Maharashtra Seamless Ltd.

•

₹ 634.153.86%

2026-08-21

jindal.comBSE: 500265NSE: MAHSEAMLES

Market Cap₹ 8,186 Cr.

Current Price₹ 634

High / Low₹ 690 / 501

Stock P/E0.0

Book Value₹ 532

Price to Book1.46

Dividend Yield1.64 %

ROCE17.2 %

ROE13.3 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Steel Pipes & Tubes: 93.7% • Others: 3.6% • Wind Power: 1.4% • RIG: 1.3%

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 20.5%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.00x)
Company has delivered good sales growth of 15.0% CAGR over last 5 years
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Receivables are growing faster than sales - a possible quality concern
Recent results are weak - TTM profit is down 20.7% versus prior year
Working capital days have increased from 214 to 288 days
Expensive relative to growth - PEG of 3.1

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

Peer comparison

EDIT COLUMNS

Capital GoodsIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	JSWSTEEL	1296.00	12.79	316930.83	0.55	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	183.25	20.73	228759.33	2.18	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	174.85	16.90	72222.23	1.34	1644.05	120.80	26245.67	1.25	6.39	15.92
4.	APLAPOLLO	2142.50	48.40	59488.31	0.40	263.11	10.94	5606.71	12.07	22.90	7.34
5.	JSL	718.45	18.23	59230.43	0.56	768.66	7.56	11278.54	10.50	19.19	12.09
6.	WELCORP	2004.10	22.89	52866.28	0.25	1047.88	200.11	4081.12	14.91	23.94	32.17
7.	SHYAMMETL	996.80	24.77	27823.86	0.45	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	SARDAEN	508.30	15.85	17911.54	0.39	478.13	9.50	1608.04	-1.07	15.84	41.59
9.	JINDALSAW	269.60	26.38	17241.14	0.74	90.79	-78.15	4452.31	9.00	10.38	8.79
10.	GPIL	247.45	20.65	16655.80	0.40	222.37	2.75	1750.47	32.29	23.51	19.36
11.	RATNAMANI	2285.90	37.01	16022.33	0.44	107.03	-15.82	971.63	-15.63	18.01	16.69
12.	MAHSEAMLES	610.90	11.10	8186.01	1.64	266.40	15.68	1091.20	-4.72	16.63	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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	33	29	35	44	65	91	2	40	160	76	200	-48	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
	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	19	21	17	10	17	14	18	17	10	18	8	2
Equity Capital	67	67	67	67	67	67	67	67	67	67	67	67	67
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	67	67	67	67	67	67	67	67	67	67	67	67	67
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 1,223
: 979
Operating Profit: —
OPM %: —
Other Income: 33
Interest: 7
Depreciation: 34
: 237
Tax %: 8.86%
Net Profit: 216
: 16
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 1,535
: 1,202
Operating Profit: —
OPM %: —
Other Income: 29
Interest: 1
Depreciation: 25
: 336
Tax %: 23.97%
Net Profit: 256
: 19
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 1,430
: 1,061
Operating Profit: —
OPM %: —
Other Income: 35
Interest: 1
Depreciation: 25
: 378
Tax %: 25.94%
Net Profit: 280
: 21
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 1,215
: 939
Operating Profit: —
OPM %: —
Other Income: 44
Interest: 0
Depreciation: 25
: 295
Tax %: 24.24%
Net Profit: 223
: 17
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 1,151
: 1,025
Operating Profit: —
OPM %: —
Other Income: 65
Interest: 1
Depreciation: 25
: 165
Tax %: 17.55%
Net Profit: 136
: 10
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 1,291
: 1,060
Operating Profit: —
OPM %: —
Other Income: 91
Interest: 1
Depreciation: 25
: 296
Tax %: 24.22%
Net Profit: 224
: 17
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 1,408
: 1,128
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 1
Depreciation: 25
: 256
Tax %: 25.67%
Net Profit: 190
: 14
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 1,416
: 1,131
Operating Profit: —
OPM %: —
Other Income: 40
Interest: 1
Depreciation: 25
: 299
Tax %: 18.93%
Net Profit: 243
: 18
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 1,143
: 974
Operating Profit: —
OPM %: —
Other Income: 160
Interest: 0
Depreciation: 25
: 303
Tax %: 22.87%
Net Profit: 234
: 17
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 1,158
: 1,035
Operating Profit: —
OPM %: —
Other Income: 76
Interest: 0
Depreciation: 25
: 174
Tax %: 25.31%
Net Profit: 130
: 10
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 1,090
: 937
Operating Profit: —
OPM %: —
Other Income: 200
Interest: 1
Depreciation: 29
: 324
Tax %: 23.71%
Net Profit: 247
: 18
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 1,280
: 1,041
Operating Profit: —
OPM %: —
Other Income: -48
Interest: 1
Depreciation: 31
: 156
Tax %: 31.00%
Net Profit: 108
: 8
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 1,091
: 940
Operating Profit: —
OPM %: —
Other Income: 175
Interest: 1
Depreciation: 31
: 327
Tax %: 17.14%
Net Profit: 271
: 2
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 67
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1,015	1,428	2,130	3,040	2,617	2,225	3,975	5,707	5,403	5,266	4,620
	983	1,208	1,824	2,377	2,081	1,779	3,371	4,673	4,180	4,344	3,952
Operating Profit	130	305	374	733	603	537	693	1,121	1,364	1,119	—
OPM %	13	21	18	24	23	24	17	20	25	21	—
Other Income	99	85	68	70	66	91	90	86	141	197	403
Interest	7	10	9	16	48	48	41	36	8	3	3
Depreciation	70	69	74	78	79	105	121	136	109	100	115
	54	226	290	493	25	193	531	949	1,246	1,016	980
Tax %	42	36	32	47	181	27	-34	16	22	22	23
Net Profit	31	146	198	262	-21	142	711	793	975	793	755
EPS	5	22	30	39	-3	21	53	59	73	59	—
Dividend Payout %	53	23	20	15	-81	17	5	8	14	17	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	2	11	15	20	-2	11	53	59	73	59	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	2	11	15	20	-2	11	53	59	73	59	—

