Maharashtra Seamless Ltd logo

Maharashtra Seamless Ltd

MAHSEAMLES NSE

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]

AI Verdict: HOLD Confidence: 5%

Maharashtra Seamless trades at an attractive PE of 11.6x and is virtually debt-free, but deteriorating sales growth (TTM -11%), declining ROE (11% last year vs 15% 5-year average), and a sharp increase in working capital days from 222 to 397 raise concerns about near-term operational efficiency. The stock warrants holding for existing investors but fresh entry should await signs of revenue stabilization.

Key Fundamentals

MicrocapIron & Steel ProductsIndustrial Products
Market Cap
₹8,638 Cr
Volatility
Moderate
P/E Ratio
12.01
EBITDA
₹665 Cr
Return on Equity
16.61%
Debt to Equity
0
Book Value
₹512.89
EPS
₹65.23
52W High
₹773.8
52W Low
₹500.7

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.385 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 20d ago
HOLD
Risk medium

Maharashtra Seamless trades at an attractive PE of 11.6x and is virtually debt-free, but deteriorating sales growth (TTM -11%), declining ROE (11% last year vs 15% 5-year average), and a sharp increase in working capital days from 222 to 397 raise concerns about near-term operational efficiency. The stock warrants holding for existing investors but fresh entry should await signs of revenue stabilization.

Bull Case 7
  • Company is almost debt-free, providing strong balance sheet resilience and financial flexibility in a capital-intensive industrials sector
  • Stock trades at PE of 11.6x, which is attractive relative to industrial sector averages and suggests limited downside from valuation compression
  • Price-to-book ratio of 1.19x indicates the stock is trading close to its book value, offering a margin of safety
  • 5-year compounded profit growth of 29% demonstrates strong long-term earnings power despite recent slowdown
  • 10-year compounded profit CAGR of 40% reflects the company's ability to deliver exceptional returns over full business cycles
  • Dividend yield of 1.64% provides income support while investors wait for a cyclical recovery in the steel pipe segment
  • 5-year stock CAGR of 34% and 10-year CAGR of 18% show consistent long-term wealth creation for patient investors
Bear Case 8
  • TTM sales growth of -11% signals meaningful demand slowdown or pricing pressure in the seamless pipe business
  • Working capital days have ballooned from 222 to 397 days, indicating severe cash conversion cycle deterioration and potential inventory buildup
  • Other income of Rs.385 Cr forms a significant portion of earnings, masking weakness in core operating performance for a company with Rs.8,203 Cr market cap
  • ROE has declined from 15% (5-year average) to 11% last year, showing deteriorating capital efficiency
  • 3-year compounded sales CAGR of -6% suggests this is not a one-quarter blip but a sustained revenue contraction trend
  • TTM profit decline of -10% confirms earnings are under pressure alongside the topline weakness
  • 1-year stock return of -9% reflects market recognition of fundamental deterioration and could signal further downside
  • 3-year ROE of only 13.6% is below cost of equity for most industrial companies, indicating suboptimal shareholder value creation

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

AI News Digest

Anthropic anthropic claude-opus-4.6 20d ago
Positives 2
  • Strong FY26 profit, ₹10 dividend May 22

    Maharashtra Seamless reported net profit of ₹718.16 crore for FY26. Board recommended dividend of ₹10 per share.

  • New wholly-owned subsidiary incorporated May 16

    Incorporated United Seamless Limited as a wholly-owned subsidiary on May 16, 2026, with authorised capital of ₹5,00,000 divided into 1,00,000 equity shares.

Neutral 3
  • Registered office shift to Haryana May 25

    Initiated postal ballot to shift registered office from Maharashtra to Haryana. E-voting runs May 26 to June 24, 2026.

  • Board meet scheduled for results May 11

    Board meeting scheduled on May 22, 2026 to approve Q4 and FY26 audited results and consider dividend recommendation.

  • IEPF notice for unclaimed dividends May 11

    Published IEPF share transfer notice on May 9, 2026, urging shareholders to claim unclaimed dividends from FY2018-19 by October 15, 2026.

TL;DR: Maharashtra Seamless delivered a solid FY26 with ₹718.16 crore net profit and a ₹10 per share dividend, signaling confidence in cash flows. The incorporation of a new subsidiary suggests expansion plans. No material headwinds are visible in recent news flow, and the registered office relocation is administrative in nature. The trend appears stable with modest growth signals worth watching.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,633
1,223
1,535
1,431
1,215
1,151
1,292
1,408
1,418
1,145
1,159
1,090
1,280
Expenses
1,319
988
1,207
1,065
945
1,032
1,065
1,132
1,133
980
1,040
941
1,046
Operating Profit
314
235
328
366
270
119
227
276
285
165
119
149
234
OPM %
19%
19%
21%
26%
22%
10%
18%
20%
20%
14%
10%
14%
18%
Other Income
27
33
30
35
44
65
91
2
40
160
76
200
-51
Interest
6
7
1
1
0
1
1
1
0
0
0
1
1
Depreciation
34
34
26
26
24
25
25
25
25
25
25
29
31
PBT
301
228
331
374
290
158
292
252
299
300
169
319
151
Tax %
-24%
9%
24%
26%
25%
18%
25%
26%
19%
23%
26%
24%
32%
Net Profit
373
207
251
276
218
129
220
186
242
230
125
243
103
EPS in Rs
27.62
15.42
18.69
20.59
16.3
9.65
16.42
13.89
18.06
17.19
9.35
18.13
7.67
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
1,249
980
1,209
1,839
2,383
2,135
1,867
3,628
4,705
4,205
4,361
4,007
Operating Profit
105
38
225
311
669
509
441
583
1,011
1,199
908
668
OPM %
8%
4%
16%
14%
22%
19%
19%
14%
18%
22%
17%
14%
Other Income
74
57
76
99
-117
-197
-91
111
88
142
196
385
Interest
20
26
34
42
39
64
56
45
38
8
3
3
Depreciation
31
71
71
76
80
88
121
138
138
110
101
110
PBT
129
-2
196
292
433
161
173
511
924
1,223
1,000
939
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
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
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 Mar 2026
Promoters 70.28%
Public 11.62%
FIIs 9.59%
Others 5.22%
DIIs 3.29%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
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%
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%
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%
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%
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%
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

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 Industrials sector within the Industrial 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 ₹8637.59 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 12.01. 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 ₹773.8. 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 1.54%. 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 16.61%. 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

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