Maharashtra Seamless (MAHSEAMLES) had a P/E of 10.4× on 6 Nov 2026, below the industry P/E of 19.9×, and the shares are 26% below their 52-week high. It earns ROCE of 13% and ROE of 11%, and sales and net profit fell 6.5% and 2.8% a year over 3 years. It has almost no debt, and its dividend yield is 1.8%. It is a small-cap company with a market cap of ₹7,653 Cr, ranked 23rd of 150 Steel companies by market cap; the shares rose 0.2% over the past year.
- ₹574.05
- ₹574.50
- ₹557.00
- ₹574.15
- 1.4 L
Health check
- ReturnsBehind
+0.2% over a year, better than 1 of 7 peers.
- Price tagCheaper
P/E 10.4 vs industry 19.9.
- GrowthShrinking
Sales −6.5%, profit −2.8% a year over 3 years.
- ProfitabilityWeak
ROCE 12.8% vs peer median 18.7%.
- Balance sheetFair
Practically debt-free, Piotroski 4 of 9.
- Red flags1 to check
Quarterly sales down 4.7% on a year ago.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹7,653 Cr
- Small cap
- P/E
- 10.4
- Industry 19.9
- Price to book
- 1.11
- Peers 2.28
- Dividend yield
- 1.75%
- ROE
- 10.6%
- Peers 23.4%
- ROCE
- 12.8%
- Peers 18.7%
- Debt to equity
- 0.00
- Debt ₹13 Cr
- EPS (TTM)
- ₹55.02
- Face value ₹5
- OPM (TTM)
- 14.9%
- Net margin 16.0%
- Sales growth
- −4.7%
- Latest quarter vs a year ago
- Profit growth
- +15.7%
- Latest quarter vs a year ago
- Price to sales
- 1.66
- EV/EBITDA 5.8
Strengths and risks
Strengths
- Practically debt-free.
- P/E of 10.4 against an industry P/E of 19.9.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Quarterly sales down 4.7% on a year ago.
About Maharashtra Seamless
Maharashtra Seamless Limited engages in the manufacture and sale of seamless steel pipes and tubes in India. The company operates through three segments: Steel Pipes & Tubes, Power Electricity, and RIG. It offers mild steel and galvanized pipes; API line pipes; oil country tubular goods (OCTG) pipes; and hot finished pipes and tubes, and cold drawn and boiler tubes. It also provides coated pipes, such aas 3 layer polyethylene coated pipes, fusion bonded…
- Headquarters
- New Delhi
- Employees
- 2,639
- Sector
- Basic Materials
- ISIN
- INE271B01025
- Website
- jindal.com
Price range
- Avg volume (3M)
- 3.5 L
- 1-year return
- plus 0.2%
- From 52-week high
- minus 25.6%
Peers · Steel
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEELJSW Steel | 1,357.10 | plus 0.11% | 3,31,265 | 11.7 | 12.2 | 18.7% | 17.7% | 0.62 | 3.6% | plus 14.7% |
| TATASTEELTata Steel | 186.30 | plus 2.36% | 2,32,397 | 21.1 | 9.1 | 11.3% | 15.2% | 0.89 | −1.6% | plus 1.5% |
| JINDALSTELJindal Steel | 1,165.00 | plus 1.31% | 1,18,594 | 41.5 | 14.9 | 7.5% | 15.9% | 0.42 | −13.1% | plus 6.4% |
