Maharashtra Seamless Ltd logo

Maharashtra Seamless Ltd

MAHSEAMLES NSE

Key Fundamentals

MicrocapIron & Steel ProductsIndustrial Products
Market Cap
₹8,371 Cr
Volatility
Moderate
P/E Ratio
11.28
EBITDA
₹665 Cr
Return on Equity
12.26%
Debt to Equity
0
Book Value
₹512.89
EPS
₹65.23
52W High
₹690
52W Low
₹500.7

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Maharashtra Seamless Ltd insights

43 extracted metrics + investor summaries across FY14–FY26.

Log in — free

Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

3
  • Company has a low return on equity of 13.6% over last 3 years.
  • Earnings include an other income of Rs.399 Cr.
  • Working capital days have increased from 222 days to 397 days

Growth Rate

Revenue Growth
-14.48% ↘
Net Income Growth
-4.12% ↘
Cash Flow Change
-41.46% ↘
ROE
-26.19% ↘
ROCE
-25.89% ↘
EBITDA Margin (Avg.)
-35.76% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 18d ago
AI opinion · based on fundamentals
Risk medium

Maharashtra Seamless Ltd is a nearly debt-free industrial products company trading at a market cap of Rs.7,587 Cr with a PE of 10.9x and PB of 1.12x. While the company delivered strong long-term profit CAGR of 40% over 10 years, recent performance shows revenue declining 11% TTM and profit declining 10% TTM, with working capital days nearly doubling to 397 days.

Bull Case 8
  • Company is almost debt-free, providing financial resilience and flexibility during cyclical downturns in the steel pipe industry
  • Stock trades at just 1.12x book value, indicating limited downside from asset value perspective at current levels
  • PE ratio of 10.9x is modest for a company with a 10-year compounded profit growth of 40%, suggesting earnings are not excessively priced
  • Long-term compounded sales growth of 16% over 10 years and 15% over 5 years demonstrates sustained revenue scaling ability
  • 5-year compounded profit growth of 29% reflects strong operating leverage and margin expansion over medium-term cycles
  • Dividend yield of 1.75% provides income return, supported by the debt-free balance sheet enabling consistent payouts
  • 10-year stock CAGR of 18% and 5-year stock CAGR of 30% indicate long-term wealth creation track record
  • 5-year ROE average of 15% shows the company has historically generated reasonable returns on shareholder equity over full cycles
Bear Case 8
  • Working capital days have surged from 222 days to 397 days, indicating severe deterioration in cash conversion efficiency and potential inventory buildup or receivable stress
  • TTM revenue has declined 11% and 3-year compounded sales growth is negative at -6%, signaling sustained demand weakness
  • Other income of Rs.385 Cr forms a significant portion of earnings, meaning core operating profitability is substantially lower than headline numbers suggest
  • ROE has declined from 15% (5-year average) to 11% last year, showing deteriorating capital efficiency and lower incremental returns
  • TTM profit has declined 10% and 3-year compounded profit growth is -3%, indicating the earnings cycle has turned negative
  • 1-year stock return of -18% reflects market's recognition of weakening fundamentals and potential further de-rating risk
  • 3-year ROE of only 13.6% is low for a capital-intensive industrial company, suggesting suboptimal asset utilization
  • 3-year sales CAGR of -6% combined with 3-year stock CAGR of only 5% suggests the earlier re-rating has already played out without fundamental support

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 16d ago
Neutral 1
  • CFO resigns citing personal reasons Jul 3

    CFO Arup Mandal resigned on July 2, 2026, citing personal reasons. No successor announced yet.

