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Maharashtra Seamless (MAHSEAMLES)₹580.00+0.95%Iron & Steel Products
In the Jun 2026 quarter (consolidated), Maharashtra Seamless reported sales of ₹1,092 Cr, down 4.8% from Jun 2025, and net profit of ₹266 Cr, up 15.6% year on year. For the year to Mar 2026, sales were ₹4,676 Cr and net profit ₹700 Cr.
Company filings, consolidated accounts; latest reported quarter Jun 2026
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,537 | 1,432 | 1,217 | 1,153 | 1,293 | 1,409 | 1,419 | 1,147 | 1,161 | 1,091 | 1,281 | 1,092 |
| Expenses | 1,206 | 1,064 | 943 | 1,031 | 1,063 | 1,130 | 1,132 | 979 | 1,039 | 940 | 1,045 | 910 |
| Operating Profit | 328 | 366 | 270 | 119 | 227 | 276 | 285 | 165 | 119 | 149 | 234 | 179 |
| OPM % | 21.1% | 26.1% | 22.1% | 10.1% | 18.1% | 20.1% | 20.1% | 14.1% | 10.0% | 14.1% | 18.1% | 16.1% |
| Other Income | 30.06 | 35.11 | 44.09 | 65.21 | 91.20 | 2.01 | 40.12 | 160 | 76.21 | 200 | −51.11 | 174 |
| Interest | 1.01 | 0.99 | 0.00 | 1.01 | 0.99 | 1.01 | 0.00 | 0.00 | 0.00 | 0.99 | 0.99 | 0.99 |
| Depreciation | 25.90 | 25.91 | 23.92 | 24.91 | 24.94 | 24.94 | 24.90 | 24.94 | 24.93 | 28.91 | 30.89 | 30.91 |
| Profit before tax | 330 | 373 | 289 | 158 | 291 | 251 | 298 | 299 | 169 | 318 | 150 | 321 |
| Tax % | 24.0% | 26.0% | 25.0% | 18.0% | 25.0% | 26.0% | 19.0% | 23.0% | 26.0% | 24.0% | 32.0% | 17.0% |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | −0.99 | 0.00 |
| Net Profit | 251 | 276 | 217 | 129 | 220 | 186 | 242 | 230 | 125 | 243 | 103 | 266 |
| EPS (Rs) | 18.74 | 20.66 | 16.34 | 9.68 | 16.46 | 13.93 | 18.10 | 17.24 | 9.37 | 18.17 | 7.69 | 19.94 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,021 | 1,437 | 2,152 | 3,055 | 2,646 | 2,312 | 4,215 | 5,720 | 5,413 | 5,274 | 4,676 | 4,625 |
| Expenses | 978 | 1,208 | 1,836 | 2,380 | 2,133 | 1,864 | 3,622 | 4,703 | 4,197 | 4,358 | 4,004 | 3,935 |
| Operating Profit | 37.99 | 225 | 311 | 669 | 509 | 441 | 583 | 1,011 | 1,199 | 908 | 669 | 681 |
| OPM % | 3.8% | 16.1% | 14.1% | 22.1% | 19.1% | 19.1% | 14.1% | 18.1% | 22.1% | 17.1% | 14.1% | 14.7% |
| Other Income | 57.11 | 76.17 | 99.28 | −117 | −197 | −91.24 | 111 | 88.23 | 142 | 197 | 386 | 400 |
| Interest | 25.99 | 33.99 | 41.96 | 39.01 | 63.97 | 55.96 | 44.97 | 37.97 | 7.99 | 3.01 | 2.99 | 2.97 |
| Depreciation | 70.80 | 70.82 | 75.80 | 79.74 | 87.72 | 121 | 138 | 138 | 110 | 101 | 110 | 116 |
| Profit before tax | −1.99 | 195 | 291 | 431 | 160 | 172 | 510 | 920 | 1,219 | 996 | 936 | 958 |
| Tax % | 1,521.0% | 41.0% | 31.0% | 53.0% | 29.0% | 30.0% | −35.0% | 17.0% | 22.0% | 22.0% | 25.0% | — |
| Exceptional items | 0.99 | 17.95 | 9.98 | −93.74 | −110 | −123 | 0.00 | −2.99 | 0.00 | −0.99 | −1.99 | −0.99 |
| Net Profit | −23.95 | 116 | 200 | 202 | 115 | 121 | 691 | 767 | 950 | 776 | 700 | 736 |
| EPS (Rs) | −1.82 | 9.23 | 15.76 | 17.54 | 6.28 | 7.33 | 51.77 | 57.26 | 71.16 | 58.15 | 52.44 | 55.17 |
| Dividend payout % | −68.9% | 27.1% | 19.1% | 17.1% | 20.1% | 24.1% | 5.0% | 9.1% | 14.1% | 17.1% | 19.1% | — |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 33.99 | 33.97 | 33.97 | 33.96 | 33.99 | 33.97 | 33.95 | 33.96 | 66.89 | 66.88 | 66.89 | 66.84 |