| LLOYDSMELloyds Metals And Energy | 1,785.50 | minus 1.38% | 1,00,482 | 19.1 | 18.8 | 19.4% | 37.4% | 1.23 | 71.3% | plus 37.4% |
| SAILSteel Authority of India | 171.60 | minus 0.41% | 70,880 | 12.6 | 8.1 | 7.2% | 12.9% | 0.50 | 2.0% | plus 24.7% |
| NMDCNMDC | 70.40 | minus 0.01% | 61,894 | 8.3 | 6.2 | 28.4% | 30.0% | 0.19 | 22.0% | minus 5.2% |
| APLAPOLLOAPL Apollo Tubes | 2,185.30 | minus 0.41% | 60,677 | 46.3 | 32.7 | 28.0% | 8.2% | 0.17 | 12.6% | plus 23.3% |
| MAHSEAMLESMaharashtra Seamless | 571.10 | minus 0.53% | 7,653 | 10.4 | 5.8 | 12.8% | 16.1% | 0.00 | −6.5% | plus 0.2% |
| Median of 7 peers | – | −0.01% | 1,00,482 | 19.1 | 12.2 | 18.7% | 15.9% | 0.50 | 3.6% | 14.7% |
Quarterly results
| ₹ Cr | Mar 25 | Jun 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 1,418 | 1,145 | 1,090 | 1,280 | 1,091 | |
| – | – | – | minus 9.7% | minus 4.7% | |
| 1,133 | 977 | 938 | 1,097 | 908 | |
| 285 | 169 | 152 | 183 | 183 | |
| 20.1% | 14.7% | 14.0% | 14.3% | 16.8% | |
| 39.6 | 157 | 197 | 3 | 171 | |
| 0.5 | 0.5 | 0.8 | 0.9 | 0.5 | |
| 25.4 | 25 | 28.8 | 31.3 | 30.5 | |
| – | – | – | −3 | – | |
| 299 | 300 | 319 | 151 | 322 | |
| 18.9% | 23.1% | 24.0% | 32.0% | 17.4% | |
| 242 | 230 | 243 | 103 | 266 | |
| – | – | – | minus 57.5% | +15.7% | |
| 18.06 | 17.19 | 18.12 | 7.67 | 19.88 |
Profit & loss
- Sales CAGR 3Y
- −6.5%
- Profit CAGR 3Y
- −2.8%
- EPS CAGR 3Y
- −2.8%
- ROE
- 10.6%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 5,575 | 5,272 | 5,158 | 4,551 | |
| – | minus 5.4% | minus 2.2% | minus 11.8% | |
| 4,517 | 4,049 | 4,237 | 3,868 | |
| 1,058 | 1,223 | 921 | 683 | |
| 19.0% | 23.2% | 17.9% | 15.0% | |
| 23.6 | 38.7 | 96.2 | 122 | |
| 32.2 | 3.7 | 0.4 | 0.7 | |
| 138 | 110 | 101 | 110 | |
| 11.5 | 74.7 | 84.2 | 245 | |
| 924 | 1,223 | 1,000 | 939 | |
| 16.9% | 22.2% | 22.3% | 25.4% | |
| 765 | 951 | 777 | 701 | |
| – | +24.4% | minus 18.3% | minus 9.8% | |
| 57.07 | 70.99 | 58.02 | 52.33 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 67 | 67 | 67 | 67 | |
| 4,707 | 5,664 | 6,273 | 6,809 | |
| 244 | 0 | 0.1 | 13.4 | |
| 841 | 852 | 693 | 849 | |
| 5,859 | 6,583 | 7,033 | 7,739 | |
| 2,037 | 1,960 | 1,893 | 1,944 | |
| 22.2 | 11.5 | 30.8 | 81.9 | |
| 602 | 1,001 | 692 | 224 | |
| 675 | 1,227 | 2,260 | 3,682 | |
| 2,523 | 2,384 | 2,157 | 1,807 | |
| 5,859 | 6,583 | 7,033 | 7,739 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 912 | 1,041 | 610 | 933 | |
| −382 | −722 | −486 | −774 | |
| −542 | −320 | −136 | −123 | |
| −12.4 | 0.1 | −12.8 | 35.7 | |
| −18.8 | −32.1 | −23.2 | −170 | |
| 893 | 1,009 | 586 | 763 | |
| −33.7 | −67 | −134 | −134 |
Shareholding pattern
NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 7.5% (Yahoo estimate).
Major shareholders
Filings & events
News
No recent news coverage found.