Maharashtra Seamless Ltd.
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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 GENERATEDCapital Goods
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1308.00 | 12.91 | 319865.38 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 185.95 | 21.04 | 232129.86 | 2.15 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 184.00 | 17.79 | 76001.67 | 1.28 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2775.65 | 31.71 | 73219.05 | 0.18 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 762.35 | 19.35 | 62849.63 | 0.52 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2198.00 | 49.66 | 61029.32 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1086.30 | 27.00 | 30322.09 | 0.41 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 13.88 | 14.03 |
| JINDALSAW | 317.60 | 31.08 | 20310.78 | 0.63 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2808.00 | 45.47 | 19681.83 | 0.36 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 537.05 | 16.75 | 18924.64 | 0.37 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 252.40 | 21.07 | 16992.55 | 0.40 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| MAHSEAMLES | 718.10 | 13.05 | 9622.49 | 1.39 | 266.40 | 15.68 | 1091.20 | -4.72 | 14.25 | 16.42 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - 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 - Maharashtra Seamless Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 15, 2026
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 - Maharashtra Seamless Limited has informed the Exchange about Transcript
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 - Maharashtra Seamless Limited has informed the Exchange about Link of Recording
2026-08-07 - Maharashtra Seamless Limited has informed the Exchange about Presentation
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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