Maharashtra Seamless share price
NSE: MAHSEAMLESBSE: 500265Industrial ProductsSmall Cap
Share price at the NSE close on 30 Oct 2026. Previous close ₹544.85.
30 Oct: open ₹544.85, high ₹545.00, low ₹532.00
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹7,214 Cr633rd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 9.78
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 1.05
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 1.86%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 11.2%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 8.4%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.00
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 1,53,65765.4% delivered
About Maharashtra Seamless
Maharashtra Seamless Limited makes seamless pipes and ERW (electric resistance welded) pipes for industries including oil and gas, petrochemicals, power, fertilisers and drinking water.12 It also generates solar and wind power and has an offshore jack-up rig (a mobile platform used to drill for oil and gas at sea).2 It exports, including to the United States.3
It reports results in 3 segments: Steel Pipes & Tubes, Power (electricity) and RIG.4 Its seamless and ERW pipe plants are in Maharashtra and Telangana, and its solar plants in Rajasthan and Maharashtra.5 Its corporate office is in Gurugram, Haryana.6 It was incorporated in 1988.7 Its non-executive chairman, Dharam Pal Jindal, is a promoter.89 Promoters held 70.28% of the shares as of Jun 2026.10 Its products include drill pipes, sour service subsea pipes, cold drawn pipes, cylinder pipes and premium connections.11 It has a licensing arrangement with JFE, through Jindal Premium Connections, for premium connection technology (specialised joints for oil and gas pipes).12
Maharashtra Seamless key points
Results
- On a standalone basis (the company alone, without subsidiaries), revenue from operations in the year to Mar 2026 was ₹4,671.41 crore against ₹5,265.90 crore a year earlier, and profit after tax was ₹718.16 crore against ₹792.85 crore.13
- On the same standalone basis, EBITDA (earnings before interest, tax, depreciation and amortisation, which the company reports as EBIDTA) was ₹684 crore in the year to Mar 2026 and ₹184 crore in the quarter to Jun 2026.1415
- On the same standalone basis, revenue from operations in the quarter to Jun 2026 was ₹1,091 crore and other income ₹175 crore, and profit after tax was ₹271 crore.16
- The board recommended a dividend of ₹10 per equity share of ₹5 each for the year to Mar 2026, subject to members' approval at the annual general meeting of 15 Sep 2026; the company's documents give no outcome.1718
Market position
- The company states a market share (its portion of total sales in that market) of 55% in seamless pipes and 18% in API-certified, high-frequency ERW pipes.19
Business segments
- Consolidated revenue from operations by segment, before inter-segment sales (₹ crore)2021
Item year to Mar 2026 year to Mar 2025 Steel Pipes & Tubes 4,615.46 5,167.62 Power (electricity) 80.34 78.01 RIG 30.73 69.30 Others (not allocable to a segment) 390.49 201.38 Total 5,117.02 5,516.31 - Seamless pipes had EBITDA of ₹527 crore and ERW pipes ₹62 crore in the year to Mar 2026, against ₹720 crore and ₹89 crore a year earlier.22
- Seamless pipe sales were 419 kMT (metric tonnes, in thousands) and ERW pipe sales 92 kMT in the year to Mar 2026, against 442 kMT and 90 kMT a year earlier.23
Plants and capacity
- Capacity: metric tonnes (mt) a year for pipes, megawatts (MW) for power2419
Seamless pipes, Maharashtra 450,000 mt Seamless pipes, Telangana 200,000 mt ERW pipes, Nagothane, Maharashtra 125,000 mt Solar power, Maharashtra and Rajasthan 50 MW AC Wind power, Maharashtra 7 MW - The company's offshore jack-up rig is on a 3 year contract till November 2028.25
- Seamless pipe production was 97 kMT in the quarter to Jun 2026 against 109 kMT a year earlier, which the company attributes to a temporary disruption in gas supply caused by the war.26
- In its presentation of 7 Aug 2026, the company said that installing finishing facilities at Telangana would activate existing capacity of 100,000 mt a year.27
Order book
- The order book (orders received but not yet delivered) was ₹1,709 crore on 31 Jul 2026, of which orders from ONGC & OIL were ₹714 crore and other orders ₹995 crore.28
- In its annual report for the year to Mar 2026, the company said its order book generally gives approximately 3 to 4 months of revenue visibility (how far ahead sales are already booked).29
Expansion and capital spending
- The company stated in its annual report for the year to Mar 2026 that its cold-drawn pipes facility was completed during that year.30
- In its presentation of 7 Aug 2026, the company said its capital expenditure plan of ₹852 crore, at Narketpally, Mangaon and Nagothane, would be met from accumulated cash and internal accruals.31
Demerger scheme
- On 7 Oct 2026, the board approved a scheme of arrangement to demerge (separate out) 2 undertakings into its wholly owned subsidiaries MSL Seamless Tubes Limited and United Seamless Limited, from an appointed date of 1 Oct 2026, subject to tribunal and shareholder approvals.32
- What moves under the 7 Oct 2026 scheme, with operational turnover in the year to Mar 202633
Item year to Mar 2026 MSL Seamless Tubes Limited Mangaon seamless pipe plant and 10 MW solar plant at Beed; ₹793 crore United Seamless Limited Narketpally seamless pipe plant, solar plants at Khetusar (20 MW) and Pokhran (5 MW), and the rig Jindal Explorer; ₹693 crore - An earlier scheme of arrangement, approved by the board on 22 May 2026, was put under further review on 15 Jun 2026, before the board approved the scheme of 7 Oct 2026.3432
Recent events
- On 19 Oct 2026, the company received an order from the Regional Director, Mumbai, dated 15 Oct 2026, approving the shift of its registered office from Maharashtra to Haryana.35
- On 2 Mar 2026, ICRA, a credit rating agency, reaffirmed the company's long term rating at [ICRA] AA+ with stable outlook and its short term rating at [ICRA] A1+.36
- On 28 Nov 2025, the company received an order from ONGC Ltd. with a basic value of approximately ₹217 crore for supply of seamless pipes.37
Last updated
All 37 sources, each with its page
- 1. Investor presentation, 7 Aug 2026, page 5
- 2. Investor presentation, 7 Aug 2026, page 4
- 3. Annual report, 24 Aug 2026, page 9
- 4. Annual report, 24 Aug 2026, page 161
- 5. Annual report, 24 Aug 2026, page 37
- 6. Annual report, 24 Aug 2026, page 192
- 7. Annual report, 24 Aug 2026, page 192
- 8. Annual report, 24 Aug 2026, page 26
- 9. Annual report, 24 Aug 2026, page 161
- 10. Investor presentation, 7 Aug 2026, page 20
- 11. Annual report, 24 Aug 2026, page 6
- 12. Annual report, 24 Aug 2026, page 9
- 13. Annual report, 24 Aug 2026, page 14
- 14. Investor presentation, 7 Aug 2026, page 10
- 15. Investor presentation, 7 Aug 2026, page 10
- 16. Investor presentation, 7 Aug 2026, page 7
- 17. Annual report, 24 Aug 2026, page 14
- 18. Annual report, 24 Aug 2026, page 1
- 19. Investor presentation, 7 Aug 2026, page 4
- 20. Annual report, 24 Aug 2026, page 161
- 21. Annual report, 24 Aug 2026, page 111
- 22. Investor presentation, 7 Aug 2026, page 9
- 23. Investor presentation, 7 Aug 2026, page 9
- 24. Investor presentation, 7 Aug 2026, page 4
- 25. Investor presentation, 7 Aug 2026, page 4
- 26. Investor presentation, 7 Aug 2026, page 9
- 27. Investor presentation, 7 Aug 2026, page 4
- 28. Investor presentation, 7 Aug 2026, page 16
- 29. Annual report, 24 Aug 2026, page 65
- 30. Annual report, 24 Aug 2026, page 65
- 31. Investor presentation, 7 Aug 2026, page 15
- 32. Exchange filing, 7 Oct 2026, page 1
- 33. Exchange filing, 7 Oct 2026, page 3
- 34. Exchange filing, 15 Jun 2026, page 1
- 35. Exchange filing, 19 Oct 2026, page 1
- 36. Exchange filing, 2 Mar 2026, page 1
- 37. Exchange filing, 28 Nov 2025, page 1
Results
Consolidated; ₹ crore.Maharashtra Seamless quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- −12.2%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- –
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹1,091 Crdown 14.76%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹266 Crup 159.04%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 24.4%
Revenue by quarter
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,292 | 1,408 | 1,418 | 1,145 | 1,159 | 1,090 | 1,280 | 1,091 |
| Net profit | 220 | 186 | 242 | 230 | 125 | 243 | 103 | 266 |
| Net margin | 17.0% | 13.2% | 17.1% | 20.1% | 10.8% | 22.3% | 8.0% | 24.4% |
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹4,674 Crdown 11.28%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹701 Crdown 9.82%
- Net margin
- 15.0%
Revenue by year
Net profit by year, a loss in red
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.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,576what Revenue, Mar 2017, includes. This period's revenue includes excise duty of ₹142 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,181what Revenue, Mar 2018, includes. This period's revenue includes excise duty of ₹31 crore, a tax on the goods the company makes that it collects and pays to the government. | 3,073 | 2,645 | 2,308 | 4,200 | 5,716 | 5,404 | 5,269 | 4,674 |
| Net profit | 116 | 200 | 202 | 115 | 121 | 404 | 768 | 952 | 777 | 701 |
| Net margin | 7.3% | 9.2% | 6.6% | 4.3% | 5.3% | 9.6% | 13.4% | 17.6% | 14.8% | 15.0% |
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- Steel Pipes & TubesSteel Pipes & Tubes, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹4,615 Crdown 10.68%97.7%
- Power - ElectricityPower - Electricity, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹80 Crup 2.99%1.7%
- RigRig, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹31 Crdown 56.53%0.7%
Valuation
Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2018: days before it are of the company before the change.Maharashtra Seamless PE ratio and valuation
At or below today's level on 47% of 1,942 trading days over the last 10 years.
At or below today's level on 41% of 1,979 trading days since Nov 2018.
At or below today's level on 94% of 2,460 trading days over the last 10 years.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −16.2% | −9.8% | −9.0% | 1.8% |
| 3 years | +17.6% | −2.8% | +19.5% | 1.5% |
| 5 years | +33.8% | +48.2% | −10.7% | 1.3% |
Mutual fund holdings
13 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 4 of the 6 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 13 funds holding Maharashtra Seamless
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 3
- AddedAdded. Funds that held more shares than at the end of the month before.
- 2
- CutCut. Funds that held fewer shares than at the end of the month before.
- 4
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 4
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 6
| Fund | |||
|---|---|---|---|
| 13,82,031 | 1.36% | ₹101.9 Cr | |
| 13,00,497 | 0.27% | ₹95.9 Cr | |
| 5,75,000 | 0.45% | ₹42.4 Cr | |
| 2,82,747 | 0.21% | ₹20.9 Cr | |
| 2,18,634 | 0.26% | ₹16.1 Cr | |
| 1,96,330 | 0.22% | ₹14.5 Cr | |
| 1,29,911 | 0.12% | ₹9.58 Cr | |
| 95,176 | 0.55% | ₹7.02 Cr | |
| 65,768 | 0.11% | ₹4.85 Cr | |
| 714 | 0.02% | ₹0.05 Cr |
Promoter and insider buying and selling
Trades made since 30 Oct 2025.Maharashtra Seamless insider trading
