Maharashtra Seamless Ltd

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

Maharashtra Seamless Ltd

₹ 719 0.16%
12 Jun 11:35 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 ₹ 9,631 Cr.
  • Current Price ₹ 719
  • High / Low ₹ 814 / 563
  • Stock P/E 12.4
  • Book Value ₹ 473
  • Dividend Yield 1.36 %
  • ROCE 16.6 %
  • ROE 12.9 %
  • Face Value ₹ 5.00
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Pros

  • Company is almost debt free.
  • Promoter holding has increased by 0.79% over last quarter.

Cons

  • Dividend payout has been low at 13.4% of profits over last 3 years
  • Working capital days have increased from 186 days to 285 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 Nifty 500 BSE SmallCap BSE Allcap BSE Industrials

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
1,428 1,334 1,414 1,339 1,633 1,223 1,535 1,431 1,215 1,151 1,292 1,408 1,418
1,262 1,115 1,171 1,100 1,319 988 1,207 1,065 945 1,032 1,065 1,132 1,133
Operating Profit 167 220 243 239 314 235 328 366 270 119 227 276 285
OPM % 12% 16% 17% 18% 19% 19% 21% 26% 22% 10% 18% 20% 20%
26 18 22 18 27 33 30 35 44 65 91 2 40
Interest 12 11 13 9 6 7 1 1 0 1 1 1 0
Depreciation 35 35 34 35 34 34 26 26 24 25 25 25 25
Profit before tax 146 193 217 213 301 228 331 374 290 158 292 252 299
Tax % -171% 28% 26% 25% -24% 9% 24% 26% 25% 18% 25% 26% 19%
396 140 161 160 373 207 251 276 218 129 220 186 242
EPS in Rs 29.31 10.41 12.02 11.91 27.62 15.42 18.69 20.59 16.30 9.65 16.42 13.89 18.06
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
1,209 1,355 1,019 1,434 2,150 3,052 2,645 2,308 4,211 5,716 5,404 5,269
1,120 1,249 980 1,209 1,839 2,383 2,135 1,867 3,628 4,705 4,205 4,362
Operating Profit 89 105 38 225 311 669 509 441 583 1,011 1,199 907
OPM % 7% 8% 4% 16% 14% 22% 19% 19% 14% 18% 22% 17%
64 74 57 76 99 -117 -197 -91 111 88 142 197
Interest 5 20 26 34 42 39 64 56 45 38 8 3
Depreciation 37 31 71 71 76 80 88 121 138 138 110 101
Profit before tax 111 129 -2 196 292 433 161 173 511 924 1,223 1,000
Tax % 13% 29% 1,521% 41% 31% 53% 29% 30% -35% 17% 22% 22%
102 118 -24 116 200 202 115 121 692 768 952 777
EPS in Rs 7.39 8.79 -1.81 9.21 15.73 17.48 6.26 7.32 51.62 57.07 71.00 58.02
Dividend Payout % 40% 28% -69% 27% 19% 17% 20% 24% 5% 9% 14% 17%
Compounded Sales Growth
10 Years: 15%
5 Years: 15%
3 Years: 8%
TTM: -3%
Compounded Profit Growth
10 Years: 24%
5 Years: 36%
3 Years: 4%
TTM: -18%
Stock Price CAGR
10 Years: 23%
5 Years: 47%
3 Years: 32%
1 Year: 5%
Return on Equity
10 Years: 11%
5 Years: 15%
3 Years: 16%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 34 34 34 34 34 34 34 34 34 67 67 67
Reserves 2,765 2,763 2,549 2,650 2,896 3,037 3,171 3,265 3,951 4,707 5,664 6,273
138 916 665 703 626 1,059 1,145 922 709 244 0 0
352 313 436 470 483 666 889 1,135 695 841 857 693
Total Liabilities 3,288 4,026 3,684 3,856 4,039 4,795 5,239 5,356 5,388 5,859 6,588 7,033
1,231 1,472 1,121 1,095 1,235 1,173 2,364 2,268 2,135 2,016 1,950 1,864
CWIP 34 37 31 119 17 23 29 9 13 14 3 14
Investments 834 1,373 1,444 1,529 1,461 1,276 1,007 1,071 646 1,177 2,098 2,892
1,189 1,143 1,088 1,113 1,326 2,322 1,840 2,008 2,593 2,651 2,537 2,263
Total Assets 3,288 4,026 3,684 3,856 4,039 4,795 5,239 5,356 5,388 5,859 6,588 7,033

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
109 104 122 241 93 -183 748 447 -269 912 1,041 610
-59 -630 12 -107 13 -161 -730 -183 563 -386 -722 -485
-26 527 -141 -133 -95 387 7 -285 -286 -542 -320 -137
Net Cash Flow 23 2 -6 2 10 44 25 -21 8 -17 0 -13

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 102 80 96 79 66 59 50 75 48 41 35 45
Inventory Days 186 189 246 192 132 150 172 255 182 148 175 148
Days Payable 63 28 65 55 34 53 129 194 61 29 32 17
Cash Conversion Cycle 225 241 277 215 165 155 93 135 169 160 178 176
Working Capital Days 250 233 289 219 181 223 151 171 165 135 137 285
ROCE % 2% 3% 0% 6% 9% 18% 11% 9% 12% 20% 23% 17%

Shareholding Pattern

Numbers in percentages

3 Recently
Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
67.08% 67.26% 67.64% 67.80% 67.80% 67.86% 67.86% 68.00% 68.00% 68.04% 68.06% 68.85%
1.28% 2.67% 3.08% 2.84% 5.96% 7.98% 10.50% 11.96% 9.23% 7.97% 9.12% 9.63%
3.69% 4.00% 3.76% 3.92% 4.18% 4.26% 4.19% 3.81% 5.26% 4.34% 3.85% 3.97%
27.95% 26.08% 25.52% 25.43% 22.05% 19.89% 17.44% 16.22% 17.49% 19.65% 18.96% 17.54%
No. of Shareholders 30,97536,51349,03347,26150,77154,87961,98969,66377,50096,4661,29,0241,05,737

* 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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