Maharashtra Seamless Ltd Stock Analysis

BSE: 500265 | NSE: MAHSEAMLES | Steel & Iron Products | Small Cap

BSE Share Price 28-Nov-2023 17:59
899.20 -23.65 (-2.56%)

DeciZen - Make an Informed Decision on Maharashtra Seamless

Overall Rating

1. Quality

2. Valuation


3. Price Trend

Maharashtra Seamless Price Chart

P/E Ratio (SA):
Market Cap:
12,049.2 Cr.
52-wk low:
52-wk high:
Bole Toh?

1. Is Maharashtra Seamless Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Maharashtra Seamless Ltd is a below average quality company.

2. Is Maharashtra Seamless Ltd undervalued or overvalued?

The key valuation ratios of Maharashtra Seamless Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Maharashtra Seamless Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Maharashtra Seamless Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Maharashtra Seamless:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Maharashtra Seamless Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

ROCE % 2.6%3.2%0.7%5.3%6.7%11%8.6%7.3%17.2%17.5%-
Value Creation Index -0.8-0.8-1.0-0.6-0.5-0.2-0.4-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,2061,3551,0151,4282,1303,0402,6172,2253,9755,7075,496
YoY Gr. Rt. %-12.4%-25.1%40.8%49.1%42.8%-13.9%-15%78.6%43.6%-
YoY Gr. Rt. %-27%-82.2%781.2%37.2%87.3%-18%-12.2%176.9%14.1%-
BVPS (₹) 162169160.4209.9221.7237.8232.6242.1294.7350.9381.1
Adj Net Profit 70.788.215.6138189355291256708808905
Cash Flow from Ops. 73.1-48.918.817487-183749501-272908-
Debt/CF from Ops. 0.1-


CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 18.9%21.8%29.7%43.6%
Adj EPS 31.4%33.7%40.5%14.1%
Share Price 26.8% 30.3% 90.7% 138.6%

Key Financial Parameters

Performance Ratio Colour Code Guide

Return on Equity %
Op. Profit Mgn %
Net Profit Mgn %
Debt to Equity 000000.
Working Cap Days 318306428300230229314371224163199
Cash Conv. Cycle 193166220141117101917589103170

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 18.50%

Sales growth is growing at healthy rate in last 3 years 29.68%

Net Profit is growing at healthy rate in last 3 years 40.52%

Sales growth is not so good in last 4 quarters at 8.19%

Latest Financials - Maharashtra Seamless Ltd.

Standalone Consolidated
TTM EPS (₹) 67.5 74.5
TTM Sales (₹ Cr.) 5,496 5,729
BVPS (₹.) 381.1 385.2
Reserves (₹ Cr.) 5,040 5,094
P/BV 2.36 2.33
PE 13.31 12.06
From the Market
52 Week Low / High (₹) 279.00 / 941.20
All Time Low / High (₹) 3.56 / 941.20
Market Cap (₹ Cr.) 12,049
Equity (₹ Cr.) 67
Face Value (₹) 5
Industry PE 25.9

Management X-Ray of Maharashtra Seamless :

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Maharashtra Seamless

Adj EPS (Rs.)
Sales (Cr.)
ROE (%)
ROCE (%)


Maharashtra Seamless Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Maharashtra Seamless on 28-Nov-2023 17:59 is : 899.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Nov-2023 17:59 the market cap of Maharashtra Seamless stood at ₹ 12,049.2.
The latest PE ratio of Maharashtra Seamless as of 28-Nov-2023 17:59 is 13.31.
The latest PB ratio of Maharashtra Seamless as of 28-Nov-2023 17:59 is 2.36
The 52-week high of Maharashtra Seamless is ₹ 941.2 and the 52-week low is ₹ 279.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue / sales of Maharashtra Seamless is ₹ 5,496 ( Cr.) .

