Maharashtra Seamless financials and balance sheet

NSE: MAHSEAMLESBSE: 500265Industrial ProductsSmall Cap

₹532.70₹6.60 (1.22%)BSE ₹533.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹539.30.

52-week range of traded prices to 23 Oct 2026

₹500.70Low, 27 Jan 2026₹768.00High, 30 Sep 2026

Market cap: ₹7,138 Cr633rd largest listed
P/E: 9.7
P/B: 1.0
Dividend yield: 1.88%
ROE: 11.2%
ROCE: 8.4%
Debt to equity: 0.00
Volume, NSE: 1,82,08445.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Maharashtra Seamless annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,674
Materials and goods−2,975
Employee costs−134
Other expenses−884
Operating profit681
Depreciation−110
Other income+388
One-off items−3.0
Finance costs−2.6
Profit before tax953
Tax−238
Joint ventures−14
Net profit701

What the company owns

Current investments₹3,600 Cr
Plant, investments and other assets₹2,356 Cr
Inventory₹1,139 Cr
Receivables₹565 Cr
Cash and bank₹79 Cr

What pays for it: net worth and liabilities

Net worth₹6,876 Cr
Other liabilities₹598 Cr
Owed to suppliers₹251 Cr
Borrowings₹13 Cr

Maharashtra Seamless business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Maharashtra Seamless segment results by quarter

Revenue by segment

₹4,727 CrTotal

Steel Pipes & Tubes₹4,615 Cr97.7% of total
Power - Electricity₹80 Cr1.7% of total
Rig₹31 Cr0.7% of total

Profit by segment

Steel Pipes & Tubes₹526 Cr90.1% of total
Power - Electricity₹58 Cr9.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Steel Pipes & Tubes
Revenue, ₹ crore
3,010
2,586
2,166
3,509
5,621
5,300
5,168
4,615
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
551
437
302
395
865
1,032
744
526
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power - Electricity
Revenue, ₹ crore
51
51
54
65
70
77
78
80
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
35
35
35
44
46
55
55
58
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Rig
Revenue, ₹ crore
0
30
20
60
75
71
31
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
4
−6
−9
27
23
−9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	3,061	2,638	2,250	3,594	5,751	5,453	5,316	4,727
Company revenue, as in its results	3,073	2,645	2,308	4,200	5,716	5,404	5,269	4,674
Revenue	3,010	2,586	2,166	3,509	5,621	5,300	5,168	4,615
Revenue growth	–	−14.1%	−16.2%	61.9%	60.2%	−5.7%	−2.5%	−10.7%
Profit	551	437	302	395	865	1,032	744	526
Profit growth	–	−20.6%	−30.9%	30.6%	119.1%	19.3%	−27.9%	−29.3%
Margin	18.3%	16.9%	13.9%	11.2%	15.4%	19.5%	14.4%	11.4%
Return on capital	–	32.6%	21.8%	21.1%	35.3%	37.0%	26.6%	21.5%
Assets	–	2,132	2,291	2,693	3,430	3,279	3,116	2,889
Liabilities	–	791	906	819	978	491	322	439
Capital employed	–	1,341	1,384	1,874	2,451	2,788	2,794	2,449
Revenue	51	51	54	65	70	77	78	80
Revenue growth	–	−0.7%	6.6%	21.0%	7.6%	10.0%	0.8%	3.0%
Profit	35	35	35	44	46	55	55	58
Profit growth	–	−0.6%	−1.5%	28.2%	3.0%	19.9%	−0.6%	6.1%
Margin	69.3%	69.3%	64.1%	67.9%	65.0%	70.9%	69.9%	72.0%
Return on capital	–	11.9%	12.0%	16.1%	17.4%	21.1%	21.9%	24.4%
Assets	–	303	291	277	264	262	251	238
Liabilities	–	7	1	1	2	2	2	1
Capital employed	–	296	289	276	262	260	249	237
Revenue	–	0	30	20	60	75	71	31
Revenue growth	–	–	–	−32.7%	–	25.2%	−5.5%	−56.5%
Profit	–	0	4	−6	−9	27	23	−9
Profit growth	–	–	–	–	–	–	−14.1%	–
Margin	–	18.4%	14.6%	−29.7%	−14.6%	36.0%	32.7%	−29.7%
Return on capital	–	–	43.2%	−1.4%	−1.8%	3.9%	3.7%	−1.4%
Assets	–	741	722	734	726	696	633	683
Liabilities	–	781	712	307	245	0	0	9
Capital employed	–	−41	10	426	481	696	632	674
Revenue	80	78	171	755	98	143	200	390
Profit	71	30	90	152	90	141	195	384
Assets	0	2,064	2,052	1,684	1,442	2,351	3,034	3,929
Liabilities	0	456	438	564	−138	364	369	413