Mar 2016

: 1,015
: 983
Operating Profit: 130
OPM %: 13
Other Income: 99
Interest: 7
Depreciation: 70
: 54
Tax %: 42
Net Profit: 31
EPS: 5
Dividend Payout %: 53
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2017

: 1,428
: 1,208
Operating Profit: 305
OPM %: 21
Other Income: 85
Interest: 10
Depreciation: 69
: 226
Tax %: 36
Net Profit: 146
EPS: 22
Dividend Payout %: 23
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11

Mar 2018

: 2,130
: 1,824
Operating Profit: 374
OPM %: 18
Other Income: 68
Interest: 9
Depreciation: 74
: 290
Tax %: 32
Net Profit: 198
EPS: 30
Dividend Payout %: 20
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 15

Mar 2019

: 3,040
: 2,377
Operating Profit: 733
OPM %: 24
Other Income: 70
Interest: 16
Depreciation: 78
: 493
Tax %: 47
Net Profit: 262
EPS: 39
Dividend Payout %: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 20
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 20

Mar 2020

: 2,617
: 2,081
Operating Profit: 603
OPM %: 23
Other Income: 66
Interest: 48
Depreciation: 79
: 25
Tax %: 181
Net Profit: -21
EPS: -3
Dividend Payout %: -81
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -2

Mar 2021

: 2,225
: 1,779
Operating Profit: 537
OPM %: 24
Other Income: 91
Interest: 48
Depreciation: 105
: 193
Tax %: 27
Net Profit: 142
EPS: 21
Dividend Payout %: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11

Mar 2022

: 3,975
: 3,371
Operating Profit: 693
OPM %: 17
Other Income: 90
Interest: 41
Depreciation: 121
: 531
Tax %: -34
Net Profit: 711
EPS: 53
Dividend Payout %: 5
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 53
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 53

Mar 2023

: 5,707
: 4,673
Operating Profit: 1,121
OPM %: 20
Other Income: 86
Interest: 36
Depreciation: 136
: 949
Tax %: 16
Net Profit: 793
EPS: 59
Dividend Payout %: 8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 59
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 59

Mar 2024

: 5,403
: 4,180
Operating Profit: 1,364
OPM %: 25
Other Income: 141
Interest: 8
Depreciation: 109
: 1,246
Tax %: 22
Net Profit: 975
EPS: 73
Dividend Payout %: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 73
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 73

Mar 2025

: 5,266
: 4,344
Operating Profit: 1,119
OPM %: 21
Other Income: 197
Interest: 3
Depreciation: 100
: 1,016
Tax %: 22
Net Profit: 793
EPS: 59
Dividend Payout %: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 59
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 59

