Download App
Help CenterSubscribe
Money Works 4 Me Logo MoneyWorks4Me
Talk to Advisor
Login Get Free Account
Sign Up

MoneyWorks4Me

Log In Sign Up Schedule Free 15‑min Call
Login Get Free Account
Sign Up

Maharashtra Seamless Ltd (MAHSEAMLES)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500265 NSE: MAHSEAMLES Steel & Iron Products | Small Cap | Maharashtra Seamless Share Price

₹654.85 -11.10 (-1.67%)

As on 03-Sep'26 16:59

Maharashtra Seamless Ltd (MAHSEAMLES)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500265 NSE: MAHSEAMLES Steel & Iron Products | Small Cap | Maharashtra Seamless Share Price

₹654.85 -11.10 (-1.67%)

As on 03-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹8,924 Cr.
Current Price
₹654.9
52-Week Low / High
₹500 / 690
TTM EPS
₹56.4
TTM Sales
₹4,620 Cr.
Book Value per Share
₹531.7
P/E Ratio
11.82
Higher than its 5-year historical median
Industry PE
24.9
Price to Book (P/B)
1.25
Lower than its 5-year historical median
Price to Sales (P/S)
1.93
Higher than its 5-year historical median
EV/EBITDA
8.04
Higher than its 5-year historical median
Dividend Yield
1.53%
Profitability Efficiency
Return on Equity (ROE)
10.95%
Outperforms industry median
Return on Capital Employed (ROCE)
14.60%
Outperforms industry median
Return on Assets (ROA)
9.79%
Operating Profit Margin
14.7%
Net Profit Margin
15.37%
Gross Profit Margin
22.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-11.29%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-25.27%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-9.42%
Asset Quality
Promoter Holding
70.28%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹7,058 Cr.
Equity
₹67 Cr.
Face Value
₹5
All Time Low / High
₹3.56 / 1099.05

Maharashtra Seamless stock performance

Key Ratios
mw4me loader

Check Before You Invest

Check Before You Invest

Quality

Somewhat Good
Check detailed performance

Valuation

Overvalued

Check Valuation charts

Price Trend

Strong
Check Price chart
Q.1 Is Maharashtra Seamless Ltd a good quality company?
Maharashtra Seamless Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does Maharashtra Seamless Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Maharashtra Seamless Ltd vs industry peers?
Maharashtra Seamless Ltd revenue CAGR is 15.99%, compared to the industry median CAGR of 7.75%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Maharashtra Seamless Ltd?
Promoters hold 70.28% of the Maharashtra Seamless Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Maharashtra Seamless Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 19.7% based on the current price.
View More

10 Year X-Ray :

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 performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ9.5%10.3%15.3%1.9%6.1%13.4%20.7%23.8%17.2%14.6%-
Value Creation
Index ⓘ		-0.3-0.30.1-0.9-0.60.00.50.80.30.1-

Growth Parameters ⓘ
Sales ⓘ1,4282,1303,0402,6172,2253,9755,7075,4035,2664,6714,620
Sales YoY Gr.-49.1%42.8%-13.9%-15%78.6%43.6%-5.3%-2.5%-11.3%-
Adj EPS ⓘ10.414.126.521.7195259.970.757.749.356.4
YoY Gr.-35.8%87.3%-18%-12.6%174%15.1%18%-18.4%-14.4%-
BVPS (₹) ⓘ209.9221.7237.8232.6242.1294.7350.9418.6467.8511.5531.7
Adj Net
Profit ⓘ		140189355291254697803947773661755
Cash Flow from Ops. ⓘ17487-183749501-2729081,048607966-
Debt/CF from Ops. ⓘ0.10.2-2.71.11.4-2.30.3000-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ14.1%16%-6.5%-11.3%
Adj EPS ⓘ18.9%21%-6.3%-14.4%
BVPSⓘ10.4%16.1%13.4%9.3%
Share Price 19.5% 32.5% 5.5% -1.4%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		5.16.611.59.2819.418.518.41310.110.8
Op. Profit
Mgn % ⓘ		15.414.421.921.120.115.218.522.717.514.715.1
Net Profit
Mgn % ⓘ		9.88.911.711.111.417.614.117.514.714.216.3
Debt to
Equity ⓘ		000.20.30.20.20.1000-
Working Cap
Days ⓘ		300230229314371224163171162160189
Cash Conv.
Cycle ⓘ		141117101917589103118123126177

