Maharashtra Seamless Limited MAHSEAMLES NSEINFRA

Basic Materials · Steel · India

https://www.jindal.com/msl

Maharashtra Seamless Limited engages in the manufacture and sale of seamless steel pipes and tubes in India. The company operates through three segments: Steel Pipes & Tubes, Power Electricity, and RIG. It offers mild steel and galvanized pipes; API line pipes; oil country tubular goods (OCTG) pipes; and hot finished pipes and tubes, and cold drawn and boiler tubes. It also provides coated pipes, such aas 3 layer polyethylene coated pipes, fusion bonded epoxy coated pipes, 3 layer polypropylene coated pipes, and internal epoxy coating pipes. In addition, the company is involved in renewable power generation and rig operations. Further, the company operates 5MW solar power plant in Pokaran, District Jaisalmer Rajasthan and 7 MW wind power project in Maharashtra. Its products are used in the oil and gas, hydrocarbon process, bearing industry, automotive, boiler, heat exchanger, plumbing and firefighting, structural, general engineering, railways, sewage and water well, and hydraulic cylinder sectors. The company was incorporated in 1988 and is headquartered in New Delhi, India.

Market & Price

Market Cap

₹8,329.39 Cr

Current Price

₹621.60

High / Low (52W)

₹751.77 / ₹506.45

Beta

0.03

Valuation

Stock P/E

11.88

Industry PE

23.81

Forward P/E

PEG Ratio

Book Value

₹512.91

Price to Book

1.21

P/S

1.78

EV/EBITDA

6.85

Dividend Yield

1.61%

Profitability & Returns

ROCE

12.82%

ROE

10.61%

ROA

4.83%

Profit Margin

15.00%

Op Margin

16.13%

EPS (Latest Qtr)

₹7.67

EPS (TTM)

₹52.34

Balance Sheet & Liquidity

Debt/Equity

0.19

Quick Ratio

10.97

Current Ratio

14.17

Debt

₹13.36 Cr

Total Assets

₹7,739.04 Cr

Current Assets

₹5,557.84 Cr

Working Capital

₹5,165.59 Cr

Ownership

Promoter Holding

72.14%

Chg in Prom Hold

FII / Inst Holding

6.76%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹4,667.83 Cr

Total Revenue (TTM)

₹4,674.34 Cr

EBITDA

₹681.24 Cr

Free Cash Flow

₹708.54 Cr

Operating Cash Flow

₹933.24 Cr

Shares Outstanding

₹13.40 Cr

Gross Margin

36.35%

Payout Ratio

19.11%

Growth (CAGR)

Revenue 5Y

-5.70%

Profit 5Y

-2.85%

Revenue (YoY)

-12.80%

Earnings (YoY)

-50.20%

PROS

Generates positive free cash flow.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Revenue declined at -5.7% CAGR over 5 years.
Earnings shrank at -2.8% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Basic Materials).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	MAHSEAMLES Maharashtra Seamless Limited NSEINFRA	621.60	11.88	₹8,329.39 Cr	1.61%	12.82%	10.61%	-5.70%	-2.85%
2	ULTRACEMCO UltraTech Cement Limited NIFTY50NSEINFRA	11,482.00	41.32	₹3.38 L Cr	0.67%	11.90%	10.59%	12.40%	17.26%
3	JSWSTEEL JSW Steel Limited NIFTY50NSEAIINFRA	1,278.00	14.01	₹3.12 L Cr	0.56%	19.15%	27.26%	3.61%	75.28%
4	HINDZINC Hindustan Zinc Limited NSEINFRA	632.95	19.34	₹2.67 L Cr	3.32%	62.35%	76.94%	5.61%	9.58%
5	TATASTEEL Tata Steel Limited NIFTY50NSEAIINFRA	208.02	28.34	₹2.59 L Cr	1.92%	11.32%	11.16%	-1.59%	7.21%
6	HINDALCO Hindalco Industries Limited NIFTY50NSEAIINFRA	1,126.70	18.73	₹2.52 L Cr	0.44%	9.50%	10.29%	7.40%	9.87%
7	GRASIM Grasim Industries Limited NIFTY50NSEINFRA	3,122.40	42.74	₹2.12 L Cr	0.32%	4.00%	6.29%	14.63%	-10.06%
8	SOLARINDS Solar Industries India Limited NSEINFRA	18,247.00	98.04	₹1.65 L Cr	0.06%	29.51%	31.33%	13.27%	30.36%
9	PIDILITIND Pidilite Industries Limited NSEINFRA	1,482.80	61.73	₹1.51 L Cr	0.67%	28.48%	23.52%	7.50%	24.36%

Quarterly Results

Figures in INR.