TTM

: 4,620
: 3,952
Operating Profit: —
OPM %: —
Other Income: 403
Interest: 3
Depreciation: 115
: 980
Tax %: 23
Net Profit: 755
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: 15%
5 Years:: 15%
3 Years:: 10%

COMPOUNDED PROFIT GROWTH

10 Years:: 21%
5 Years:: —
3 Years:: 4%

STOCK PRICE CAGR

10 Years:: 20%
5 Years:: 31%
3 Years:: 10%
1 Year:: -6%

RETURN ON EQUITY

10 Years:: 10%
5 Years:: 15%
3 Years:: 17%
Last Year:: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	33	33	33	33	33	33	33	67	67	67
	2,654	2,779	2,938	3,153	3,083	3,210	3,919	4,639	5,547	6,206
	7	2	3	39	6	0	0	82	0	0
Trade Payables	132	139	130	273	570	733	479	296	292	152
	320	332	344	834	1,225	1,160	840	700	554	535
Total Liabilities	3,147	3,285	3,449	4,332	4,918	5,137	5,271	5,784	6,460	6,959
ASSETS	-	-	-	-	-	-	-	-	-	-
	1,110	1,086	1,222	1,162	1,923	1,844	2,129	2,011	1,945	1,859
Capital Work in Progress	31	118	17	23	29	9	13	14	3	9
	662	836	719	759	796	882	548	1,121	1,993	2,836
	499	484	509	769	712	870	1,432	1,503	1,573	1,339
	0	0	0	0	0	0	0	0	521	658
Cash & Bank	3	6	10	60	3	50	66	50	55	41
	841	755	971	1,559	1,455	1,482	1,084	1,085	370	217
Total Assets	3,147	3,285	3,449	4,332	4,918	5,137	5,271	5,784	6,460	6,959
Total Debt	7	18	15	489	802	718	633	244	0	0
Net Working Capital	1,502	1,363	1,436	2,040	1,257	1,030	1,932	2,653	3,169	4,157
Contingent Liabilities	2,349	2,172	1,840	1,841	1,557	1,048	968	799	717	768
Book Value per Share	320.88	419.83	443.49	475.56	465.20	484.12	589.31	350.88	418.64	467.82
Face Value	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00
Total Debt	7	18	15	489	802	718	633	244	0	0
Net Working Capital	1,502	1,363	1,436	2,040	1,257	1,030	1,932	2,653	3,169	4,157
Contingent Liabilities	2,349	2,172	1,840	1,841	1,557	1,048	968	799	717	768
Book Value per Share	320.88	419.83	443.49	475.56	465.20	484.12	589.31	350.88	418.64	467.82
Face Value	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00

Mar 2016

Equity Capital: 33
: 2,654
: 7
Trade Payables: 132
: 320
Total Liabilities: 3,147
: 1,110
Capital Work in Progress: 31
: 662
: 499
: 0
Cash & Bank: 3
: 841
Total Assets: 3,147
Total Debt: 7
Net Working Capital: 1,502
Contingent Liabilities: 2,349
Book Value per Share: 320.88
Face Value: 5.00
Total Debt: 7
Net Working Capital: 1,502
Contingent Liabilities: 2,349
Book Value per Share: 320.88
Face Value: 5.00

Mar 2017

Equity Capital: 33
: 2,779
: 2
Trade Payables: 139
: 332
Total Liabilities: 3,285
: 1,086
Capital Work in Progress: 118
: 836
: 484
: 0
Cash & Bank: 6
: 755
Total Assets: 3,285
Total Debt: 18
Net Working Capital: 1,363
Contingent Liabilities: 2,172
Book Value per Share: 419.83
Face Value: 5.00
Total Debt: 18
Net Working Capital: 1,363
Contingent Liabilities: 2,172
Book Value per Share: 419.83
Face Value: 5.00

Mar 2018

Equity Capital: 33
: 2,938
: 3
Trade Payables: 130
: 344
Total Liabilities: 3,449
: 1,222
Capital Work in Progress: 17
: 719
: 509
: 0
Cash & Bank: 10
: 971
Total Assets: 3,449
Total Debt: 15
Net Working Capital: 1,436
Contingent Liabilities: 1,840
Book Value per Share: 443.49
Face Value: 5.00
Total Debt: 15
Net Working Capital: 1,436
Contingent Liabilities: 1,840
Book Value per Share: 443.49
Face Value: 5.00

