Maharashtra Seamless
MAHSEAMLES NSE
Maharashtra Seamless
Industrial ProductsNSE: MAHSEAMLES BSE: 500265 Iron & Steel Products
Key Fundamentals
MicrocapIron & Steel ProductsIndustrial ProductsMarket Cap
₹9,728 Cr
Volatility
High Risk
P/E Ratio
13.25
EBITDA
₹1,069 Cr
Return on Equity
10.19%
Debt to Equity
0
Book Value
₹512.89
EPS
₹65.23
52W High
₹724
52W Low
₹500.7
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company is almost debt free.
Weaknesses
2- Company has a low return on equity of 13.6% over last 3 years.
- Earnings include an other income of Rs.399 Cr.
Growth Rate
Revenue Growth
-7.39% lower than
3Y
Net Income Growth
-9.83% lower than
3Y
Cash Flow Change
53.01% higher than
3Y
ROE
-16.88% lower than
3Y
ROCE
-13.55% higher than
3Y
EBITDA Margin (Avg.)
3.33% higher than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoAI opinion · based on fundamentals
Risk medium
Maharashtra Seamless Ltd is a nearly debt-free industrial products company trading at a market cap of Rs.7,587 Cr with a PE of 10.9x and PB of 1.12x. While the company delivered strong long-term profit CAGR of 40% over 10 years, recent performance shows revenue declining 11% TTM and profit declining 10% TTM, with working capital days nearly doubling to 397 days.
Bull Case 8
- Company is almost debt-free, providing financial resilience and flexibility during cyclical downturns in the steel pipe industry
- Stock trades at just 1.12x book value, indicating limited downside from asset value perspective at current levels
- PE ratio of 10.9x is modest for a company with a 10-year compounded profit growth of 40%, suggesting earnings are not excessively priced
- Long-term compounded sales growth of 16% over 10 years and 15% over 5 years demonstrates sustained revenue scaling ability
- 5-year compounded profit growth of 29% reflects strong operating leverage and margin expansion over medium-term cycles
- Dividend yield of 1.75% provides income return, supported by the debt-free balance sheet enabling consistent payouts
- 10-year stock CAGR of 18% and 5-year stock CAGR of 30% indicate long-term wealth creation track record
- 5-year ROE average of 15% shows the company has historically generated reasonable returns on shareholder equity over full cycles
Bear Case 8
- Working capital days have surged from 222 days to 397 days, indicating severe deterioration in cash conversion efficiency and potential inventory buildup or receivable stress
- TTM revenue has declined 11% and 3-year compounded sales growth is negative at -6%, signaling sustained demand weakness
- Other income of Rs.385 Cr forms a significant portion of earnings, meaning core operating profitability is substantially lower than headline numbers suggest
- ROE has declined from 15% (5-year average) to 11% last year, showing deteriorating capital efficiency and lower incremental returns
- TTM profit has declined 10% and 3-year compounded profit growth is -3%, indicating the earnings cycle has turned negative
- 1-year stock return of -18% reflects market's recognition of weakening fundamentals and potential further de-rating risk
- 3-year ROE of only 13.6% is low for a capital-intensive industrial company, suggesting suboptimal asset utilization
- 3-year sales CAGR of -6% combined with 3-year stock CAGR of only 5% suggests the earlier re-rating has already played out without fundamental support
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 43d ago Neutral 1
- CFO resigns citing personal reasons Jul 3
CFO Arup Mandal resigned on July 2, 2026, citing personal reasons. No successor announced yet.
