Maharashtra Seamless logo

Maharashtra Seamless share price

NSE: MAHSEAMLESBSE: 500265Industrial ProductsSmall Cap

Maharashtra Seamless Limited · Face value ₹5 · Listed Nov 1991 on BSE, Aug 2004 on NSE
Last close ₹538.35down ₹6.50 (1.19%)BSE ₹538.60

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

52-week range of traded prices to 30 Oct 2026
₹500.70Low, 27 Jan 2026₹768.00High, 30 Sep 2026
Market cap
₹7,214 Cr633rd largest listed
P/E
9.78
P/B
1.05
Dividend yield
1.86%
ROE
11.2%
ROCE
8.4%
Debt to equity
0.00
Volume, NSE
1,53,65765.4% delivered

Maharashtra Seamless share price chart

Daily closes since Jan 2007, adjusted for splits and bonuses

−7.1%over a year · BSE Industrials −1.7% · Nifty 500 −8.2%

Results20-session average 2,71,567 shares a day, 53.0% 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
    Itemyear to Mar 2026year to Mar 2025
    Steel Pipes & Tubes4,615.465,167.62
    Power (electricity)80.3478.01
    RIG30.7369.30
    Others (not allocable to a segment)390.49201.38
    Total5,117.025,516.31
  • 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, Maharashtra450,000 mt
    Seamless pipes, Telangana200,000 mt
    ERW pipes, Nagothane, Maharashtra125,000 mt
    Solar power, Maharashtra and Rajasthan50 MW AC
    Wind power, Maharashtra7 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
    Itemyear to Mar 2026
    MSL Seamless Tubes LimitedMangaon seamless pipe plant and 10 MW solar plant at Beed; ₹793 crore
    United Seamless LimitedNarketpally 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. 1. Investor presentation, 7 Aug 2026, page 5
  2. 2. Investor presentation, 7 Aug 2026, page 4
  3. 3. Annual report, 24 Aug 2026, page 9
  4. 4. Annual report, 24 Aug 2026, page 161
  5. 5. Annual report, 24 Aug 2026, page 37
  6. 6. Annual report, 24 Aug 2026, page 192
  7. 7. Annual report, 24 Aug 2026, page 192
  8. 8. Annual report, 24 Aug 2026, page 26
  9. 9. Annual report, 24 Aug 2026, page 161
  10. 10. Investor presentation, 7 Aug 2026, page 20
  11. 11. Annual report, 24 Aug 2026, page 6
  12. 12. Annual report, 24 Aug 2026, page 9
  13. 13. Annual report, 24 Aug 2026, page 14
  14. 14. Investor presentation, 7 Aug 2026, page 10
  15. 15. Investor presentation, 7 Aug 2026, page 10
  16. 16. Investor presentation, 7 Aug 2026, page 7
  17. 17. Annual report, 24 Aug 2026, page 14
  18. 18. Annual report, 24 Aug 2026, page 1
  19. 19. Investor presentation, 7 Aug 2026, page 4
  20. 20. Annual report, 24 Aug 2026, page 161
  21. 21. Annual report, 24 Aug 2026, page 111
  22. 22. Investor presentation, 7 Aug 2026, page 9
  23. 23. Investor presentation, 7 Aug 2026, page 9
  24. 24. Investor presentation, 7 Aug 2026, page 4
  25. 25. Investor presentation, 7 Aug 2026, page 4
  26. 26. Investor presentation, 7 Aug 2026, page 9
  27. 27. Investor presentation, 7 Aug 2026, page 4
  28. 28. Investor presentation, 7 Aug 2026, page 16
  29. 29. Annual report, 24 Aug 2026, page 65
  30. 30. Annual report, 24 Aug 2026, page 65
  31. 31. Investor presentation, 7 Aug 2026, page 15
  32. 32. Exchange filing, 7 Oct 2026, page 1
  33. 33. Exchange filing, 7 Oct 2026, page 3
  34. 34. Exchange filing, 15 Jun 2026, page 1
  35. 35. Exchange filing, 19 Oct 2026, page 1
  36. 36. Exchange filing, 2 Mar 2026, page 1
  37. 37. Exchange filing, 28 Nov 2025, page 1

Results

Consolidated; ₹ crore.Maharashtra Seamless quarterly results

Revenue growth, 12 months
−12.2%
Net profit growth, 12 months
–

Quarter to Jun 2026, against the quarter before

Revenue
₹1,091 Crdown 14.76%
Net profit
₹266 Crup 159.04%
Net margin
24.4%

Revenue by quarter

₹1,292 CrSep 24₹1,408 CrDec 24₹1,418 CrMar 25₹1,145 CrJun 25₹1,159 CrSep 25₹1,090 CrDec 25₹1,280 CrMar 26₹1,091 CrJun 26
Peak revenue ₹1,418 Cr, quarter to Mar 2025; lowest ₹1,090 Cr, quarter to Dec 2025

Net profit by quarter, a loss in red

₹220 CrSep 24₹186 CrDec 24₹242 CrMar 25₹230 CrJun 25₹125 CrSep 25₹243 CrDec 25₹103 CrMar 26₹266 CrJun 26
₹ croreSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue1,2921,4081,4181,1451,1591,0901,2801,091
Net profit220186242230125243103266
Net margin17.0%13.2%17.1%20.1%10.8%22.3%8.0%24.4%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Steel Pipes & Tubes₹4,615 Crdown 10.68%97.7%
  • Power - Electricity₹80 Crup 2.99%1.7%
  • Rig₹31 Crdown 56.53%0.7%
The pill is the change in revenue on the year before; the share is of all the businesses together.

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

Price to earnings

At or below today's level on 47% of 1,942 trading days over the last 10 years.

LowestHighest
Its median9.96Industry median18.07
Price to book

At or below today's level on 41% of 1,979 trading days since Nov 2018.

LowestHighest
Its median1.12Industry median1.58
Dividend yield

At or below today's level on 94% of 2,460 trading days over the last 10 years.

LowestHighest
Its median1.08%Industry median0.43%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend 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%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 3 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count. Earnings growth over 5 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the year to Mar 2021.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Maharashtra Seamless shareholding pattern

Shareholding by group

  • Promoters70.30%
  • Foreign institutions9.93%
  • Indian institutions3.87%
  • Individuals and others15.90%
Holder
ODD & EVEN TRADES & FINANCE LIMITEDPromoter19.44%
STABLE TRADING CO LIMITEDPromoter17.98%
BRAHMADEV HOLDING AND TRADING LTDPromoter8.96%
GLOBAL JINDAL FIN INVEST LTDPromoter8.74%
SUDHA APPARELS LIMITEDPromoter5.75%
HARYANA CAPFIN LIMITEDPromoter4.99%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters +0.02 pts, foreign institutions +0.21 pts, Indian institutions +0.03 pts, mutual funds +0.06 pts.

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 time
3
Added
2
Cut
4
Held unchanged
4
Sold out
6
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 30 Oct 2025.Maharashtra Seamless insider trading

Bought on the market Sold on the market
  • Promoters and promoter group23 purchases, 2 sales₹219 Cr₹124 CrNet₹95 Cr4 pledge filings of unclear kind
  • Others: no market trade
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

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

Return on equity across, P/E up, size is market cap
Company
Usha Martin logoUsha MartinUSHAMART13,58826.804.12+8.5%+25.4%16.8%18.8%0.84%
Gallantt Ispat logoGallantt IspatGALLANTT13,46533.053.86+5.5%−17.3%12.4%12.3%0.36%
Godawari Power and Ispat logoGodawari Power and IspatGPIL12,98216.092.24+8.4%+8.9%15.1%17.2%0.52%
Jayaswal Neco Industries logoJayaswal Neco IndustriesJAYNECOIND8,45412.282.55+18.3%+82.8%23.4%25.3%0.00%
Aeroflex Industries logoAeroflex IndustriesAEROFLEX7,09879.3314.27+55.0%+87.0%20.9%24.1%0.07%
Sunflag Iron and Steel Company logoSunflag Iron and Steel CompanySUNFLAG7,06434.320.80+9.0%+4.6%2.3%3.9%0.26%
Technocraft Industries (India) logoTechnocraft Industries (India)TIIL5,85817.252.90+12.4%+33.2%17.9%14.2%0.77%
Shivalik Bimetal Controls logoShivalik Bimetal ControlsSBCL5,83855.0312.13+18.8%+29.3%23.9%23.6%0.39%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

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

2.5Mar 173Mar 183Mar 191.3Mar 201.8Mar 212.5Mar 225Mar 2310Mar 2410Mar 2510Mar 26
Highest ₹10.00 a share, years to Mar 2024, Mar 2025 and Mar 2026.
Ex-dateTypePer share
1 Sep 2026Final₹10.00
14 Aug 2025Final₹10.00
14 Aug 2024Final₹10.00
14 Aug 2023Final₹5.00
7 Sep 2022Final₹5.00
14 Sep 2021Final₹3.50
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Maharashtra Seamless announcements

Maharashtra Seamless share price by year

Each calendar year to 2025.Maharashtra Seamless share price history

YearClose at year endChangeHighest closeLowest close
2025561.35−19.9%762.90547.65
2024700.95−24.3%1,055.45569.85
2023925.35+185.4%1,064.80303.30
2022324.25+27.2%436.73243.75
2021254.95+60.0%276.68134.08
2020159.35−15.7%214.8094.30
2019189.08−22.6%250.08176.88
2018244.30−4.6%272.40207.85
2017255.98+112.9%255.98131.13
2016120.23+37.2%136.8065.98
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 29 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
29 Oct 2026540.00547.00535.85544.85542.811,15,02354.3%
28 Oct 2026559.00559.00539.10540.15545.841,78,65353.5%
27 Oct 2026536.00563.95531.50557.90552.742,19,81963.3%
26 Oct 2026526.00538.00524.50533.40532.5781,24856.0%
23 Oct 2026539.95540.05524.50532.70529.731,82,08445.0%
22 Oct 2026560.85563.00537.25539.30545.262,99,61760.0%
21 Oct 2026575.05576.45558.50560.85562.672,13,84462.5%
19 Oct 2026585.40587.70571.20575.05575.512,83,37750.0%
16 Oct 2026599.15603.35584.00585.40590.281,88,32755.8%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Bonus share history

Ex-dateEventPrice factorWhat happened
25 Nov 2022Bonus0.5000Holders received 1 bonus share for every 1 held.
21 Jan 2008Price 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.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout. Any other event is noted and not adjusted for.

Company details

Chairperson
Dharam Pal Jindal
At the end of the quarter to Jun 2026
Managing director
Saket Jindal
At the end of the quarter to Jun 2026
Managing director
Raghav Jindal
At the end of the quarter to Jun 2026
NSE symbol
MAHSEAMLES
BSE code
500265
ISIN
INE271B01025
Industry
Industrial Products
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