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Maharashtra Seamless quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 28 Jul	Mar 2021Filed 26 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 22 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
Revenue from operations	1,576	2,181	3,073	2,645	2,308	4,200	5,716	5,404	5,269	4,674
	1,351	1,870	2,404	2,104	1,843	3,588	4,676	4,205	4,348	3,993
Materials and goods bought	921	1,411	1,882	1,620	1,393	2,866	3,726	3,286	3,317	2,975
Employee costs	–	–	71	76	72	82	96	109	123	134
Other expenses	–	–	451	409	377	640	854	810	908	884
Operating profit before depreciation	225	311	669	541	465	612	1,040	1,199	920	681
Operating margin	14.3%	14.3%	21.8%	20.4%	20.2%	14.6%	18.2%	22.2%	17.5%	14.6%
Materials, % of revenue	–	–	61.2%	61.3%	60.4%	68.2%	65.2%	60.8%	63.0%	63.7%
Employee costs, % of revenue	–	–	2.3%	2.9%	3.1%	1.9%	1.7%	2.0%	2.3%	2.9%
Other expenses, % of revenue	–	–	14.7%	15.5%	16.3%	15.2%	14.9%	15.0%	17.2%	18.9%
Depreciation and amortisation	71	76	80	88	121	138	138	110	101	110
Operating profit after depreciation	154	235	589	453	344	474	903	1,089	819	571
Other income	76	65	69	50	87	111	89	142	197	388
Finance costs	34	42	39	64	56	51	38	8	3	3
Profit before one-off items and tax	196	258	619	439	376	535	953	1,223	1,014	956
One-off items	0	0	−210	−247	−177	0	0	0	0	−3
Profit before tax	196	258	409	192	199	535	953	1,223	1,014	953
	81	92	231	46	51	101	156	271	223	238
Current tax	–	–	231	83	0	77	−83	220	219	194
Deferred tax	–	–	0	−37	51	24	239	52	4	44
Share of profit of joint ventures and associates	–	34	25	−31	−26	−29	−29	–	−14	−14
	116	200	202	115	121	404	768	952	777	701
Belonging to the company's shareholders	116	200	–	84	98	380	765	952	777	701
Belonging to outside owners of subsidiaries	–	–	–	31	23	24	3	–	0	0
Other comprehensive income	–	–	−13	41	3	20	69	71	−34	−23
Total comprehensive income	–	–	189	155	124	424	837	1,023	743	678
Net margin	7.3%	9.2%	6.6%	4.3%	5.3%	9.6%	13.4%	17.6%	14.8%	15.0%
Net margin without joint ventures and associates	–	7.6%	5.8%	5.5%	6.4%	10.3%	13.9%	–	15.0%	15.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2019: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 7 Jun	Mar 2020Filed 28 Jul	Mar 2021Filed 26 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 22 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
	3,070	3,205	3,299	3,697	4,774	5,731	6,340	6,876
Share capital	34	34	34	34	67	67	67	67
Reserves	3,037	3,171	3,265	3,663	4,707	5,664	6,273	6,809
	1,059	1,145	922	709	244	0	0	13
Repayable after a year	833	809	694	515	162	0	0	9
Repayable within a year	225	337	227	194	82	0	0	5
	602	964	1,049	841	549	431	271	392
Trade payables	274	572	742	487	302	293	152	251
Other financial liabilities	14	10	6	5	3	2	2	2
Other liabilities	39	33	62	65	68	63	59	71
Provisions	8	13	12	25	94	74	58	63
Tax owed	41	0	0	65	0	0	0	–
	1,123	1,070	1,007	850	536	427	422	470
Other financial liabilities	7	5	4	4	3	3	3	3
Other liabilities	17	29	35	33	65	358	51	47
Provisions	0	0	0	0	0	0	0	0
Deferred tax	259	223	274	298	307	60	362	407
Trade payables	5	5	0	0	0	5	5	5
Total assets	4,795	5,239	5,356	5,388	5,859	6,589	7,033	7,739
	2,406	3,419	3,219	2,741	2,651	2,974	2,598	2,181
Plant in use, after depreciation	1,172	2,363	2,267	2,134	2,014	1,948	1,862	1,862
Plant being built	23	29	9	13	14	3	14	72
Intangible assets	0	0	0	0	0	0	0	0
Goodwill	1	1	1	1	1	1	1	0
Intangible assets being developed	0	0	0	0	0	–	0	1
Investments	1,187	997	903	566	601	998	690	221
Loans given	4	5	5	5	1	1	1	1
Other financial assets	4	11	22	6	7	10	9	10
Other assets	15	14	12	14	11	12	20	14
	2,388	1,820	2,137	2,647	3,208	3,614	4,435	5,558
Inventories	771	762	973	1,435	1,506	1,576	1,342	1,139
Trade receivables	492	361	471	557	642	519	653	565
Cash and cash equivalents	59	84	64	47	54	55	42	77
Other bank balances	3	2	2	2	2	2	2	3
Current investments	89	10	168	80	576	1,100	2,203	3,600
Loans given	378	300	234	144	77	0	0	0
Other financial assets	493	178	124	170	59	98	38	18
Tax paid in advance	0	9	31	1	138	133	82	58
Other assets	103	114	69	212	152	131	73	100
Net debt	908	1,049	687	579	−388	−1,157	−2,246	−3,666

