Maharashtra Seamless Ltd
NSE: MAHSEAMLES · Iron & Steel Products · sector
₹533.40NSE close 2026-10-26
Key numbers
Market cap₹7,148 cr
Price₹533.40
52w high / low₹768 / ₹501
P/E9.7xSector median 15.5x
P/B1.0xSector median 1.7x
Book value₹513.2
Dividend yield1.87%Sector median 0.60%
ROE11.2%Sector median 11.1%
ROCE14.2%Sector median 11.9%
OPM15.0%Sector median 6.7%
Debt / equity0.00xSector median 0.21x
EV/EBITDA5.0xSector median 11.8x
Interest cover372.2x
Current ratio14.17x
Sales growth 3y-6.5%Sector median +2.1%
Profit growth 3y-2.9%Sector median +13.0%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 118 companies in Iron & Steel Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹3,679 cr vs borrowings ₹13 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 372.2x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding rose by 1.25 percentage points in a year, to 70.30% (2026-09-30).
- Operating cash flow was below net profit in 2 of the last 5 years (FY25, FY22).
- Revenue was higher than a year earlier in 0 of the last 4 quarters.
- Other income was 55% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹533.40 on 2026-10-26: -30.5% from the 52-week high, +6.5% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹780.60 · low ₹517.55
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,292 | 1,408 | 1,418 | 1,145 | 1,159 | 1,090 | 1,280 | 1,091 |
| EBITDA | 231 | 280 | 285 | 165 | 123 | 152 | 235 | 183 |
| OPM % | 17.9% | 19.9% | 20.1% | 14.4% | 10.6% | 14.0% | 18.3% | 16.8% |
| Other income | 91 | 2 | 40 | 160 | 76 | 200 | -48 | 174 |
| Net profit | 220 | 186 | 242 | 230 | 125 | 243 | 103 | 266 |
| EPS (₹) | 16.42 | 13.89 | 18.06 | 17.19 | 9.35 | 18.12 | 7.67 | 19.88 |
| Revenue YoY | -10.3% | -22.6% | -9.7% | -4.7% | ||||
| Profit YoY | -43.1% | +30.5% | -57.5% | +15.7% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 4,200 | 5,716 | 5,404 | 5,269 | 4,674 | 4,620 |
| EBITDA | 612 | 1,040 | 1,199 | 920 | 678 | 693 |
| Net profit | 380 | 765 | 952 | 777 | 701 | 737 |
| EPS (₹) | 56.75 | 114.14 | 70.99 | 58.02 | 52.33 | 55.02 |
| Revenue growth | +36.1% | -5.5% | -2.5% | -11.3% | -12.2% | |
| Profit growth | +101.1% | +24.4% | -18.3% | -9.8% | -16.1% | |
| Dividend / share (₹) | 3.50 | 5.00 | 5.00 | 10.00 | 10.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -6.5% | +15.2% | -12.2% |
| Net profit | -2.8% | +48.2% | -16.1% |
| EPS | -22.9% | +29.0% | – |
| Share price | – | -3.3% (2y) | -4.0% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 4,774 | 5,731 | 6,340 | 6,876 |
| Borrowings | – | 244 | 0 | 0 | 13 |
| Cash & equivalents | – | 632 | 1,157 | 2,247 | 3,679 |
| Total assets | – | 5,859 | 6,588 | 7,033 | 7,739 |
| Fixed assets | – | 2,014 | 1,948 | 1,862 | 1,862 |
| Capital work in progress | – | 14 | 3 | 14 | 72 |
| Investments | – | 601 | 998 | 690 | 221 |
| Receivables | – | 642 | 519 | 653 | 565 |
| Inventory | – | 1,506 | 1,576 | 1,342 | 1,139 |
| Payables | – | 302 | 293 | 152 | 251 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -283 | 917 | 1,042 | 610 | 933 |
| Cash from investing | 489 | -382 | -722 | -485 | -775 |
| Cash from financing | -220 | -542 | -320 | -137 | -123 |
| Capex | 8 | 19 | 32 | 23 | 170 |
| Free cash flow | -291 | 898 | 1,010 | 586 | 764 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 16.0% | 16.6% | 12.3% | 10.2% |
| ROCE % | – | 19.8% | 21.5% | 16.0% | 13.9% |
| Debtor days | – | 41 | 35 | 45 | 44 |
| Inventory days | – | 148 | 175 | 148 | 140 |
| Payable days | – | 30 | 32 | 17 | 31 |
| Cash conversion cycle (days) | – | 159 | 178 | 176 | 153 |
| Working capital days | – | 170 | 215 | 288 | 403 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 70.30% |
| FIIs | 9.93% |
| DIIs | 3.87% |
| of which Mutual funds | 3.15% |
| Public (non-institutions) | 15.90% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 68.07% | 68.86% | 68.87% | 69.05% | 69.81% | 70.28% | 70.28% | 70.30% |
| Promoter group | % |
|---|---|
| ODD & Even Trades & Finance Limited | 19.44% |
| Stable Trading Co Limited | 17.98% |
| Brahmadev Holding and Trading Ltd | 8.96% |
| Global Jindal FIN Invest Ltd | 8.74% |
| Sudha Apparels Limited | 5.75% |
| Haryana Capfin Limited | 4.99% |
| Saket Jindal | 1.72% |
| Dharam PAL Jindal | 0.54% |
| Dharam PAL Jindal and Sons HUF | 0.47% |
| Savita Jindal | 0.41% |
| Swot Trading and Services LLP | 0.41% |
| Raghav Jindal | 0.25% |
| Raghav Jindal HUF | 0.15% |
| Flakt Dealcomm Limited | 0.14% |
| Rachna Jindal | 0.11% |
| Public holders above 1% | % |
|---|---|
| Quant Mutual Fund - Quant Multi CAP Fund | 2.00% |
| Jhanjhari Holdings P Ltd | 1.03% |
80,339 shareholders. Pledged: 0.00% of promoter shares.
