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Swing Capital

Maharashtra Seamless Ltd

NSE: MAHSEAMLES BSE: 500265Energy

Incorporated in 1988, Maharashtra Seamless Ltd manufactures seamless pipes & tubes, ERW pipes. It is also in the business of renewable power generation and rig operations[1]

₹637
52W: ₹500 — ₹774
PE 9.96 · Book ₹485 · +31% vs book
Market Cap₹8,535 Cr
Stock P/E9.96Price to Earnings
ROCE17.2%Return on Capital
ROE13.4%Return on Equity
Div. Yield1.64%Face Value ₹5

Strengths

  • +Company is almost debt free.

Weaknesses

  • −Earnings include an other income of Rs.476 Cr.
  • −Dividend payout has been low at 13.0% of profits over last 3 years

Shareholding Pattern

Promoters70.28%
FIIs9.58%
DIIs3.29%
Public16.83%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters68%68.04%▲0.068.06%▲0.068.85%▲0.868.87%▲0.069.05%▲0.269.81%▲0.870.28%▲0.5
FIIs9.23%7.97%▼1.39.12%▲1.19.63%▲0.510.42%▲0.89.86%▼0.69.51%▼0.39.58%▲0.1
DIIs5.26%4.34%▼0.93.85%▼0.53.97%▲0.14.09%▲0.13.64%▼0.42.91%▼0.73.29%▲0.4
Public17.49%19.65%▲2.218.96%▼0.717.54%▼1.416.64%▼0.917.46%▲0.817.77%▲0.316.83%▼0.9

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales1,5351,4301,2151,1511,2911,4081,4161,1431,1581,090
Expenses1,2021,0619391,0251,0601,1281,1319741,035937
Operating Profit333370276126231280285169123153
OPM %22%26%23%11%18%20%20%15%11%14%
Net Profit256280223136224190243234130247
EPS ₹19.0720.9216.6610.1516.7314.1918.117.459.6718.45

AI Insights

Revenue Trend

TTM revenue at ₹4,807Cr, down 8.7% YoY. OPM at 15%.

Debt Position

Borrowings at ₹10Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹42Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 3.29% (-0.89pp change). FIIs: 9.58% (+3.62pp change). Promoters hold 70.28%.

Margin & Efficiency

ROCE improving from 3% (Mar 2014) to 17% (Mar 2025). Working capital days: 133.

Valuation

PE 9.96x with 17.2% ROCE. Price is 31% above book value of ₹485. Dividend yield: 1.64%.

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