MarketFriction

Maharashtra Seamless Ltd

NSE MAHSEAMLES · BSE 500265 · Iron & Steel Products
₹698.75 -5.27%
NSE close2026-10-01
52 week range500.70 - 768.00
Market cap₹9,672 Cr.
P/E13.1
Price band 20% Delivery 44.4%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,5351,4311,2151,1511,2921,4081,4181,1451,1591,0901,2801,091
Expenses1,2071,0659451,0321,0651,1321,1339801,0409411,046912
Operating Profit328366270119227276285165119149234179
OPM %21%26%22%10%18%20%20%14%10%14%18%16%
Other Income303544659124016076200-51174
Interest110111000111
Depreciation262624252525252525293131
Profit before tax331374290158292252299300169319151322
Tax %24%26%25%18%25%26%19%23%26%24%32%17%
Net Profit251276218129220186242230125243103266
EPS in Rs18.6920.5916.309.6516.4213.8918.0617.199.3518.137.6719.88
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,0191,4342,1503,0522,6452,3084,2115,7165,4045,2694,6744,620
Expenses9801,2091,8392,3832,1351,8673,6284,7054,2054,3614,0053,939
Operating Profit382253116695094415831,0111,199908669681
OPM %3.8%16%14%22%19%19%14%18%22%17%14%15%
Other Income577699-117-197-9111188142196383399
Interest26344239645645388333
Depreciation7171768088121138138110101110116
Profit before tax-21962924331611735119241,2231,000939962
Tax %1,521%41%31%53%29%30%-35%17%22%22%25%
Net Profit-24116200202115121692768952777701737
EPS in Rs-1.819.2115.7317.486.267.3251.6257.0771.0058.0352.3455.03
Dividend Payout %-69%27%19%17%20%24%5%9%14%17%19%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth16%15%-6%-12%
Compounded Profit Growth40%29%-3%-16%
Stock Price CAGR21%35%6%21%
Return on Equity12%15%14%11%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital343434343434343467676767
Reserves2,7632,5492,6502,8963,0373,1713,2653,9514,7075,6646,2736,809
Borrowings9166657036261,0591,1459227092440013
Other Liabilities3134364704836668891,135695841852693849
Total Liabilities4,0263,6843,8564,0394,7955,2395,3565,3885,8596,5837,0337,739
Fixed Assets1,4721,1211,0951,2351,1732,3642,2682,1352,0161,9501,8621,862
CWIP37311191723299131431473
Investments1,3731,4441,5291,4611,2761,0071,0716461,1772,0982,8923,821
Other Assets1,1431,0881,1131,3262,3221,8402,0082,5932,6512,5332,2651,983
Total Assets4,0263,6843,8564,0394,7955,2395,3565,3885,8596,5837,0337,739
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity10412224193-183748447-2699121,041610933
Cash from Investing Activity-63012-10713-161-730-183563-386-722-486-775
Cash from Financing Activity527-141-133-953877-285-286-542-320-136-123
Net Cash Flow2-62104425-218-170-1335
Free Cash Flow-48109108-10-206-98428-2778931,009586764
CFO/OP132%378%139%57%-1%172%106%-49%97%105%86%165%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days809679665950754841354544
Inventory Days189246192132150172255182148175148140
Days Payable28655534531291946129321731
Cash Conversion Cycle24127721516515593135169160178176153
Working Capital Days139165103155196105135148130137133116
ROCE %3%0%6%9%18%11%9%12%20%23%17%14%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters67.86%67.86%68.00%68.00%68.04%68.06%68.85%68.87%69.05%69.81%70.28%70.28%
FIIs7.98%10.50%11.96%9.23%7.97%9.12%9.63%10.42%9.86%9.51%9.58%9.72%
DIIs4.26%4.19%3.81%5.26%4.34%3.85%3.97%4.09%3.64%2.91%3.29%3.84%
Public19.89%17.44%16.22%17.49%19.65%18.96%17.54%16.64%17.46%17.77%16.83%16.17%
No. of Shareholders54,87961,98969,66377,50096,4661,29,0241,05,73793,50494,25792,94388,78383,466