About Maharashtra Seamless Ltd

Maharashtra Seamless Ltd (MSL) was incorporated on May 10, 1988. The company was conceived after noticing huge demand and supply gap in the seamless pipe market, which was met mostly through imports. This import substitute project was set up in 1991 at Nagothane (near Mumbai), Distt. Raigad (Maharashtra), to manufacture seamless pipes & tubes with the finest quality and wide product range using the world renowned CPE technology acquired through technical collaboration with Mannesmann Demag Huttentechnik Gmbh (MDH), Germany at a capital cost of Rs 69 crore. The project was appraised and financed by ICICI in participation with IDBI & IFCI and other banks. Mannesmann Demag is a world leader in steel and seamless pipe industry. Our state of the art plant is only the third of its kind in the world. The plant was commissioned in February 1992. The main plant and machinery was imported from USA based on MDH design.

Business area of the company

Maharashtra Seamless provides a whole range of high-class, customizable and innovative seamless pipes and tubes using state-of-art technology. The company also manufactures ERW Pipes and Coated Pipes. The company also engaged in the business of Wind Power, Steel Pipes & Tubes.


  • ERW Pipes
  • MS & Galvanized Pipes
  • API Line Pipes
  • OCTG
  • OCTG Casing Tubing
  • Seamless Pipes
  • Hot Finished Pipes & Tubes
  • Cold Drawn Tubes
  • Boiler Tubes
  • API Line Pipes
  • OCTG
  • OCTG Casing and Tubing
  • OCTG Drill Pipe
  • Coated Pipes
  • 3LPE
  • FBE
  • 3LPP
  • Internal Coating
  • Premium Connections
  • Pipe Fittings

Key customer segments

  • Oil & Gas
  • Hydro Carbon Process
  • Bearing Industry
  • Automotive
  • Boiler, Heat Exchanger
  • Plumbing & Firefighting
  • Structural
  • General Engineering
  • Railways
  • Sewage & Waterwell
  • Hydraulic Cylinder


  • 1989-92: MSL - Entry into Seamless Pipes: The 7” Seamless Pipe plant is set up. Commissioning the country’s first OCTG Seamless Pipe project, the 7” Seamless Pipe plant using CPE technology at Nagothane, Maharashtra (with technical knowhow from German giant Mannesmann Demag Huttentechnik, Gmbh). Today, it is the largest manufacturer of Seamless Pipes and Tubes in India.
  • 2000: MSL sets up a plant to make 20” ERW pipe, largest diameter ERW pipes in India. Today, MSL is one of the largest ERW pipe manufacturers in the country.
  • 2001: Entry into renewable energy: Wind Power MSL ventures into Wind Power energy with 7MW power plant at Satara, Maharashtra.
  • 2004: Another Seamless Pipe manufacturing plant using Plug Mill process is set up at Nagothane. MSL now is capable of producing up to 14” dia. Seamless Pipes.
  • 2005: Entry into Value added Products Premium Connections MSL sets up a JV with Hydril of USA to manufacture Premium Connections required in the most challenging oil & gas sector. Presently, named as Jindal Premium Connections Pvt. Ltd. and wholly owned by the D.P. Jindal Group.
  • 2006: MSL sets up a 3LPP and 3LPE anti-corrosive coating facility near its pipe manufacturing plant. This facility can provide both external and internal coating to pipes up to 1250 mm dia.
  • 2010: An expander added to 14” Seamless Pipe mill. MSL has extended its product range up to 20” diameter.
  • 2012: MSL sets up Solar Power plant at Pokharan, Rajasthan. Allotted under the ‘Jawaharlal National Solar Mission’, the plant can generate 5 MW of power.
  • 2012: Drill Pipes MSL sets up new manufacturing plant at Mangaon, Maharashtra, about 30 km from its main Nagothane plant. Plant capable of manufacturing 6” diameter Drill pipes for the drilling industry.
  • 2017: 20 MW solar PV power project at Village Khetusar, Tehsil Bap, District Jodhpur, Rajasthan 1 MW Roof Top Solar plant at MSL Nagothane factory.
  • 2020: Maharashtra Seamless acquires offshore jack up drilling rig.
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