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Maharashtra Seamless Ltd.

Iron & SteelSteel & Iron Products

www.jindal.com BSE: 500265NSE: MAHSEAMLES

₹721.25BSE3.95%

17 Sep, 4:01 PM

₹721.25

₹9.65K Cr

13.08

1.35

10.62%

₹725.20

₹692.60

₹738.00

₹500.00

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Price Performance

Peer Comparison

Name
JSWSL JSWSTEEL	1,256.80	12.40	3,07,344.65	0.56	4,696.00	112.58%	47,364.00	9.77%	20.67
TATA STEEL TATASTEEL	188.00	21.27	2,34,688.97	2.13	2,385.24	18.82%	60,794.29	14.32%	12.70
STEEL AUTH. SAIL	175.15	16.93	72,346.15	1.34	1,644.05	120.80%	26,245.67	1.25%	7.08
WELCORP WELCORP	2,462.30	28.11	64,953.17	0.20	1,047.88	200.11%	4,081.12	14.91%	23.94
JSL JSL	722.55	18.38	59,568.44	0.55	768.66	7.56%	11,278.54	10.50%	19.19
APL APOLLO APLAPOLLO	2,144.70	48.45	59,549.40	0.40	263.11	10.94%	5,606.71	8.45%	31.83
SHYAMMETL SHYAMMETL	1,078.00	26.78	30,090.41	0.42	350.73	20.66%	5,455.09	23.33%	13.88
Maharashtra Seamless Ltd. MAHSEAMLES	721.25	13.08	9,645.94	1.39	266.40	15.68%	1,091.20	-4.72%	14.25

Quarterly Results

consolidated figures in ₹ Crores · Quarterly

Particulars	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,214.90	1,150.98	1,291.81	1,408.11	1,417.77	1,145.27	1,158.67	1,090.29	1,280.11	1,091.20
Expenses	939.79	1,026.52	1,060.77	1,128.52	1,132.61	976.75	1,036.00	937.97	1,042.38	908.33
	275.11	124.46	231.04	279.59	285.16	168.52	122.67	152.32	237.73	182.87
	22.64%	10.81%	17.88%	19.86%	20.11%	14.71%	10.59%	13.97%	18.57%	16.76%
	44.00	64.80	90.73	1.72	39.97	159.76	75.76	199.95	-50.95	174.42
Interest	0.46	0.93	0.81	0.52	0.50	0.48	0.43	0.82	0.85	0.53
	23.82	25.01	25.24	25.28	25.39	24.96	25.19	28.76	31.25	30.63
	289.73	157.77	291.81	251.75	298.87	299.65	169.14	319.46	151.17	322.41
	24.66%	18.34%	24.55%	26.09%	18.94%	23.14%	25.96%	24.04%	31.97%	17.37%
	218.37	129.27	220.08	186.07	242.04	230.32	125.26	242.86	102.83	266.40
	16.30	9.65	16.42	13.89	18.06	17.19	9.35	18.12	7.67	19.88

