MAHSEAMLES
Maharashtra Seamless Limited
Seamless steel pipes and tubes for oil, gas, power and automotive markets
Industrials›Capital Goods›Industrial Products›Iron & Steel Products
jindal.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹585.40
Market cap
7,845 Cr
Stock P/E
10.6
P/B
1.14
Dividend yield
1.7%
ROE (FY26)
10.2%
ROCE (FY26)
13.7%
Operating margin (FY26)
12.2%
Debt / equity (FY26)
0.0019
OCF / EBITDA (FY26)
137.0%
OCF / EBITDA (3Y)
92.3%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Maharashtra Seamless makes seamless steel pipes and tubes, with large orders coming from oil and gas buyers such as ONGC, and also runs small power-generation and drilling-rig businesses.
Company snapshot
10thBy market cap
Ranked among 64 companies in Iron & Steel Products.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 98.1% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| a. Steel Pipes & Tubes | 98.1% | 3,777 Cr | 504 Cr | — |
| b. Power - Electricity | 1.5% | 58 Cr | 40 Cr | — |
| c. Rig | 1.4% | 53 Cr | 17 Cr | — |
| d. Others /Unallocated | 4.1% | 158 Cr | 155 Cr | — |
Shares add up to 105% because segment revenues are before inter-segment eliminations.
What we see
Positives
- ✓92% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,535 Cr | 1,431 Cr | 1,215 Cr | 1,151 Cr | 1,292 Cr | 1,408 Cr | 1,418 Cr | 1,145 Cr | 1,159 Cr | 1,090 Cr | 1,280 Cr | 1,091 Cr |
| Operating expenses (approx.) | 1,203 Cr | 1,061 Cr | 945 Cr | 1,027 Cr | 1,061 Cr | 1,129 Cr | 1,133 Cr | 977 Cr | 1,036 Cr | 938 Cr | 1,042 Cr | 908 Cr |
| EBITDA | 332 Cr | 370 Cr | 270 Cr | 124 Cr | 231 Cr | 280 Cr | 285 Cr | 169 Cr | 123 Cr | 152 Cr | 238 Cr | 183 Cr |
| OPM % | 21.7% | 25.9% | 22.2% | 10.8% | 17.9% | 19.9% | 20.1% | 14.7% | 10.6% | 14.0% | 18.6% | 16.8% |
| Other income | 30 Cr | 35 Cr | 44 Cr | 65 Cr | 91 Cr | 2 Cr | 40 Cr | 160 Cr | 76 Cr | 200 Cr | -48 Cr | 174 Cr |
| Interest | 0.72 Cr | 0.69 Cr | 0.46 Cr | 0.93 Cr | 0.81 Cr | 0.52 Cr | 0.50 Cr | 0.48 Cr | 0.43 Cr | 0.82 Cr | 0.85 Cr | 0.53 Cr |
| Depreciation | 26 Cr | 26 Cr | 24 Cr | 25 Cr | 25 Cr | 25 Cr | 25 Cr | 25 Cr | 25 Cr | 29 Cr | 31 Cr | 31 Cr |
| Profit before tax | 331 Cr | 374 Cr | 290 Cr | 158 Cr | 292 Cr | 252 Cr | 299 Cr | 300 Cr | 169 Cr | 319 Cr | 151 Cr | 322 Cr |
| Tax % | 24.3% | 26.2% | 24.7% | 18.3% | 24.6% | 26.1% | 18.9% | 23.1% | 26.0% | 24.0% | 32.0% | 17.4% |
| Net profit | 251 Cr | 276 Cr | 218 Cr | 129 Cr | 220 Cr | 186 Cr | 242 Cr | 230 Cr | 125 Cr | 243 Cr | 103 Cr | 266 Cr |