Mar 2019

Equity Capital: 33
: 3,153
: 39
Trade Payables: 273
: 834
Total Liabilities: 4,332
: 1,162
Capital Work in Progress: 23
: 759
: 769
: 0
Cash & Bank: 60
: 1,559
Total Assets: 4,332
Total Debt: 489
Net Working Capital: 2,040
Contingent Liabilities: 1,841
Book Value per Share: 475.56
Face Value: 5.00
Total Debt: 489
Net Working Capital: 2,040
Contingent Liabilities: 1,841
Book Value per Share: 475.56
Face Value: 5.00

Mar 2020

Equity Capital: 33
: 3,083
: 6
Trade Payables: 570
: 1,225
Total Liabilities: 4,918
: 1,923
Capital Work in Progress: 29
: 796
: 712
: 0
Cash & Bank: 3
: 1,455
Total Assets: 4,918
Total Debt: 802
Net Working Capital: 1,257
Contingent Liabilities: 1,557
Book Value per Share: 465.20
Face Value: 5.00
Total Debt: 802
Net Working Capital: 1,257
Contingent Liabilities: 1,557
Book Value per Share: 465.20
Face Value: 5.00

Mar 2021

Equity Capital: 33
: 3,210
: 0
Trade Payables: 733
: 1,160
Total Liabilities: 5,137
: 1,844
Capital Work in Progress: 9
: 882
: 870
: 0
Cash & Bank: 50
: 1,482
Total Assets: 5,137
Total Debt: 718
Net Working Capital: 1,030
Contingent Liabilities: 1,048
Book Value per Share: 484.12
Face Value: 5.00
Total Debt: 718
Net Working Capital: 1,030
Contingent Liabilities: 1,048
Book Value per Share: 484.12
Face Value: 5.00

Mar 2022

Equity Capital: 33
: 3,919
: 0
Trade Payables: 479
: 840
Total Liabilities: 5,271
: 2,129
Capital Work in Progress: 13
: 548
: 1,432
: 0
Cash & Bank: 66
: 1,084
Total Assets: 5,271
Total Debt: 633
Net Working Capital: 1,932
Contingent Liabilities: 968
Book Value per Share: 589.31
Face Value: 5.00
Total Debt: 633
Net Working Capital: 1,932
Contingent Liabilities: 968
Book Value per Share: 589.31
Face Value: 5.00

Mar 2023

Equity Capital: 67
: 4,639
: 82
Trade Payables: 296
: 700
Total Liabilities: 5,784
: 2,011
Capital Work in Progress: 14
: 1,121
: 1,503
: 0
Cash & Bank: 50
: 1,085
Total Assets: 5,784
Total Debt: 244
Net Working Capital: 2,653
Contingent Liabilities: 799
Book Value per Share: 350.88
Face Value: 5.00
Total Debt: 244
Net Working Capital: 2,653
Contingent Liabilities: 799
Book Value per Share: 350.88
Face Value: 5.00

Mar 2024

Equity Capital: 67
: 5,547
: 0
Trade Payables: 292
: 554
Total Liabilities: 6,460
: 1,945
Capital Work in Progress: 3
: 1,993
: 1,573
: 521
Cash & Bank: 55
: 370
Total Assets: 6,460
Total Debt: 0
Net Working Capital: 3,169
Contingent Liabilities: 717
Book Value per Share: 418.64
Face Value: 5.00
Total Debt: 0
Net Working Capital: 3,169
Contingent Liabilities: 717
Book Value per Share: 418.64
Face Value: 5.00

