Arthneeti

Maharashtra Seamless Q1 FY27 Share Price & Earnings Call Analysis

₹538.35-1.19% today
Market cap
₹7,213 Cr
P/E
9.76
ROE
10.67%
PEG
-3.49
Price to sales
1.56
Debt to equity
0.00
52W high / low
₹738 / ₹506
Sales growth (5Y)
15.16%
EBITDA margin
14.75%
Net profit margin
15.07%
Promoter holding
70.30%
Sales (last year)
₹4,620 Cr

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]

Guidance scorecard · Q1 FY27 call

What Mah. Seamless's management guided
and where it ranks in Industrial Products

Revenue0–10%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookFlat

RevenueQ3 FY26 call

0–10%
  • Future growth depends primarily on government expenditure, especially in the oil and gas sector.
  • Current demand is constrained; no ability to create demand independently.
  • The upcoming Union Budget is expected to signal a potential increase in government spending, which could positively impact growth.
  • Capacity utilization is currently below full capacity due to finishing line constraints, which are being addressed (e.g., Telangana finishing line project).
  • Premium connections production is expected to start in about six months, potentially adding new revenue streams.
  • Drill pipe orders exist but are small in volume; however, they offer high margins.
  • Management is open to inorganic growth but will only consider distressed assets at comfortable valuations.

2 more points from Mah. Seamless's call on revenue

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Full Q3 FY26 analysis

MarginsQ3 FY26 call

Flat

See what Mah. Seamless said on margins — free account, 30 seconds.

Full Q3 FY26 analysis

CapexQ3 FY26 call

Planned
  • Maharashtra Seamless has an INR852 crore capital expenditure plan underway.
  • Two projects have started: the cold drawn pipes project (completed) and the finishing line at Telangana.
  • The Telangana finishing line, with a purchase order of INR90 crore, is expected to begin partially in the current quarter.
  • The finishing line will increase finishing capacity by 1 lakh tons but not production capacity; current production capacity is 5.5 lakh tons, with some finishing capacity constraints.
  • Planned capacity for premium connections is under development, expected to start production in about six months.

2 more points from Mah. Seamless's call on capex

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Full Q3 FY26 analysis

FundraisingQ3 FY26 call

See what Mah. Seamless said on fundraising — free account, 30 seconds.

Full Q3 FY26 analysis

Order bookQ3 FY26 call

Flat
  • Current order book as of 20th January 2026 is INR 1,302 crores.
  • Approximately 33% of the order book comprises orders from ONGC and Oil India.
  • Order book is typically for a period of 3 to 4 months.
  • Maintained and replenished order book without compromising tonnage dispatched, despite challenging economic conditions.
  • Oil and gas order book is around INR 400 crores, constituting high EBITDA per ton (~33%).
  • Drill pipe orders are awaited; annual market size for drill pipes in India is about 8,000 to 9,000 tons, considered small but high-margin.

2 more points from Mah. Seamless's call on the order book

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Full Q3 FY26 analysis
Full Industrial Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Mah. Seamless rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹532 Cr21.2
240%+Up 2%+₹450 Cr13.2
340%+Up 2%+₹371 Cr26.1
440%+Up 0–2%₹1,340 Cr32.9
540%+Up 0–2%₹1,196 Cr14.1
640%+Flat₹966 Cr25.0

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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products ranking

Mah. Seamless announcements

All announcements →

Financials of Mah. Seamless

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Mah. Seamless

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +1,6331,2231,5351,4311,2151,1511,2921,4081,4181,1451,1591,0901,280
Expenses +1,3199881,2071,0659451,0321,0651,1321,1339801,0409411,046
Operating Profit314235328366270119227276285165119149234
OPM %19%19%21%26%22%10%18%20%20%14%10%14%18%
Other Income +2733303544659124016076200-51
Interest6711011100011
Depreciation34342626242525252525252931
Profit before tax301228331374290158292252299300169319151
Tax %-24%9%24%26%25%18%25%26%19%23%26%24%32%
Net Profit +373207251276218129220186242230125243103
EPS in Rs27.6215.4218.6920.5916.309.6516.4213.8918.0617.199.3518.137.67

Financials of Mah. Seamless

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +1,3551,0191,4342,1503,0522,6452,3084,2115,7165,4045,2694,674
Expenses +1,2499801,2091,8392,3832,1351,8673,6284,7054,2054,3614,007
Operating Profit105382253116695094415831,0111,199908668
OPM %8%4%16%14%22%19%19%14%18%22%17%14%
Other Income +74577699-117-197-9111188142196385
Interest202634423964564538833
Depreciation317171768088121138138110101110
Profit before tax129-21962924331611735119241,2231,000939
Tax %29%1,521%41%31%53%29%30%-35%17%22%22%25%
Net Profit +118-24116200202115121692768952777701
EPS in Rs8.79-1.819.2115.7317.486.267.3251.6257.0771.0058.0352.34
Dividend Payout %28%-69%27%19%17%20%24%5%9%14%17%19%

Financials of Mah. Seamless

Balance Sheet

Capital structure and asset base

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
Borrowings +9166657036261,0591,1459227092440013
Other Liabilities +3134364704836668891,135695841852693849
Total Liabilities4,0263,6843,8564,0394,7955,2395,3565,3885,8596,5837,0337,739
Fixed Assets +1,4721,1211,0951,2351,1732,3642,2682,1352,0161,9501,8641,863
CWIP37311191723299131431472
Investments1,3731,4441,5291,4611,2761,0071,0716461,1772,0982,8923,821
Other Assets +1,1431,0881,1131,3262,3221,8402,0082,5932,6512,5332,2631,983
Total Assets4,0263,6843,8564,0394,7955,2395,3565,3885,8596,5837,0337,739

Financials of Mah. Seamless

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +10412224193-183748447-2699121,041610933
Cash from Investing Activity +-63012-10713-161-730-183563-386-722-486-775
Cash from Financing Activity +527-141-133-953877-285-286-542-320-136-123
Net Cash Flow2-62104425-218-170-1336
Free Cash Flow-48109108-10-206-98428-2778931,009586765
CFO/OP132%378%139%57%-1%172%106%-49%97%105%86%165%

Financials of Mah. Seamless

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days809679665950754841354544
Inventory Days189246192132150172255182148175148140
Days Payable28655534531291946129321731
Cash Conversion Cycle24127721516515593135169160178176153
Working Capital Days139165103155196105135148130137133397
ROCE %3%0%6%9%18%11%9%12%20%23%17%14%

Guidance history

How Mah. Seamless's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q3 FY26 call →0–10%FlatPlanned—Flat
Q2 FY26 call →DeclineDown 0–2%——Rising
Q1 FY26 call →0–10%Down 0–2%PlannedNone plannedFlat

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

22out of 100

Momentum score · price trend

22 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−7.1%54%
Last 6 months−15.9%28%
Last 3 months−4.8%58%

The price is 47% below its all-time high of ₹1,014.8 (8 Dec 2023). Stocks more than 20% below their peak have their score halved, so 45 became 22.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Mah. Seamless: 0.4 × 54 + 0.4 × 28 + 0.2 × 58 = 45, halved to 22 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Mah. Seamless's management said in earlier quarters

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