WEBSITE BSE:500265 NSE: MAH.SEAMLESS Inc. Year: 1988 Industry: Steel & Iron Products
Last updated: 15:59
Maharashtra Seamless Ltd is an India-based business enterprise, that is engaged in production metal pipes and tubes. The Company operates via segments: Steel Pipes & Tubes and Power - Electricity. It gives electric resistance welding (ERW) pipes, such as mild metallic (MS) and galvanized pipes and American Petroleum Institute (API) line pipes; seamless pipes, including hot completed pipes and tubes, cold drawn tubes and boiler tubes; covered pipes, including three layer polyethylene coating, fusion bonded epoxy coating, internal coating and th...Read More
Maharashtra Seamless Ltd is an India-based business enterprise, that is engaged in production metal pipes and tubes. The Company operates via segments: Steel Pipes & Tubes and Power - Electricity. It gives electric resistance welding (ERW) pipes, such as mild metallic (MS) and galvanized pipes and American Petroleum Institute (API) line pipes; seamless pipes, including hot completed pipes and tubes, cold drawn tubes and boiler tubes; covered pipes, including three layer polyethylene coating, fusion bonded epoxy coating, internal coating and three layer polypropylene, and pipe fittings. Its manufacturing plant has a capability to produce 150,000 tons/annum (TPA) of carbon and alloy steel hot finished and cold completed seamless pipes with length variety from 10.3millimeters (mm) to 177.8 mm. It has a seven megawatt wind power producing plant in Maharashtra and a five megawatt solar electricity plant in Rajasthan. The Company additionally owns a 20 megawatt solar energy undertaking in Rajasthan. ...Read Less
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Market Cap ₹7367 Cr.
Stock P/E 9.5
P/B 1.1
Current Price ₹549.8
Book Value ₹ 507.9
Face Value 5
52W High ₹774
Dividend Yield 1.82%
52W Low ₹ 500
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1535 | 1431 | 1215 | 1151 | 1292 | 1408 | 1418 | 1145 | 1159 | 1090 |
| Other Income | 30 | 35 | 44 | 65 | 91 | 2 | 40 | 160 | 76 | 200 |
| Total Income | 1565 | 1466 | 1259 | 1216 | 1383 | 1410 | 1458 | 1305 | 1234 | 1290 |
| Total Expenditure | 1203 | 1061 | 940 | 1027 | 1061 | 1129 | 1133 | 977 | 1036 | 938 |
| Operating Profit | 362 | 405 | 319 | 189 | 322 | 281 | 325 | 328 | 198 | 352 |
| Interest | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 1 |
| Depreciation | 26 | 26 | 24 | 25 | 25 | 25 | 25 | 25 | 25 | 29 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 336 | 378 | 295 | 163 | 296 | 256 | 299 | 303 | 173 | 323 |
| Provision for Tax | 81 | 98 | 71 | 29 | 72 | 66 | 57 | 69 | 44 | 77 |
| Profit After Tax | 255 | 280 | 223 | 134 | 224 | 190 | 243 | 233 | 129 | 246 |
| Adjustments | -5 | -4 | -5 | -5 | -4 | -4 | -1 | -3 | -4 | -3 |
| Profit After Adjustments | 250 | 276 | 218 | 129 | 220 | 186 | 242 | 230 | 125 | 243 |
| Adjusted Earnings Per Share | 18.7 | 20.6 | 16.3 | 9.6 | 16.4 | 13.9 | 18.1 | 17.2 | 9.3 | 18.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1355 | 1019 | 1434 | 2150 | 3052 | 2645 | 2308 | 4211 | 5716 | 5404 | 5269 | 4812 |
| Other Income | 74 | 94 | 76 | 66 | 70 | 65 | 87 | 111 | 92 | 142 | 203 | 476 |
| Total Income | 1429 | 1112 | 1511 | 2216 | 3121 | 2710 | 2396 | 4322 | 5809 | 5546 | 5472 | 5287 |
