Maharashtra Seamless Ltd
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]
- Market Cap ₹ 8,676 Cr.
- Current Price ₹ 648
- High / Low ₹ 814 / 563
- Stock P/E 9.88
- Book Value ₹ 473
- Dividend Yield 1.56 %
- ROCE 16.6 %
- ROE 12.9 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
Cons
- Dividend payout has been low at 13.4% of profits over last 3 years
* 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,209 | 1,355 | 1,019 | 1,434 | 2,150 | 3,052 | 2,645 | 2,308 | 4,211 | 5,716 | 5,404 | 5,269 | 5,263 | |
1,120 | 1,249 | 980 | 1,209 | 1,839 | 2,383 | 2,135 | 1,867 | 3,628 | 4,705 | 4,205 | 4,361 | 4,310 | |
Operating Profit | 89 | 105 | 38 | 225 | 311 | 669 | 509 | 441 | 583 | 1,011 | 1,199 | 908 | 953 |
OPM % | 7% | 8% | 4% | 16% | 14% | 22% | 19% | 19% | 14% | 18% | 22% | 17% | 18% |
64 | 74 | 57 | 76 | 99 | -117 | -197 | -91 | 111 | 88 | 142 | 196 | 292 | |
Interest | 5 | 20 | 26 | 34 | 42 | 39 | 64 | 56 | 45 | 38 | 8 | 3 | 2 |
Depreciation | 37 | 31 | 71 | 71 | 76 | 80 | 88 | 121 | 138 | 138 | 110 | 101 | 101 |
Profit before tax | 111 | 129 | -2 | 196 | 292 | 433 | 161 | 173 | 511 | 924 | 1,223 | 1,000 | 1,142 |
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 | 879 | |
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 | 58.03 | 65.56 |
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: | -1% |
Compounded Profit Growth | |
---|---|
10 Years: | 24% |
5 Years: | 36% |
3 Years: | 4% |
TTM: | 1% |
Stock Price CAGR | |
---|---|
10 Years: | 23% |
5 Years: | 41% |
3 Years: | 16% |
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 | 852 | 693 | |
Total Liabilities | 3,288 | 4,026 | 3,684 | 3,856 | 4,039 | 4,795 | 5,239 | 5,356 | 5,388 | 5,859 | 6,583 | 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 | 2,533 | 2,263 | |
Total Assets | 3,288 | 4,026 | 3,684 | 3,856 | 4,039 | 4,795 | 5,239 | 5,356 | 5,388 | 5,859 | 6,583 | 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 | -486 | |
-26 | 527 | -141 | -133 | -95 | 387 | 7 | -285 | -286 | -542 | -320 | -136 | |
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 | 211 | 139 | 165 | 103 | 155 | 196 | 105 | 135 | 148 | 130 | 137 | 133 |
ROCE % | 2% | 3% | 0% | 6% | 9% | 18% | 11% | 9% | 12% | 20% | 23% | 17% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 28 Aug
- Shareholder Meeting / Postal Ballot-Outcome of AGM 28 Aug
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
18 Aug - Investor meeting on 25 Aug 2025 with Nuvama Institutional Equities in Mumbai.
-
Letter Sent To Shareholders For Annual Report Web-Link And Path
7 Aug - Company shares web-link for Annual Report 2024-25 and AGM notice to shareholders without registered emails.
Annual reports
-
Financial Year 2025
from bse
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2013
from nse
-
Financial Year 2012
from bse
Concalls
-
Aug 2025Transcript PPT
-
Jun 2025Transcript PPT
-
Feb 2025Transcript PPT REC
-
Nov 2024Transcript PPT REC
-
Aug 2024Transcript PPT
-
May 2024Transcript PPT
-
Feb 2024Transcript PPT REC
-
Nov 2023Transcript PPT REC
-
Aug 2023Transcript PPT
-
Jun 2023Transcript PPT
-
Feb 2023Transcript PPT
-
Oct 2022Transcript PPT
-
Aug 2022Transcript PPT
-
Jun 2022Transcript PPT
-
Feb 2022TranscriptNotesPPT
-
Nov 2021TranscriptNotesPPT
-
Sep 2019TranscriptNotesPPT
-
Jun 2019TranscriptNotesPPT
-
Nov 2018TranscriptNotesPPT
-
Dec 2016TranscriptNotesPPT
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