Maharashtra Seamless Ltd.

•

jindal.comBSE: 500265NSE: MAHSEAMLES

Market Cap₹ 9,770 Cr.

Current Price

High / Low₹ 738 / 501

Stock P/E12.9

Book Value₹ 532

Price to Book1.09

Dividend Yield1.37 %

ROCE14.6 %

ROE10.9 %

Face Value₹ 5

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Steel Pipes & Tubes: 90.3% • Others: 7.6% • Wind Power: 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 38.4% CAGR over last 5 years
Company is almost debt free
Company has delivered good sales growth of 16.0% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.05x)
Company comfortably covers its interest (379.1x coverage)
Company has a consistent dividend-paying track record

CONS

A large part of profit comes from other income (40.5% of PBT)
Recent results are weak - TTM profit is down 20.7% versus prior year
Working capital days have increased from 288 to 401 days
Operating margins have contracted to 14.7% from 18.1%
Growth is decelerating - 3Y profit CAGR (-3.3%) trails the 5Y trend (38.4%)

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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	1,430	1,215	1,151	1,291	1,408	1,416	1,143	1,158	1,090	1,280	1,091
	979	1,202	1,061	939	1,025	1,060	1,128	1,131	974	1,035	937	1,041	940
Operating Profit	244	333	370	276	126	231	280	285	169	123	153	239	152
OPM %	19.95%	21.69%	25.84%	22.73%	10.94%	17.89%	19.89%	20.13%	14.77%	10.64%	14.08%	18.66%	13.90%
	33	29	35	44	65	91	2	40	160	76	200	-51	175
Interest	7	1	1	0	1	1	1	1	0	0	1	1	1
Depreciation	34	25	25	25	25	25	25	25	25	25	29	31	31
Profit before Tax	237	336	378	295	165	296	256	299	303	174	324	156	327
Tax %	8.86%	23.97%	25.94%	24.24%	17.55%	24.22%	25.67%	18.93%	22.87%	25.31%	23.71%	31.00%	17.14%
Net Profit	216	256	280	223	136	224	190	243	234	130	247	108	271
	16.10	19.07	20.92	16.66	10.15	16.73	14.19	18.10	17.45	9.67	18.44	8.02	20.21

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,428	2,130	3,040	2,617	2,225	3,975	5,707	5,403	5,266	4,671	4,620
	1,208	1,824	2,377	2,081	1,779	3,371	4,673	4,180	4,350	3,987	3,952
Operating Profit	220	305	664	536	446	603	1,034	1,223	916	684	667
OPM %	15.43%	14.34%	21.82%	20.49%	20.06%	15.18%	18.12%	22.63%	17.39%	14.65%	14.44%
	85	68	-76	-384	-100	90	86	141	203	384	400
Interest	10	9	16	48	48	41	36	8	3	3	3
Depreciation	69	74	78	79	105	121	136	109	100	110	115
Profit before Tax	226	290	493	25	193	531	949	1,246	1,016	957	980
Tax %	35.53%	31.67%	46.78%	181.31%	26.52%	-34.02%	16.45%	21.76%	21.95%	24.92%	22.96%
Net Profit	146	198	262	-21	142	711	793	975	793	718	755
EPS	21.72	29.62	39.16	-3.09	21.13	53.09	59.18	72.76	59.17	53.59	—
Dividend Payout %	23.02%	20.26%	15.32%	-81.01%	16.56%	4.71%	8.45%	13.74%	16.90%	18.66%	—

COMPOUNDED SALES GROWTH

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

COMPOUNDED PROFIT GROWTH

10 Years:: 37%
5 Years:: 38%
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

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	33	33	33	33	33	33	67	67	67	67
	2,779	2,938	3,153	3,083	3,210	3,919	4,639	5,547	6,206	6,791
	31	24	509	790	654	547	229	59	54	61
Trade Payables	139	130	273	570	733	479	296	292	152	251
	303	323	363	441	506	293	554	496	480	544
Total Liabilities	3,285	3,449	4,332	4,918	5,137	5,271	5,784	6,460	6,959	7,714
	1,086	1,222	1,162	1,923	1,844	2,129	2,011	1,945	1,859	1,860
Capital Work in Progress	118	17	23	29	9	13	14	3	10	68
	836	719	759	796	882	548	1,121	1,993	2,836	3,828
	484	509	769	712	870	1,432	1,503	1,573	1,339	1,138
	0	0	0	0	0	0	644	521	658	543
Cash & Bank	6	10	60	3	50	66	50	55	41	77
	755	971	1,559	1,455	1,482	1,084	441	370	216	201
Total Assets	3,285	3,449	4,332	4,918	5,137	5,271	5,784	6,460	6,959	7,714

