Maharashtra Seamless Ltd

MAHSEAMLES

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Market Cap

₹ 7,511 Cr

P/E

9.58

Turned 1 L into 3.60 L in last 5 Years

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Performance

STEADY PERFORMER

Valuation

UNDERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Maharashtra Seamless Limited primarily manufactures seamless pipes and tubes, serving industries such as oil and gas, automotive, and agriculture. It is a flagship company of the DP Jindal Group.

The company holds a market share of 55% in the seamless pipes segment with substantial production facilities in Maharashtra and Telangana, ensuring a strong domestic presence.

Despite a slowdown in the oil and gas sector and challenges from Chinese dumping, the order book has maintained quarterly replenishment, offering a semblance of stability.

MSL is strategically investing in capacity enhancements and renewable energy projects, funded entirely through internal accruals, showing resilience amidst market challenges.

The seamless pipes industry faces constant pressure from fluctuations in global oil demand and competitive pricing from international players, affecting profitability.

Sector

Capital Goods-Non Electrical Equipment

Industry

Steel - Large

Market Cap

7,511 Cr

Volatility

High Risk

P/E Ratio

9.6

Industry P/E

29.5

PEG Ratio

1.4

P/B Ratio

1.2

52W High

794.70

52W Low

540.95

Sales CAGR

-2.51%

9.83%

15.01%

10Y

18.90%

Profit CAGR

-18.32%

3.68%

—

10Y

43.12%

ROE

TTM

11.94%

14.80%

13.61%

10Y

10.12%

ROCE

TTM

15.40%

17.53%

14.67%

10Y

11.51%

Technicals

‌

Forecasts

No. of Analysts

7

1Y Price Target

805.80 ▲ 41.11%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Nov 14, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
NSLNISP	41.18	12,045 Cr	—	0.92	0.00	-10.14	-6.26	-4.74
JINDALSAW	163.55	10,459 Cr	7.61	0.87	1.22	11.37	13.28	5.29
KIRLFER	457.05	7,535 Cr	23.10	2.10	1.20	9.16	12.17	5.10
MAHSEAMLES	561.00	7,511 Cr	9.58	1.15	1.78	11.94	15.40	10.71
JAYNECOIND	74.65	7,279 Cr	19.32	2.83	0.00	14.64	19.60	6.69
JAIBALAJI	66.86	6,100 Cr	20.83	2.75	0.00	13.18	17.56	7.43
SURYAROSNI	262.35	5,723 Cr	17.46	2.28	2.09	13.07	17.48	9.51

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,223	1,535	1,431	1,215	1,151	1,292	1,408	1,418	1,145	1,159
Expenses	979	1,203	1,061	940	1,027	1,061	1,129	1,133	977	1,036
Operating Profit	244	332	370	275	124	231	280	285	169	123
OPM %	19.95	21.65	25.85	22.64	10.81	17.88	19.86	20.11	14.71	10.59
Other Income	25	25	31	39	59	87	-2.04	40	157	72
Interest	6.60	0.72	0.69	0.46	0.93	0.81	0.52	0.50	0.48	0.43
Depreciation	34	26	26	24	25	25	25	25	25	25
Profit Before Tax	228	331	374	290	158	292	252	299	300	169
Tax %	9.22	24.33	26.22	24.66	18.34	24.55	26.09	18.94	23.14	25.96
Net Profit	207	251	276	218	129	220	186	242	230	125
EPS in Rs	15.41	18.69	20.59	16.30	9.65	16.42	13.89	18.06	17.19	9.35

