Industrial Products
Valuation | |
|---|---|
| Market Cap | 7.19 kCr |
| Price/Earnings (Trailing) | 8.56 |
| Price/Sales (Trailing) | 1.36 |
| EV/EBITDA | 5.97 |
| Price/Free Cashflow | 13.26 |
| MarketCap/EBT | 6.57 |
| Enterprise Value | 7.17 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | 4.3% |
| Price Change 1M | -3.8% |
| Price Change 6M | -18.6% |
| Price Change 1Y | -13.7% |
| 3Y Cumulative Return | 18.7% |
| 5Y Cumulative Return | 30.5% |
| 7Y Cumulative Return | 12.5% |
| 10Y Cumulative Return | 22.2% |
| Revenue (TTM) |
| 5.29 kCr |
| Rev. Growth (Yr) | -8.5% |
| Earnings (TTM) | 840.44 Cr |
| Earnings Growth (Yr) | 30.4% |
Profitability | |
|---|---|
| Operating Margin | 21% |
| EBT Margin | 21% |
| Return on Equity | 12.8% |
| Return on Assets | 11.48% |
| Free Cashflow Yield | 7.54% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | -485.28 Cr |
| Cash Flow from Operations (TTM) | 609.63 Cr |
| Cash Flow from Financing (TTM) | -137.1 Cr |
| Cash & Equivalents | 34.3 Cr |
| Free Cash Flow (TTM) | 586.42 Cr |
| Free Cash Flow/Share (TTM) | 43.76 |
Balance Sheet | |
|---|---|
| Total Assets | 7.32 kCr |
| Total Liabilities | 757.89 Cr |
| Shareholder Equity | 6.56 kCr |
| Current Assets | 4.75 kCr |
| Current Liabilities | 293.52 Cr |
| Net PPE | 1.82 kCr |
| Inventory | 1.26 kCr |
| Goodwill | 1.25 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.00 |
| Debt/Equity | 0.00 |
| Interest Coverage | 489.76 |
| Interest/Cashflow Ops | 264.91 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 10 |
| Dividend Yield | 1.86% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Past Returns: In past three years, the stock has provided 18.7% return compared to 12.8% by NIFTY 50.
Size: Market Cap wise it is among the top 20% companies of india.
Technicals: Bullish SharesGuru indicator.
Profitability: Very strong Profitability. One year profit margin are 16%.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Balance Sheet: Strong Balance Sheet.
Smart Money: Smart money is losing interest in the stock.
Past Returns: In past three years, the stock has provided 18.7% return compared to 12.8% by NIFTY 50.
Size: Market Cap wise it is among the top 20% companies of india.
Technicals: Bullish SharesGuru indicator.
Profitability: Very strong Profitability. One year profit margin are 16%.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Balance Sheet: Strong Balance Sheet.
Smart Money: Smart money is losing interest in the stock.
Investor Care | |
|---|---|
| Dividend Yield | 1.86% |
| Dividend/Share (TTM) | 10 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 62.72 |
Financial Health | |
|---|---|
| Current Ratio | 16.2 |
| Debt/Equity | 0.00 |
Technical Indicators | |
|---|---|
| RSI (14d) | 53.05 |
| RSI (5d) | 84.5 |
| RSI (21d) | 33.67 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Sell |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Summary of Maharashtra Seamless's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
During the Q3 FY26 earnings conference call, management provided a cautious yet optimistic outlook for Maharashtra Seamless Limited. Notable highlights include:
Financial Performance: The total EBITDA for the quarter showed an improvement, attributed primarily to enhanced margins in the seamless pipes segment and an uptick in other income due to positive market sentiment in the gold and silver sectors.
Order Book: The current order book stands at INR 1,302 crores, with 33% representing orders from ONGC and Oil India. This reflects a consistent outlook compared to the previous quarter, indicating stable demand.
Capacity and Production: A significant project is underway to expand the finishing capacity at the Telangana plant, which involves an investment of INR 90 crores. This expansion is poised to alleviate existing bottlenecks and is expected to enhance operational efficiencies.
Product Segment Dynamics: Management reiterated that their seamless pipe offerings remain robust, particularly in sectors where government spending is pivotal. Despite challenges in the broader economic environment, the company's tonnage dispatched remained stable at 1,01,000 tons in Q3.
