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 ₹ 9,797 Cr.
- Current Price ₹ 731
- High / Low ₹ 814 / 563
- Stock P/E 12.4
- Book Value ₹ 468
- Dividend Yield 1.37 %
- ROCE 17.1 %
- ROE 13.3 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
Cons
- Dividend payout has been low at 13.0% of profits over last 3 years
- Working capital days have increased from 185 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
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
1,206 | 1,355 | 1,015 | 1,428 | 2,130 | 3,040 | 2,617 | 2,225 | 3,975 | 5,707 | 5,403 | 5,266 | |
1,118 | 1,246 | 979 | 1,208 | 1,824 | 2,376 | 2,065 | 1,777 | 3,371 | 4,669 | 4,180 | 4,344 | |
Operating Profit | 88 | 110 | 36 | 220 | 306 | 664 | 551 | 448 | 603 | 1,038 | 1,223 | 922 |
OPM % | 7% | 8% | 4% | 15% | 14% | 22% | 21% | 20% | 15% | 18% | 23% | 18% |
63 | 83 | 95 | 85 | 67 | -77 | -399 | -102 | 90 | 82 | 141 | 197 | |
Interest | 3 | 4 | 7 | 10 | 9 | 16 | 48 | 48 | 41 | 36 | 8 | 3 |
Depreciation | 37 | 29 | 70 | 69 | 74 | 78 | 79 | 105 | 121 | 136 | 109 | 100 |
Profit before tax | 111 | 160 | 54 | 226 | 290 | 493 | 25 | 193 | 531 | 949 | 1,246 | 1,016 |
Tax % | 13% | 23% | 42% | 36% | 32% | 47% | 181% | 27% | -34% | 16% | 22% | 22% |
97 | 123 | 31 | 146 | 198 | 262 | -21 | 142 | 711 | 793 | 975 | 793 | |
EPS in Rs | 7.07 | 9.15 | 2.35 | 10.86 | 14.81 | 19.58 | -1.54 | 10.57 | 53.09 | 59.18 | 72.76 | 59.17 |
Dividend Payout % | 42% | 27% | 53% | 23% | 20% | 15% | -81% | 17% | 5% | 8% | 14% | 17% |
Compounded Sales Growth | |
---|---|
10 Years: | 15% |
5 Years: | 15% |
3 Years: | 10% |
TTM: | -3% |
Compounded Profit Growth | |
---|---|
10 Years: | 24% |
5 Years: | 23% |
3 Years: | 4% |
TTM: | -19% |
Stock Price CAGR | |
---|---|
10 Years: | 23% |
5 Years: | 46% |
3 Years: | 30% |
1 Year: | 11% |
Return on Equity | |
---|---|
10 Years: | 9% |
5 Years: | 16% |
3 Years: | 17% |
Last Year: | 13% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
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 | 2,757 | 2,769 | 2,654 | 2,779 | 2,938 | 3,153 | 3,083 | 3,210 | 3,919 | 4,639 | 5,547 | 6,206 |
15 | 1 | 7 | 18 | 15 | 489 | 802 | 718 | 633 | 244 | 0 | 0 | |
351 | 292 | 452 | 454 | 462 | 656 | 999 | 1,176 | 686 | 834 | 851 | 686 | |
Total Liabilities | 3,157 | 3,096 | 3,147 | 3,285 | 3,449 | 4,332 | 4,918 | 5,137 | 5,271 | 5,784 | 6,465 | 6,959 |
1,231 | 1,164 | 1,110 | 1,086 | 1,222 | 1,162 | 1,923 | 1,844 | 2,129 | 2,011 | 1,945 | 1,859 | |
CWIP | 18 | 33 | 31 | 118 | 17 | 23 | 29 | 9 | 13 | 14 | 3 | 10 |
Investments | 698 | 620 | 662 | 836 | 719 | 759 | 796 | 882 | 548 | 1,121 | 1,993 | 2,836 |
1,211 | 1,278 | 1,343 | 1,245 | 1,490 | 2,388 | 2,170 | 2,402 | 2,581 | 2,638 | 2,524 | 2,254 | |
Total Assets | 3,157 | 3,096 | 3,147 | 3,285 | 3,449 | 4,332 | 4,918 | 5,137 | 5,271 | 5,784 | 6,465 | 6,959 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
73 | -49 | 19 | 174 | 87 | -183 | 749 | 501 | -272 | 908 | 1,048 | 607 | |
38 | 120 | 19 | -151 | -34 | -181 | -1,027 | -307 | 435 | -466 | -722 | -486 | |
-89 | -84 | -41 | -20 | -49 | 415 | 221 | -146 | -147 | -457 | -320 | -137 | |
Net Cash Flow | 21 | -14 | -3 | 3 | 4 | 51 | -57 | 47 | 16 | -16 | 6 | -15 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
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 | 95 | 79 | 68 | 59 | 51 | 76 | 52 | 41 | 35 | 46 |
Inventory Days | 186 | 189 | 246 | 192 | 133 | 149 | 163 | 233 | 193 | 147 | 175 | 147 |
Days Payable | 62 | 25 | 65 | 55 | 34 | 53 | 130 | 197 | 64 | 29 | 32 | 17 |
Cash Conversion Cycle | 226 | 243 | 276 | 216 | 166 | 156 | 84 | 112 | 180 | 159 | 177 | 176 |
Working Capital Days | 259 | 281 | 399 | 257 | 216 | 232 | 181 | 147 | 175 | 135 | 136 | 285 |
ROCE % | 3% | 4% | 2% | 9% | 10% | 20% | 14% | 11% | 13% | 21% | 24% | 17% |
Documents
Announcements
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Board Meeting Intimation for To Consider And Approve, Inter-Alia, The Un-Audited Financial Results For The Quarter Ended On 30Th June, 2025.
1d - Board meeting on July 30 to approve Q1 un-audited results; trading window closed till August 1.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
8 Jul - Certificate confirming dematerialization of physical shares for quarter ended June 30, 2025.
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Closure of Trading Window
26 Jun - Trading window closed from July 1, 2025, till 48 hours post Q1 results announcement.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
11 Jun - Shareholders and published in newspapers regarding transfer of equity shares to IEPF
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 3 Jun
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Concalls
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Jun 2025Transcript PPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT REC
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Nov 2023Transcript PPT REC
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Aug 2023Transcript PPT
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Jun 2023Transcript PPT
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Feb 2023Transcript PPT
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Oct 2022Transcript PPT
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Aug 2022Transcript PPT
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Jun 2022Transcript PPT
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Feb 2022TranscriptNotesPPT
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Nov 2021TranscriptNotesPPT
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Sep 2019TranscriptNotesPPT
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Jun 2019TranscriptNotesPPT
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Nov 2018TranscriptNotesPPT
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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