Maharashtra Seamless Ltd.

•

jindal.comBSE: 500265NSE: MAHSEAMLES

Market Cap₹ 9,770 Cr.

Current Price

High / Low₹ 738 / 501

Stock P/E13.2

Book Value₹ 533

Price to Book1.09

Dividend Yield1.37 %

ROCE14.2 %

ROE10.6 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Steel Pipes & Tubes: 90.2% • Others: 7.6% • Power - Electricity: 1.6%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 42.0% CAGR over last 5 years
Company is almost debt free
Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.06x)
Company has delivered good sales growth of 15.2% CAGR over last 5 years

CONS

A large part of profit comes from other income (41.3% of PBT)
Recent results are weak - TTM profit is down 22.0% versus prior year
Working capital days have increased from 288 to 403 days
Operating margins have contracted to 14.6% from 18.1%
Growth is decelerating - 3Y profit CAGR (-3.0%) trails the 5Y trend (42.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsIron & SteelSteel & Iron Products

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	JSWSTEEL	1267.50	12.51	309961.29	0.56	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	182.85	20.69	228259.99	2.19	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	179.00	17.31	73936.40	1.31	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2676.25	30.57	70596.97	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	755.20	19.16	62260.17	0.53	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2153.00	48.64	59779.85	0.39	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1074.35	26.70	29988.53	0.42	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	JINDALSAW	311.85	30.52	19943.06	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2808.15	45.47	19682.88	0.36	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	524.75	16.37	18491.21	0.38	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	244.50	20.41	16460.69	0.41	222.37	2.75	1750.47	32.29	20.20	19.36
12.	MAHSEAMLES	729.10	13.25	9769.89	1.37	266.40	15.68	1091.20	-4.72	14.25	16.42

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	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
	979	1,203	1,061	940	1,027	1,061	1,129	1,133	977	1,036	938	1,042	939
Operating Profit	244	332	370	275	124	231	280	285	169	123	152	238	152
OPM %	19.95%	21.65%	25.85%	22.64%	10.81%	17.88%	19.86%	20.11%	14.71%	10.59%	13.97%	18.57%	13.90%
	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
Profit before Tax	236	336	378	295	163	296	256	299	303	173	323	155	322
Tax %	8.88%	23.98%	25.94%	24.23%	17.71%	24.23%	25.71%	18.92%	22.90%	25.41%	23.80%	31.25%	17.37%
Net Profit	0	0	0	0	129	220	186	242	230	125	243	103	266
	15.41	18.69	20.59	16.30	9.65	16.42	13.89	18.06	17.19	9.35	18.12	7.67	19.88

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,434	2,150	3,052	2,645	2,308	4,211	5,716	5,404	5,269	4,674	4,620
	1,209	1,840	2,384	2,120	1,843	3,598	4,679	4,183	4,355	3,993	3,956
Operating Profit	225	310	668	525	465	612	1,037	1,221	914	681	664
OPM %	15.68%	14.43%	21.89%	19.86%	20.16%	14.54%	18.14%	22.60%	17.35%	14.57%	14.38%
	76	66	-141	-182	-89	111	92	142	203	385	399
Interest	34	42	39	64	56	45	38	8	3	3	3
Depreciation	71	76	80	88	121	138	138	110	101	110	116
Profit before Tax	196	292	433	161	173	511	924	1,223	1,000	939	973
Tax %	41.01%	31.48%	53.37%	28.65%	29.63%	-35.30%	16.89%	22.17%	22.28%	25.38%	23.14%
Net Profit	116	200	202	115	121	692	768	952	777	701	748
EPS	18.41	31.45	34.96	12.52	14.63	51.62	57.07	70.99	58.02	52.33	—
Dividend Payout %	27.16%	19.08%	17.16%	19.97%	23.92%	4.84%	8.76%	14.09%	17.23%	19.11%	—