TL;DR: Limited recent news flow for Maharashtra Seamless. The only development is the CFO's resignation on personal grounds, which creates near-term uncertainty around financial leadership but is not necessarily indicative of deeper issues. Watch for a successor appointment and upcoming quarterly results for clearer directional signals.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,223 | 1,535 | 1,431 | 1,215 | 1,151 | 1,292 | 1,408 | 1,418 | 1,145 | 1,159 | 1,090 | 1,280 | 1,091 |
| Expenses | 988 | 1,207 | 1,065 | 945 | 1,032 | 1,065 | 1,132 | 1,133 | 980 | 1,040 | 941 | 1,046 | 912 |
| Operating Profit | 235 | 328 | 366 | 270 | 119 | 227 | 276 | 285 | 165 | 119 | 149 | 234 | 179 |
| OPM % | 19% | 21% | 26% | 22% | 10% | 18% | 20% | 20% | 14% | 10% | 14% | 18% | 16% |
| Other Income | 33 | 30 | 35 | 44 | 65 | 91 | 2 | 40 | 160 | 76 | 200 | -51 | 174 |
| Interest | 7 | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 |
| Depreciation | 34 | 26 | 26 | 24 | 25 | 25 | 25 | 25 | 25 | 25 | 29 | 31 | 31 |
| PBT | 228 | 331 | 374 | 290 | 158 | 292 | 252 | 299 | 300 | 169 | 319 | 151 | 322 |
| Tax % | 9% | 24% | 26% | 25% | 18% | 25% | 26% | 19% | 23% | 26% | 24% | 32% | 17% |
| Net Profit | 207 | 251 | 276 | 218 | 129 | 220 | 186 | 242 | 230 | 125 | 243 | 103 | 266 |
| EPS in Rs | 15.42 | 18.69 | 20.59 | 16.3 | 9.65 | 16.42 | 13.89 | 18.06 | 17.19 | 9.35 | 18.13 | 7.67 | 19.88 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,355 | 1,019 | 1,434 | 2,150 | 3,052 | 2,645 | 2,308 | 4,211 | 5,716 | 5,404 | 5,269 | 4,674 | 4,620 |
| Expenses | 1,249 | 980 | 1,209 | 1,839 | 2,383 | 2,135 | 1,867 | 3,628 | 4,705 | 4,205 | 4,361 | 4,005 | 3,939 |
| Operating Profit | 105 | 38 | 225 | 311 | 669 | 509 | 441 | 583 | 1,011 | 1,199 | 908 | 669 | 681 |
| OPM % | 8% | 3.8% | 16% | 14% | 22% | 19% | 19% | 14% | 18% | 22% | 17% | 14% | 15% |
| Other Income | 74 | 57 | 76 | 99 | -117 | -197 | -91 | 111 | 88 | 142 | 196 | 383 | 399 |
| Interest | 20 | 26 | 34 | 42 | 39 | 64 | 56 | 45 | 38 | 8 | 3 | 3 | 3 |
| Depreciation | 31 | 71 | 71 | 76 | 80 | 88 | 121 | 138 | 138 | 110 | 101 | 110 | 116 |
| PBT | 129 | -2 | 196 | 292 | 433 | 161 | 173 | 511 | 924 | 1,223 | 1,000 | 939 | 962 |
| Tax % | 29% | 1521% | 41% | 31% | 53% | 29% | 30% | -35% | 17% | 22% | 22% | 25% | — |
| Net Profit | 118 | -24 | 116 | 200 | 202 | 115 | 121 | 692 | 768 | 952 | 777 | 701 | 737 |
| EPS in Rs | 8.79 | -1.81 | 9.21 | 15.73 | 17.48 | 6.26 | 7.32 | 51.62 | 57.07 | 71 | 58.03 | 52.34 | 55.03 |
| Div. Payout % | 28% | -69% | 27% | 19% | 17% | 20% | 24% | 5% | 9% | 14% | 17% | 19% | — |
Balance Sheet
| Particulars | 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 |
| Borrowings | 916 | 665 | 703 | 626 | 1,059 | 1,145 | 922 | 709 | 244 | 0 | 0 | 13 |
| Other Liabilities | 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 |
| Fixed Assets | 1,472 | 1,121 | 1,095 | 1,235 | 1,173 | 2,364 | 2,268 | 2,135 | 2,016 | 1,950 | 1,862 | 1,862 |
| CWIP | 37 | 31 | 119 | 17 | 23 | 29 | 9 | 13 | 14 | 3 | 14 | 73 |
| Investments | 1,373 | 1,444 | 1,529 | 1,461 | 1,276 | 1,007 | 1,071 | 646 | 1,177 | 2,098 | 2,892 | 3,821 |
| Other Assets | 1,143 | 1,088 | 1,113 | 1,326 | 2,322 | 1,840 | 2,008 | 2,593 | 2,651 | 2,533 | 2,265 | 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 Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 104 | 122 | 241 | 93 | -183 | 748 | 447 | -269 | 912 | 1,041 | 610 | 933 |