Market Conditions: The company is keenly awaiting the upcoming Union Budget, which may offer insights into future government expenditure in the oil and gas sector"”essential for driving growth.
Cash Reserves: Maharashtra Seamless holds liquid investments of approximately INR 3,500 crores, providing a buffer for potential inorganic growth opportunities while being cautious about entering any acquisitions.
Margins: Management expects that EBITDA per ton will remain stable, projected in the range of INR 10,000 to INR 15,000 per ton, without anticipating a significant decline in margins.
Future Plans: There is ongoing consideration for participating in the premium connections segment, with market estimates between 50,000 to 100,000 tons annually, currently dominated by imports.
Overall, management remains focused on maintaining stability and exploring growth avenues while managing risks associated with the cyclical nature of the market.
Understand Maharashtra Seamless ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| STABLE TRADING CO LIMITED | 17.98% |
| ODD & EVEN TRADES & FINANCE LIMITED | 17.9% |
| BRAHMADEV HOLDING AND TRADING LTD | 8.96% |
| GLOBAL JINDAL FIN INVEST LTD | 8.63% |
| SUDHA APPARELS LIMITED | 5.75% |
| HARYANA CAPFIN LIMITED | 4.62% |
| SAKET JINDAL | 3.24% |
Detailed comparison of Maharashtra Seamless against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| APLAPOLLO | APL Apollo Tubes | 60.36 kCr | 21.81 kCr | +10.60% | +51.20% | 52.85 | 2.77 | - | - |
| WELCORP | Welspun Corp | 21.52 kCr |
Maharashtra Seamless Limited manufactures and sells seamless steel pipes and tubes in India. It operates through three segments: Steel Pipes & Tubes, Power – Electricity, and RIG. The company offers mild steel and galvanized pipes; API line pipes; oil country tubular goods (OCTG) pipes, such as casing tubing, drill pipes, coupling stocks, etc.; 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, as well as connections and pipe fittings. In addition, the company is involved in renewable power generation and rig operations. Further, the company operates 52.5 MW solar power plant in Rajasthan & Maharashtra 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 Gurugram, India.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
Question 1: "Sir, I wanted to understand what is the current product mix between the standard and value-added products for us? And how is the margin difference between these two?"
Answer: We don't discuss product-wise margins, but our current order book stands at INR1,302 crores, with 33% from ONGC and Oil India. This order book is similar to the previous quarter, albeit with a higher proportion of oil sector orders.
Question 2: "Sir, any color on the capacity that we're planning to set up in...?"
Answer: We have initiated two projects, including a cold drawn pipes project, which is complete. For our Telangana finishing line, we've issued purchase orders worth INR90 crores and expect portions to be operational this quarter.
Question 3: "In the last quarter, you had mentioned that imports are around 20% to 25% of the domestic industry size of 9 lakh tons? Has it reduced this quarter?"
Answer: No, the import percentage hasn't reduced, remaining around that 20-25%. Despite ongoing dumping from China, we have maintained and improved our margins, and our tonnage dispatched has not declined.
Question 4: "Sir, I just wanted to know about your INR852 crores capital expenditure. By when do you plan to spend this amount?"
Answer: We've started the Telangana project and will address other capital items once this project is complete. The finishing line will increase finishing capacity, enabling us to utilize our existing production capacity better.
Question 5: "What is the current market size for premium connections in India, and what market share are you looking to acquire?"
Answer: The premium connections market ranges from 50,000 to 100,000 tons annually, primarily supplied by Jindal Saw and imports. Our goal is to capture a portion of this market through our planned production of premium connections, expected to commence in six months.