| EPS (₹) | ₹18.69 | ₹20.59 | ₹16.30 | ₹9.65 | ₹16.42 | ₹13.89 | ₹18.06 | ₹17.19 | ₹9.35 | ₹18.12 | ₹7.67 | ₹19.88 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,576 Cr | 2,181 Cr | 3,073 Cr | 2,645 Cr | 2,308 Cr | 4,200 Cr | 5,716 Cr | 5,404 Cr | 5,269 Cr | 4,674 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 1,351 Cr | 1,870 Cr | 2,404 Cr | 2,104 Cr | 1,843 Cr | 3,588 Cr | 4,676 Cr | 4,205 Cr | 4,348 Cr | 3,993 Cr | Sign in free for the trailing twelve months |
| EBITDA | 225 Cr | 311 Cr | 669 Cr | 541 Cr | 465 Cr | 612 Cr | 1,040 Cr | 1,199 Cr | 920 Cr | 681 Cr | Sign in free for the trailing twelve months |
| OPM % | 14.3% | 14.3% | 21.8% | 20.4% | 20.2% | 14.6% | 18.2% | 22.2% | 17.5% | 14.6% | Sign in free for the trailing twelve months |
| Other income | 76 Cr | 65 Cr | 69 Cr | 50 Cr | 87 Cr | 111 Cr | 89 Cr | 142 Cr | 197 Cr | 388 Cr | Sign in free for the trailing twelve months |
| Interest | 34 Cr | 42 Cr | 39 Cr | 64 Cr | 56 Cr | 51 Cr | 38 Cr | 8 Cr | 3 Cr | 3 Cr | Sign in free for the trailing twelve months |
| Depreciation | 71 Cr | 76 Cr | 80 Cr | 88 Cr | 121 Cr | 138 Cr | 138 Cr | 110 Cr | 101 Cr | 110 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 196 Cr | 292 Cr | 433 Cr | 161 Cr | 173 Cr | 505 Cr | 924 Cr | 1,223 Cr | 1,000 Cr | 939 Cr | Sign in free for the trailing twelve months |
| Tax % | 41.0% | 31.5% | 53.4% | 28.7% | 29.6% | 20.0% | 16.9% | 22.2% | 22.3% | 25.4% | Sign in free for the trailing twelve months |
| Net profit | 116 Cr | 200 Cr | 202 Cr | 115 Cr | 121 Cr | 404 Cr | 768 Cr | 952 Cr | 777 Cr | 701 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹18.41 | ₹31.45 | ₹34.96 | ₹12.52 | ₹14.63 | ₹56.75 | ₹57.07 | ₹70.99 | ₹58.02 | ₹52.33 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 14.0% | 5.9% | 4.4% | 7.0% | 17.2% | 19.1% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 96 Cr | 33 Cr | 34 Cr | 34 Cr | 34 Cr | 34 Cr | 67 Cr | 67 Cr | 67 Cr | 67 Cr |
| Reserves | 2,650 Cr | 2,896 Cr | 3,037 Cr | 3,171 Cr | 3,265 Cr | 3,663 Cr | 4,707 Cr | 5,664 Cr | 6,273 Cr | 6,809 Cr |
| Borrowings | 640 Cr | 626 Cr | 1,059 Cr | 1,145 Cr | 922 Cr | 709 Cr | 244 Cr | — | 0.10 Cr | 13 Cr |
| Other liabilities | 470 Cr | 489 Cr | 666 Cr | 889 Cr | 1,135 Cr | 983 Cr | 841 Cr | 858 Cr | 693 Cr | 849 Cr |
| Total liabilities | 3,856 Cr | 4,046 Cr | 4,795 Cr | 5,239 Cr | 5,356 Cr | 5,388 Cr | 5,859 Cr | 6,589 Cr | 7,033 Cr | 7,739 Cr |
| Fixed assets (net) | 1,095 Cr | 1,234 Cr | 1,172 Cr | 2,363 Cr | 2,267 Cr | 2,134 Cr | 2,014 Cr | 1,948 Cr | 1,862 Cr | 1,862 Cr |