Peers in Iron & Steel Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WELCORP | ₹61,798 cr | 26.7x | 6.8x | 27.8% | 19.2% | 13.9% | +19.8% | 0.21% |
| APLAPOLLO | ₹57,703 cr | 46.9x | 10.9x | 25.9% | 30.1% | 8.0% | +12.6% | 0.28% |
| SHYAMMETL | ₹31,351 cr | 28.0x | 2.7x | 7.8% | 14.2% | 12.9% | +13.7% | 0.36% |
| RATNAMANI | ₹16,345 cr | 37.8x | 4.0x | 11.2% | 15.7% | 16.7% | +0.1% | 0.60% |
| JINDALSAW | ₹14,824 cr | 26.9x | 1.2x | 4.4% | 7.2% | 9.5% | +0.1% | 0.86% |
| USHAMART | ₹14,192 cr | 27.9x | 4.3x | 16.8% | 20.1% | 19.6% | +4.1% | 0.64% |
| GALLANTT | ₹12,989 cr | 31.9x | 3.7x | 12.4% | 14.2% | 13.8% | +3.1% | 0.08% |
| GPIL | ₹11,769 cr | 14.6x | 2.0x | 15.1% | 18.7% | 21.4% | -2.2% | 0.54% |
| JAYNECOIND | ₹8,607 cr | 12.5x | 2.6x | 23.4% | 25.6% | 18.9% | +4.0% | – |
| MAHSEAMLES | ₹7,148 cr | 9.7x | 1.0x | 11.2% | 14.2% | 15.0% | -6.5% | 1.87% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| a. Steel Pipes & Tubes | ₹4,616 cr | 90.2% | ₹526 cr | 11.4% |
| d. Others /Unallocated | ₹390 cr | 7.6% | ₹384 cr | 98.3% |
| b. Power - Electricity | ₹80 cr | 1.6% | ₹58 cr | 72.0% |
| c. Rig | ₹31 cr | 0.6% | ₹-9 cr | -29.7% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-01 | Dividend | Dividend - Rs 10 Per Share |
| 2025-08-14 | Dividend | Dividend - Rs 10 Per Sh |
| 2024-08-14 | Dividend | Dividend - Rs 10 Per Share |
| 2023-08-14 | Dividend | Dividend - Rs 5 Per Share |
| 2022-11-25 | Bonus | Bonus 1:1 |
| 2022-09-07 | Dividend | Dividend - Rs 5 Per Share |
| 2021-09-14 | Dividend | Dividend - Rs 3.50 Per Share |
| 2020-09-14 | Dividend | Dividend - Rs 2.50 Per Share |
| 2019-09-09 | Dividend | Dividend - Rs 6 Per Share |
| 2018-09-17 | Dividend | Dividend Rs 6 Per Share |
| 2017-09-12 | Dividend | Dividend - Rs 5 Per Share |
| 2016-09-12 | Dividend | Dividend-Rs 2.50 Per Share |
| 2015-08-14 | Dividend | Annual General Meeting/ Dividend - Rs 5/- Per Share |
| 2014-08-22 | Dividend | Annual General Meeting / Dividend - Rs 6/- Per Share |
| 2013-09-04 | Dividend | Annual General Meeting / Dividend - Rs 6/- Per Share |
| 2012-09-06 | Dividend | Annual General Meeting And Dividend Rs.6/- Per Share |
| 2011-08-29 | Dividend | Dividend-Rs.6/- Per Share |
| 2010-09-23 | Dividend | Annual General Meeting And Dividend Rs.6/- Per Share |
| 2009-09-11 | Dividend | Dividend-Rs.5/- Per Share |
| 2008-09-18 | Dividend | Agm/Dividend - 100% |
Documents
- Annual report FY26
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Steel pipes and tubes: Steel pipes and tubes
| Sector | Industrials |
| Industry | Iron & Steel Products |
| Sub-industry | Iron & Steel Products |
| Symbol | MAHSEAMLES |
| BSE code | 500265 |
| ISIN | INE271B01025 |
| Face value | ₹5.0 |
| Incorporated | 1988-05-10 |
| Website | www.jindal.com |
| Plants (India / abroad) | 9 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.