| QUANT MUTUAL FUND - QUANT MULTI CAP FUND | 2% |
| JHANJHARI HOLDINGS P LTD | 1.03% |
| DHARAM PAL JINDAL | 0.54% |
| DHARAM PAL JINDAL AND SONS HUF | 0.47% |
| SWOT TRADING AND SERVICES LLP | 0.41% |
| SAVITA JINDAL | 0.41% |
| RAGHAV JINDAL | 0.25% |
| RAGHAV JINDAL HUF | 0.15% |
| FLAKT DEALCOMM LIMITED | 0.14% |
| RACHNA JINDAL | 0.11% |
| SAKET JINDAL HUF | 0.07% |
| SHREEPRIYA JINDAL | 0.05% |
| SHREEJA JINDAL | 0.05% |
Distribution across major stakeholders
Distribution across major institutional holders
| 16.52 kCr |
| +1.60% |
| +13.20% |
| 11.05 |
| 1.3 |
| - |
| - |
| RATNAMANI | Ratnamani Metals & Tubes | 14.53 kCr | 5.46 kCr | -10.20% | -26.80% | 24.03 | 2.66 | - | - |
| JINDALSAW | Jindal Saw | 12.04 kCr | 18.4 kCr | +9.00% | -26.10% | 10.65 | 0.65 | - | - |
| MANINDS | Man Industries (India) | 2.72 kCr | 3.56 kCr | -8.00% | +27.80% | 15.47 | 0.76 | - | - |
| 87.2% |
| 323 |
| 173 |
| 303 |
| 299 |
| 256 |
| 296 |
| Exceptional items before tax | - | 0 | 0 | -3.19 | 0 | 0 | 0 |
| Total profit before tax | 87.2% | 323 | 173 | 300 | 299 | 256 | 296 |
| Current tax | 20% | 37 | 31 | 47 | 43 | 76 | 65 |
| Deferred tax | 225% | 40 | 13 | 22 | 13 | -10.81 | 7.03 |
| Total tax | 76.7% | 77 | 44 | 69 | 57 | 66 | 72 |
| Total profit (loss) for period | 95.2% | 243 | 125 | 230 | 242 | 186 | 220 |
| Other comp. income net of taxes | -180.6% | 0.5 | 1.62 | 0.03 | -35.86 | 1.13 | 0.22 |
| Total Comprehensive Income | 92.1% | 243 | 127 | 230 | 206 | 187 | 220 |
| Earnings Per Share, Basic | 105% | 18.12 | 9.35 | 17.19 | 18.06 | 13.89 | 16.42 |
| Earnings Per Share, Diluted | 105% | 18.12 | 9.35 | 17.19 | 18.06 | 13.89 | 16.42 |
| 12% |
| 122 |
| 109 |
| 96 |
| 71 |
| 67 |
| 75 |
| Finance costs | -73.3% | 2.99 | 8.44 | 36 | 40 | 48 | 48 |
| Depreciation and Amortization | -8.3% | 100 | 109 | 136 | 106 | 105 | 79 |
| Other expenses | 15.3% | 906 | 786 | 848 | 523 | 351 | 395 |
| Total Expenses | 3.5% | 4,447 | 4,298 | 4,841 | 3,163 | 1,932 | 2,192 |
| Profit Before exceptional items and Tax | -18.5% | 1,016 | 1,246 | 949 | 482 | 384 | 476 |
| Exceptional items before tax | - | 0 | 0 | 0 | 0 | -190.99 | -450.41 |
| Total profit before tax | -18.5% | 1,016 | 1,246 | 949 | 482 | 193 | 25 |
| Current tax | -0.5% | 219 | 220 | -83.17 | 77 | 0 | 83 |
| Deferred tax | -94.7% | 3.69 | 52 | 239 | 24 | 51 | -37.2 |
| Total tax | -17.8% | 223 | 271 | 156 | 101 | 51 | 46 |
| Total profit (loss) for period | -18.7% | 793 | 975 | 793 | 380 | 142 | -20.68 |
| Other comp. income net of taxes | 17% | 0.22 | 0.06 | 0.85 | 1.6 | 1.94 | -0.24 |
| Total Comprehensive Income | -18.7% | 793 | 975 | 794 | 382 | 144 | -20.92 |
| Earnings Per Share, Basic | -18.9% | 59.17 | 72.76 | 59.18 | 28.39 | 10.565 | -1.545 |
| Earnings Per Share, Diluted | -18.9% | 59.17 | 72.76 | 59.18 | 28.39 | 10.565 | -1.545 |
| -2.5% |
| 1,813 |
| 1,859 |
| 1,901 |
| 1,945 |
| 1,974 |
| 2,011 |
| Capital work-in-progress | 358.6% | 42 | 9.94 | 2.39 | 2.65 | 11 | 14 |