| Investing | -630 | 12 | -107 | 13 | -161 | -730 | -183 | 563 | -386 | -722 | -486 | -775 |
| Financing | 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 | 35 |
| Free Cash Flow | -48 | 109 | 108 | -10 | -206 | -98 | 428 | -277 | 893 | 1,009 | 586 | 764 |
| CFO/OP | 132 | 378 | 139 | 57 | -1 | 172 | 106 | -49 | 97 | 105 | 86 | 165 |
Ratios
| Particulars | 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 | 116 |
| ROCE % | 3% | 0% | 6% | 9% | 18% | 11% | 9% | 12% | 20% | 23% | 17% | 14% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Maharashtra Seamless insights
65 extracted metrics + investor summaries across FY09–FY27.
Documents
1
Announcement under Regulation 30 (LODR)-Newspaper Publication
17h - Notice to shareholders published in newspaper regarding transfer of equity shares to IEPF 17h - Notice to shareholders published in newspaper regarding transfer of equity shares to IEPF
2
Board Meeting Intimation for Audited Financial Results For The Quarter And Year Ended On 31St March, 2026.
12h - Board meets 22 May 2026 to approve FY26 audited results and consider dividend. 12h - Board meets 22 May 2026 to approve FY26 audited results and consider dividend.
3
Intimation Regarding Notice Given To Shareholders
7 May - Company sent notices on 6 May 2026 for seven-year unclaimed dividends and IEPF transfer. 7 May - Company sent notices on 6 May 2026 for seven-year unclaimed dividends and IEPF transfer.
4
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 - Closure Of Subsidiary
9 Apr - Internovia Natural Resources FZ LLC was voluntarily struck off; company says no impact on operations or finances. 9 Apr - Internovia Natural Resources FZ LLC was voluntarily struck off; company says no impact on operations or finances.
Frequently Asked Questions about Maharashtra Seamless
What does Maharashtra Seamless Ltd do?
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]
Where is Maharashtra Seamless Ltd (MAHSEAMLES) listed?
Maharashtra Seamless Ltd trades as MAHSEAMLES on the NSE and under code 500265 on the BSE.
Which sector does Maharashtra Seamless Ltd belong to?
Maharashtra Seamless Ltd is classified under the Industrial Products sector, in the Iron & Steel Products industry.
What is the market capitalisation of Maharashtra Seamless Ltd?
Maharashtra Seamless Ltd has a market capitalisation of ₹9,728 Cr, which places it in the Mid Cap band.
What is the PE ratio of Maharashtra Seamless Ltd?
Maharashtra Seamless Ltd trades at a PE ratio of 13.25, on earnings per share of ₹65.23, against a book value of ₹512.89 per share.
What is the 52-week high and low of Maharashtra Seamless Ltd?
Over the last 52 weeks Maharashtra Seamless Ltd has traded between ₹500.7 and ₹724.
Does Maharashtra Seamless Ltd pay dividends?
Maharashtra Seamless Ltd has a dividend yield of 1.39%.
What is the Return on Equity (ROE) of Maharashtra Seamless Ltd?
Maharashtra Seamless Ltd reported a return on equity of 10.19%. Its debt-to-equity ratio is 0.00.
Company Information
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]
Website jindal.com
CEO Mr. Saket Jindal B.B.A.
Employees 1,829
Listed 2004-08-25
Face Value ₹ 5
Issued Size 13,39,99,252
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