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	245	170	-8	879	524	-289	908	1,048	607	966
Cash from Investing	-151	-34	-181	-1,027	-307	423	-466	-722	-486	-807
Cash from Financing	-20	-49	415	221	-146	-147	-457	-320	-137	-123
	3	4	51	-57	47	4	-16	6	-15	36

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

Loading news…

🤖

AI Stock Analyst

Maharashtra Seamless Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account

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

1,430

1,215

1,151

1,291

1,408

1,416

1,143

1,158

1,090

1,280

1,091

979

1,202

1,061

939

1,025

1,060

1,128

1,131

974

1,035

937

1,041

940

Operating Profit

244

333

370

276

126

231

280

285

169

123

153

239

152

OPM %

19.95%

21.69%

25.84%

22.73%

10.94%

17.89%

19.89%

20.13%

14.77%

10.64%

14.08%

18.66%

13.90%

160

200

-51

175

Interest

Depreciation

Profit before Tax

237

336

378

295

165

296

256

299

303

174

324

156

327

Tax %

8.86%

23.97%

25.94%

24.24%

17.55%

24.22%

25.67%

18.93%

22.87%

25.31%

23.71%

31.00%

17.14%

Net Profit

216

256

280

223

136

224

190

243

234

130

247

108

271

16.10

19.07

20.92

16.66

10.15

16.73

14.19

18.10

17.45

9.67

18.44

8.02

20.21

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

1,428

2,130

3,040

2,617

2,225

3,975

5,707

5,403

5,266

4,671

4,620

1,208

1,824

2,377

2,081

1,779

3,371

4,673

4,180

4,350

3,987

3,952

Operating Profit

220

305

664

536

446

603

1,034

1,223

916

684

667

OPM %

15.43%

14.34%

21.82%

20.49%

20.06%

15.18%

18.12%

22.63%

17.39%

14.65%

14.44%

-76

-384

-100

141

203

384

400

Interest

Depreciation

105

121

136

109

100

110

115

Profit before Tax

226

290

493

193

531

949

1,246

1,016

957

980

Tax %

35.53%

31.67%

46.78%

181.31%

26.52%

-34.02%

16.45%

21.76%

21.95%

24.92%

22.96%

Net Profit

146

198

262

-21

142

711

793

975

793

718

755

EPS

21.72

29.62

39.16

-3.09

21.13

53.09

59.18

72.76

59.17

53.59

—

Dividend Payout %

23.02%

20.26%

15.32%

-81.01%

16.56%

4.71%

8.45%

13.74%

16.90%

18.66%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

2,779

2,938

3,153

3,083

3,210

3,919

4,639

5,547

6,206

6,791

509

790

654

547

229

Trade Payables

139

130

273

570

733

479

296

292

152

251

303

323

363

441

506

293

554

496

480

544

Total Liabilities

3,285

3,449

4,332

4,918

5,137

5,271

5,784

6,460

6,959

7,714

1,086

1,222

1,162

1,923

1,844

2,129

2,011

1,945

1,859

1,860

Capital Work in Progress

118

836

719

759

796

882

548

1,121

1,993

2,836

3,828

484

509

769

712

870

1,432

1,503

1,573

1,339

1,138

644

521

658

543

Cash & Bank

755

971

1,559

1,455

1,482

1,084

441

370

216

201

Total Assets

3,285

3,449

4,332

4,918

5,137

5,271

5,784

6,460

6,959

7,714

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

245

170

-8

879

524

-289

908

1,048

607

966

Cash from Investing

-151

-34

-181

-1,027

-307

423

-466

-722

-486

-807

Cash from Financing

-20

-49

415

221

-146

-147

-457

-320

-137

-123

-57

-16

-15

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

Sign in to Chat with AI

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