Profit & Loss

consolidated figures in ₹ Crores · Annual

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
INCOME :
	4,210.80	5,716.37	5,404.12	5,268.66	4,674.34
	4,210.80	5,716.37	5,404.12	5,268.66	4,674.34
EXPENDITURE :
Increase/Decrease in Stock	-153.03	-2.70	36.23	30.32	27.98
Raw Material Consumed	3,029.84	3,728.50	3,249.74	3,287.00	2,947.31
Power & Fuel Cost	257.87	343.45	329.89	345.73	353.77
Employee Cost	81.81	96.38	109.33	122.89	134.12
Other Manufacturing Expenses	248.34	263.59	287.05	358.23	351.83
General and Administration Expenses	25.44	33.17	33.70	36.89	47.02
Selling and Distribution Expenses	105.96	185.15	129.31	162.17	123.18
Miscellaneous Expenses	2.23	31.94	7.46	11.30	7.93
	3,598.45	4,679.48	4,182.71	4,354.53	3,993.14
Operating Profit (Excl OI)	612.35	1,036.89	1,221.41	914.13	681.20
	110.85	92.24	142.18	203.35	387.58
	723.20	1,129.13	1,363.59	1,117.48	1,068.78
Interest	44.89	38.32	8.47	2.76	2.57
PBDT	678.31	1,090.81	1,355.12	1,114.72	1,066.21
	137.85	137.72	109.72	100.92	110.15
Profit Before Taxation & Exceptional Items	540.46	953.09	1,245.40	1,013.80	956.06
Exceptional Income / Expenses					-3.04
	511.18	923.66	1,222.81	1,000.21	939.42
Provision for Tax	-180.46	156.04	271.15	222.86	238.39
	691.64	767.62	951.66	777.35	701.03
Extra items		0.00	0.00	0.00	0.00
Minority Interest	0.08	-2.87	-0.36	0.14	0.25
Consolidated Net Profit	691.72	764.75	951.30	777.49	701.28
Profit Balance B/F	2,489.98	2,916.60	3,650.72	4,535.38	5,179.07
Appropriations	3,181.71	3,681.35	4,602.02	5,312.87	5,880.35
Equity Dividend %	100.00%	100.00%	200.00%	200.00%	200.00%
	103.24	57.07	70.99	58.02	52.33
Adjusted EPS	51.62	57.07	70.99	58.02	52.33

Balance Sheet

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
	33.50	67.00	67.00	67.00	67.00
Total Reserves	3,950.72	4,706.96	5,663.70	6,272.94	6,809.45
Reserve excluding Revaluation Reserve	3,946.63	4,702.87	5,659.61	6,268.85	6,805.36
Revaluation reserve	4.09	4.09	4.09	4.09	4.09
	3,984.22	4,773.96	5,730.70	6,339.94	6,876.45
Secured Loans	223.06	161.83
Unsecured Loans	291.83			0.10	8.69
Deferred Tax Assets / Liabilities	67.37	306.92	358.47	362.23	406.87
Other Long Term Liabilities	31.68	67.36	58.52	54.20	49.24
Long Term Trade Payables	5.29	5.29	5.29	5.29	5.29
Long Term Provisions	0.11	0.12	0.13	0.19	0.25
Total Non-Current Liabilities	619.34	541.52	422.41	422.01	470.34
Trade Payables	481.74	296.23	292.53	152.49	251.34
Other Current Liabilities	263.70	152.82	63.99	60.73	75.12
Short Term Borrowings					2.93
Short Term Provisions	38.80	94.23	73.57	58.09	62.86
Total Current Liabilities	784.25	543.28	430.09	271.31	392.25
Total Liabilities	5,387.80	5,858.76	6,583.20	7,033.26	7,739.04
Gross Block	3,684.47	3,703.02	3,746.56	3,760.39	3,847.93
Less: Accumulated Depreciation	1,357.34	1,495.52	1,604.99	1,706.28	1,794.32
Less: Impairment of Assets	191.80	191.81	191.81	191.81	191.81
Net Block	2,135.33	2,015.69	1,949.76	1,862.30	1,861.80
Capital Work in Progress	13.44	14.34	2.65	13.66	72.32
Non Current Investments	566.41	601.12	997.84	689.75	221.12
Long Term Investment	566.41	601.12	997.84	689.75	221.12
Long Term Loans & Advances	20.84	16.07	17.33	25.29	17.85
Other Non Current Assets	4.44	4.02	6.57	7.10	7.48
Total Non-Current Assets	2,740.45	2,651.24	2,974.15	2,598.42	2,181.40
Currents Investments	79.88	576.29	1,100.30	2,202.67	3,599.96
Inventories	1,434.77	1,505.83	1,576.12	1,341.65	1,138.71
Sundry Debtors	556.83	642.47	518.32	653.48	564.68
Cash and Bank	72.96	56.16	56.27	43.94	79.22
Other Current Assets	66.81	85.30	73.10	38.68	35.55
Short Term Loans and Advances	436.09	341.47	284.94	154.42	139.52
Total Current Assets	2,647.35	3,207.52	3,609.05	4,434.84	5,557.64
Net Current Assets (Including Current Investments)	1,863.10	2,664.24	3,178.96	4,163.53	5,165.39
Total Assets	5,387.80	5,858.76	6,583.20	7,033.26	7,739.04
Contingent Liabilities	968.26	798.84	717.38	767.59	681.22
Total Debt	708.63	244.19	0.04	0.10	13.36
	594.05	355.96	427.36	472.82	512.86
Adjusted Book Value	297.03	355.96	427.36	472.82	512.86