| Total Expenditure | 1249 | 984 | 1209 | 1840 | 2384 | 2120 | 1843 | 3598 | 4679 | 4183 | 4355 | 4084 |
| Operating Profit | 180 | 128 | 301 | 376 | 737 | 591 | 553 | 723 | 1129 | 1364 | 1117 | 1203 |
| Interest | 20 | 26 | 34 | 42 | 39 | 64 | 56 | 45 | 38 | 8 | 3 | 2 |
| Depreciation | 31 | 71 | 71 | 76 | 80 | 88 | 121 | 138 | 138 | 110 | 101 | 104 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -210 | -247 | -177 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 129 | -1 | 196 | 292 | 433 | 161 | 173 | 511 | 924 | 1223 | 1000 | 1098 |
| Provision for Tax | 37 | 23 | 81 | 92 | 231 | 46 | 51 | -180 | 156 | 271 | 223 | 247 |
| Profit After Tax | 92 | -24 | 116 | 200 | 202 | 115 | 121 | 692 | 768 | 952 | 777 | 851 |
| Adjustments | 26 | 0 | 8 | 11 | 32 | -31 | -23 | 0 | -3 | -0 | 0 | -11 |
| Profit After Adjustments | 118 | -24 | 123 | 211 | 234 | 84 | 98 | 692 | 765 | 951 | 777 | 840 |
| Adjusted Earnings Per Share | 8.5 | -1.8 | 9.2 | 15.7 | 17.5 | 6.3 | 7.3 | 51.6 | 57.1 | 71 | 58 | 62.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -2% | 8% | 15% | 15% |
| Operating Profit CAGR | -18% | 16% | 14% | 20% |
| PAT CAGR | -18% | 4% | 47% | 24% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -17% | 17% | 31% | 23% |
| ROE Average | 13% | 16% | 14% | 9% |
| ROCE Average | 17% | 20% | 15% | 11% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 2934 | 2646 | 2746 | 2930 | 3070 | 3205 | 3299 | 3984 | 4774 | 5731 | 6340 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 429 | 272 | 180 | 472 | 833 | 809 | 694 | 515 | 162 | 0 | 0 |
| Other Non-Current Liabilities | 121 | 265 | 262 | 277 | 289 | 262 | 313 | 104 | 380 | 422 | 422 |
| Total Current Liabilities | 541 | 502 | 668 | 361 | 602 | 964 | 1049 | 784 | 543 | 430 | 271 |
| Total Liabilities | 4026 | 3684 | 3856 | 4039 | 4795 | 5239 | 5356 | 5388 | 5859 | 6583 | 7033 |
| Fixed Assets | 1472 | 1121 | 1095 | 1235 | 1173 | 2364 | 2268 | 2135 | 2016 | 1950 | 1864 |
| Other Non-Current Assets | 1145 | 1127 | 1324 | 1339 | 1233 | 1055 | 939 | 605 | 636 | 1024 | 735 |
| Total Current Assets | 1409 | 1436 | 1437 | 1466 | 2388 | 1820 | 2148 | 2647 | 3208 | 3609 | 4435 |
| Total Assets | 4026 | 3684 | 3856 | 4039 | 4795 | 5239 | 5356 | 5388 | 5859 | 6583 | 7033 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 36 | 9 | 3 | 4 | 15 | 59 | 84 | 63 | 71 | 54 | 55 |
| Cash Flow from Operating Activities | 104 | 122 | 241 | 93 | -183 | 748 | 447 | -269 | 912 | 1041 | 610 |
| Cash Flow from Investing Activities | -627 | 55 | -101 | 12 | -156 | -744 | -178 | 554 | -382 | -722 | -486 |
| Cash Flow from Financing Activities | 527 | -141 | -133 | -95 | 387 | 7 | -285 | -286 | -542 | -320 | -136 |
| Net Cash Inflow / Outflow | 5 | 37 | 7 | 10 | 49 | 11 | -16 | -1 | -12 | 0 | -13 |
| Closing Cash & Cash Equivalent | 38 | 3 | 4 | 15 | 59 | 84 | 63 | 71 | 54 | 55 | 42 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 8.54 | -1.81 | 9.21 | 15.73 | 17.48 | 6.26 | 7.32 | 51.62 | 57.07 | 70.99 | 58.02 |
| CEPS(Rs) | 9.13 | 3.49 | 13.94 | 20.62 | 21.01 | 15.12 | 18.13 | 61.9 | 67.56 | 79.21 | 65.54 |
| DPS(Rs) | 5 | 2.5 | 5 | 6 | 6 | 2.5 | 3.5 | 2.5 | 5 | 10 | 10 |
| Book NAV/Share(Rs) | 168.56 | 152.63 | 160.15 | 218.66 | 229.11 | 239.16 | 245.88 | 297.03 | 355.96 | 427.36 | 472.82 |
| Core EBITDA Margin(%) | 7.25 | 3.08 | 14.27 | 14.22 | 21.89 | 19.86 | 20.16 | 14.54 | 18.14 | 22.6 | 17.35 |