| CWIP | 119 Cr | 17 Cr | 23 Cr | 29 Cr | 9 Cr | 13 Cr | 14 Cr | 3 Cr | 14 Cr | 72 Cr |
| Investments | 1,529 Cr | 1,461 Cr | 1,276 Cr | 1,007 Cr | 1,071 Cr | 646 Cr | 1,177 Cr | 2,098 Cr | 2,892 Cr | 3,821 Cr |
| Loans & advances | — | — | 378 Cr | 300 Cr | 234 Cr | 144 Cr | 77 Cr | 0 Cr | 0 Cr | 0 Cr |
| Inventories | 484 Cr | 510 Cr | 771 Cr | 762 Cr | 973 Cr | 1,435 Cr | 1,506 Cr | 1,576 Cr | 1,342 Cr | 1,139 Cr |
| Trade receivables | 309 Cr | 398 Cr | 492 Cr | 361 Cr | 471 Cr | 557 Cr | 642 Cr | 519 Cr | 653 Cr | 565 Cr |
| Cash & bank | 4 Cr | 15 Cr | 59 Cr | 84 Cr | 64 Cr | 47 Cr | 54 Cr | 55 Cr | 42 Cr | 77 Cr |
| Other assets | 316 Cr | 411 Cr | 623 Cr | 335 Cr | 266 Cr | 412 Cr | 372 Cr | 390 Cr | 228 Cr | 204 Cr |
| Total assets | 3,856 Cr | 4,046 Cr | 4,795 Cr | 5,239 Cr | 5,356 Cr | 5,388 Cr | 5,859 Cr | 6,589 Cr | 7,033 Cr | 7,739 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 241 Cr | 93 Cr | -183 Cr | 748 Cr | 447 Cr | -283 Cr | 917 Cr | 1,042 Cr | 610 Cr | 933 Cr |
| Cash from investing | -101 Cr | 12 Cr | -156 Cr | -744 Cr | -251 Cr | 489 Cr | -382 Cr | -722 Cr | -485 Cr | -775 Cr |
| Cash from financing | -133 Cr | -95 Cr | 387 Cr | 7 Cr | -210 Cr | -220 Cr | -542 Cr | -320 Cr | -137 Cr | -123 Cr |
| Net cash flow | 7 Cr | 10 Cr | 49 Cr | 11 Cr | -20 Cr | -16 Cr | -17 Cr | 0.41 Cr | -13 Cr | 35 Cr |
| Free cash flow (OCF − Capex) | 108 Cr | -17 Cr | -209 Cr | -98 Cr | 427 Cr | -291 Cr | 898 Cr | 1,010 Cr | 586 Cr | 764 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 6.8% | 9.4% | 11.4% | 5.2% | 5.4% | 12.6% | 19.2% | 21.5% | 15.8% | 13.7% |
| ROE % | 4.5% | 6.8% | 6.6% | 2.6% | 3.0% | 10.3% | 16.0% | 16.6% | 12.3% | 10.2% |
| Debtor days | 71 | 66 | 58 | 50 | 74 | 48 | 41 | 35 | 45 | 44 |
| Inventory days | 193 | 128 | 139 | 171 | 242 | 173 | 147 | 177 | 149 | 141 |
| Days payable | 55 | 33 | 49 | 128 | 184 | 59 | 29 | 33 | 17 | 31 |
| Cash conversion cycle | 209 | 162 | 148 | 93 | 132 | 162 | 158 | 179 | 177 | 154 |
| OCF / EBITDA % | 107.3% | 29.8% | -27.3% | 138.4% | 96.0% | -46.2% | 88.1% | 86.9% | 66.2% | 137.0% |
| OCF / EBITDA % (3 years) | — | — | 12.6% | 43.3% | 60.4% | 56.3% | 51.0% | 58.8% | 81.3% | 92.3% |
| Debt / equity | 0.23 | 0.21 | 0.34 | 0.36 | 0.28 | 0.19 | 0.05 | 0.00 | 0.0000 | 0.0019 |
| Current ratio | 2.15 | 4.18 | 3.97 | 1.89 | 2.04 | 3.15 | 5.85 | 8.39 | 16.34 | 14.17 |
| Net debt / EBITDA | 2.83 | — | 1.50 | 1.96 | 1.84 | 1.08 | 0.18 | -0.05 | -0.05 | -0.09 |