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026
Revenue	1,291.81 Cr	1,408.11 Cr	1,417.77 Cr	1,145.27 Cr	1,090.29 Cr	1,280.11 Cr
Cost of Revenue	794.44 Cr	871.01 Cr	857.51 Cr	718.05 Cr	701.25 Cr	772.60 Cr
Gross Profit	497.37 Cr	537.10 Cr	560.26 Cr	427.22 Cr	389.04 Cr	507.51 Cr
Operating Expenses	291.57 Cr	282.79 Cr	300.49 Cr	283.66 Cr	265.48 Cr	301.03 Cr
Operating Income	205.80 Cr	254.31 Cr	259.77 Cr	143.56 Cr	123.56 Cr	206.48 Cr
EBITDA	317.86 Cr	277.55 Cr	324.76 Cr	325.09 Cr	349.04 Cr	183.27 Cr
Interest Expense	81.00 L	52.00 L	50.00 L	48.00 L	82.00 L	85.00 L
Pretax Income	291.81 Cr	251.75 Cr	298.87 Cr	299.65 Cr	319.46 Cr	151.17 Cr
Tax Provision	71.65 Cr	65.69 Cr	56.61 Cr	69.35 Cr	76.81 Cr	48.33 Cr
Net Income	220.08 Cr	186.07 Cr	242.04 Cr	230.32 Cr	242.86 Cr	102.83 Cr
Diluted EPS	16.42	13.89	18.06	17.19	18.12	7.67

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	-	5,575.09 Cr	5,271.65 Cr	5,268.67 Cr	4,674.34 Cr
Cost of Revenue	-	4,327.34 Cr	3,897.16 Cr	3,317.32 Cr	2,975.28 Cr
Gross Profit	-	1,247.75 Cr	1,374.49 Cr	1,951.35 Cr	1,699.06 Cr
Operating Expenses	-	327.03 Cr	261.48 Cr	1,132.02 Cr	1,127.98 Cr
Operating Income	-	920.72 Cr	1,113.01 Cr	819.33 Cr	571.08 Cr
EBITDA	-	1,093.53 Cr	1,336.18 Cr	1,103.88 Cr	1,052.16 Cr
Interest Expense	-	32.15 Cr	3.65 Cr	2.76 Cr	2.58 Cr
Pretax Income	-	923.66 Cr	1,222.81 Cr	1,000.20 Cr	939.42 Cr
Tax Provision	-	156.04 Cr	271.15 Cr	222.88 Cr	238.40 Cr
Net Income	-	764.75 Cr	951.30 Cr	777.46 Cr	701.27 Cr
Diluted EPS	-	57.07	70.99	58.02	52.33

Compounded Sales Growth

5 Years:	-5.70%
1 Year:	-12.80%

Compounded Profit Growth

5 Years:	-2.85%
1 Year:	-50.20%

Stock Price Performance

1 Year:	-8.90%
6 Months:	+8.85%
3 Months:	+17.65%
1 Month:	-4.33%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Assets	-	5,858.76 Cr	6,583.20 Cr	7,033.26 Cr	7,739.04 Cr
Current Assets	-	3,207.52 Cr	3,609.05 Cr	4,434.78 Cr	5,557.84 Cr
Cash & Equivalents	-	54.41 Cr	54.52 Cr	41.81 Cr	76.70 Cr
Inventory	-	1,505.83 Cr	1,576.12 Cr	1,341.65 Cr	1,138.71 Cr
Receivables	-	642.47 Cr	518.32 Cr	653.48 Cr	564.68 Cr
Total Liabilities	-	1,084.80 Cr	852.50 Cr	693.19 Cr	862.59 Cr
Current Liabilities	-	543.28 Cr	430.09 Cr	271.31 Cr	392.25 Cr
Long Term Debt	-	161.83 Cr	0	10.00 L	8.69 Cr
Total Debt	-	244.19 Cr	4.00 L	10.00 L	13.36 Cr
Total Equity	-	4,773.96 Cr	5,730.70 Cr	6,340.07 Cr	6,876.45 Cr
Shares Outstanding	-	13.40 Cr	13.40 Cr	13.40 Cr	13.40 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow	-	911.80 Cr	1,041.42 Cr	609.63 Cr	933.24 Cr
Investing Cash Flow	-	-382.15 Cr	-721.62 Cr	-485.28 Cr	-774.81 Cr
Financing Cash Flow	-	-542.08 Cr	-319.66 Cr	-137.14 Cr	-122.74 Cr
Capital Expenditure	-	-18.81 Cr	-32.10 Cr	-23.21 Cr	-169.67 Cr
Free Cash Flow	-	892.99 Cr	1,009.32 Cr	586.42 Cr	763.57 Cr
Net Change in Cash	-	-12.43 Cr	14.00 L	-12.79 Cr	35.69 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Gross Margin %	-	22.4%	26.1%	37.0%	36.3%
Operating Margin %	-	16.5%	21.1%	15.6%	12.2%
Net Margin %	-	13.7%	18.0%	14.8%	15.0%
ROE %	-	16.0%	16.6%	12.3%	10.2%
ROCE %	-	17.3%	18.1%	12.1%	7.8%

Shareholding Pattern

Insiders

72.14%

Institutions

6.76%

Public Float

24.26%

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MAHSEAMLES · Basic Materials