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Last Updated: April 2, 2026, 3:17 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500265 | NSE: MAHSEAMLES

Maharashtra Seamless Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹475.80Overvalued by 17.97%vs CMP ₹580.00

P/E (9.3) × ROE (12.9%) × BV (₹490.00) × DY (1.72%)

₹600.86Fairly Valued by 3.60%vs CMP ₹580.00
MoS: +3.5% (Thin)Confidence: 55/100 (Moderate)Models: 2 Under, 2 Fair, 5 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹494.7223%Over (-14.7%)
Graham NumberEarnings₹831.6216%Under (+43.4%)
Earnings PowerEarnings₹499.2811%Over (-13.9%)
DCFCash Flow₹812.7214%Under (+40.1%)
Net Asset ValueAssets₹489.477%Over (-15.6%)
EV/EBITDAEnterprise₹601.189%Fair (+3.7%)
Earnings YieldEarnings₹627.307%Fair (+8.2%)
ROCE CapitalReturns₹408.927%Over (-29.5%)
Revenue MultipleRevenue₹392.915%Over (-32.3%)
Consensus (9 models)₹600.86100%Fairly Valued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 4.0%

*Investments are subject to market risks

Investment Snapshot

56
Maharashtra Seamless Ltd scores 56/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health81/100 · Strong
ROCE 16.6% GoodROE 12.9% GoodD/E 0.28 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changeDII holding down 1.06% MF sellingPromoter increased by 0.76% Positive
Earnings Quality55/100 · Moderate
OPM expanding (16% → 20%) ImprovingWorking capital: 133 days Capital intensive
Quarterly Momentum33/100 · Weak
Revenue (4Q): -5% YoY DecliningProfit (4Q): +12% YoY PositiveOPM: 14.0% (down 6.0% YoY) Margin pressure
Industry Rank45/100 · Moderate
P/E 9.3 vs industry 9.3 In-lineROCE 16.6% vs industry 16.6% Average3Y sales CAGR: 8% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:17 am

Market Cap 7,778 Cr.
Current Price 580
Intrinsic Value₹600.86
High / Low 774/500
Stock P/E9.25
Book Value 490
Dividend Yield1.72 %
ROCE16.6 %
ROE12.9 %
Face Value 5.00
PEG Ratio2.33

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Maharashtra Seamless Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Maharashtra Seamless Ltd 7,778 Cr. 580 774/5009.25 4901.72 %16.6 %12.9 % 5.00
Industry Average7,778.00 Cr580.009.25490.001.72%16.60%12.90%5.00

All Competitor Stocks of Maharashtra Seamless Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,3391,6331,2231,5351,4311,2151,1511,2921,4081,4181,1451,1591,090
Expenses 1,1001,3199881,2071,0659451,0321,0651,1321,1339801,040941
Operating Profit 239314235328366270119227276285165119149
OPM % 18%19%19%21%26%22%10%18%20%20%14%10%14%
Other Income 182733303544659124016076200
Interest 9671101110001
Depreciation 35343426262425252525252529
Profit before tax 213301228331374290158292252299300169319
Tax % 25%-24%9%24%26%25%18%25%26%19%23%26%24%
Net Profit 160373207251276218129220186242230125243
EPS in Rs 11.9127.6215.4218.6920.5916.309.6516.4213.8918.0617.199.3518.13

Last Updated: February 5, 2026, 3:00 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 10:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,2091,3551,0191,4342,1503,0522,6452,3084,2115,7165,4045,2694,812
Expenses 1,1201,2499801,2091,8392,3832,1351,8673,6284,7054,2054,3614,094
Operating Profit 89105382253116695094415831,0111,199908718
OPM % 7%8%4%16%14%22%19%19%14%18%22%17%15%
Other Income 6474577699-117-197-9111188142196475
Interest 5202634423964564538832
Depreciation 37317171768088121138138110101104
Profit before tax 111129-21962924331611735119241,2231,0001,087
Tax % 13%29%1,521%41%31%53%29%30%-35%17%22%22%
Net Profit 102118-24116200202115121692768952777840
EPS in Rs 7.398.79-1.819.2115.7317.486.267.3251.6257.0771.0058.0362.73
Dividend Payout % 40%28%-69%27%19%17%20%24%5%9%14%17%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)15.69%-120.34%583.33%72.41%1.00%-43.07%5.22%471.90%10.98%23.96%-18.38%
Change in YoY Net Profit Growth (%)0.00%-136.03%703.67%-510.92%-71.41%-44.07%48.29%466.68%-460.92%12.98%-42.34%