Fundamentals

Market Cap₹ 9,672 Cr.
Current Price₹ 722
Stock P/E13.1
Book Value₹ 513
ROCE14.3 %
ROE10.7 %
Dividend Yield1.39 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)-12%
Compounded Profit Growth (TTM)-16%
Consolidated figures.
Valuation
Market capRs 9,363 Cr
Enterprise valueRs 9,297 Cr
P/E (TTM)12.70x
Price to book1.36x
Price to sales2.03x
EV / EBITDA8.60x
EV / EBIT9.64x
EV / sales2.01x
Price to cash flow10.04x
Earnings yield7.88%
Dividend yield1.43%
P/E, 3-year average11.46x
P/B, 3-year average1.50x
P/E, 5-year average8.67x
P/B, 5-year average1.20x
Profitability
Operating margin (excl. other income)14.32%
Operating margin (incl. other income)22.51%
EBITDA margin23.39%
Pre-tax margin20.83%
Net profit margin15.96%
Net margin, latest quarter24.41%
ROE10.61%
ROCE14.24%
ROA9.49%
ROE, 3-year average13.87%
ROCE, 3-year average17.92%
ROA, 3-year average12.07%
ROE, 5-year average15.61%
ROCE, 5-year average17.21%
ROA, 5-year average12.54%
ROIC (approx.)10.57%
Tax rate25.38%
Other income / net worth5.57%
Growth
Sales growth (latest year)-11.28%
Profit growth (latest year)-9.80%
Sales CAGR, 3 years-6.49%
Sales CAGR, 5 years15.16%
Profit CAGR, 3 years-2.85%
Profit CAGR, 5 years48.22%
Sales growth QoQ-14.76%
Profit growth QoQ159.07%
Sales growth YoY (latest quarter)-4.72%
Profit growth YoY (latest quarter)15.67%
Per share
EPS (TTM)Rs 55.03
EPS (latest year)Rs 52.33
EPS (latest quarter)Rs 19.88
EPS, 3-year averageRs 60.45
EPS, 5-year averageRs 68.33
Book value per shareRs 513.17
Sales per shareRs 344.80
Cash flow per shareRs 69.61
Free cash flow per shareRs 57.02
Dividend per share (latest year)Rs 10.00
Dividend per share, 3-year averageRs 10.00
Dividend per share, 5-year averageRs 8.00
Dividends
Dividend payout19.11%
Dividend payout, 3-year average16.81%
Dividend payout, 5-year average12.81%
Efficiency
Asset turnover0.60x
Fixed asset turnover2.51x
Inventory turnover3.23x
Inventory days113 days
Debtor days44 days
Debtors turnover8.28x
Creditor days31 days
Cash conversion cycle153 days
Working capital days116 days
Leverage
Total debtRs 13 Cr
Cash and bankRs 79 Cr
Net debtRs -66 Cr
Debt to equity0.00x
Net debt / EBITDA-0.06x
Interest coverage366.85x
Current ratio (filing 2026-03-31)14.17x
Quick ratio (filing 2026-03-31)11.27x
Trade payables (filing 2026-03-31)Rs 251 Cr
Owners' fund to total sources88.85%
Debt to assets0.17%
Cash flow
Cash from Operating Activity (latest year)Rs 933 Cr
Cash from Investing Activity (latest year)Rs -775 Cr
Cash from Financing Activity (latest year)Rs -123 Cr
Net Cash Flow (latest year)Rs 35 Cr
Free cash flow (latest year)Rs 764 Cr
FCFE (approx.: FCF + change in debt)Rs 777 Cr
Cash from ops / profit, 5 years0.83x
Sales to cash flow5.01x
Statement figures
Net sales (TTM)Rs 4,620 Cr
Net sales (latest year)Rs 4,674 Cr
Sales (latest quarter)Rs 1,091 Cr
Operating profit excl. other income (latest year)Rs 669 Cr
Operating profit (latest quarter)Rs 179 Cr
Other income (TTM)Rs 399 Cr
EBITDA (TTM)Rs 1,081 Cr
PBDT (TTM)Rs 1,078 Cr
Profit before tax (TTM)Rs 962 Cr
Tax (latest year)Rs 238 Cr
Net profit (TTM)Rs 737 Cr
Net profit (latest year)Rs 701 Cr
Net profit (latest quarter)Rs 266 Cr
Depreciation (TTM)Rs 116 Cr
Depreciation (latest quarter)Rs 31 Cr
Interest (TTM)Rs 3 Cr
Cost of goods sold (latest year)Rs 3,682 Cr
Total expenditure (latest year)Rs 4,005 Cr
Total income (latest year)Rs 5,057 Cr
Share capitalRs 67 Cr
ReservesRs 6,809 Cr
Shareholders' fundsRs 6,876 Cr
Total assetsRs 7,739 Cr
Net blockRs 1,862 Cr
Capital work in progressRs 73 Cr
InvestmentsRs 3,821 Cr
ReceivablesRs 565 Cr
InventoryRs 1,139 Cr
Other liabilitiesRs 849 Cr
Shares outstanding (crore)13.40
Ownership
Promoter holding70.28% (+1.41 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 12.7 is at the 50th percentile of its own 9.4-year range (median 12.7, low 5.5, high 40.4).
P/B 1.36 is at the 73th percentile (median 1.12).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodMAHSEAMLESNifty 50Difference
1 week-1.4%-2.8% +1.4 pts
1 month+7.6%-6.8% +14.4 pts
3 months+14.5%-7.6% +22.2 pts
6 months+24.7%+0.4% +24.3 pts
1 year+14.4%-9.9% +24.3 pts
2 years+10.8%-13.6% +24.4 pts
3 years+13.8%+14.2% -0.4 pts
5 years+333.5%+27.9% +305.6 pts
16 mutual fund schemes hold about ₹302 Cr. Over three months 3 bought more and 7 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Quant Multi Cap Fund1.19%92 -3%
Quant Small Cap Fund0.24%86 -11%
Bandhan Value Fund0.38%38 +6%
ICICI Pru Small Cap Fund0.29%28 -21%
ICICI Pru Small Cap Fund0.29%27 -21%
iSIF Hybrid Long-Short Fund0.67%9 -29%
ICICI Pru Energy Opportunities Fund0.10%9 +11%
Motilal Oswal Nifty Microcap 250 Index Fund0.27%7 -10%
ICICI Pru ESG Exclusionary Strategy Fund0.47%6 +44%
Groww Nifty Total Market Index Fund0.01%0 -5%
HDFC BSE 500 Index Fund0.01%0 -5%
Angel One Nifty Total Market Index Fund0.01%0 -5%
Mirae Asset Nifty Total Market Index Fund0.01%0 -5%
Bandhan Nifty Total Market Index Fund0.01%0 -5%
Motilal Oswal BSE 1000 Index Fund0.01%0 -5%
Samco Multi Cap Fund0.00%0 -100%

