Maharashtra Seamless Ltd

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

Maharashtra Seamless Ltd

₹ 615 0.70%
04 Jun - close price
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 ₹ 8,238 Cr.
  • Current Price ₹ 615
  • High / Low ₹ 774 / 500
  • Stock P/E 11.7
  • Book Value ₹ 513
  • Dividend Yield 1.63 %
  • ROCE 14.3 %
  • ROE 10.6 %
  • Face Value ₹ 5.00
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Pros

  • Company is almost debt free.
  • Stock is trading at 1.20 times its book value

Cons

  • Company has a low return on equity of 13.6% over last 3 years.
  • Earnings include an other income of Rs.385 Cr.
  • Working capital days have increased from 222 days to 397 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

Consolidated Figures in Rs. Crores / View Standalone

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
1,633 1,223 1,535 1,431 1,215 1,151 1,292 1,408 1,418 1,145 1,159 1,090 1,280
1,319 988 1,207 1,065 945 1,032 1,065 1,132 1,133 980 1,040 941 1,046
Operating Profit 314 235 328 366 270 119 227 276 285 165 119 149 234
OPM % 19% 19% 21% 26% 22% 10% 18% 20% 20% 14% 10% 14% 18%
27 33 30 35 44 65 91 2 40 160 76 200 -51
Interest 6 7 1 1 0 1 1 1 0 0 0 1 1
Depreciation 34 34 26 26 24 25 25 25 25 25 25 29 31
Profit before tax 301 228 331 374 290 158 292 252 299 300 169 319 151
Tax % -24% 9% 24% 26% 25% 18% 25% 26% 19% 23% 26% 24% 32%
373 207 251 276 218 129 220 186 242 230 125 243 103
EPS in Rs 27.62 15.42 18.69 20.59 16.30 9.65 16.42 13.89 18.06 17.19 9.35 18.13 7.67
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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 1,019 1,434 2,150 3,052 2,645 2,308 4,211 5,716 5,404 5,269 4,674
1,249 980 1,209 1,839 2,383 2,135 1,867 3,628 4,705 4,205 4,361 4,007
Operating Profit 105 38 225 311 669 509 441 583 1,011 1,199 908 668
OPM % 8% 4% 16% 14% 22% 19% 19% 14% 18% 22% 17% 14%
74 57 76 99 -117 -197 -91 111 88 142 196 385
Interest 20 26 34 42 39 64 56 45 38 8 3 3
Depreciation 31 71 71 76 80 88 121 138 138 110 101 110
Profit before tax 129 -2 196 292 433 161 173 511 924 1,223 1,000 939
Tax % 29% 1,521% 41% 31% 53% 29% 30% -35% 17% 22% 22% 25%
118 -24 116 200 202 115 121 692 768 952 777 701
EPS in Rs 8.79 -1.81 9.21 15.73 17.48 6.26 7.32 51.62 57.07 71.00 58.03 52.34
Dividend Payout % 28% -69% 27% 19% 17% 20% 24% 5% 9% 14% 17% 19%
Compounded Sales Growth
10 Years: 16%
5 Years: 15%
3 Years: -6%
TTM: -11%
Compounded Profit Growth
10 Years: 40%
5 Years: 29%
3 Years: -3%
TTM: -10%
Stock Price CAGR
10 Years: 18%
5 Years: 34%
3 Years: 8%
1 Year: -8%
Return on Equity
10 Years: 12%
5 Years: 15%
3 Years: 14%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 2,763 2,549 2,650 2,896 3,037 3,171 3,265 3,951 4,707 5,664 6,273 6,809
916 665 703 626 1,059 1,145 922 709 244 0 0 13
313 436 470 483 666 889 1,135 695 841 852 693 849
Total Liabilities 4,026 3,684 3,856 4,039 4,795 5,239 5,356 5,388 5,859 6,583 7,033 7,739
1,472 1,121 1,095 1,235 1,173 2,364 2,268 2,135 2,016 1,950 1,864 1,863
CWIP 37 31 119 17 23 29 9 13 14 3 14 72
Investments 1,373 1,444 1,529 1,461 1,276 1,007 1,071 646 1,177 2,098 2,892 3,821
1,143 1,088 1,113 1,326 2,322 1,840 2,008 2,593 2,651 2,533 2,263 1,983
Total Assets 4,026 3,684 3,856 4,039 4,795 5,239 5,356 5,388 5,859 6,583 7,033 7,739

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
104 122 241 93 -183 748 447 -269 912 1,041 610 933
-630 12 -107 13 -161 -730 -183 563 -386 -722 -486 -775
527 -141 -133 -95 387 7 -285 -286 -542 -320 -136 -123
Net Cash Flow 2 -6 2 10 44 25 -21 8 -17 0 -13 36
Free Cash Flow -48 109 108 -10 -206 -98 428 -277 893 1,009 586 765
CFO/OP 132% 378% 139% 57% -1% 172% 106% -49% 97% 105% 86% 165%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 96 79 66 59 50 75 48 41 35 45 44
Inventory Days 189 246 192 132 150 172 255 182 148 175 148 140
Days Payable 28 65 55 34 53 129 194 61 29 32 17 31
Cash Conversion Cycle 241 277 215 165 155 93 135 169 160 178 176 153
Working Capital Days 139 165 103 155 196 105 135 148 130 137 133 397
ROCE % 3% 0% 6% 9% 18% 11% 9% 12% 20% 23% 17% 14%

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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