| EBIT Margin(%) | 10.25 | 2.2 | 14.61 | 15.3 | 15.46 | 8.5 | 9.89 | 13.21 | 16.83 | 22.78 | 19.04 |
| Pre Tax Margin(%) | 8.86 | -0.13 | 12.46 | 13.39 | 14.19 | 6.08 | 7.48 | 12.14 | 16.16 | 22.63 | 18.98 |
| PAT Margin (%) | 6.29 | -2.18 | 7.35 | 9.17 | 6.62 | 4.34 | 5.26 | 16.43 | 13.43 | 17.61 | 14.75 |
| Cash Profit Margin (%) | 8.4 | 4.21 | 11.85 | 12.67 | 9.23 | 7.66 | 10.52 | 19.7 | 15.84 | 19.64 | 16.67 |
| ROA(%) | 2.5 | -0.63 | 3.07 | 5.07 | 4.57 | 2.29 | 2.29 | 12.88 | 13.65 | 15.3 | 11.42 |
| ROE(%) | 4.09 | -1.13 | 5.53 | 7.89 | 6.73 | 3.66 | 3.74 | 19.01 | 17.55 | 18.13 | 12.89 |
| ROCE(%) | 5.4 | 0.84 | 8.33 | 10.42 | 12.28 | 5.3 | 5.33 | 12.49 | 19.83 | 22.93 | 16.63 |
| Receivable days | 79.82 | 92.63 | 66.62 | 58.58 | 52.86 | 58.87 | 65.79 | 44.56 | 38.29 | 39.2 | 40.59 |
| Inventory Days | 115.94 | 162.1 | 113.85 | 83.14 | 76.6 | 105.79 | 137.16 | 104.36 | 93.88 | 104.08 | 101.07 |
| Payable days | 42.25 | 50.5 | 53.74 | 34.82 | 39.2 | 95.27 | 172.02 | 77.62 | 38.11 | 32.7 | 24.48 |
| PER(x) | 11.55 | 0 | 19.12 | 13.52 | 14.22 | 15.45 | 18.84 | 5.34 | 6.27 | 11.92 | 11.76 |
| Price/Book(x) | 0.59 | 0.47 | 1.1 | 0.97 | 1.08 | 0.4 | 0.56 | 0.93 | 1 | 1.98 | 1.44 |
| Dividend Yield(%) | 2.53 | 1.73 | 1.42 | 1.41 | 1.21 | 1.29 | 1.27 | 0.91 | 1.4 | 1.18 | 1.47 |
| EV/Net Sales(x) | 1.62 | 1.57 | 2.13 | 1.61 | 1.42 | 0.89 | 1.17 | 1.03 | 0.87 | 2.09 | 1.73 |
| EV/Core EBITDA(x) | 12.22 | 12.46 | 10.14 | 9.2 | 5.87 | 3.99 | 4.89 | 5.99 | 4.41 | 8.27 | 8.14 |
| Net Sales Growth(%) | 12.06 | -24.8 | 40.79 | 49.92 | 41.93 | -13.34 | -12.72 | 82.42 | 35.76 | -5.46 | -2.51 |
| EBIT Growth(%) | 27.76 | -83.55 | 838.44 | 44.98 | 41.37 | -52.39 | 1.62 | 143.55 | 73 | 27.99 | -18.54 |
| PAT Growth(%) | -5.33 | -126.55 | 576.41 | 72.79 | 0.9 | -43.2 | 5.88 | 469.52 | 10.98 | 23.98 | -18.32 |
| EPS Growth(%) | 14.91 | -121.24 | 607.42 | 70.83 | 11.14 | -64.19 | 16.89 | 605.57 | 10.56 | 24.39 | -18.27 |
| Debt/Equity(x) | 0.32 | 0.27 | 0.29 | 0.21 | 0.34 | 0.36 | 0.28 | 0.18 | 0.05 | 0 | 0 |
| Current Ratio(x) | 2.6 | 2.86 | 2.15 | 4.07 | 3.97 | 1.89 | 2.05 | 3.38 | 5.9 | 8.39 | 16.35 |
| Quick Ratio(x) | 1.7 | 1.87 | 1.43 | 2.65 | 2.69 | 1.1 | 1.12 | 1.55 | 3.13 | 4.73 | 11.4 |
| Interest Cover(x) | 7.38 | 0.94 | 6.79 | 8 | 12.14 | 3.51 | 4.1 | 12.39 | 25.1 | 145.37 | 363.39 |
| Total Debt/Mcap(x) | 0.59 | 0.59 | 0.27 | 0.22 | 0.32 | 0.88 | 0.5 | 0.19 | 0.05 | 0 | 0 |
| # | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 67.86 | 67.86 | 68 | 68 | 68.04 | 68.07 | 68.86 | 68.87 | 69.05 | 69.81 |
| FII | 7.99 | 10.5 | 11.97 | 9.23 | 7.97 | 9.12 | 9.63 | 10.42 | 9.86 | 9.52 |
| DII | 4.26 | 4.18 | 3.82 | 5.27 | 4.34 | 3.82 | 3.92 | 4.06 | 3.61 | 2.89 |
| Public | 19.89 | 17.45 | 16.22 | 17.5 | 19.65 | 19 | 17.59 | 16.65 | 17.48 | 17.78 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 9.09 | 9.09 | 9.11 | 9.11 | 9.12 | 9.12 | 9.23 | 9.23 | 9.25 | 9.35 |
| FII | 1.07 | 1.41 | 1.6 | 1.24 | 1.07 | 1.22 | 1.29 | 1.4 | 1.32 | 1.28 |
| DII | 0.57 | 0.56 | 0.51 | 0.71 | 0.58 | 0.51 | 0.53 | 0.54 | 0.48 | 0.39 |
| Public | 2.67 | 2.34 | 2.17 | 2.34 | 2.63 | 2.55 | 2.36 | 2.23 | 2.34 | 2.38 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 13.4 | 13.4 | 13.4 | 13.4 | 13.4 | 13.4 | 13.4 | 13.4 | 13.4 | 13.4 |
* The pros and cons are machine generated.
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