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    Non-energy minerals

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    Steel
Maharashtra Seamless Limited

Maharashtra Seamless Limited

533.25
INR
-6.05
(-1.12%)
62.84EPS
9.51P/E
80.10BMarket Cap
Nov 03Next Earn
Maharashtra Seamless Limited
NSE:MAHSEAMLES
(National Stock Exchange of India)

Recent

price

533.25

P/E

ratio

9.51

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
INR
124.85
157.28
117.96
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
Revenue per Share
24.3
21.86
10.81
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
Basic EPS, GAAP
-10.15
-4.65
10.9
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
- -
Free Cash Flow per Basic Share
2.99
2.98
2.98
3.01
2.98
2.5
1.25
2.5
3
3.01
1.27
3.53
2.52
5
10
10
- -
Dividend per Share
180
195.4
199.53
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
- -
Book Value per Share
180
195.31
199.47
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
- -
Tangible Book Value per Share
141
141
141
139
134
134
134
134
134
134
134
67
134
134
134
134
134
Basic Weighted Avg Shares
17,613
22,187
16,641
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
Sales/Revenue/Turnover
28.21
17.26
8.05
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
Operating Margin (%)
188
217
379
371
307
711
710
762
796
879
1,215
1,379
1,377
1,097
1,009
1,102
1,155
Depreciation Expense
3,428
3,084
1,524
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
Net Income, GAAP
30.57
30.05
22.55
13
29
- -
41.01
31.48
53.37
28.65
29.63
- -
16.89
22.17
22.28
25.38
22.93
Effective Tax Rate (%)
19.46
13.9
9.16
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
Profit Margin (%)
8,868
12,904
12,746
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
- -
Working Capital
769
37
37
34
3,200
2,720
1,798
4,723
8,332
8,088
6,941
5,149
1,618
- -
1
87
- -
LT Debt
25,392
27,564
28,147
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
- -
Total Equity
13.85
9.71
5.24
3.09
2.76
- -
3.25
4.65
4.55
3.45
2.75
- -
15.76
16.14
10.58
6.44
- -
Return on Invested Capital (%)
13.76
11.39
5.42
3.58
4.16
- -
4.4
6.93
7.3
2.28
2.58
- -
16.24
17.75
12.89
10.61
- -
Return on Capital (%)
14.2
11.65
5.47
3.62
4.29
-0.92
4.68
7.51
7.71
2.62
3
19
17.46
18.11
12.88
10.61
- -
Return on Common Equity (%)

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
75,220
75,060
80,105

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
- -
- -
- -
- -
- -
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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.