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,576	2,181	3,052	2,645	2,308	4,211	5,716	5,404	5,269	5,263
Expenses	1,209	1,839	2,383	2,104	1,843	3,598	4,679	4,183	4,348	4,299
Operating Profit	367	342	669	541	465	612	1,037	1,221	920	964
OPM %	23.26	15.69	21.91	20.44	20.16	14.54	18.14	22.60	17.47	18.32
Other Income	76	99	-117	-228	-116	82	63	120	184	281
Interest	34	42	39	64	56	45	38	8.47	2.76	2.31
Depreciation	71	76	80	88	121	138	138	110	101	101
Profit Before Tax	196	292	433	161	173	511	924	1,223	1,000	1,142
Tax %	41.01	31.48	53.37	28.65	29.63	-35.30	16.89	22.17	22.28	23.05
Net Profit	116	200	202	115	121	692	768	952	777	879
EPS in Rs	—	—	17.48	6.26	7.32	35.66	64.14	70.99	58.02	58.49
Dividend Payout %	27.16	19.08	17.16	19.97	23.92	9.69	8.76	14.09	17.24	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	33	33	33	33	33	33	33	67	67	67
Reserves	2,668	2,650	2,896	3,037	3,171	3,265	3,951	4,707	5,664	6,273
Borrowings	954	698	626	1,059	1,145	922	709	244	0.00	0.10
Other Liabilities	345	475	483	666	889	1,135	695	841	857	693
Total Liabilities	4,000	3,856	4,039	4,795	5,239	5,356	5,388	5,859	6,588	7,033
Fixed Assets	1,407	1,095	1,235	1,173	2,364	2,268	2,135	2,016	1,950	1,864
CWIP	31	119	17	23	29	8.83	13	14	2.65	14
Investments	1,451	1,529	1,461	1,276	1,007	1,071	646	1,177	2,098	2,892
Other Assets	1,111	1,113	1,326	2,322	1,840	2,008	2,593	2,651	2,537	2,263
Total Assets	4,000	3,856	4,039	4,795	5,239	5,356	5,388	5,859	6,588	7,033

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	121	241	93	-183	748	447	-269	912	1,041	610
Cash from Investing Activity	-58	-101	12	-156	-744	-178	565	-382	-722	-486
Cash from Financing Activity	-32	-133	-95	387	7.35	-285	-286	-542	-320	-136
Net Cash Flow	31	7.35	9.50	49	11	-16	10	-12	0.14	-13

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	67.63%	67.80%	67.80%	67.86%	67.86%	68.00%	68.00%	68.04%	68.07%	68.86%	68.87%	69.05%
FIIs	3.08%	2.84%	5.96%	7.99%	10.50%	11.97%	9.23%	7.97%	9.12%	9.63%	10.42%	9.86%
DIIs	3.89%	4.05%	4.31%	4.38%	4.31%	3.95%	5.38%	4.38%	3.86%	3.96%	4.08%	3.63%
Public	25.40%	25.30%	21.94%	19.77%	17.33%	16.09%	17.39%	19.61%	18.96%	17.55%	16.63%	17.47%
Total Shareholders	49,033	47,261	50,771	54,879	61,989	69,663	77,500	96,466	1,29,024	1,05,737	93,504	94,257

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 04, 2025	Stable trading co ltd	Insider - Promoter Group	Acquisition	579.12	9.26 Cr	1,59,967	0.11
Dec 03, 2025	Swot trading & services llp	Insider - Promoter Group	Acquisition	576.38	1.59 Cr	27,500	0.02
Dec 03, 2025	Odd & even trades & finance l...	Insider - Promoter Group	Acquisition	576.12	3.14 Cr	54,500	0.04
Dec 02, 2025	Brahmadev holding and trading...	Insider - Promoter Group	Acquisition	574.84	11.21 Cr	1,95,000	0.14
Dec 01, 2025	Stable trading co ltd	Insider - Promoter Group	Acquisition	575.18	11.38 Cr	1,97,933	0.14
Nov 30, 2025	Haryana capfin limited	Insider - Promoter Group	Acquisition	579.09	4.74 Cr	81,900	0.06
Nov 29, 2025	Odd & even trades & finance l...	Insider - Promoter Group	Acquisition	579.46	7.82 Cr	1,35,000	0.10
Nov 28, 2025	Global jindal fin-invest limited	Insider - Promoter Group	Acquisition	579.07	9.74 Cr	1,68,200	0.12
Aug 19, 2025	Brahmadev holding and trading...	Insider - Promoter Group	Acquisition	675.25	3.27 Cr	48,500	0.03
Aug 19, 2025	Odd & even trades & finance l...	Insider - Promoter Group	Acquisition	693.42	6.24 Cr	90,000	0.06