Maharashtra Seamless Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:15%
5 Years:15%
3 Years:8%
TTM:-1%
Compounded Profit Growth
10 Years:24%
5 Years:36%
3 Years:4%
TTM:1%
Stock Price CAGR
10 Years:24%
5 Years:41%
3 Years:17%
1 Year:-5%
Return on Equity
10 Years:11%
5 Years:15%
3 Years:16%
Last Year:13%

Last Updated: September 5, 2025, 10:15 am

Balance Sheet

Last Updated: December 4, 2025, 1:36 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 34343434343434343467676767
Reserves 2,7652,7632,5492,6502,8963,0373,1713,2653,9514,7075,6646,2736,497
Borrowings 1389166657036261,0591,1459227092440010
Other Liabilities 3523134364704836668891,135695841852693748
Total Liabilities 3,2884,0263,6843,8564,0394,7955,2395,3565,3885,8596,5837,0337,321
Fixed Assets 1,2311,4721,1211,0951,2351,1732,3642,2682,1352,0161,9501,8641,818
CWIP 3437311191723299131431446
Investments 8341,3731,4441,5291,4611,2761,0071,0716461,1772,0982,8923,385
Other Assets 1,1891,1431,0881,1131,3262,3221,8402,0082,5932,6512,5332,2632,072
Total Assets 3,2884,0263,6843,8564,0394,7955,2395,3565,3885,8596,5837,0337,321

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 10910412224193-183748447-2699121,041610
Cash from Investing Activity + -59-63012-10713-161-730-183563-386-722-486
Cash from Financing Activity + -26527-141-133-953877-285-286-542-320-136
Net Cash Flow 232-62104425-218-170-13
Free Cash Flow 77-48109108-10-206-98428-2778931,009586
CFO/OP 143%132%378%139%57%-1%172%106%-49%97%105%86%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-49.00-811.00-627.00-478.00-315.00668.00508.00-481.00-126.00-243.001.00908.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 1028096796659507548413545
Inventory Days 186189246192132150172255182148175148
Days Payable 63286555345312919461293217
Cash Conversion Cycle 22524127721516515593135169160178176
Working Capital Days 211139165103155196105135148130137133
ROCE %2%3%0%6%9%18%11%9%12%20%23%17%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 67.80%67.80%67.86%67.86%68.00%68.00%68.04%68.06%68.85%68.87%69.05%69.81%
FIIs 2.84%5.96%7.98%10.50%11.96%9.23%7.97%9.12%9.63%10.42%9.86%9.51%
DIIs 3.92%4.18%4.26%4.19%3.81%5.26%4.34%3.85%3.97%4.09%3.64%2.91%
Public 25.43%22.05%19.89%17.44%16.22%17.49%19.65%18.96%17.54%16.64%17.46%17.77%
No. of Shareholders 47,26150,77154,87961,98969,66377,50096,4661,29,0241,05,73793,50494,25792,943