- Promoters and promoter group23 purchases, 2 sales₹219 Cr₹124 CrNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.₹95 Cr4 pledge filings of unclear kind
- Others: no market trade
Maharashtra Seamless competitors and peers
Iron & Steel Products, 145 listed companies, priced on 30 Oct 2026. The table lists the 8 companies closest to Maharashtra Seamless in market cap.Capital goods stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| 13,588 | 26.80 | 4.12 | +8.5% | +25.4% | 16.8% | 18.8% | 0.84% | |
| 13,465 | 33.05 | 3.86 | +5.5% | −17.3% | 12.4% | 12.3% | 0.36% | |
| 12,982 | 16.09 | 2.24 | +8.4% | +8.9% | 15.1% | 17.2% | 0.52% | |
| 8,454 | 12.28 | 2.55 | +18.3% | +82.8% | 23.4% | 25.3% | 0.00% | |
| 7,098 | 79.33 | 14.27 | +55.0% | +87.0% | 20.9% | 24.1% | 0.07% | |
| 7,064 | 34.32 | 0.80 | +9.0% | +4.6% | 2.3% | 3.9% | 0.26% | |
| 5,858 | 17.25 | 2.90 | +12.4% | +33.2% | 17.9% | 14.2% | 0.77% | |
| 5,838 | 55.03 | 12.13 | +18.8% | +29.3% | 23.9% | 23.6% | 0.39% |
Dividends
Per share, by the year it was paid for, and the latest payments.Maharashtra Seamless dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossary| Ex-date | Type | Per share |
|---|---|---|
| 1 Sep 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹10.00 |
| 14 Aug 2025 | Final | ₹10.00 |
| 14 Aug 2024 | Final | ₹10.00 |
| 14 Aug 2023 | Final | ₹5.00 |
| 7 Sep 2022 | Final | ₹5.00 |
| 14 Sep 2021 | Final | ₹3.50 |
Latest announcements
Routine notices left out.Maharashtra Seamless announcements
Oct 2026
7 Oct · Business
Sep 2026
26 Sep · Management
23 Sep · Analysts
Maharashtra Seamless share price by year
Each calendar year to 2025.Maharashtra Seamless share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 561.35 | −19.9% | 762.90 | 547.65 |
| 2024 | 700.95 | −24.3% | 1,055.45 | 569.85 |
| 2023 | 925.35 | +185.4% | 1,064.80 | 303.30 |
| 2022 | 324.25 | +27.2% | 436.73 | 243.75 |
| 2021 | 254.95 | +60.0% | 276.68 | 134.08 |
| 2020 | 159.35 | −15.7% | 214.80 | 94.30 |
| 2019 | 189.08 | −22.6% | 250.08 | 176.88 |
| 2018 | 244.30 | −4.6% | 272.40 | 207.85 |
| 2017 | 255.98 | +112.9% | 255.98 | 131.13 |
| 2016 | 120.23 | +37.2% | 136.80 | 65.98 |
Recent sessions
The 9 trading days to 29 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 29 Oct 2026 | 540.00 | 547.00 | 535.85 | 544.85 | 542.81 | 1,15,023 | 54.3% |
| 28 Oct 2026 | 559.00 | 559.00 | 539.10 | 540.15 | 545.84 | 1,78,653 | 53.5% |
| 27 Oct 2026 | 536.00 | 563.95 | 531.50 | 557.90 | 552.74 | 2,19,819 | 63.3% |
| 26 Oct 2026 | 526.00 | 538.00 | 524.50 | 533.40 | 532.57 | 81,248 | 56.0% |
| 23 Oct 2026 | 539.95 | 540.05 | 524.50 | 532.70 | 529.73 | 1,82,084 | 45.0% |
| 22 Oct 2026 | 560.85 | 563.00 | 537.25 | 539.30 | 545.26 | 2,99,617 | 60.0% |
| 21 Oct 2026 | 575.05 | 576.45 | 558.50 | 560.85 | 562.67 | 2,13,844 | 62.5% |
| 19 Oct 2026 | 585.40 | 587.70 | 571.20 | 575.05 | 575.51 | 2,83,377 | 50.0% |
| 16 Oct 2026 | 599.15 | 603.35 | 584.00 | 585.40 | 590.28 | 1,88,327 | 55.8% |
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Bonus share history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 25 Nov 2022 | Bonus | 0.5000 | Holders received 1 bonus share for every 1 held. |
| 21 Jan 2008 | Price move | – | Between two trading sessions the price moved by a fifth or more. The Nifty 500 moved 5% or more the same way over the same sessions. Not adjusted for. |
Company details
- NSE symbol
- MAHSEAMLES
- BSE code
- 500265
- ISIN
- INE271B01025
- Industry
- Industrial Products
- Website
- www.jindal.com
- CIN
- L99999MH1988PLC080545
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1988
- Registered office
- Pipe Nagar, Village Sukeli, N.H.-17,, B.K.G Road, Talika Roha, Raigad 402126, Maharashtra
- Share registrar
- Alankit Assignments Ltd
- Keeps the register of shareholders and handles transfers and dividend payments