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,223	1,535	1,431	1,215	1,151	1,292	1,408	1,418	1,145	1,159
Expenses	979	1,203	1,061	940	1,027	1,061	1,129	1,133	977	1,036
Operating Profit	244	332	370	275	124	231	280	285	169	123
OPM %	19.95	21.65	25.85	22.64	10.81	17.88	19.86	20.11	14.71	10.59
Other Income	25	25	31	39	59	87	-2.04	40	157	72
Interest	6.60	0.72	0.69	0.46	0.93	0.81	0.52	0.50	0.48	0.43
Depreciation	34	26	26	24	25	25	25	25	25	25
Profit Before Tax	228	331	374	290	158	292	252	299	300	169
Tax %	9.22	24.33	26.22	24.66	18.34	24.55	26.09	18.94	23.14	25.96
Net Profit	207	251	276	218	129	220	186	242	230	125
EPS in Rs	15.41	18.69	20.59	16.30	9.65	16.42	13.89	18.06	17.19	9.35

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,576	2,181	3,052	2,645	2,308	4,211	5,716	5,404	5,269	5,263
Expenses	1,209	1,839	2,383	2,104	1,843	3,598	4,679	4,183	4,348	4,299
Operating Profit	367	342	669	541	465	612	1,037	1,221	920	964
OPM %	23.26	15.69	21.91	20.44	20.16	14.54	18.14	22.60	17.47	18.32
Other Income	76	99	-117	-228	-116	82	63	120	184	281
Interest	34	42	39	64	56	45	38	8.47	2.76	2.31
Depreciation	71	76	80	88	121	138	138	110	101	101
Profit Before Tax	196	292	433	161	173	511	924	1,223	1,000	1,142
Tax %	41.01	31.48	53.37	28.65	29.63	-35.30	16.89	22.17	22.28	23.05
Net Profit	116	200	202	115	121	692	768	952	777	879
EPS in Rs	—	—	17.48	6.26	7.32	35.66	64.14	70.99	58.02	58.49
Dividend Payout %	27.16	19.08	17.16	19.97	23.92	9.69	8.76	14.09	17.24	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	33	33	33	33	33	33	33	67	67	67
Reserves	2,668	2,650	2,896	3,037	3,171	3,265	3,951	4,707	5,664	6,273
Borrowings	954	698	626	1,059	1,145	922	709	244	0.00	0.10
Other Liabilities	345	475	483	666	889	1,135	695	841	857	693
Total Liabilities	4,000	3,856	4,039	4,795	5,239	5,356	5,388	5,859	6,588	7,033
Fixed Assets	1,407	1,095	1,235	1,173	2,364	2,268	2,135	2,016	1,950	1,864
CWIP	31	119	17	23	29	8.83	13	14	2.65	14
Investments	1,451	1,529	1,461	1,276	1,007	1,071	646	1,177	2,098	2,892
Other Assets	1,111	1,113	1,326	2,322	1,840	2,008	2,593	2,651	2,537	2,263
Total Assets	4,000	3,856	4,039	4,795	5,239	5,356	5,388	5,859	6,588	7,033

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	121	241	93	-183	748	447	-269	912	1,041	610
Cash from Investing Activity	-58	-101	12	-156	-744	-178	565	-382	-722	-486
Cash from Financing Activity	-32	-133	-95	387	7.35	-285	-286	-542	-320	-136
Net Cash Flow	31	7.35	9.50	49	11	-16	10	-12	0.14	-13

Overview

Detailed Summary

Maharashtra Seamless Limited primarily manufactures seamless pipes and tubes, serving industries such as oil and gas, automotive, and agriculture. It is a flagship company of the DP Jindal Group.

The company holds a market share of 55% in the seamless pipes segment with substantial production facilities in Maharashtra and Telangana, ensuring a strong domestic presence.

Despite a slowdown in the oil and gas sector and challenges from Chinese dumping, the order book has maintained quarterly replenishment, offering a semblance of stability.

MSL is strategically investing in capacity enhancements and renewable energy projects, funded entirely through internal accruals, showing resilience amidst market challenges.

The seamless pipes industry faces constant pressure from fluctuations in global oil demand and competitive pricing from international players, affecting profitability.

Sector

Capital Goods-Non Electrical Equipment

Industry

Steel - Large

Market Cap

7,511 Cr

Volatility

High Risk

P/E Ratio

9.6

Industry P/E

29.5

PEG Ratio

1.4

P/B Ratio

1.2

52W High

794.70

52W Low

540.95

Sales CAGR

-2.51%

9.83%

15.01%

10Y

18.90%

Profit CAGR

-18.32%

3.68%

—

10Y

43.12%

ROE

TTM

11.94%

14.80%

13.61%

10Y

10.12%

ROCE

TTM

15.40%

17.53%

14.67%

10Y

11.51%