COMPOUNDED SALES GROWTH

10 Years:: 16%
5 Years:: 15%
3 Years:: -6%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 48%
3 Years:: -3%

STOCK PRICE CAGR

10 Years:: 21%
5 Years:: 36%
3 Years:: 9%
1 Year:: 15%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 16%
3 Years:: 14%
Last Year:: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	33	33	33	33	33	33	67	67	67	67
	2,650	2,896	3,037	3,171	3,265	3,951	4,707	5,664	6,273	6,809
	662	640	1,084	853	733	552	234	64	60	66
Trade Payables	139	130	274	572	742	482	296	293	152	251
	371	340	367	610	582	370	554	496	481	545
Total Liabilities	3,856	4,039	4,795	5,239	5,356	5,388	5,859	6,583	7,033	7,739
	1,095	1,235	1,173	2,364	2,268	2,135	2,016	1,950	1,862	1,862
Capital Work in Progress	119	17	23	29	9	13	14	3	14	72
	1,529	1,461	1,276	1,007	1,071	646	1,177	2,098	2,892	3,821
	484	510	771	762	973	1,435	1,506	1,576	1,342	1,139
	0	0	0	0	0	0	642	518	653	565
Cash & Bank	7	17	61	86	65	73	56	56	44	79
	621	799	1,490	992	969	1,085	447	382	226	201
Total Assets	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 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	312	176	-8	879	469	-287	912	1,041	610	933
Cash from Investing	-101	12	-156	-744	-178	554	-382	-722	-486	-774
Cash from Financing	-133	-95	387	7	-285	-286	-542	-320	-136	-123
	7	10	49	11	-16	-1	-12	0	-13	36

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	68.04	68.07	68.86	68.87	69.05	69.81	70.28	70.28
	7.97	9.12	9.63	10.42	9.86	9.51	9.59	9.72
	4.34	3.81	3.93	4.07	3.62	2.89	3.27	3.82
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	19.65	19.00	17.59	16.65	17.49	17.79	16.86	16.19

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-25

Updates

2026-08-25 - Maharashtra Seamless Limited has informed the Exchange regarding Letter Sent To Shareholders For Annual Report Web-Link And Path

2026-08-25

Copy of Newspaper Publication

2026-08-25 - Maharashtra Seamless Limited has informed the Exchange about Copy of Newspaper Publication regarding Notice of Annual General Meeting including e-voting information sent to Shareholders.

2026-08-24

Shareholders meeting

2026-08-24 - Maharashtra Seamless Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 15, 2026

2026-08-21

Copy of Newspaper Publication

2026-08-21 - Maharashtra Seamless Limited has informed the Exchange about Copy of Newspaper Publication regarding Pre AGM Notice and Record Date

2026-08-12

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-12 - Maharashtra Seamless Limited has informed the Exchange about Transcript

2026-08-10

Copy of Newspaper Publication

2026-08-10 - Maharashtra Seamless Limited has informed the Exchange about Copy of Newspaper Publication of Financial Results for the quarter ended on June 30, 2026

2026-08-08

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-08 - Maharashtra Seamless Limited has informed the Exchange about Link of Recording

2026-08-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Maharashtra Seamless Limited has informed the Exchange about Presentation

2026-08-07

Appointment

2026-08-07 - Maharashtra Seamless Limited has informed the Exchange regarding Appointment of Mr Raj Kamal Agarwal as Independent Director of the company w.e.f. August 07, 2026.

News

Recent coverage and analyst commentary for MAHSEAMLES

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Maharashtra Seamless Ltd.