Red flags

F-score 4 of 8
explainDebt up, profit down Borrowings up 13260% while net profit fell in 2026
lookProfit leans on other income Other income was 41% of pre-tax profit in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹1,091 Cr -4.7% vs Jun 2025. Net profit ₹266 Cr +15.7%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-01Dividend - Rs 10 Per Share
2025-08-14Dividend - Rs 10 Per Sh
2024-08-14Dividend - Rs 10 Per Share
2023-08-14Dividend - Rs 5 Per Share
2022-11-25Bonus 1:10.5000
2022-09-07Dividend - Rs 5 Per Share
2021-09-14 Dividend - Rs 3.50 Per Share
2020-09-14 Dividend - Rs 2.50 Per Share
2019-09-09 Dividend - Rs 6 Per Share
2018-09-17 Dividend Rs 6 Per Share
2017-09-12 Dividend - Rs 5 Per Share
2016-09-12 Dividend-Rs 2.50 Per Share
2015-08-14 Annual General Meeting/ Dividend - Rs 5/- Per Share
2014-08-22Annual General Meeting / Dividend - Rs 6/- Per Share
2013-09-04Annual General Meeting / Dividend - Rs 6/- Per Share
2012-09-06Annual General Meeting And Dividend Rs.6/- Per Share
2011-08-29Dividend-Rs.6/- Per Share
2010-09-23Annual General Meeting And Dividend Rs.6/- Per Share
2009-09-11Dividend-Rs.5/- Per Share
2008-09-18Agm/Dividend - 100%
2007-09-21Agm/Final Dividend-30%
2007-03-222nd Interim Dividend-50% Purpose Revised
2006-09-18Agm/Div-Fin 70% + Int 30%
2006-04-18Fv Split Rs.10/- To Rs.5/0.5000
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2020-12-07NCLATMaharashtra Seamless Ltd VS State Bank of India & Ors
2020-12-02NCLTMaharashtra Seamless Ltd Vs United Seamless Tubulaar Pvt Ltd Vs
2020-11-11NCLTMaharashtra Seamless Ltd Vs United Seamless Tubulaar Pvt Ltd Vs
2020-10-28NCLTMaharashtra Seamless Ltd Vs United Seamless Tubulaar Pvt Ltd Vs
2020-10-15NCLATMaharashtra Seamless Ltd VS S Hari Prasad & Ors
2020-09-28NCLTMaharashtra Seamless Ltd Vs United Seamless Tubulaar Pvt Ltd Vs
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03