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 26 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 22 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
	447	−283	917	1,042	610	933
	468	−300	984	1,257	778	1,102
	−45	−980	−152	76	−185	384
Receivables	−21	−256	63	113	−37	75
Inventories	−211	−462	−71	−70	235	203
Payables	193	−242	−83	34	−383	106
Other working capital	−6	−20	−61	0	0	0
Tax paid	−22	17	−67	−215	−168	−169
Capital spending	20	8	19	32	23	170
Free cash flow	427	−291	898	1,010	586	764
	−251	489	−382	−722	−485	−775
Plant and property sold	0	1	0	0	0	1
Companies bought	−40	0	0	0	0	0
Interest received	44	41	51	29	74	53
Dividends received	0	0	0	0	0	0
	−210	−220	−542	−320	−137	−123
Borrowings raised	120	0	0	0	0	13
Borrowings repaid	−251	−141	−475	−247	−1	0
Interest paid	0	0	0	−6	−2	−2
Dividends paid	17	24	34	67	134	134
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−15	−13	−8	0	−13	36

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Maharashtra Seamless dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 28 Jul	Mar 2021Filed 26 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 22 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
	₹8.65	–	₹17.48	₹6.26	₹7.32	₹28.38	₹114.14	₹70.99	₹58.02	₹52.33
As stated that year	₹17.29	–	₹34.96	₹12.52	₹14.63	₹56.75	₹114.14	₹70.99	₹58.02	₹52.33
	₹8.65	–	₹17.48	₹6.26	₹7.32	₹28.38	₹114.14	₹70.99	₹58.02	₹52.33
As stated that year	₹17.29	–	₹34.96	₹12.52	₹14.63	₹56.75	₹114.14	₹70.99	₹58.02	₹52.33
	₹2.50	₹3.00	₹3.00	₹1.25	₹1.75	₹2.50	₹5.00	₹10.00	₹10.00	₹10.00
As declared that year	₹5.00	₹6.00	₹6.00	₹2.50	₹3.50	₹5.00	₹5.00	₹10.00	₹10.00	₹10.00
	–	–	₹229.11	₹239.16	₹246.18	₹275.87	₹356.27	₹427.66	₹473.13	₹513.17
On that year's share count	–	–	₹458.23	₹478.31	₹492.36	₹551.73	₹356.27	₹427.66	₹473.13	₹513.17
Dividend payout	28.9%	20.1%	–	20.0%	23.9%	8.8%	8.8%	14.1%	17.2%	19.1%
Shareholder yield	–	–	–	–	0.9%	0.6%	0.7%	0.6%	1.5%	1.8%
Market cap at the year end (₹ crore)	2,343	2,837	3,216	1,297	1,844	3,695	4,791	11,338	9,149	7,506