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Name

JSWSTEEL

1267.50

12.51

309961.29

0.56

4696.00

112.58

47364.00

11.55

20.67

19.60

TATASTEEL

182.85

20.69

228259.99

2.19

2385.24

18.82

60794.29

15.26

12.70

15.40

SAIL

179.00

17.31

73936.40

1.31

1644.05

120.80

26245.67

1.25

7.08

15.92

WELCORP

2676.25

30.57

70596.97

0.19

1047.88

200.11

4081.12

14.91

23.94

32.17

JSL

755.20

19.16

62260.17

0.53

768.66

7.56

11278.54

10.50

19.19

12.09

APLAPOLLO

2153.00

48.64

59779.85

0.39

263.11

10.94

5606.71

12.07

31.83

7.34

SHYAMMETL

1074.35

26.70

29988.53

0.42

3507.30

1106.63

54550.90

1133.35

13.88

14.03

JINDALSAW

311.85

30.52

19943.06

0.64

90.79

-78.15

4452.31

9.00

10.38

8.79

RATNAMANI

2808.15

45.47

19682.88

0.36

107.03

-15.82

971.63

-15.63

18.01

16.69

SARDAEN

524.75

16.37

18491.21

0.38

478.13

9.50

1608.04

-1.07

17.76

41.59

GPIL

244.50

20.41

16460.69

0.41

222.37

2.75

1750.47

32.29

20.20

19.36

MAHSEAMLES

729.10

13.25

9769.89

1.37

266.40

15.68

1091.20

-4.72

14.25

16.42

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

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

979

1,203

1,061

940

1,027

1,061

1,129

1,133

977

1,036

938

1,042

939

Operating Profit

244

332

370

275

124

231

280

285

169

123

152

238

152

OPM %

19.95%

21.65%

25.85%

22.64%

10.81%

17.88%

19.86%

20.11%

14.71%

10.59%

13.97%

18.57%

13.90%

160

200

-51

174

Interest

Depreciation

Profit before Tax

236

336

378

295

163

296

256

299

303

173

323

155

322

Tax %

8.88%

23.98%

25.94%

24.23%

17.71%

24.23%

25.71%

18.92%

22.90%

25.41%

23.80%

31.25%

17.37%

Net Profit

129

220

186

242

230

125

243

103

266

15.41

18.69

20.59

16.30

9.65

16.42

13.89

18.06

17.19

9.35

18.12

7.67

19.88

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

1,434

2,150

3,052

2,645

2,308

4,211

5,716

5,404

5,269

4,674

4,620

1,209

1,840

2,384

2,120

1,843

3,598

4,679

4,183

4,355

3,993

3,956

Operating Profit

225

310

668

525

465

612

1,037

1,221

914

681

664

OPM %

15.68%

14.43%

21.89%

19.86%

20.16%

14.54%

18.14%

22.60%

17.35%

14.57%

14.38%

-141

-182

-89

111

142

203

385

399

Interest

Depreciation

121

138

110

101

110

116

Profit before Tax

196

292

433

161

173

511

924

1,223

1,000

939

973

Tax %

41.01%

31.48%

53.37%

28.65%

29.63%

-35.30%

16.89%

22.17%

22.28%

25.38%

23.14%

Net Profit

116

200

202

115

121

692

768

952

777

701

748

EPS

18.41

31.45

34.96

12.52

14.63

51.62

57.07

70.99

58.02

52.33

—

Dividend Payout %

27.16%

19.08%

17.16%

19.97%

23.92%

4.84%

8.76%

14.09%

17.23%

19.11%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

2,650

2,896

3,037

3,171

3,265

3,951

4,707

5,664

6,273

6,809

662

640

1,084

853

733

552

234

Trade Payables

139

130

274

572

742

482

296

293

152

251

371

340

367

610

582

370

554

496

481

545

Total Liabilities

3,856

4,039

4,795

5,239

5,356

5,388

5,859

6,583

7,033

7,739

1,095

1,235

1,173

2,364

2,268

2,135

2,016

1,950

1,862

Capital Work in Progress

119

1,529

1,461

1,276

1,007

1,071

646

1,177

2,098

2,892

3,821

484

510

771

762

973

1,435

1,506

1,576

1,342

1,139

642

518

653

565

Cash & Bank

621

799

1,490

992

969

1,085

447

382

226

201

Total Assets

3,856

4,039

4,795

5,239

5,356

5,388

5,859

6,583

7,033

7,739

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

312

176

-8

879

469

-287

912

1,041

610

933

Cash from Investing

-101

-156

-744

-178

554

-382

-722

-486

-774

Cash from Financing

-133

-95

387

-285

-286

-542

-320

-136

-123

-16

-1

-12

-13

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

68.04

68.07

68.86

68.87

69.05

69.81

70.28

7.97

9.12

9.63

10.42

9.86

9.51

9.59

9.72

4.34

3.81

3.93

4.07

3.62

2.89

3.27

3.82

Government

0.00

19.65

19.00

17.59

16.65

17.49

17.79

16.86

16.19

Maharashtra Seamless Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Maharashtra Seamless Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI