About
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 ย 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, including 3 layer polyethylene coated pipes, fusion bonded epoxy coated pipes, 3 layer polypropylene coated pipes, and internal epoxy coating pipes. In addition, the company is involved in renewable power generation and rig operations. Further, the company operates 5MW solar power plant in Pokaran, District Jaisalmer Rajasthan and 7 MW wind power project in Maharashtra. Its products are used in the oil and gas, hydrocarbon process, bearing industry, automotive, boiler, heat exchanger, plumbing and firefighting, structural, general engineering, railways, sewage and water well, and hydraulic cylinder sectors. The company was incorporated in 1988 and is headquartered in New Delhi, India.
Key Metrics
as of Sep 2026Market Cap9,201 Cr
P/E12.40
Div Yield1.45 %
Book Valueโน513.00
52w Highโน696.00
52w Lowโน500.00
Face Valueโน5.00
Quarterly Results
Rs. Crores ยท hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,091.00 | 1,280.00 | 1,090.00 | 1,159.00 | 1,145.00 | 1,418.00 | 1,408.00 | 1,292.00 | 1,151.00 | 1,215.00 | 1,431.00 | 1,535.00 | 1,223.00 |
| Expenses | 912.00 | 1,046.00 | 941.00 | 1,040.00 | 980.00 | 1,133.00 | 1,132.00 | 1,065.00 | 1,032.00 | 945.00 | 1,065.00 | 1,207.00 | 988.00 |
| Operating Profit | 179.00 | 234.00 | 149.00 | 119.00 | 165.00 | 285.00 | 276.00 | 227.00 | 119.00 | 270.00 | 366.00 | 328.00 | 235.00 |
| OPM % | 16.00 | 18.00 | 14.00 | 10.00 | 14.00 | 20.00 | 20.00 | 18.00 | 10.00 | 22.00 | 26.00 | 21.00 | 19.00 |
| Other Income | 174.00 | -51.00 | 200.00 | 76.00 | 160.00 | 40.00 | 2.00 | 91.00 | 65.00 | 44.00 | 35.00 | 30.00 | 33.00 |
| Depreciation | 31.00 | 31.00 | 29.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 24.00 | 26.00 | 26.00 | 34.00 |
| Interest | 1.00 | 1.00 | 1.00 | 0.00 | 0.00 | 0.00 | 1.00 | 1.00 | 1.00 | 0.00 | 1.00 | 1.00 | 7.00 |
| Profit before tax | 322.00 | 151.00 | 319.00 | 169.00 | 300.00 | 299.00 | 252.00 | 292.00 | 158.00 | 290.00 | 374.00 | 331.00 | 228.00 |
| Tax % | 17.00 | 32.00 | 24.00 | 26.00 | 23.00 | 19.00 | 26.00 | 25.00 | 18.00 | 25.00 | 26.00 | 24.00 | 9.00 |
| Net Profit | 266.00 | 103.00 | 243.00 | 125.00 | 230.00 | 242.00 | 186.00 | 220.00 | 129.00 | 218.00 | 276.00 | 251.00 | 207.00 |
| EPS in Rs | 19.88 | 7.67 | 18.13 | 9.35 | 17.19 | 18.06 | 13.89 | 16.42 | 9.65 | 16.30 | 20.59 | 18.69 | 15.42 |
Profit & Loss
Annual ยท Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,674.00 | 5,269.00 | 5,404.00 | 5,716.00 | 4,211.00 | 2,308.00 | 2,645.00 | 3,052.00 | 2,150.00 | 1,434.00 | 1,019.00 | 1,355.00 |
| Expenses | 4,005.00 | 4,361.00 | 4,205.00 | 4,705.00 | 3,628.00 | 1,867.00 | 2,135.00 | 2,383.00 | 1,839.00 | 1,209.00 | 980.00 | 1,249.00 |
| Operating Profit | 669.00 | 908.00 | 1,199.00 | 1,011.00 | 583.00 | 441.00 | 509.00 | 669.00 | 311.00 | 225.00 | 38.00 | 105.00 |
| OPM % | 14.00 | 17.00 | 22.00 | 18.00 | 14.00 | 19.00 | 19.00 | 22.00 | 14.00 | 16.00 | 3.80 | 8.00 |
| Other Income | 383.00 | 196.00 | 142.00 | 88.00 | 111.00 | -91.00 | -197.00 | -117.00 | 99.00 | 76.00 | 57.00 | 74.00 |
| Interest | 3.00 | 3.00 | 8.00 | 38.00 | 45.00 | 56.00 | 64.00 | 39.00 | 42.00 | 34.00 | 26.00 | 20.00 |
| Depreciation | 110.00 | 101.00 | 110.00 | 138.00 | 138.00 | 121.00 | 88.00 | 80.00 | 76.00 | 71.00 | 71.00 | 31.00 |
| Profit before tax | 939.00 | 1,000.00 | 1,223.00 | 924.00 | 511.00 | 173.00 | 161.00 | 433.00 | 292.00 | 196.00 | -2.00 | 129.00 |
| Tax % | 25.00 | 22.00 | 22.00 | 17.00 | -35.00 | 30.00 | 29.00 | 53.00 | 31.00 | 41.00 | 1,521.00 | 29.00 |
| Net Profit | 701.00 | 777.00 | 952.00 | 768.00 | 692.00 | 121.00 | 115.00 | 202.00 | 200.00 | 116.00 | -24.00 | 118.00 |
| EPS in Rs | 52.34 | 58.03 | 71.00 | 57.07 | 51.62 | 7.32 | 6.26 | 17.48 | 15.73 | 9.21 | -1.81 | 8.79 |
| Dividend Payout % | 19.00 | 17.00 | 14.00 | 9.00 | 5.00 | 24.00 | 20.00 | 17.00 | 19.00 | 27.00 | -69.00 | 28.00 |
Balance Sheet
Annual ยท Rs. Crores โ latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 67.00 | 67.00 | 67.00 | 67.00 | 34.00 | 34.00 | 34.00 | 34.00 | 34.00 | 34.00 | 34.00 | 34.00 |
| Reserves | 6,809.00 | 6,273.00 | 5,664.00 | 4,707.00 | 3,951.00 | 3,265.00 | 3,171.00 | 3,037.00 | 2,896.00 | 2,650.00 | 2,549.00 | 2,763.00 |
| Borrowings | 13.00 | 0.00 | 0.00 | 244.00 | 709.00 | 922.00 | 1,145.00 | 1,059.00 | 626.00 | 703.00 | 665.00 | 916.00 |
| Other Liabilities | 849.00 | 693.00 | 852.00 | 841.00 | 695.00 | 1,135.00 | 889.00 | 666.00 | 483.00 | 470.00 | 436.00 | 313.00 |
| Total Liabilities | 7,739.00 | 7,033.00 | 6,583.00 | 5,859.00 | 5,388.00 | 5,356.00 | 5,239.00 | 4,795.00 | 4,039.00 | 3,856.00 | 3,684.00 | 4,026.00 |
| Fixed Assets | 1,862.00 | 1,862.00 | 1,950.00 | 2,016.00 | 2,135.00 | 2,268.00 | 2,364.00 | 1,173.00 | 1,235.00 | 1,095.00 | 1,121.00 | 1,472.00 |
| CWIP | 73.00 | 14.00 | 3.00 | 14.00 | 13.00 | 9.00 | 29.00 | 23.00 | 17.00 | 119.00 | 31.00 | 37.00 |
| Investments | 3,821.00 | 2,892.00 | 2,098.00 | 1,177.00 | 646.00 | 1,071.00 | 1,007.00 | 1,276.00 | 1,461.00 | 1,529.00 | 1,444.00 | 1,373.00 |
| Other Assets | 1,983.00 | 2,265.00 | 2,533.00 | 2,651.00 | 2,593.00 | 2,008.00 | 1,840.00 | 2,322.00 | 1,326.00 | 1,113.00 | 1,088.00 | 1,143.00 |
| Total Assets | 7,739.00 | 7,033.00 | 6,583.00 | 5,859.00 | 5,388.00 | 5,356.00 | 5,239.00 | 4,795.00 | 4,039.00 | 3,856.00 | 3,684.00 | 4,026.00 |
Cash Flows
Annual ยท Rs. Crores โ latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 933.00 | 610.00 | 1,041.00 | 912.00 | -269.00 | 447.00 | 748.00 | -183.00 | 93.00 | 241.00 | 122.00 | 104.00 |
| Cash from Investing Activity | -775.00 | -486.00 | -722.00 | -386.00 | 563.00 | -183.00 | -730.00 | -161.00 | 13.00 | -107.00 | 12.00 | -630.00 |
| Cash from Financing Activity | -123.00 | -136.00 | -320.00 | -542.00 | -286.00 | -285.00 | 7.00 | 387.00 | -95.00 | -133.00 | -141.00 | 527.00 |
| Net Cash Flow | 35.00 | -13.00 | 0.00 | -17.00 | 8.00 | -21.00 | 25.00 | 44.00 | 10.00 | 2.00 | -6.00 | 2.00 |
| Free Cash Flow | 764.00 | 586.00 | 1,009.00 | 893.00 | -277.00 | 428.00 | -98.00 | -206.00 | -10.00 | 108.00 | 109.00 | -48.00 |
| CFO/OP % | 165.00 | 86.00 | 105.00 | 97.00 | -49.00 | 106.00 | 172.00 | -1.00 | 57.00 | 139.00 | 378.00 | 132.00 |
Ratios
Annual ยท Days / % โ latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 44.00 | 45.00 | 35.00 | 41.00 | 48.00 | 75.00 | 50.00 | 59.00 | 66.00 | 79.00 | 96.00 | 80.00 |
| Inventory Days | 140.00 | 148.00 | 175.00 | 148.00 | 182.00 | 255.00 | 172.00 | 150.00 | 132.00 | 192.00 | 246.00 | 189.00 |
| Days Payable | 31.00 | 17.00 | 32.00 | 29.00 | 61.00 | 194.00 | 129.00 | 53.00 | 34.00 | 55.00 | 65.00 | 28.00 |
| Cash Conversion Cycle | 153.00 | 176.00 | 178.00 | 160.00 | 169.00 | 135.00 | 93.00 | 155.00 | 165.00 | 215.00 | 277.00 | 241.00 |
| Working Capital Days | 116.00 | 133.00 | 137.00 | 130.00 | 148.00 | 135.00 | 105.00 | 196.00 | 155.00 | 103.00 | 165.00 | 139.00 |
| ROCE % | 14.00 | 17.00 | 23.00 | 20.00 | 12.00 | 9.00 | 11.00 | 18.00 | 9.00 | 6.00 | 0.00 | 3.00 |
Corporate Actions
25 records| Action | Ex Date | Record Date | Ratio | Amount (โน) | Notes |
|---|---|---|---|---|---|
| Dividend | 14 Aug 2025 | 14 Aug 2025 | โ | 10.00 | |
| Dividend | 14 Aug 2024 | 14 Aug 2024 | โ | 10.00 | |
| Dividend | 14 Aug 2023 | 14 Aug 2023 | โ | 5.00 | |
| Bonus | 25 Nov 2022 | 28 Nov 2022 | 1:1 | โ | |
| Dividend | 07 Sep 2022 | 08 Sep 2022 | โ | 5.00 | |
| Dividend | 14 Sep 2021 | 15 Sep 2021 | โ | 3.50 | |
| Dividend | 14 Sep 2020 | 15 Sep 2020 | โ | 2.50 | |
| Dividend | 09 Sep 2019 | 11 Sep 2019 | โ | 6.00 | |
| Dividend | 17 Sep 2018 | โ | โ | 6.00 | |
| Dividend | 12 Sep 2017 | โ | โ | 5.00 | |
| Dividend | 12 Sep 2016 | โ | โ | 2.50 | |
| Dividend | 14 Aug 2015 | โ | โ | 5.00 | |
| Dividend | 22 Aug 2014 | โ | โ | 6.00 | |
| Dividend | 04 Sep 2013 | โ | โ | 6.00 | |
| Dividend | 06 Sep 2012 | โ | โ | 6.00 | |
| Dividend | 29 Aug 2011 | โ | โ | 6.00 | |
| Dividend | 23 Sep 2010 | โ | โ | 6.00 | |
| Dividend | 11 Sep 2009 | โ | โ | 5.00 | |
| Dividend | 18 Sep 2008 | โ | โ | 5.00 | |
| Dividend | 21 Sep 2007 | โ | โ | 1.50 | |
| Dividend | 22 Mar 2007 | 23 Mar 2007 | โ | 2.50 | |
| Other | 18 Sep 2006 | โ | โ | โ | Agm/Div-Fin 70% + Int 30% |
| Split | 18 Apr 2006 | 25 Apr 2006 | 10:5 | โ | |
| Dividend | 30 Aug 2005 | โ | โ | 2.50 | |
| Dividend | 06 Sep 2001 | โ | โ | 1.50 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results โ Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update18 Aug from icra
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Rating update3 Jun from icra
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Rating update2 Mar from icra
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Rating update10 Dec 2024 from icra
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Rating update11 Dec 2023 from icra
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Rating update12 Sep 2022 from icra