TL;DR: Limited recent news flow for Maharashtra Seamless. The only development is the CFO's resignation on personal grounds, which creates near-term uncertainty around financial leadership but is not necessarily indicative of deeper issues. Watch for a successor appointment and upcoming quarterly results for clearer directional signals.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
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
Expenses
988
1,207
1,065
945
1,032
1,065
1,132
1,133
980
1,040
941
1,046
912
Operating Profit
235
328
366
270
119
227
276
285
165
119
149
234
179
OPM %
19%
21%
26%
22%
10%
18%
20%
20%
14%
10%
14%
18%
16%
Other Income
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
PBT
228
331
374
290
158
292
252
299
300
169
319
151
322
Tax %
9%
24%
26%
25%
18%
25%
26%
19%
23%
26%
24%
32%
17%
Net Profit
207
251
276
218
129
220
186
242
230
125
243
103
266
EPS in Rs
15.42
18.69
20.59
16.3
9.65
16.42
13.89
18.06
17.19
9.35
18.13
7.67
19.88
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,355
1,019
1,434
2,150
3,052
2,645
2,308
4,211
5,716
5,404
5,269
4,674
4,620
Expenses
1,249
980
1,209
1,839
2,383
2,135
1,867
3,628
4,705
4,205
4,361
4,007
3,939
Operating Profit
105
38
225
311
669
509
441
583
1,011
1,199
908
668
681
OPM %
8%
3.8%
16%
14%
22%
19%
19%
14%
18%
22%
17%
14%
15%
Other Income
74
57
76
99
-117
-197
-91
111
88
142
196
385
399
Interest
20
26
34
42
39
64
56
45
38
8
3
3
3
Depreciation
31
71
71
76
80
88
121
138
138
110
101
110
116
PBT
129
-2
196
292
433
161
173
511
924
1,223
1,000
939
962
Tax %
29%
1521%
41%
31%
53%
29%
30%
-35%
17%
22%
22%
25%
—
Net Profit
118
-24
116
200
202
115
121
692
768
952
777
701
737
EPS in Rs
8.79
-1.81
9.21
15.73
17.48
6.26
7.32
51.62
57.07
71
58.03
52.34
55.03
Div. Payout %
28%
-69%
27%
19%
17%
20%
24%
5%
9%
14%
17%
19%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
34
34
34
34
34
34
34
34
67
67
67
67
Reserves
2,763
2,549
2,650
2,896
3,037
3,171
3,265
3,951
4,707
5,664
6,273
6,809
Borrowings
916
665
703
626
1,059
1,145
922
709
244
0
0
13
Other Liabilities
313
436
470
483
666
889
1,135
695
841
852
693
849
Total Liabilities
4,026
3,684
3,856
4,039
4,795
5,239
5,356
5,388
5,859
6,583
7,033
7,739
Fixed Assets
1,472
1,121
1,095
1,235
1,173
2,364
2,268
2,135
2,016
1,950
1,864
1,863
CWIP
37
31
119
17
23
29
9
13
14
3
14
72
Investments
1,373
1,444
1,529
1,461
1,276
1,007
1,071
646
1,177
2,098
2,892
3,821
Other Assets
1,143
1,088
1,113
1,326
2,322
1,840
2,008
2,593
2,651
2,533
2,263
1,983
Total Assets
4,026
3,684
3,856
4,039
4,795
5,239
5,356
5,388
5,859
6,583
7,033
7,739
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
104
122
241
93
-183
748
447
-269
912
1,041
610
933
Investing
-630
12
-107
13
-161
-730
-183
563
-386
-722
-486
-775
Financing
527
-141
-133
-95
387
7
-285
-286
-542
-320
-136
-123
Net Cash Flow
2
-6
2
10
44
25
-21
8
-17
0
-13
36
Free Cash Flow
-48
109
108
-10
-206
-98
428
-277
893
1,009
586
765
CFO/OP
132
378
139
57
-1
172
106
-49
97
105
86
165
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
80
96
79
66
59
50
75
48
41
35
45
44
Inventory Days
189
246
192
132
150
172
255
182
148
175
148
140
Days Payable
28
65
55
34
53
129
194
61
29
32
17
31
Cash Conversion Cycle
241
277
215
165
155
93
135
169
160
178
176
153
Working Capital Days
139
165
103
155
196
105
135
148
130
137
133
397
ROCE %
3%
0%
6%
9%
18%
11%
9%
12%
20%
23%
17%
14%

Shareholding Pattern

As of Jun 2026
Promoters 70.28%
Public 11.09%
FIIs 9.72%
Others 5.08%
DIIs 3.84%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
63.78%
63.73%
63.82%
64.90%
67.00%
67.08%
67.25%
67.63%
67.80%
67.80%
67.86%
67.86%
68.00%
68.00%
68.04%
68.07%
68.86%
68.87%
69.05%
69.81%
70.28%
70.28%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
7.99%
10.50%
11.97%
9.23%
7.97%
9.12%
9.63%
10.42%
9.86%
9.52%
9.59%
9.72%
DIIs
5.82%
4.90%
4.12%
2.82%
2.89%
2.93%
4.12%
3.89%
4.05%
2.69%
4.38%
4.31%
3.95%
5.38%
4.38%
3.86%
3.96%
4.08%
3.63%
2.91%
3.29%
3.84%
Government
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%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
13.38%
13.94%
13.92%
14.67%
14.06%
13.98%
13.62%
13.53%
14.34%
12.38%
11.36%
10.27%
9.81%
11.59%
13.23%
12.87%
11.95%
11.13%
12.10%
12.18%
11.62%
11.09%
Others
17.02%
17.43%
18.14%
17.61%
16.04%
16.01%
15.00%
14.95%
13.81%
17.13%
8.41%
7.06%
6.28%
5.80%
6.38%
6.09%
5.60%
5.50%
5.37%
5.59%
5.22%
5.08%
No. of Shareholders
28,053
30,134
29,472
28,760
27,640
30,975
36,513
45,798
47,261
50,771
54,879
61,989
69,663
77,500
96,466
1,29,024
1,05,737
93,504
94,257
92,943
88,783
83,466

Documents

1
Concall - Nov 2018 Nov 2018
2
Concall - Jun 2019 Jun 2019
3
Concall - Sep 2019 Sep 2019
4
Concall - Nov 2021 Nov 2021
5
Concall - Dec 2016 Dec 2016

Frequently Asked Questions about Maharashtra Seamless Ltd

What does Maharashtra Seamless Ltd do?
Incorporated in 1988, Maharashtra Seamless Ltd manufactures seamless pipes & tubes, ERW pipes. It is also in the business of renewable power generation and rig operations[1]
Where is Maharashtra Seamless Ltd (MAHSEAMLES) listed?
Maharashtra Seamless Ltd is listed on the Indian stock exchanges. It is listed on NSE: MAHSEAMLES and BSE: 500265. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Maharashtra Seamless Ltd belong to?
Maharashtra Seamless Ltd operates in the Industrial Products sector within the Iron & Steel Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Maharashtra Seamless Ltd?
Maharashtra Seamless Ltd has a market capitalisation of approximately ₹8370.93 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Maharashtra Seamless Ltd?
The Price-to-Earnings (PE) ratio of Maharashtra Seamless Ltd is 11.28. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Maharashtra Seamless Ltd?
Over the past 52 weeks, Maharashtra Seamless Ltd has traded between a low of ₹500.7 and a high of ₹690. This range helps investors understand the stock's price volatility and recent trading levels.
Does Maharashtra Seamless Ltd pay dividends?
Yes, Maharashtra Seamless Ltd has a dividend yield of 1.61%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Maharashtra Seamless Ltd?
Maharashtra Seamless Ltd has a Return on Equity (ROE) of 12.26%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Maharashtra Seamless Ltd on Tapetide?
On Tapetide, you can view Maharashtra Seamless Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 1988, Maharashtra Seamless Ltd manufactures seamless pipes & tubes, ERW pipes. It is also in the business of renewable power generation and rig operations[1]

Website jindal.com
CEO Mr. Saket Jindal B.B.A.
Employees 1,829
Listed 2004-08-25
Face Value ₹ 5
Issued Size 13,39,99,252

Explore More

More in Industrial Products → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List