with strong European brand presence.

Regional players

• Jiangsu Langshan Wire Rope: One of China's largest wire rope manufacturers, producing a full range of steel wire ropes for cranes, mining, elevators, fishing, and offshore. Operates primarily in domestic Chinese and regional Asian markets but competes with Usha Martin on price in commodity-grade segments globally.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/UshaMartinLtd
• Facebookfacebook.com/ushamartinofficial
• LinkedInlinkedin.com/company/689795

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries17 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about USHAMARTIN