1. India Stocks

  2. •

    Non-energy minerals

  3. •

    Steel
Maharashtra Seamless Limited

Maharashtra Seamless Limited

539.50
INR
-22.05
(-3.93%)
62.84EPS
9.50P/E
80.00BMarket Cap
Nov 03Next Earn
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
2026 Y
TTM
Revenue per Share
84.68
97.61
74.12
104.25
155.42
221.34
192.53
167.49
612.02
416.05
393.41
384.95
339.64
343.74
Basic EPS, GAAP
7.3
8.78
-1.81
9.21
15.73
17.48
6.26
7.32
103.24
57.07
70.99
58.02
52.33
62.86
Free Cash Flow per Basic Share
5.54
-3.59
8.1
8.08
6.92
-13.63
55.82
33.39
-40.21
68.05
77.72
45.49
69.61
- -
Dividend per Share
3.01
2.98
2.5
1.25
2.5
3
3.01
1.27
3.53
2.52
5
10
10
- -
Book Value per Share
204.93
200.54
192.76
200.28
218.66
235
242.15
246.18
297.33
356.27
427.67
473.14
513.17
- -
Tangible Book Value per Share
204.9
200.52
192.74
200.27
218.55
234.89
242.05
246.08
297.23
356.17
427.56
473.12
513.11
- -
Basic Weighted Avg Shares
139
134
134
134
134
134
134
134
67
134
134
134
134
134
Sales/Revenue/Turnover
11,767
13,087
9,932
13,969
20,826
29,660
25,799
22,444
41,005
55,751
52,717
51,582
45,511
46,069
Operating Margin (%)
4.93
5.71
-3.29
11.02
11.27
19.86
17.55
15.4
11.57
16.51
21.11
15.9
12.59
13.59
Depreciation Expense
371
307
711
710
762
796
879
1,215
1,379
1,377
1,097
1,009
1,102
1,155
Net Income, GAAP
1,015
1,177
-243
1,234
2,107
2,342
839
980
6,917
7,648
9,513
7,775
7,013
8,424
Effective Tax Rate (%)
13
29
- -
41.01
31.48
53.37
28.65
29.63
- -
16.89
22.17
22.28
25.38
22.93
Profit Margin (%)
8.63
8.99
-2.45
8.83
10.12
7.9
3.25
4.37
16.87
13.72
18.05
15.07
15.41
18.29
Working Capital
13,241
10,811
9,338
7,694
11,052
17,864
8,559
10,985
18,631
26,642
31,790
41,635
51,654
- -
LT Debt
34
3,200
2,720
1,798
4,723
8,332
8,088
6,941
5,149
1,618
- -
1
87
- -
Total Equity
27,987
27,498
26,456
27,464
29,300
30,701
32,047
32,988
39,842
47,740
57,307
63,401
68,765
- -
Return on Invested Capital (%)
3.09
2.76
- -
3.25
4.65
4.55
3.45
2.75
- -
15.76
16.14
10.58
6.44
- -
Return on Capital (%)
3.58
4.16
- -
4.4
6.93
7.3
2.28
2.58
- -
16.24
17.75
12.89
10.61
- -
Return on Common Equity (%)
3.62
4.29
-0.92
4.68
7.51
7.71
2.62
3
19
17.46
18.11
12.88
10.61
- -

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
47
- -
LT Borrowings
- -
87
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
134
134
134
Market Capitalization
75,167
75,040
79,998

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
55,576
- -
Cash, Cash Equivalents & STI
- -
36,823
- -
Accounts Receivable, Net
- -
5,647
- -
Inventories
- -
11,387
- -
Total Current Liabilities
- -
3,923
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
47
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.23%
15.95%
8.46%
Free Cash Flow
-143.42%
-114.58%
53.01%
Net Income, GAAP
3.97%
122.49%
-9.8%
Sales/Revenue/Turnover
20.54%
19.86%
-11.77%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
11,510
12,918
14,081
14,178
51,582
2026
11,453
- -
10,903
12,801
45,511
2027
10,912
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
9.65
16.42
13.89
18.06
58.02
2026
17.19
- -
18.12
7.67
52.33
2027
19.88
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
10
2026
- -
- -
- -
- -
10
2027
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Saket Jindal
Full Time Employees
2,027
Sector
Non-energy minerals
Industry
Steel
Address
5 Pusa Road Gurugram HA India 110 005
IPO Date
Aug 27, 1991
Website
jindal.com
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Business
Maharashtra Seamless Limited manufactures and sells seamless steel pipes and tubes primarily in India. The company produces mild steel and galvanized pipes; API line pipes; oil country tubular goods (OCTG) pipes; hot finished pipes and tubes; cold drawn and boiler tubes; coated pipes including three-layer polyethylene, fusion bonded epoxy, three-layer polypropylene, and internal epoxy coating pipes; as well as electric resistance welded (ERW) pipes; hydraulic, pneumatic, and industrial tubing. Its products serve the oil and gas, hydrocarbon processing, bearing, automotive, boiler, heat exchanger, plumbing and firefighting, structural, general engineering, railways, sewage and water well, and hydraulic cylinder sectors. Incorporated in 1988 and headquartered in Gurugram, India, with manufacturing facilities in Raigad and Mangaon, Maharashtra, the company operates through segments including steel pipes and tubes, power generation via 5MW solar plant in Rajasthan and 7MW wind project in Maharashtra plus additional solar capacity totaling around 33MW, and rig operations. A flagship of the D P Jindal Group, it maintains an installed seamless pipe capacity of 350,000 TPA and ERW capacity of 200,000 TPA. Recent developments include the National Company Law Tribunal's approval in 2024 of the amalgamation of United Seamless Tubulaar Private Limited with the company; securing a Rs 217 crore order from ONGC in November 2025 for seamless pipes supply; a scheduled preventive maintenance shutdown of one pipe manufacturing mill in Maharashtra for about three weeks as of November 2025; and a 1:1 bonus share issue in 2022 alongside a 2:1 stock split effective November 2022.