| Investment property | - | 618 | 0 | 0 | 0 | 608 | 0 |
| Non-current investments | -100.2% | 0 | 634 | 954 | 893 | 0 | 545 |
| Loans, non-current | 59.2% | 7.56 | 5.12 | 4.85 | 3.64 | 4.08 | 4.08 |
| Total non-current financial assets | -97.4% | 18 | 647 | 1,024 | 905 | 22 | 556 |
| Total non-current assets | -0.9% | 2,509 | 2,533 | 2,937 | 2,862 | 2,623 | 2,589 |
| Total assets | 4.2% | 7,254 | 6,959 | 6,715 | 6,466 | 6,010 | 5,784 |
| Borrowings, non-current | 1088.9% | 9.9 | 0.1 | 0 | 0 | 0 | 162 |
| Total non-current financial liabilities | 408.5% | 13 | 3.36 | 3.44 | 2.95 | 341 | 164 |
| Total non-current liabilities | 10.1% | 459 | 417 | 421 | 422 | 751 | 536 |
| Borrowings, current | - | 0 | 0 | 0 | 0 | 0 | 82 |
| Total current financial liabilities | 16.3% | 179 | 154 | 315 | 294 | 1.53 | 381 |
| Provisions, current | 10.5% | 64 | 58 | 83 | 73 | 67 | 94 |
| Current tax liabilities | - | 0 | 0 | 0 | 0 | 80 | 0 |
| Total current liabilities | 8.6% | 293 | 270 | 454 | 430 | 149 | 542 |
| Total liabilities | 9.6% | 752 | 686 | 875 | 852 | 899 | 1,078 |
| Equity share capital | 0% | 67 | 67 | 67 | 67 | 67 | 67 |
| Total equity | 3.7% | 6,502 | 6,273 | 5,840 | 5,614 | 5,111 | 4,706 |
| Total equity and liabilities | 4.2% | 7,254 | 6,959 | 6,715 | 6,466 | 6,010 | 5,784 |
| -42.1% |
| 607 |
| 1,048 |
| 908 |
| -289.83 |
| - |
| - |
| Cashflows used in obtaining control of subsidiaries | - | 0 | 0 | 92 | 17 | - | - |
| Proceeds from sales of PPE | 2% | 0.04 | 0.02 | 0.06 | 0.85 | - | - |
| Purchase of property, plant and equipment | -32.3% | 22 | 32 | 19 | 5.61 | - | - |
| Proceeds from sales of investment property | 28.3% | 3,018 | 2,353 | 1,595 | 755 | - | - |
| Purchase of investment property | 19.9% | 3,777 | 3,149 | 2,078 | 621 | - | - |
| Cash receipts from repayment of advances and loans made to other parties | - | 221 | 0 | 69 | 0 | - | - |
| Dividends received | -1.2% | 0.13 | 0.14 | 0.16 | 0.18 | - | - |
| Interest received | 160.7% | 74 | 29 | 51 | 40 | - | - |
| Other inflows (outflows) of cash | 32.3% | 0.58 | 0.38 | 0.49 | 0.72 | - | - |
| Net Cashflows From Investing Activities | 32.7% | -485.67 | -722.23 | -466.54 | 425 | - | - |
| Proceeds from borrowings | - | 0.1 | 0 | -35.58 | 21 | - | - |
| Repayments of borrowings | -100.4% | 0 | 247 | 357 | 99 | - | - |
| Dividends paid | 101.5% | 134 | 67 | 34 | 24 | - | - |
| Interest paid | -62.3% | 2.71 | 5.54 | 31 | 0 | - | - |
| Other inflows (outflows) of cash | - | 0 | 0 | 0 | -44.21 | - | - |
| Net Cashflows from Financing Activities | 57.1% | -136.61 | -319.63 | -457.09 | -145.92 | - | - |
| Net change in cash and cash eq. | -436.5% | -14.85 | 5.71 | -15.7 | -10.71 | - | - |
Analysis of Maharashtra Seamless's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2025
| Description | Share | Value |
|---|---|---|
| Steel Pipes & Tubes | 83.1% | 1.1 kCr |
| Others /Unallocated | 15.4% | 200.1 Cr |
| Power - Electricity | 1.5% | 19.6 Cr |
| Total | 1.3 kCr |