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. As stated that year and earnings per share are left blank for the year to Mar 2018: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Maharashtra Seamless PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 28 Jul	Mar 2021Filed 26 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 22 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
Revenue growth	54.0%	–	–	−13.9%	−12.7%	82.0%	36.1%	−5.5%	−2.5%	−11.3%
Operating profit growth	615.5%	38.3%	115.0%	−19.2%	−13.9%	31.5%	69.9%	15.2%	−23.2%	−26.0%
Net profit growth	1,210.1%	72.8%	0.9%	−43.2%	5.9%	232.7%	90.0%	24.0%	−18.3%	−9.8%
Earnings per share growth	–	–	–	−64.2%	16.9%	287.9%	302.3%	−37.8%	−18.3%	−9.8%
	–	–	–	2.7%	3.0%	10.9%	18.1%	18.1%	12.9%	10.6%
	–	–	–	–	0.3 pts	7.9 pts	7.2 pts	0.1 pts	−5.2 pts	−2.3 pts
From the net margin	–	–	–	–	0.9 pts	3.4 pts	5.2 pts	5.7 pts	−2.9 pts	0.2 pts
From asset turnover	–	–	–	–	−0.6 pts	5.1 pts	4.8 pts	−3.5 pts	−1.7 pts	−2.4 pts
From borrowing	–	–	–	–	0.1 pts	−0.7 pts	−2.8 pts	−2.2 pts	−0.6 pts	−0.1 pts
Return on capital employed	–	–	14.3%	10.4%	8.1%	10.8%	18.0%	19.0%	12.9%	8.3%
Cash conversion	–	–	–	–	367.9%	−70.0%	119.4%	109.5%	78.4%	133.1%
Interest cover	4.5	5.6	15.1	7.1	6.2	9.4	23.6	128.6	296.9	221.3
Debt to equity	–	–	0.34	0.36	0.28	0.19	0.05	0.00	0.00	0.00
Receivable days	–	–	58	50	75	48	41	35	45	44
Inventory days	–	–	150	172	255	183	148	175	148	140
Payable days	–	–	53	129	194	62	30	32	17	31
Cash conversion cycle, days	–	–	155	93	135	169	159	178	176	153
Working capital days	–	–	221	151	171	163	135	137	133	116
Asset turnover	–	–	0.64	0.53	0.44	0.78	1.02	0.87	0.77	0.63
Assets per rupee of net worth	–	–	1.56	1.60	1.63	1.54	1.33	1.18	1.13	1.12
Sales per rupee of plant	–	–	2.62	1.12	1.02	1.97	2.84	2.77	2.83	2.51
Capital spending to depreciation	–	–	–	–	0.16	0.06	0.14	0.29	0.23	1.54
Plant being built, % of plant in use	–	–	2.0%	1.2%	0.4%	0.6%	0.7%	0.1%	0.8%	3.9%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 9.5%
Cash from operations against operating profit: 137.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	16.4%	15.2%	−6.5%
Profit growth, yearly rate	54.9%	48.2%	−2.8%
Return on equity, average	–	14.1%	13.9%
Return on capital employed, average	–	13.8%	13.4%
Operating margin, average	17.8%	17.4%	18.1%
Net margin, average	10.3%	14.1%	15.8%
Asset turnover, average	–	0.81	0.76
Cash conversion cycle, days, average	–	167	169
Interest cover, average	71.8	135.9	215.6
Debt to equity, average	–	0.05	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	3,218	2,585	933
Cash from investing	−1,874	−1,982	−775
Cash from financing	−1,341	−579	−123
Capital spending	252	225	170
Dividends paid	392	335	134
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	13	13	13
Borrowings repaid	863	248	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	6	8	8	4	4
Altman Z-scorePublished threshold 1.81	–	–	3.40	2.09	2.22	3.80	5.85	11.15	11.10	8.27
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.50	−1.32	−2.34	−2.72	−1.75	−2.50
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.40	3.68	4.14	10.15	9.59	7.35
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.84	0.79	1.03	1.06
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−12.77	43.34	−63.82	−20.71	−13.76	28.42	−2.31
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	12.66	41.73	−58.28	−25.02	16.47	−15.83	−4.82
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−11.15	−3.38	3.79	−0.59	0.25	−3.22	−0.38
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.02	0.35	2.77	0.79	0.06	0.94	0.66
Effective tax ratePublished threshold 17.16 per cent	41.01	35.62	56.57	24.01	25.71	18.93	16.38	22.17	21.98	25.02
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	15.69	9.32	4.57	5.37	7.27

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Amount, ₹ Cr
16 Oct 2026	ICRA Limited (opens in a new tab)	Non-fund based-OthersLong and short-term scales	[ICRA]AA+ Rating Watch with Developing Implications/[ICRA]A1+Long term rating placed on watch with developing implications and Short term rating outstanding	1,219
16 Oct 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limitsLong and short-term scales	[ICRA]AA+ Rating Watch with Developing Implications/[ICRA]A1+Long term rating placed on watch with developing implications and Short term rating outstanding	125
16 Oct 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loanLong-term scale	[ICRA]AA+ Rating Watch with Developing ImplicationsPut on watch	250
16 Oct 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash creditLong-term scale	[ICRA]AA+ Rating Watch with Developing ImplicationsPut on watch	106
16 Oct 2026	ICRA Limited (opens in a new tab)	Issuer RatingLong-term scale	[ICRA]AA+ Rating Watch with Developing ImplicationsPut on watch

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.