Shareholding Pattern Chart

No. of Shareholders

Maharashtra Seamless Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Quant Multi Cap Fund 1,382,031 0.96 71.88N/AN/AN/A
Quant Small Cap Fund 1,300,497 0.25 67.641,300,4972025-04-22 17:25:270%
LIC MF Dividend Yield Fund 77,789 0.62 4.0578,5832026-02-23 05:59:19-1.01%
ICICI Prudential Smallcap Fund 56,188 0.04 2.9233,8882026-02-23 05:59:1965.81%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) 58.0270.9957.0756.7514.63
Diluted EPS (Rs.) 58.0270.9957.0756.7514.63
Cash EPS (Rs.) 66.5680.8969.7685.2540.18
Book Value[Excl.RevalReserv]/Share (Rs.) 472.82427.36355.96551.74492.36
Book Value[Incl.RevalReserv]/Share (Rs.) 473.13427.66356.27551.74492.36
Revenue From Operations / Share (Rs.) 393.18403.29426.60626.91344.53
PBDIT / Share (Rs.) 83.39101.7684.26107.9282.51
PBIT / Share (Rs.) 75.8693.5773.9987.3464.38
PBT / Share (Rs.) 75.6692.9471.1379.7829.68
Net Profit / Share (Rs.) 59.0272.7059.4864.6722.05
NP After MI And SOA / Share (Rs.) 58.0270.9957.0756.7514.63
PBDIT Margin (%) 21.2025.2319.7517.2123.94
PBIT Margin (%) 19.2923.2017.3413.9318.68
PBT Margin (%) 19.2423.0416.6712.728.61
Net Profit Margin (%) 15.0118.0213.9410.316.40
NP After MI And SOA Margin (%) 14.7517.6013.379.054.24
Return on Networth / Equity (%) 12.2716.5715.9810.282.97
Return on Capital Employeed (%) 15.0320.3618.6512.8610.01
Return On Assets (%) 11.0514.4413.057.051.83
Long Term Debt / Equity (X) 0.000.000.030.130.21
Total Debt / Equity (X) 0.000.000.050.190.28
Asset Turnover Ratio (%) 0.770.861.020.680.42
Current Ratio (X) 16.358.405.903.152.04
Quick Ratio (X) 11.404.743.131.441.11
Inventory Turnover Ratio (X) 3.612.112.542.271.71
Dividend Payout Ratio (NP) (%) 17.237.044.386.1617.08
Dividend Payout Ratio (CP) (%) 15.256.313.714.527.63
Earning Retention Ratio (%) 82.7792.9695.6293.8482.92
Cash Earning Retention Ratio (%) 84.7593.6996.2995.4892.37
Interest Coverage Ratio (X) 404.88160.9929.4614.269.92
Interest Coverage Ratio (Post Tax) (X) 287.57116.0221.809.556.82
Enterprise Value (Cr.) 9099.6511266.084966.094354.202712.09
EV / Net Operating Revenue (X) 1.732.080.861.041.17
EV / EBITDA (X) 8.148.264.406.024.91
MarketCap / Net Operating Revenue (X) 1.742.100.830.870.80
Retention Ratios (%) 82.7692.9595.6193.8382.91
Price / BV (X) 1.441.971.000.990.56
Price / Net Operating Revenue (X) 1.742.100.830.870.80
EarningsYield 0.080.080.150.100.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Maharashtra Seamless Ltd. is a Public Limited Listed company incorporated on 10/05/1988 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L99999MH1988PLC080545 and registration number is 080545. Currently Company is involved in the business activities of Manufacture of tubes, pipes and hollow profiles and of tube or pipe fittings of cast-iron/cast-steel. Company's Total Operating Revenue is Rs. 5265.90 Cr. and Equity Capital is Rs. 67.00 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Steel - Seamless TubesPipe Nagar, Raigad District Maharashtra 402126Contact not found
Management
NamePosition Held
Mr. D P JindalChairman
Mr. Saket JindalManaging Director
Mr. Raghav JindalJoint Managing Director
Mr. S P RajDirector
Mr. Ashok BhandariDirector
Dr. Roma KumarDirector
Mr. K K BhartiaDirector
Mr. Mohan GuptaDirector

FAQ

What is the intrinsic value of Maharashtra Seamless Ltd and is it undervalued?

As of 14 April 2026, Maharashtra Seamless Ltd's intrinsic value is ₹600.86, which is 3.60% higher than the current market price of ₹580.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (12.9 %), book value (₹490), dividend yield (1.72 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Maharashtra Seamless Ltd?

Maharashtra Seamless Ltd is trading at ₹580.00 as of 14 April 2026, with a FY2026-2027 high of ₹774 and low of ₹500. The stock is currently in the middle of its 52-week range. Market cap stands at ₹7,778 Cr..

How does Maharashtra Seamless Ltd's P/E ratio compare to its industry?

Maharashtra Seamless Ltd has a P/E ratio of 9.25, which is below the industry average of 9.25. This is broadly in line with or below the industry average.

Is Maharashtra Seamless Ltd financially healthy?

Key indicators for Maharashtra Seamless Ltd: ROCE of 16.6 % indicates efficient capital utilization. Dividend yield is 1.72 %.

Is Maharashtra Seamless Ltd profitable and how is the profit trend?

Maharashtra Seamless Ltd reported a net profit of ₹777 Cr in Mar 2025 on revenue of ₹5,269 Cr. Compared to ₹692 Cr in Mar 2022, the net profit shows an improving trend.

Does Maharashtra Seamless Ltd pay dividends?

Maharashtra Seamless Ltd has a dividend yield of 1.72 % at the current price of ₹580.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Maharashtra Seamless Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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