Mar 2025

Equity Capital: 67
: 6,206
: 0
Trade Payables: 152
: 535
Total Liabilities: 6,959
: 1,859
Capital Work in Progress: 9
: 2,836
: 1,339
: 658
Cash & Bank: 41
: 217
Total Assets: 6,959
Total Debt: 0
Net Working Capital: 4,157
Contingent Liabilities: 768
Book Value per Share: 467.82
Face Value: 5.00
Total Debt: 0
Net Working Capital: 4,157
Contingent Liabilities: 768
Book Value per Share: 467.82
Face Value: 5.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	19	174	87	-183	749	501	-272	908	1,048	607
Cash from Investing	19	-151	-34	-181	-1,027	-307	423	-466	-722	-486
Cash from Financing	-41	-20	-49	415	221	-146	-147	-457	-320	-137
	-3	3	4	51	-57	47	4	-16	6	-15
Free Cash Flow	7	42	-22	-206	-96	500	-1,084	890	1,016	587
OCF / Net Profit	0.60	1.20	0.44	-0.70	-36.21	3.54	-0.38	1.14	1.07	0.77
Cumulative 5-Year FCF	0	0	0	0	-276	218	-908	4	1,226	1,909
OCF / Net Profit	0.60	1.20	0.44	-0.70	-36.21	3.54	-0.38	1.14	1.07	0.77
Cumulative 5-Year FCF	0	0	0	0	-276	218	-908	4	1,226	1,909

Mar 2016

: 19
Cash from Investing: 19
Cash from Financing: -41
: -3
Free Cash Flow: 7
OCF / Net Profit: 0.60
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.60
Cumulative 5-Year FCF: 0

Mar 2017

: 174
Cash from Investing: -151
Cash from Financing: -20
: 3
Free Cash Flow: 42
OCF / Net Profit: 1.20
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.20
Cumulative 5-Year FCF: 0

Mar 2018

: 87
Cash from Investing: -34
Cash from Financing: -49
: 4
Free Cash Flow: -22
OCF / Net Profit: 0.44
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.44
Cumulative 5-Year FCF: 0

Mar 2019

: -183
Cash from Investing: -181
Cash from Financing: 415
: 51
Free Cash Flow: -206
OCF / Net Profit: -0.70
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.70
Cumulative 5-Year FCF: 0

Mar 2020

: 749
Cash from Investing: -1,027
Cash from Financing: 221
: -57
Free Cash Flow: -96
OCF / Net Profit: -36.21
Cumulative 5-Year FCF: -276
OCF / Net Profit: -36.21
Cumulative 5-Year FCF: -276

Mar 2021

: 501
Cash from Investing: -307
Cash from Financing: -146
: 47
Free Cash Flow: 500
OCF / Net Profit: 3.54
Cumulative 5-Year FCF: 218
OCF / Net Profit: 3.54
Cumulative 5-Year FCF: 218

Mar 2022

: -272
Cash from Investing: 423
Cash from Financing: -147
: 4
Free Cash Flow: -1,084
OCF / Net Profit: -0.38
Cumulative 5-Year FCF: -908
OCF / Net Profit: -0.38
Cumulative 5-Year FCF: -908

Mar 2023

: 908
Cash from Investing: -466
Cash from Financing: -457
: -16
Free Cash Flow: 890
OCF / Net Profit: 1.14
Cumulative 5-Year FCF: 4
OCF / Net Profit: 1.14
Cumulative 5-Year FCF: 4

Mar 2024

: 1,048
Cash from Investing: -722
Cash from Financing: -320
: 6
Free Cash Flow: 1,016
OCF / Net Profit: 1.07
Cumulative 5-Year FCF: 1,226
OCF / Net Profit: 1.07
Cumulative 5-Year FCF: 1,226

Mar 2025

: 607
Cash from Investing: -486
Cash from Financing: -137
: -15
Free Cash Flow: 587
OCF / Net Profit: 0.77
Cumulative 5-Year FCF: 1,909
OCF / Net Profit: 0.77
Cumulative 5-Year FCF: 1,909

