Maharashtra Seamless Ltd.

MAHSEAMLES

₹694.75

-1.64% (-11.6)

Market Cap

₹9,317 Cr.

P/E

11.98

About

Maharashtra Seamless is a company that manufactures a variety of steel pipes and tubes. Their product range includes electric resistance welding (ERW) pipes, seamless pipes, coated pipes, and pipe fit… Read more

Maharashtra Seamless is a company that manufactures a variety of steel pipes and tubes. Their … Read more

Low

567

52W Range

High

814

Timeline

Key company specific updates

Company Timeline

Custom financial statementNew

Edit rows

In Rs. Cr.	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

In Rs. Cr.	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Balance sheet
Net Block	1,121	1,095	1,235	1,173	2,364	2,268	2,135	2,016	1,950	1,864
Shareholders Funds	2,646	2,746	2,930	3,070	3,205	3,299	3,984	4,774	5,731	6,340
Profit & Loss
Operating Profit	34.25	225	310	668	525	465	612	1,037	1,221	920
Net Sales	1,019	1,434	2,150	3,052	2,645	2,308	4,211	5,716	5,404	5,269
Cash flow
Cash from Operating Activity	122	241	92.70	-183	748	447	-269	912	1,041	610
Net Capex (est)	13.20	133	102	23.00	846	19.79	7.41	18.75	32.08	23.17
Ratios
ROCE (%)	1.79	7.22	8.15	15.69	11.76	10.02	12.72	18.65	20.36	—
ROE (%)	-0.92	4.49	7.19	7.63	2.62	2.97	17.36	16.02	16.60	—

Forensics

12 Yes

Positive for this company

1 Neutral

Neutral for this company

4 No

Negative for this company

0 No Data

Insufficient data to analyse

Accounting & Shareholding

Contingent Liabilities

Company does not have significant contingent liabilities
Depreciation Effect

Depreciation accounting is not leading to increase in profits
Other Income

Other income is not affecting ratios of the company
Pledge

Promoters have not pledged a significant portion of their holding
Promoter Holding

Promoter has been buying shares from the open market over last 90 days
Retail Holding

Retail has been selling the stock which is usually a good time to buy
Revenue Recognition

Company is converting accounting profit to cash

Price & Performance

Capex vs ROCE

Roce of the company has increased over the last three years
ROE

Net profit margin is responsible for roe increase over last 10 years
Share price

Share price has increased over last 10 years due to earnings
Working Capital

Working capital of the company seems to be under control
Debt

Company should not have issues servicing its debt
Balance Sheet Strength

Balance sheet of the company is strong. but it might have issues paying it suppliers
Current vs Historic Valuation

Company is trading at a premium to 3yr historic valuations
Sales Growth

Sales of the company has grown at a slow pace
Margin Stability

Margins of the company are volatile
ROCE Strength

Roce of the company is not consistently strong

Market Share

55 %

(as of Dec 24)

Source/Historic

Seamless Pipes Market Share

Revenue mix

Product Wise Break-Up

Order Book Break Up - Seamless

Order Book Break Up - ERW

Location Wise Break-Up

Operating Profit Break-Up

Asset Break-Up

Order Book Break-Up

Operational Metrics

Manufacturing Capacity - Steel Pipes (MTPA)

Maharashtra Seamless Ltd.

Manufacturing Capacity - Steel Pipes (MTPA)
Source
Capacity Utilization - Steel Pipes (%)
Source
EBITDA/Tonne - Steel (Rs/Tonne)
Source
Quarterly Sales Volume - Steel Pipes (Tonnes)
Source
Order Book as a % of Sales (%)
Source

Peer Comparison

Peer Name	Latest Price	PE	Market cap(Cr)	Prom Holding(%)	YoY Qtly Sales(%)	ROCE (%)	ROE (%)
Maharashtra Seamless	694.75	12.18	9,469	68.86	16.7	20.36	16.6
Surya Roshni	336.95	21.57	7,477	62.47	3.14	20.67	15.19
Jindal Saw	239.33	9.06	15,741	63.28	-6.98	21.53	15.23
Goodluck India	1,009	19.22	3,169	55.78	22.4	20.05	11.79
JTL Industries	78.3	31.52	3,115	48.91	0.73	19.94	14.59
Venus Pipes & Tubes	1,395.4	31.27	2,905	48.12	15.19	30.7	21.17
Man Industries	374.55	16.65	2,551	46.21	50.3	14.64	7.48
Aeroflex Industries	171.02	42.94	2,255	66.99	17.9	20.37	14.24

Corporate Actions

Consolidated BonusDividend

DATE

DETAILS

2024, Aug 14

Dividend Dividend of Rs.10 per share

2023, Aug 14

Dividend Dividend of Rs.5 per share

2022, Nov 25

Bonus 1 bonus shares for every 1 held. Bonus shares should be credited within 3 days after the ex-date.

2022, Sep 07

Dividend Dividend of Rs.5 per share

2021, Sep 14

Dividend Dividend of Rs.3.5 per share

Customers

Adani Enterprises Ltd.
Bharat Heavy Electricals Ltd.
Oil & Natural Gas Corporation Ltd.
Reliance Industries Ltd.
Unitech Ltd.
Essar Steel
HP
ISGEC Heavy Engineering Ltd.
Larsen & Toubro Ltd.
NTPC Ltd.

Showing 5 of 10

FAQs on Maharashtra Seamless Ltd. Business

What does Maharashtra Seamless do?

Maharashtra Seamless specializes in manufacturing a diverse range of steel pipes and tubes, including ERW pipes, seamless pipes, and coated pipes for various industries.

Who are the competitors of Maharashtra Seamless?

Maharashtra Seamless major competitors are Surya Roshni, Goodluck India, Jindal Saw, JTL Industries, Venus Pipes & Tubes, Man Industries, Aeroflex Industries.
Market Cap of Maharashtra Seamless is ₹9,469 Crs.
While the median market cap of its peers are ₹3,115 Crs.

Is Maharashtra Seamless financially stable compared to its competitors?

Maharashtra Seamless seems to be less financially stable compared to its competitors.
Altman Z score of Maharashtra Seamless is 9.72 and is ranked 4 out of its 8 competitors.

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