MAHSEAMLES

Maharashtra Seamless share price & financials

Price
₹580.45
Market cap
₹9.8k Cr
Sector
Capital Goods
Calls analysed
5
Latest concall · Q3 FY26 · call held 29 Jan 2026

Mah. Seamless Q3 FY26

Treasury Portfolio Return 0.24% Q2 FY26 Pipe Dispatches 1,03,000 tons Q3 FY26 Pipe Dispatches 1,01,000 tons

What went well

  • Margins increased in seamless pipes, as expected, due to inventory markdown reversal.
  • ERW pipe margins improved due to better product mix.
  • Total EBITDA was higher.

What to watch

  • Unabated dumping from China continues, though margins and tonnage were maintained.
  • Company's growth is highly dependent on government expenditure in the oil and gas sector.
Read the full call →

What Maharashtra Seamless Limited does

Maharashtra Seamless Limited manufactures seamless and ERW (electric resistance welded) steel pipes and tubes used mainly in oil & gas drilling and production (OCTG casing, tubing, drill pipes), as well as in engineering, power, agriculture, chemical and housing applications, from plants at Nagothane and Mangaon (Maharashtra) and Narketpally (Telangana). It holds an estimated 55% share of India's seamless pipes market and 18% share of the API-certified, high-frequency ERW pipes segment. Beyond pipes, the company has diversified into renewable power generation (solar and wind) and owns an offshore jack-up drilling rig chartered out on a multi-year contract.

Segments

  • Seamless Pipes
  • ERW Pipes
  • Renewable Energy
  • Rig
Manufacturing plants
3 (Nagothane & Mangaon, Maharashtra; Narketpally, Telangana)
Seamless pipe installed capacity
650,000 MT/annum (450,000 MT Maharashtra + 200,000 MT Telangana)
ERW pipe installed capacity
125,000 MT/annum (Nagothane, Maharashtra)
Market share in seamless pipes (India)
~55%
Market share in API-certified, high-frequency ERW pipes (India)
~18%
Solar power capacity
50 MW AC (Maharashtra & Rajasthan)
Founded 1988Headquarters Village-Sukeli, Taluka Roha, Dist. Raigad, MaharashtraEmployees 1,829 (2025-03-31) Company website

Guidance record · Q3 FY26

what the last two calls moved 5 tracked 1 delivered 1 missed 3 open
  • Cold Drawn Line Capex delivered said Q4 FY25 Promised: Equipment received towards later part of this calendar year Q3 FY26: Cold drawn pipes project has been completed
  • EBITDA per ton revised down said Q3 FY25 Promised: Rs. 15,000 per ton for FY '25 Q3 FY26: Remain in the range of INR 10,000 to INR 15,000 per ton
  • Order Book Value missed said Q1 FY26 Promised: At least Rs. 1,500 crores by 30th September Q2 FY26: Order book improved to INR 1,378 crores (missed 1500cr target)

All 5 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 4.7%, net profit up 15.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,292 1,408 1,418 1,145 1,159 −10%1,090 −23%1,280 −10%1,091 −5%
EBITDA227 276 285 165 119 −48%149 −46%234 −18%179 +8%
Net profit220 186 242 230 125 −43%243 +31%103 −57%266 +16%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +14.7% 1Y

₹500₹550₹600₹650₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 4 Nov 2025Q3 FY26 — 29 Jan 2026

1Y: ₹635.4 on 10 Sept 2025 → ₹728.9. High ₹728.9 (11 Sept 2026), low ₹506.45 (27 Jan 2026).

How the price took the results

close before → close after

Q3 FY26
+0.5%
29 Jan
Q2 FY26
−4.4%
5 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 6.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 14.3%.

