Maharashtra Seamless Ltd

Mah. Seamless Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Maharashtra Seamless Ltd

₹ 631 0.10%
27 May 9:21 a.m.
jindal.com BSE: 500265 NSE: MAHSEAMLES
About

Incorporated in 1988, Maharashtra Seamless Ltd manufactures seamless pipes & tubes, ERW pipes. It is also in the business of renewable power generation and rig operations[1]

Key Points

Business Overview:[1]
MSL is a part of the D. P. Jindal Group. It manufactures Seamless and Electric Resistance Welded (ERW) pipes. It has also developed a renewable power portfolio.
Product Categories:
a) Electrical Resistance Welding Pipes:[2]
Company manufactures MS Black ERW
pipes and Galvanized ERW pipes in various sizes, grades and specifications. ERW pipes have various applications like fencing, line pipe, scaffolding etc.
b) Seamless Pipe:[3]
It is a pipe without a seam or a weld-joint
in contrast to Seam or Welded pipe. MSL
is also the only manufacturer in India to
offer the maximum size range upto 20”
catering to customers across all sectors.
It exports to US, Canada, Latin America,
Europe, Africa & Asia
c) Coated Pipes:[4]
Pipeline coating protects ERW /Seamless pipes from corrosion, from moisture, other harmful chemicals. Types of coatings available are 3 LPE (External 3 Layer Polyethylene)-link, 3LPP (External 3 Layer Polypropylene)-link,
FBE (External Fusion Bonded Epoxy (Single / Dual Layer))-link, Internal Epoxy Coating-link.

Website BSE NSE
  • Market Cap ₹ 8,450 Cr.
  • Current Price ₹ 631
  • High / Low ₹ 774 / 500
  • Stock P/E 11.7
  • Book Value ₹ 512
  • Dividend Yield 1.60 %
  • ROCE 14.6 %
  • ROE 11.0 %
  • Face Value ₹ 5.00
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Pros

  • Company is almost debt free.

Cons

  • Earnings include an other income of Rs.384 Cr.
  • Dividend payout has been low at 10.2% of profits over last 3 years
  • Working capital days have increased from 221 days to 395 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Iron & Steel Products

Part of BSE 500 BSE Industrials BSE 250 SmallCap Index BSE 400 MidSmallCap Index Nifty Microcap 250