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	4.70	21.72	29.62	39.16	-3.09	21.13	106.18	59.18	72.76	59.17
Book Value (₹)	320.88	419.83	443.49	475.56	465.20	484.12	589.31	350.88	418.64	467.82
Dividend per Share (₹)	2.50	5.00	6.00	6.00	2.50	3.50	5.00	5.00	10.00	10.00
Cash EPS (₹)	7.54	16.04	20.36	25.39	4.33	18.43	62.13	69.32	80.91	66.67
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	11.75%	19.45%	17.29%	24.12%	23.03%	24.14%	17.44%	19.64%	22.63%	17.51%
Net Margin %	2.84%	9.27%	9.18%	8.63%	-0.79%	6.36%	17.90%	13.89%	18.04%	15.06%
ROE %	1.43%	5.86%	6.86%	8.52%	-0.66%	4.45%	19.78%	18.33%	18.91%	13.35%
ROCE %	2.75%	9.47%	10.28%	15.29%	1.93%	6.11%	13.39%	20.67%	23.77%	17.15%
	1.01%	4.53%	5.89%	6.74%	-0.45%	2.82%	13.67%	14.35%	15.92%	11.82%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	93	67	59	53	60	68	47	39	39	41
Inventory Days	163	114	84	77	103	130	106	94	104	101
Payable Days	49	54	35	39	96	175	82	38	33	24
	206	127	108	91	67	23	71	94	111	117
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.00x	0.01x	0.01x	0.15x	0.26x	0.22x	0.16x	0.05x	0.00x	0.00x
Interest Coverage (x)	9.28x	22.88x	34.41x	30.97x	1.53x	5.01x	13.88x	27.59x	148.64x	340.72x
	8.73x	7.58x	8.17x	5.91x	2.58x	2.07x	3.74x	5.89x	8.38x	16.41x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	-25.13%	40.78%	49.12%	42.75%	-13.93%	-14.97%	78.63%	43.59%	-5.33%	-2.54%
Operating Profit Growth %	-32.32%	134.46%	22.31%	96.30%	-17.83%	-10.86%	29.07%	61.66%	21.70%	-17.93%
Net Profit Growth %	-74.32%	362.28%	36.36%	32.23%	-107.88%	784.78%	402.44%	11.47%	22.94%	-18.68%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.94%	-18.68%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	11.63x	11.53x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.02x	1.46x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.18%	1.47%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.27x	8.13x

Mar 2016

EPS (₹): 4.70
Book Value (₹): 320.88
Dividend per Share (₹): 2.50
Cash EPS (₹): 7.54
Operating Margin %: 11.75%
Net Margin %: 2.84%
ROE %: 1.43%
ROCE %: 2.75%
: 1.01%
Debtor Days: 93
Inventory Days: 163
Payable Days: 49
: 206
Debt to Equity (x): 0.00x
Interest Coverage (x): 9.28x
: 8.73x
Revenue Growth %: -25.13%
Operating Profit Growth %: -32.32%
Net Profit Growth %: -74.32%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 21.72
Book Value (₹): 419.83
Dividend per Share (₹): 5.00
Cash EPS (₹): 16.04
Operating Margin %: 19.45%
Net Margin %: 9.27%
ROE %: 5.86%
ROCE %: 9.47%
: 4.53%
Debtor Days: 67
Inventory Days: 114
Payable Days: 54
: 127
Debt to Equity (x): 0.01x
Interest Coverage (x): 22.88x
: 7.58x
Revenue Growth %: 40.78%
Operating Profit Growth %: 134.46%
Net Profit Growth %: 362.28%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 29.62
Book Value (₹): 443.49
Dividend per Share (₹): 6.00
Cash EPS (₹): 20.36
Operating Margin %: 17.29%
Net Margin %: 9.18%
ROE %: 6.86%
ROCE %: 10.28%
: 5.89%
Debtor Days: 59
Inventory Days: 84
Payable Days: 35
: 108
Debt to Equity (x): 0.01x
Interest Coverage (x): 34.41x
: 8.17x
Revenue Growth %: 49.12%
Operating Profit Growth %: 22.31%
Net Profit Growth %: 36.36%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 39.16
Book Value (₹): 475.56
Dividend per Share (₹): 6.00
Cash EPS (₹): 25.39
Operating Margin %: 24.12%
Net Margin %: 8.63%
ROE %: 8.52%
ROCE %: 15.29%
: 6.74%
Debtor Days: 53
Inventory Days: 77
Payable Days: 39
: 91
Debt to Equity (x): 0.15x
Interest Coverage (x): 30.97x
: 5.91x
Revenue Growth %: 42.75%
Operating Profit Growth %: 96.30%
Net Profit Growth %: 32.23%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): -3.09
Book Value (₹): 465.20
Dividend per Share (₹): 2.50
Cash EPS (₹): 4.33
Operating Margin %: 23.03%
Net Margin %: -0.79%
ROE %: -0.66%
ROCE %: 1.93%
: -0.45%
Debtor Days: 60
Inventory Days: 103
Payable Days: 96
: 67
Debt to Equity (x): 0.26x
Interest Coverage (x): 1.53x
: 2.58x
Revenue Growth %: -13.93%
Operating Profit Growth %: -17.83%
Net Profit Growth %: -107.88%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 21.13
Book Value (₹): 484.12
Dividend per Share (₹): 3.50
Cash EPS (₹): 18.43
Operating Margin %: 24.14%
Net Margin %: 6.36%
ROE %: 4.45%
ROCE %: 6.11%
: 2.82%
Debtor Days: 68
Inventory Days: 130
Payable Days: 175
: 23
Debt to Equity (x): 0.22x
Interest Coverage (x): 5.01x
: 2.07x
Revenue Growth %: -14.97%
Operating Profit Growth %: -10.86%
Net Profit Growth %: 784.78%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 106.18
Book Value (₹): 589.31
Dividend per Share (₹): 5.00
Cash EPS (₹): 62.13
Operating Margin %: 17.44%
Net Margin %: 17.90%
ROE %: 19.78%
ROCE %: 13.39%
: 13.67%
Debtor Days: 47
Inventory Days: 106
Payable Days: 82
: 71
Debt to Equity (x): 0.16x
Interest Coverage (x): 13.88x
: 3.74x
Revenue Growth %: 78.63%
Operating Profit Growth %: 29.07%
Net Profit Growth %: 402.44%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 59.18
Book Value (₹): 350.88
Dividend per Share (₹): 5.00
Cash EPS (₹): 69.32
Operating Margin %: 19.64%
Net Margin %: 13.89%
ROE %: 18.33%
ROCE %: 20.67%
: 14.35%
Debtor Days: 39
Inventory Days: 94
Payable Days: 38
: 94
Debt to Equity (x): 0.05x
Interest Coverage (x): 27.59x
: 5.89x
Revenue Growth %: 43.59%
Operating Profit Growth %: 61.66%
Net Profit Growth %: 11.47%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 72.76
Book Value (₹): 418.64
Dividend per Share (₹): 10.00
Cash EPS (₹): 80.91
Operating Margin %: 22.63%
Net Margin %: 18.04%
ROE %: 18.91%
ROCE %: 23.77%
: 15.92%
Debtor Days: 39
Inventory Days: 104
Payable Days: 33
: 111
Debt to Equity (x): 0.00x
Interest Coverage (x): 148.64x
: 8.38x
Revenue Growth %: -5.33%
Operating Profit Growth %: 21.70%
Net Profit Growth %: 22.94%
: 22.94%
P/E (x): 11.63x
P/B (x): 2.02x
Dividend Yield %: 1.18%
: 8.27x