Year endingFY23FY24FY25FY26
Revenue₹5.7k Cr₹5.4k Cr₹5.3k Cr₹4.7k Cr
Operating profit₹1.0k Cr₹1.2k Cr₹907 Cr₹667 Cr
Operating margin17.8%22.2%17.2%14.3%
Interest₹39 Cr₹9 Cr₹3 Cr₹2 Cr
Depreciation₹138 Cr₹110 Cr₹100 Cr₹110 Cr
Net profit₹834 Cr₹952 Cr₹777 Cr₹701 Cr
Net margin14.6%17.6%14.7%15.0%
Cash from operations₹912 Cr₹1.0k Cr₹610 Cr₹933 Cr
Free cash flow₹893 Cr₹1.0k Cr₹586 Cr₹764 Cr
ROCE20.0%23.0%17.0%14.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹34 Cr₹34 Cr₹67 Cr₹67 Cr₹67 Cr₹67 Cr
Reserves₹3.3k Cr₹4.0k Cr₹4.7k Cr₹5.7k Cr₹6.5k Cr₹6.8k Cr
Borrowings₹922 Cr₹709 Cr₹244 Cr₹0 Cr₹10 Cr₹13 Cr
Other liabilities₹1.1k Cr₹695 Cr₹841 Cr₹852 Cr₹748 Cr₹849 Cr
Total liabilities₹5.4k Cr₹5.4k Cr₹5.9k Cr₹6.6k Cr₹7.3k Cr₹7.7k Cr
Fixed assets₹2.3k Cr₹2.1k Cr₹2.0k Cr₹1.9k Cr₹1.8k Cr₹1.9k Cr
Capital work in progress₹9 Cr₹13 Cr₹14 Cr₹3 Cr₹46 Cr₹73 Cr
Investments₹1.1k Cr₹646 Cr₹1.2k Cr₹2.1k Cr₹3.4k Cr₹3.8k Cr
Other assets₹2.0k Cr₹2.6k Cr₹2.7k Cr₹2.5k Cr₹2.1k Cr₹2.0k Cr
Total assets₹5.4k Cr₹5.4k Cr₹5.9k Cr₹6.6k Cr₹7.3k Cr₹7.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters added +1.41 pp while FIIs trimmed −0.70 pp. The shareholder count shrank 11% to 83,466.

Promoters
70.3%
FIIs
9.7%
DIIs
3.8%
Public
16.2%

Since Jun 2025

  • Promoters +1.41 pp
  • FIIs −0.70 pp
  • Public −0.47 pp

How it drifted, 12 quarters

Over this window the public fell from 19.9% to 16.2% — −3.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 67.9%, FIIs 8.0%, DIIs 4.3%, Public 19.9%.Dec '23: Promoters 67.9%, FIIs 10.5%, DIIs 4.2%, Public 17.4%.Mar '24: Promoters 68.0%, FIIs 12.0%, DIIs 3.8%, Public 16.2%.Jun '24: Promoters 68.0%, FIIs 9.2%, DIIs 5.3%, Public 17.5%.Sep '24: Promoters 68.0%, FIIs 8.0%, DIIs 4.3%, Public 19.6%.Dec '24: Promoters 68.1%, FIIs 9.1%, DIIs 3.9%, Public 19.0%.Mar '25: Promoters 68.8%, FIIs 9.6%, DIIs 4.0%, Public 17.5%.Jun '25: Promoters 68.9%, FIIs 10.4%, DIIs 4.1%, Public 16.6%.Sep '25: Promoters 69.0%, FIIs 9.9%, DIIs 3.6%, Public 17.5%.Dec '25: Promoters 69.8%, FIIs 9.5%, DIIs 2.9%, Public 17.8%.Mar '26: Promoters 70.3%, FIIs 9.6%, DIIs 3.3%, Public 16.8%.Jun '26: Promoters 70.3%, FIIs 9.7%, DIIs 3.8%, Public 16.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Maharashtra Seamless Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Odd & Even Trades & Finance Limited 19.15%+0.99 pp
Stable Trading Co Limited 17.98%unchanged
Brahmadev Holding And Trading Ltd 8.96%unchanged
Global Jindal Fin Invest Ltd 8.74%unchanged
Sudha Apparels Limited 5.75%unchanged
Haryana Capfin Limited 4.99%+0.27 pp
Quant Mutual Fund - Quant Multi Cap Fund Mutual fund2.00%unchanged
Saket Jindal 1.99%−1.25 pp
Jhanjhari Holdings P Ltd 1.03%unchanged
Dharam Pal Jindal 0.54%unchanged
Dharam Pal Jindal And Sons Huf 0.47%unchanged
Savita Jindal 0.41%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹729, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~-21%. At that growth it is worth ₹96 — downside of 87%.

Growth the price implies
16.5% a year
for 7 years, fading to 4%
It has actually compounded at
-21.0% a year
net profit, FY23–FY26 · EPS -20.9%
The gap
0.4 pp
-87% downside if it only repeats history
Price today ₹728.9 Value at the reference growth ₹95.98

Change the assumptions yourself →

All earnings calls (5)

Read the Q3 FY26 call →

Learn to analyse Maharashtra Seamless Limited

Guides on how to read this kind of business and the numbers that matter.