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
1,623 1,223 1,535 1,430 1,215 1,151 1,291 1,408 1,416 1,143 1,158 1,090 1,280
1,311 979 1,202 1,061 939 1,025 1,060 1,128 1,131 974 1,035 937 1,041
Operating Profit 312 244 333 370 276 126 231 280 285 169 123 153 239
OPM % 19% 20% 22% 26% 23% 11% 18% 20% 20% 15% 11% 14% 19%
30 33 29 35 44 65 91 2 40 160 76 200 -51
Interest 5 7 1 1 0 1 1 1 1 0 0 1 1
Depreciation 34 34 25 25 25 25 25 25 25 25 25 29 31
Profit before tax 304 237 336 378 295 165 296 256 299 303 174 324 156
Tax % -2% 9% 24% 26% 24% 18% 24% 26% 19% 23% 25% 24% 31%
310 216 256 280 223 136 224 190 243 234 130 247 108
EPS in Rs 23.13 16.10 19.07 20.92 16.66 10.15 16.73 14.19 18.10 17.45 9.67 18.45 8.03
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,355 1,015 1,428 2,130 3,040 2,617 2,225 3,975 5,707 5,403 5,266 4,671
1,246 979 1,208 1,824 2,376 2,065 1,777 3,371 4,669 4,180 4,343 3,987
Operating Profit 110 36 220 306 664 551 448 603 1,038 1,223 923 684
OPM % 8% 4% 15% 14% 22% 21% 20% 15% 18% 23% 18% 15%
83 95 85 67 -77 -399 -102 90 82 141 196 384
Interest 4 7 10 9 16 48 48 41 36 8 3 3
Depreciation 29 70 69 74 78 79 105 121 136 109 100 110
Profit before tax 160 54 226 290 493 25 193 531 949 1,246 1,016 957
Tax % 23% 42% 36% 32% 47% 181% 27% -34% 16% 22% 22% 25%
123 31 146 198 262 -21 142 711 793 975 793 718
EPS in Rs 9.15 2.35 10.86 14.81 19.58 -1.54 10.57 53.09 59.18 72.76 59.17 53.60
Dividend Payout % 27% 53% 23% 20% 15% -81% 17% 5% 8% 14% 17% 0%
Compounded Sales Growth
10 Years: 17%
5 Years: 16%
3 Years: -6%
TTM: -11%
Compounded Profit Growth
10 Years: 37%
5 Years: 21%
3 Years: -3%
TTM: -9%
Stock Price CAGR
10 Years: 18%
5 Years: 34%
3 Years: 13%
1 Year: -11%
Return on Equity
10 Years: 10%
5 Years: 16%
3 Years: 14%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 34 34 34 34 34 34 34 34 67 67 67 67
Reserves 2,769 2,654 2,779 2,938 3,153 3,083 3,210 3,919 4,639 5,547 6,206 6,791
1 7 18 15 489 802 718 633 244 0 0 13
292 452 454 462 656 999 1,176 686 834 846 686 843
Total Liabilities 3,096 3,147 3,285 3,449 4,332 4,918 5,137 5,271 5,784 6,460 6,959 7,714
1,164 1,110 1,086 1,222 1,162 1,923 1,844 2,129 2,011 1,945 1,859 1,860
CWIP 33 31 118 17 23 29 9 13 14 3 10 68
Investments 620 662 836 719 759 796 882 548 1,121 1,993 2,836 3,828
1,278 1,343 1,245 1,490 2,388 2,170 2,402 2,581 2,638 2,519 2,254 1,958
Total Assets 3,096 3,147 3,285 3,449 4,332 4,918 5,137 5,271 5,784 6,460 6,959 7,714

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-49 19 174 87 -183 749 501 -272 908 1,048 607 966
120 19 -151 -34 -181 -1,027 -307 435 -466 -722 -486 -807
-84 -41 -20 -49 415 221 -146 -147 -457 -320 -137 -123
Net Cash Flow -14 -3 3 4 51 -57 47 16 -16 6 -15 36
Free Cash Flow -72 6 42 -23 -206 -97 492 -278 889 1,015 586 797
CFO/OP -13% 116% 111% 56% -1% 159% 117% -48% 94% 103% 84% 166%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 80 95 79 68 59 51 76 52 41 35 46 42
Inventory Days 189 246 192 133 149 163 233 193 147 175 147 140
Days Payable 25 65 55 34 53 130 197 64 29 32 17 31
Cash Conversion Cycle 243 276 216 166 156 84 112 180 159 177 176 151
Working Capital Days 281 397 255 215 227 174 131 164 130 136 133 395
ROCE % 4% 2% 9% 10% 20% 14% 11% 13% 21% 24% 17% 15%

Insights

In beta
Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2026
ERW Pipes Production Volume
Metric Tons (MT)

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Seamless Pipes Production Volume
Metric Tons (MT)
Seamless Pipes Sales Volume
Metric Tons (MT)
Installed Capacity - ERW Pipes
Metric Tons (MTPA)
Installed Capacity - Seamless Pipes
Metric Tons (MTPA)
Renewable Energy Capacity
MW
Order Book
Rupees Crore

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

10 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
67.80% 67.86% 67.86% 68.00% 68.00% 68.04% 68.06% 68.85% 68.87% 69.05% 69.81% 70.28%
5.96% 7.98% 10.50% 11.96% 9.23% 7.97% 9.12% 9.63% 10.42% 9.86% 9.51% 9.58%
4.18% 4.26% 4.19% 3.81% 5.26% 4.34% 3.85% 3.97% 4.09% 3.64% 2.91% 3.29%
22.05% 19.89% 17.44% 16.22% 17.49% 19.65% 18.96% 17.54% 16.64% 17.46% 17.77% 16.83%
No. of Shareholders 50,77154,87961,98969,66377,50096,4661,29,0241,05,73793,50494,25792,94388,783

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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