Mar 2025

EPS (₹): 59.17
Book Value (₹): 467.82
Dividend per Share (₹): 10.00
Cash EPS (₹): 66.67
Operating Margin %: 17.51%
Net Margin %: 15.06%
ROE %: 13.35%
ROCE %: 17.15%
: 11.82%
Debtor Days: 41
Inventory Days: 101
Payable Days: 24
: 117
Debt to Equity (x): 0.00x
Interest Coverage (x): 340.72x
: 16.41x
Revenue Growth %: -2.54%
Operating Profit Growth %: -17.93%
Net Profit Growth %: -18.68%
: -18.68%
P/E (x): 11.53x
P/B (x): 1.46x
Dividend Yield %: 1.47%
: 8.13x

Shareholding Pattern

Numbers in percentages

TRADES

	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

Sep 2024

: 68.04
: 7.97
: 4.34
Government: 0.00
: 19.65

Dec 2024

: 68.07
: 9.12
: 3.81
Government: 0.00
: 19.00

Mar 2025

: 68.86
: 9.63
: 3.93
Government: 0.00
: 17.59

Jun 2025

: 68.87
: 10.42
: 4.07
Government: 0.00
: 16.65

Sep 2025

: 69.05
: 9.86
: 3.62
Government: 0.00
: 17.49

Dec 2025

: 69.81
: 9.51
: 2.89
Government: 0.00
: 17.79

Mar 2026

: 70.28
: 9.59
: 3.27
Government: 0.00
: 16.86

Jun 2026

: 70.28
: 9.72
: 3.82
Government: 0.00
: 16.19

Documents

Announcements

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
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-12 - Maharashtra Seamless Limited has informed the Exchange about Transcript

Annual Reports

Nothing filed yet.

Credit Ratings

Nothing filed yet.

Concalls

Aug 2026
TranscriptPPTREC
Feb 2026
Transcript PPTREC
Nov 2025
Transcript PPTREC