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Maharashtra Seamless

MAHSEAMLES NSE
₹556.65 +9.70 (+1.77%)
P/E
10.12
View as Markdown
MCP
Close 4 Nov 2026 ₹556.65 +9.00 +1.64% 1Y
Start ₹547.65

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
14.30%
Debt to Equity
0.00
EPS (TTM)
₹55.03
Book Value
₹512.89
Market Cap
—
P/E (TTM)
10.12
P/B
1.09
ROE
10.70%
Dividend Yield
1.83%
EBITDA
₹1,069 Cr
52W High
₹768.00
52W Low
₹500.70
Day Range
₹537.05 – ₹563.50
Volume
2,99,438

Peer Comparison

Industrials › Industrial Products › Iron & Steel Products

Maharashtra Seamless peer comparison
Welspun Corp
₹2,400.0027.41₹60,980 Cr5.960.22%19.40%22.90%₹17,300 Cr₹2,319 Cr
APL Apollo Tubes
₹2,199.8049.69₹60,246 Cr10.640.39%25.40%31.80%₹23,065 Cr₹1,229 Cr
Shyam Metalics & Energy
₹1,231.4030.60₹34,478 Cr2.780.15%9.70%13.00%₹19,584 Cr₹1,121 Cr
Ratnamani Metals & Tubes
₹2,449.4039.67₹17,025 Cr4.180.42%12.60%17.90%₹4,314 Cr₹514 Cr
Jindal SAW
₹253.2229.51₹15,754 Cr1.280.81%8.20%10.40%₹18,501 Cr₹498 Cr
Usha Martin
₹486.0029.21₹14,245 Cr4.490.81%15.10%19.50%₹3,837 Cr₹508 Cr
Gallantt Ispat
₹529.1529.28₹12,939 Cr3.660.38%15.60%18.20%₹4,437 Cr₹436 Cr
Maharashtra Seamless (this company)
₹556.6510.12₹7,293 Cr1.091.83%10.70%14.30%₹4,620 Cr₹737 Cr
Median 8 companies₹894.0329.40₹16,390 Cr3.920.41%13.85%18.05%₹10,960 Cr₹626 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

58 Good

Data confidence 100/100

Category scores

Quality
57
Good
Returns, margins, earnings quality 22% weight
Valuation
89
Strong
Cheap vs sector & own history 24% weight
Growth
8
Poor
Sales & profit trajectory 9% weight
Financial Health
73
Strong
Solvency, leverage, coverage 9% weight
Momentum
25
Poor
Trend strength, vol-adjusted 12% weight
Ownership
53
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is almost debt free.
  • Stock is trading at 1.18 times its book value

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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1054
OscillatorsNeutral252
Moving AveragesStrong Bearish802

Key readings

RSI (14)
38.79
Neutral
MACD (12,26,9)
−31.40
Bullish
SMA (50)
642.69
Bearish
SMA (200)
602.17
Bearish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+16.45%
5Y+15.16%
3Y−6.49%
1Y−11.29%
TTM−12.22%

Net profit

Net profit growth by window
10YTurned to profit
5Y+42.10%
3Y−3.00%
1Y−9.78%
TTM−16.06%

Operating cash flow

Operating cash flow growth by window
10Y+22.56%
5Y+15.86%
3Y+0.76%
1Y+52.95%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+10.58 pp
5Y−4.80 pp
3Y−3.38 pp
1Y−2.92 pp
TTM−3.37 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,434 Cr
Mar 2018₹2,150 Cr
Mar 2019₹3,052 Cr
Mar 2020₹2,645 Cr
Mar 2021₹2,308 Cr
Mar 2022₹4,211 Cr
Mar 2023₹5,716 Cr
Mar 2024₹5,404 Cr
Mar 2025₹5,269 Cr
Mar 2026₹4,674 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹116 Cr
Mar 2018₹200 Cr
Mar 2019₹202 Cr
Mar 2020₹115 Cr
Mar 2021₹121 Cr
Mar 2022₹692 Cr
Mar 2023₹768 Cr
Mar 2024₹952 Cr
Mar 2025₹777 Cr
Mar 2026₹701 Cr

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI 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 7
  • Company is almost debt-free, providing financial resilience and flexibility during cyclical downturns in the steel pipe industry
  • 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

95d ago

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.

Neutral 1
  • CFO resigns citing personal reasons Jul 3

    CFO Arup Mandal resigned on July 2, 2026, citing personal reasons. No successor announced yet.

Quarterly Results

₹ Cr
MAHSEAMLES quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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 (₹)
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

₹ Cr
MAHSEAMLES profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
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%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
27%
19%
17%
20%
24%
5%
9%
14%
17%
19%
—

Balance Sheet

₹ Cr
MAHSEAMLES balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
MAHSEAMLES cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

MAHSEAMLES financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Maharashtra Seamless insights

64 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 70.30%
  • Public 11.02%
  • FIIs 9.93%
  • Others 4.88%
  • DIIs 3.87%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

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
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 PE ratio of Maharashtra Seamless Ltd?
Maharashtra Seamless Ltd trades at a PE ratio of 10.12 as of 4 Nov 2026, on earnings per share of ₹55.03, 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 ₹768 as of 4 Nov 2026.
Does Maharashtra Seamless Ltd pay dividends?
Maharashtra Seamless Ltd has a dividend yield of 1.83%.
What is the Return on Equity (ROE) of Maharashtra Seamless Ltd?
Maharashtra Seamless Ltd reported a return on equity of 10.70%. 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

Website jindal.com
CEO Mr. Saket Jindal B.B.A.
Employees 1,829
Listed 25 Aug 2004
Face Value ₹5

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