| Reserves | 2,764 | 2,548 | 2,650 | 2,896 | 3,039 | 3,178 | 3,269 | 3,955 | 4,710 | 5,664 | 6,268 | 6,797 |
| Borrowings | 913 | 663 | 700 | 624 | 1,056 | 1,142 | 920 | 707 | 243 | 0.00 | 0.00 | 12.95 |
| Other Liabilities | 312 | 434 | 468 | 481 | 663 | 885 | 1,130 | 692 | 837 | 848 | 690 | 845 |
| Total Liabilities | 4,023 | 3,679 | 3,852 | 4,035 | 4,791 | 5,239 | 5,353 | 5,387 | 5,857 | 6,579 | 7,025 | 7,723 |
| Fixed Assets | 1,475 | 1,122 | 1,097 | 1,236 | 1,174 | 2,366 | 2,271 | 2,136 | 2,018 | 1,951 | 1,865 | 1,864 |
| CWIP | 37.02 | 31.04 | 119 | 17.02 | 23.01 | 29.03 | 9.01 | 13.02 | 14.01 | 3.01 | 14.01 | 72.09 |
| Investments | 1,368 | 1,439 | 1,524 | 1,456 | 1,273 | 1,003 | 1,066 | 644 | 1,173 | 2,092 | 2,881 | 3,805 |
| Other Assets | 1,142 | 1,087 | 1,112 | 1,325 | 2,321 | 1,841 | 2,006 | 2,593 | 2,650 | 2,533 | 2,264 | 1,982 |
| Inventories | 489 | 498 | 482 | 508 | 768 | 760 | 970 | 1,429 | 1,502 | 1,570 | 1,338 | 1,136 |
| Trade receivables | 299 | 268 | 310 | 393 | 494 | 362 | 473 | 560 | 644 | 520 | 656 | 567 |
| Cash & equivalents | 39.98 | 6.01 | 6.99 | 16.99 | 60.92 | 85.98 | 64.93 | 72.90 | 55.93 | 55.99 | 43.98 | 78.94 |
| Total Assets | 4,023 | 3,679 | 3,852 | 4,035 | 4,791 | 5,239 | 5,353 | 5,387 | 5,857 | 6,579 | 7,025 | 7,723 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 104 | 122 | 242 | 93.24 | −184 | 751 | 449 | −270 | 915 | 1,044 | 612 | 936 |
| Cash from investing activity | −628 | 11.96 | −107 | 12.95 | −161 | −728 | −182 | 561 | −385 | −720 | −485 | −773 |
| Cash from financing activity | 529 | −142 | −134 | −95.34 | 388 | 7.03 | −286 | −287 | −544 | −321 | −136 | −123 |
| Net cash flow | 1.99 | −5.99 | 1.99 | 9.99 | 43.96 | 24.99 | −20.97 | 7.99 | −16.99 | 0.00 | −13.01 | 35.98 |
| Capex | 152 | 13.98 | 133 | 110 | 26.94 | 844 | 19.95 | 7.98 | 18.97 | 31.94 | 22.97 | 170 |
| Free cash flow | −47.84 | 109 | 108 | −9.97 | −205 | −97.70 | 427 | −276 | 891 | 1,006 | 585 | 763 |
| CFO / OP % | 132.0% | 378.0% | 139.0% | 57.0% | −1.0% | 172.0% | 106.0% | −49.0% | 97.0% | 105.0% | 86.0% | 165.0% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 80 | 96 | 79 | 66 | 59 | 50 | 75 | 48 | 41 | 35 | 45 | 44 |
| Inventory days | 189 | 246 | 192 | 132 | 150 | 172 | 255 | 182 | 148 | 175 | 148 | 140 |
| Days payable | 29 | 66 | 56 | 35 | 54 | 130 | 195 | 62 | 30 | 33 | 18 | 32 |
| Cash conversion cycle | 240 | 276 | 214 | 164 | 154 | 92 | 134 | 168 | 159 | 177 | 175 | 152 |
| Working capital days | 139 | 165 | 103 | 155 | 196 | 105 | 135 | 148 | 130 | 137 | 133 | 397 |
| ROCE % | 3.0% | 0.0% | 6.0% | 9.1% | 18.1% | 11.0% | 9.0% | 12.0% | 20.1% | 23.0% | 17.1% | 14.1% |
For the Jun 2026 quarter, Maharashtra Seamless reported sales of ₹1,092 Cr, down 4.8% year on year and net profit of ₹266 Cr, up 15.6% year on year. The operating margin was 16.1%.
Maharashtra Seamless' sales for the year to Mar 2026 were ₹4,676 Cr; over the last twelve months they were ₹4,625 Cr.
Net profit for the year to Mar 2026 was ₹700 Cr, and ₹736 Cr over the last twelve months. Earnings per share over the same trailing period were ₹55.17.
Maharashtra Seamless reported borrowings of ₹12.95 Cr at Mar 2026, against cash and equivalents of ₹78.94 Cr.
Cash from operations was ₹936 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹763 Cr.