Valuation of Maharashtra Seamless - Standalone

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,4282,1303,0402,6172,2253,9755,7075,4035,2664,671
Operating Expenses ⓘ + 1,2081,8242,3772,0811,7793,3714,6734,1804,3503,987
Manufacturing Costs195311362340274457602616704705
Material Costs9211,3991,8771,5961,3602,7133,7263,2863,3162,973
Employee Cost 52627075677696109122132
Other Costs ⓘ 4053677077124250170208177
Operating Profit ⓘ 2203056645364466031,0341,223916684
Operating Profit Margin (%) 15.4%14.3%21.8%20.5%20.1%15.2%18.1%22.6%17.4%14.7%
Other Income ⓘ + 85687066919086141203387
Exceptional Items ⓘ 00-146-450-1910000-3
Interest ⓘ 1091648484136833
Depreciation ⓘ 69747879105121136109100110
Profit Before Tax ⓘ 226290493251935319491,2461,016957
Tax ⓘ 80922314651-181156271223238
Profit After Tax 146198262-21142711793975793718
PAT Margin (%) 10.2%9.3%8.6%-0.8%6.4%17.9%13.9%18.0%15.1%15.4%
Adjusted EPS (₹)10.914.819.6-1.510.653.159.272.859.253.6
Dividend Payout Ratio (%)23%20.30%15.30%-81%16.60%4.70%8.50%13.70%16.90%18.70%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 2,8132,9713,1863,1173,2443,9524,7065,6146,2736,858
Share Capital ⓘ 33333333333367676767
Reserves ⓘ 2,7792,9383,1533,0833,2103,9194,6395,5476,2066,791
Debt +1394847566215151620012
Long Term Debt116446750621515162009
Short Term Debt23396000003
Minority Interest0000000000
Trade Payables139130273570733479296292152251
Others Liabilities ⓘ 321338388475540325621554535593
Total Liabilities ⓘ 3,2853,4494,3324,9185,1375,2715,7846,4606,9597,714

Fixed Assets

Net Fixed Assets ⓘ +1,0861,2221,1621,9231,8442,3202,2022,1372,0512,052
Gross Block1,7551,9661,9832,8222,8423,6503,6673,7113,7253,832
Accumulated Depreciation6697438218999981,3291,4651,5741,6741,781
CWIP ⓘ 1181723299131431069
Investments ⓘ 8367197597968825481,1211,9932,8363,828
Inventories4845097697128701,4321,5031,5731,3391,138
Trade Receivables309394495367461562644521658543
Cash Equivalents 610603506650554177
Others Assets ⓘ 4465771,0641,0881,021330249178249
Total Assets ⓘ 3,2853,4494,3324,9185,1375,2715,7846,4606,9597,714
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 17487-183749501-2729081,048607966
PBT ⓘ 226291494251955329501,2461,016957
Adjustment ⓘ 1239189539294981122-51-236
Changes in Working Capital ⓘ 7-160-69131535-920-8614-190414
Tax Paid ⓘ -71-83-175-130-2318-67-215-168-169
Cash Flow From Investing Activity ⓘ + -151-34-181-1,027-307423-466-722-486-807
Capex -132-110-23-846-9-6-19-32-22-169
Net Investments 23523699-167-197114-477-797-759-958
Others ⓘ -254-161-257-14-10231529107295320
Cash Flow From Financing Activity ⓘ + -20-49415221-146-147-457-320-137-123
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 11-6444317-133-109-357-16509
Interest Paid ⓘ -10-6-14-57-41-36-31-6-3-2
Dividend Paid ⓘ -17-34-40-40-17-24-34-67-134-134
Others ⓘ -4-32504521-36-8205
Net Cash Flow ⓘ 3451-57474-166-1536
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)5.866.868.52-0.664.4519.7818.3318.9113.3510.95
ROCE (%)9.4710.2815.291.936.1113.3920.6723.7717.1514.6
Asset Turnover Ratio0.490.640.780.570.440.761.030.880.780.64
PAT to CFO Conversion(x)1.190.44-0.7N/A3.53-0.381.151.070.771.35
Working Capital Days
Receivable Days66.7059.4053.4060.1067.904738.6039.3040.9046.90
Inventory Days114.3083.9076.70103.30129.80105.7093.90103.90100.9096.80
Payable Days53.6035.1039.2096.50174.9081.5037.9032.7024.4024.70

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Maharashtra Seamless Ltd FAQs

The current trading price of Maharashtra Seamless on 03-Sep-2026 16:59 is ₹654.9.

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 02-Sep-2026 the market cap of Maharashtra Seamless stood at ₹8,923.7 Cr

The latest P/E ratio of Maharashtra Seamless as of 02-Sep-2026 is 11.82.

The latest P/B ratio of Maharashtra Seamless as of 02-Sep-2026 is 1.25.

The 52-week high of Maharashtra Seamless is ₹690.0 and the 52-week low is ₹500.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Maharashtra Seamless is ₹4,620 ( Cr.) .

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

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

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

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.

Products

  • 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

Milestones

  • 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.
You have 47 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now

Address : The Alchemists Ark Pvt. Ltd., B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045

2026 ©The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me® is a registered trademark of The Alchemists Ark Pvt. Ltd.

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through: