Maharashtra Seamless Ltd

Mah. Seamless Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Maharashtra Seamless Ltd

₹ 641 1.98%
22 Nov - close price
jindal.com BSE: 500265 NSE: MAHSEAMLES
About

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]

Key Points

Business Overview:[1]
MSL is a part of the D. P. Jindal Group. It manufactures Seamless and Electric Resistance Welded (ERW) pipes. It has also developed a renewable power portfolio
Product Categories:
a) Electrical Resistance Welding Pipes:[2]
Company manufactures MS Black ERW
pipes and Galvanized ERW pipes in various sizes, grades and specifications. ERW pipes have various applications like fencing, line pipe, scaffolding etc.
b) Seamless Pipe:[3]
It is a pipe without a seam or a weld-joint
in contrast to Seam or Welded pipe. MSL
is also the only manufacturer in India to
offer the maximum size range upto 20”
catering to customers across all sectors.
It exports to US, Canada, Latin America,
Europe, Africa & Asia
c) Coated Pipes:[4]
Pipeline coating protects ERW /Seamless pipes from corrosion, from moisture, other harmful chemicals. Types of coatings available are 3 LPE (External 3 Layer Polyethylene)-link, 3LPP (External 3 Layer Polypropylene)-link,
FBE (External Fusion Bonded Epoxy (Single / Dual Layer))-link, Internal Epoxy Coating-link

Website BSE NSE
  • Market Cap ₹ 8,589 Cr.
  • Current Price ₹ 641
  • High / Low ₹ 1,099 / 563
  • Stock P/E 10.2
  • Book Value ₹ 444
  • Dividend Yield 1.56 %
  • ROCE 22.9 %
  • ROE 18.1 %
  • Face Value ₹ 5.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 26.3% CAGR over last 5 years

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Steel Industry: Steel - Medium / Small

Part of BSE 250 SmallCap Index BSE Industrials BSE 400 MidSmallCap Index BSE Allcap Nifty 500 Multicap 50:25:25

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
951 1,139 1,428 1,334 1,414 1,339 1,633 1,223 1,535 1,431 1,215 1,151 1,292
816 979 1,262 1,115 1,171 1,100 1,319 988 1,207 1,065 945 1,032 1,065
Operating Profit 135 160 167 220 243 239 314 235 328 366 270 119 227
OPM % 14% 14% 12% 16% 17% 18% 19% 19% 21% 26% 22% 10% 18%
32 22 26 18 22 18 27 33 30 35 44 65 91
Interest 11 12 12 11 13 9 6 7 1 1 0 1 1
Depreciation 34 34 35 35 34 35 34 34 26 26 24 25 25
Profit before tax 122 136 146 193 217 213 301 228 331 374 290 158 292
Tax % 22% 24% -171% 28% 26% 25% -24% 9% 24% 26% 25% 18% 25%
95 104 396 140 161 160 373 207 251 276 218 129 220
EPS in Rs 6.78 7.07 29.31 10.41 12.02 11.91 27.62 15.42 18.69 20.59 16.30 9.65 16.42
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
1,729 1,209 1,355 1,019 1,434 2,150 3,052 2,645 2,308 4,211 5,716 5,404 5,089
1,558 1,120 1,249 980 1,209 1,839 2,383 2,135 1,867 3,628 4,705 4,205 4,107
Operating Profit 172 89 105 38 225 311 669 509 441 583 1,011 1,199 982
OPM % 10% 7% 8% 4% 16% 14% 22% 19% 19% 14% 18% 22% 19%
70 64 74 57 76 99 -117 -197 -91 111 88 142 234
Interest 7 5 20 26 34 42 39 64 56 45 38 8 3
Depreciation 38 37 31 71 71 76 80 88 121 138 138 110 100
Profit before tax 197 111 129 -2 196 292 433 161 173 511 924 1,223 1,114
Tax % 23% 13% 29% 1,521% 41% 31% 53% 29% 30% -35% 17% 22%
152 102 118 -24 116 200 202 115 121 692 768 952 843
EPS in Rs 10.80 7.39 8.79 -1.81 9.21 15.73 17.48 6.26 7.32 51.62 57.07 71.00 62.96
Dividend Payout % 28% 40% 28% -69% 27% 19% 17% 20% 24% 5% 9% 14%
Compounded Sales Growth
10 Years: 16%
5 Years: 12%
3 Years: 33%
TTM: -11%
Compounded Profit Growth
10 Years: 30%
5 Years: 26%
3 Years: 69%
TTM: -15%
Stock Price CAGR
10 Years: 15%
5 Years: 28%
3 Years: 36%
1 Year: -30%
Return on Equity
10 Years: 10%
5 Years: 14%
3 Years: 18%
Last Year: 18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 35 34 34 34 34 34 34 34 34 34 67 67 67
Reserves 2,779 2,765 2,763 2,549 2,650 2,896 3,037 3,171 3,265 3,951 4,707 5,664 5,879
151 138 916 665 703 626 1,059 1,145 922 709 244 0 0
276 352 313 436 470 483 666 889 1,135 695 841 857 881
Total Liabilities 3,241 3,288 4,026 3,684 3,856 4,039 4,795 5,239 5,356 5,388 5,859 6,588 6,827
1,260 1,231 1,472 1,121 1,095 1,235 1,173 2,364 2,268 2,135 2,016 1,950 1,906
CWIP 150 34 37 31 119 17 23 29 9 13 14 3 5
Investments 740 834 1,373 1,444 1,529 1,461 1,276 1,007 1,071 646 1,177 2,098 2,625
1,091 1,189 1,143 1,088 1,113 1,326 2,322 1,840 2,008 2,593 2,651 2,537 2,291
Total Assets 3,241 3,288 4,026 3,684 3,856 4,039 4,795 5,239 5,356 5,388 5,859 6,588 6,827

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
300 109 104 122 241 93 -183 748 447 -269 912 1,041
-313 -59 -630 12 -107 13 -161 -730 -183 563 -386 -722
3 -26 527 -141 -133 -95 387 7 -285 -286 -542 -320
Net Cash Flow -10 23 2 -6 2 10 44 25 -21 8 -17 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 67 102 80 96 79 66 59 50 75 48 41 35
Inventory Days 155 186 189 246 192 132 150 172 255 182 148 175
Days Payable 13 63 28 65 55 34 53 129 194 61 29 32
Cash Conversion Cycle 210 225 241 277 215 165 155 93 135 169 160 178
Working Capital Days 177 250 233 289 219 181 223 151 171 165 135 137
ROCE % 6% 2% 3% 0% 6% 9% 18% 11% 9% 12% 20% 23%

Shareholding Pattern

Numbers in percentages

3 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
64.90% 67.00% 67.08% 67.26% 67.64% 67.80% 67.80% 67.86% 67.86% 68.00% 68.00% 68.04%
1.00% 1.15% 1.28% 2.67% 3.08% 2.84% 5.96% 7.98% 10.50% 11.96% 9.23% 7.97%
3.14% 3.41% 3.69% 4.00% 3.76% 3.92% 4.18% 4.26% 4.19% 3.81% 5.26% 4.34%
30.96% 28.44% 27.95% 26.08% 25.52% 25.43% 22.05% 19.89% 17.44% 16.22% 17.49% 19.65%
No. of Shareholders 28,76027,64030,97536,51349,03347,26150,77154,87961,98969,66377,50096,466

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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