Maharashtra Seamless
- Market cap
- ₹ 7,147 Cr.
- P/E
- 9.7x
- P/B
- 1.05x
- 52-week range
- 500.7 – 768
- ROE
- 11%
- ROCE
- 14%
- Dividend yield
- 1.9%
- Debt / equity
- 0
- Sector
- Industrial Products
- Industry
- Iron & Steel Products
- Listed on
- NSE, BSE
About
Maharashtra Seamless Limited is India-based company, which is engaged in manufacturing steel pipes and tubes. The Company operates through three segments: Steel Pipes & Tubes, Power Electricity, and RIG. The Company manufactures seamless pipes and tubes with a product range using CPE technology. The Company offers electric resistance welding (ERW) pipes, including mild steel (MS) and galvanized pipes, American Petroleum Institute (API) line pipes and oil country tubular goods (OTCG) casing tubing; seamless pipes, such as hot finished pipes and tubes, cold drawn tubes, boiler tubes, OTCG casing tubing and OTCG drill pipe; coated pipes, including three-layer polyethylene coating, fusion-bonded epoxy coating, internal coating and three-layer polypropylene, and pipe fittings. The Company has also diversified into renewable power generation and rig operations.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Iron & Steel Products: 148 companies →Maharashtra Seamless against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)9.7 against a typical 18.6: cheaper than most peers (1st = cheapest).31st of 146
- Sales growth−4.7% against a typical +13.1% from a year earlier.87th of 117
- Profit growth+15.7% against a typical +26.2% from a year earlier.61st of 105
- Share price, 3 months−3.1% against a typical −3.1%.68th of 135
- Size₹ 7,147.4 Cr. market value against a typical ₹ 156.5 Cr. (1st = largest).8th of 135
Latest announcements
Exchange filings and their impact on the company.
- Board approves value-neutral demerger of two undertakings into wholly owned subsidiaries, with no near-term change to consolidated financials.
Maharashtra Seamless board on 7 Oct 2026 approved a scheme to demerge two operating undertakings into its wholly owned subsidiaries MSL Seamless Tubes and United Seamless, with Appointed Date 1 Oct 2026, subject to NCLT, shareholder and other approvals. The plants at Nagothane, Mangaon and Telangana using CPE, MPM and FQM technologies, plus rig and renewable assets, will move on a going-concern basis with no compromise to creditors. The company says the split will be value-neutral with same proportionate shareholding, aimed at focused management, technology-specific operations and better capital allocation.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
High safety
Rated AA+ by ICRA- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| ICRA | [ICRA]AA+ Rating Watch with Developing Implications | — | 16 Oct 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 16 Oct 2026 | Reaffirmed | [ICRA]AA+ → [ICRA]AA+ Rating Watch with Developing Implications | — | ICRA | ₹ 1,700 Cr. | |
| 18 Aug 2026 | Reaffirmed | [ICRA]AA+ Rating Watch with Developing Implications → [ICRA]AA+ | — | ICRA | ₹ 1,700 Cr. | |
| 3 Jun 2026 | Reaffirmed | [ICRA]AA+ → [ICRA]AA+ Rating Watch with Developing Implications | — | ICRA | ₹ 1,700 Cr. | |
| 2 Mar 2026 | Reaffirmed | [ICRA]AA+ | — | ICRA | ₹ 1,700 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 7 Aug 2026 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2026 |
| 22 May 2026 | Financial Results/Dividend/Other business matters | To consider and approve the financial results for the period ended March 31, 2026, dividend and other business matters |
| 28 Jan 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 4 Nov 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended September 30, 2025 and other business matters |
| 30 Jul 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended Jun 30, 2025 and other business matters |
| 26 May 2025 | Financial Results/Dividend | To consider and approve the financial results for the period ended March 31, 2025 and dividend |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,535 | 1,431 | 1,215 | 1,151 | 1,292 | 1,408 | 1,418 | 1,145 | 1,159 | 1,090 | 1,280 | 1,091 |
| Expenses | 1,207 | 1,065 | 945 | 1,032 | 1,065 | 1,132 | 1,133 | 980 | 1,040 | 941 | 1,046 | 912 |
| Operating Profit | 328 | 366 | 270 | 119 | 227 | 276 | 285 | 165 | 119 | 149 | 234 | 179 |
| OPM % | 21% | 26% | 22% | 10% | 18% | 20% | 20% | 14% | 10% | 14% | 18% | 16% |
| Other Income | 30 | 35 | 44 | 65 | 91 | 2 | 40 | 160 | 76 | 200 | −51 | 174 |
| Interest | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 |
| Depreciation | 26 | 26 | 24 | 25 | 25 | 25 | 25 | 25 | 25 | 29 | 31 | 31 |
| Profit before tax | 331 | 374 | 290 | 158 | 292 | 252 | 299 | 300 | 169 | 319 | 151 | 322 |
| Tax % | 24% | 26% | 25% | 18% | 25% | 26% | 19% | 23% | 26% | 24% | 32% | 17% |
| Net Profit | 251 | 276 | 218 | 129 | 220 | 186 | 242 | 230 | 125 | 243 | 103 | 266 |
| EPS in Rs | 18.69 | 20.59 | 16.3 | 9.65 | 16.42 | 13.89 | 18.06 | 17.19 | 9.35 | 18.13 | 7.67 | 19.88 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 16%
- 5 Years
- 15%
- 3 Years
- −6%
- TTM
- −12%
- 10 Years
- 40%
- 5 Years
- 29%
- 3 Years
- −3%
- TTM
- −16%
- 10 Years
- 19%
- 5 Years
- 30%
- 3 Years
- 8%
- TTM
- —
- 10 Years
- 12%
- 5 Years
- 15%
- 3 Years
- 14%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Maharashtra Seamless | ₹ 539.10 | ₹ 7,147 Cr. | 9.7x | 1.1x | 11% | — |
| JSW Steel | ₹ 1,187.00 | ₹ 2,90,275 Cr. | 41.6x | 3x | — | 14.8% |
| Lloyds Metals And Energy | ₹ 1,780.40 | ₹ 1,00,195 Cr. | 27.8x | 7.6x | 36.2% | 22.4% |
| Jindal Steel | ₹ 1,012.00 | ₹ 1,04,634 Cr. | 25.9x | 2.1x | 6.9% | 6.3% |
| Jindal Stainless | ₹ 684.00 | ₹ 56,394 Cr. | 18.8x | 3.1x | 17.5% | 7.4% |
| Welspun Corp | ₹ 2,402.00 | ₹ 63,363 Cr. | 25.9x | 4.6x | 19.4% | 9.7% |
Management
- Ram Ji Nigam
- Compliance Officer, Company Secretary
- Raghav Jindal
- Joint Managing Director, Executive Director
- Saket Jindal
- Managing Director, Executive Director
- S. P. Raj
- Whole-Time Director
Prices are delayed and for information only. Nothing on this page is investment advice.