Cash Flow

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
	532.97	990.46	1,294.07	964.52	868.45
Adjustment	127.08	79.57	-45.98	-1.06	-150.76
Changes In working Capital	-946.79	-90.94	8.62	-185.42	384.22
Cash Flow after changes in Working Capital	-286.74	979.09	1,256.71	778.04	1,101.91
Cash Flow from Operating Activities	-269.41	911.80	1,041.42	609.62	932.80
Cash Flow from Investing Activities	553.68	-382.15	-721.62	-486.01	-774.30
Cash Flow from Financing Activitie	-285.57	-542.08	-319.66	-136.37	-122.80
Net Cash Inflow / Outflow	-1.30	-12.43	0.14	-12.76	35.70
Opening Cash & Cash Equivalents	63.11	70.98	54.41	54.52	41.81
Cash & Cash Equivalent on Amalgamation / Take over / Merger	11.59
Effect of Foreign Exchange Fluctuations	-2.43	-4.14	-0.03	0.05	-0.81
Closing Cash & Cash Equivalent	70.98	54.41	54.52	41.81	76.70

Ratios

Valuation

13.08

1.35

8.73

2.09

55.03

533.02

Profitability

10.62

14.25

9.49

14.57

15.00

Leverage & Liquidity

0.00

14.17

366.53

Returns

1.39

0.63

Shareholding Pattern

Numbers in percentages

Particulars	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
	68.00	68.04	68.07	68.86	68.87	69.05	69.81	70.28	70.28
	14.50	12.31	12.94	13.55	14.48	13.47	12.41	12.87	13.54
	17.49	19.65	19.00	17.59	16.65	17.49	17.79	16.86	16.19
	32.00	31.96	31.93	31.14	31.13	30.95	30.19	29.72	29.72
No. of Shareholders	77,500	96,466	1,29,024	1,05,737	93,504	94,257	92,943	88,783	83,466

Corporate Actions

Showing: All

Date	Type	Details	Ex-Date	Record Date
2026-08-19	AGM
2026-07-29	Board Meeting	Quarterly Results
2026-05-22	Ex Dividend	Rs.10.0000 per share(200%)Dividend	2026-09-01	2026-09-01

Insider Trading

Date	Person	Category	Transaction Type	Shares	Value (₹)
2026-07-01	Odd & Even Trades & Finance Ltd	Market	Buy	1,659,700
2026-07-01	Saket Jindal	Market	Sell	1,629,700

Sector Overview

Iron & SteelSteel & Iron Products

Maharashtra Seamless Ltd. operates in the Iron & Steel sector under the Steel & Iron Products industry. This sector is one of the key drivers of the Indian economy and is closely tracked by the relevant Nifty sectoral index.

Company Profile

Corporate information and contact details

Key Management

11 members across the board and senior leadership

Ram Ji Nigam

Company Secretary & Compliance Officer

—

D P Jindal

Chairman

₹4.10 L

Mar '26

Saket Jindal

Managing Director

₹5.77 Cr

Mar '26

Raghav Jindal

Joint Managing Director

₹4.08 Cr

Mar '26

Kamal Kishore Bhartia