Maharashtra Seamless Ltd(MAHSEAMLES)

NSE: MAHSEAMLESBSE: 500265

₹ 532.1-1.37%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,130 crWebsite: www.jindal.comUpdated: 24 Oct 2026

About

Maharashtra Seamless Ltd (MSL) is India's largest maker of seamless pipes for the oil and gas industry. It also makes ERW pipes and specialised value-added products such as drill pipes, cylinder pipes and sour-service subsea pipes. In FY26 it reported revenue of Rs 4,674.34 crore, and steel pipes and tubes made up 97.7% of segment revenue.^[1][2][3]

Business segments

Steel Pipes & Tubes: revenue of Rs 4,615.47 crore in FY26, which was 97.7% of segment revenue, with an EBIT margin of 11.4%.^[3]
Segment revenue in FY26 vs FY25: Steel Pipes & Tubes Rs 4,615.46 Cr vs Rs 5,167.62 Cr; Power - Electricity Rs 80.34 Cr vs Rs 78.01 Cr; RIG Rs 30.73 Cr vs Rs 69.30 Cr; Others Rs 390.49 Cr vs Rs 201.38 Cr.^[1][4]
The ERW segment is kept small on purpose, contributing 7 - 8% of total EBITDA; management is not growing it because seamless is more profitable (Q1 FY26).^[5]

Products

The core product is seamless pipes for oil and gas. The value-added range covers cold-drawn pipes, cylinder pipes, drill pipes, sour-service subsea seamless pipes and premium connections.^[1]
Premium connections are made under a licensing arrangement with JFE, accessed through Jindal Premium Connections.^[1]
As of Q1 FY27, cylinder pipes are approved with all major CNG makers. Subsea sour-service pipes have been dispatched (domestic market about 35,000 MT). Drill pipe orders have been dispatched and fresh orders are awaited.^[6]

Operations and capacity

Under the proposed demerger, Demerged Undertaking 1 has 125,000 MTPA of capacity (turnover Rs 793 crore) and Demerged Undertaking 2 has 200,000 MTPA (turnover Rs 693 crore).^[7]
The cold drawn pipes line at Mangaon was completed as of Q3 FY26.^[8]
The Telangana finishing line is being installed; commissioning it will bring 100,000 MT/annum of currently idle capacity into use (Q1 FY27).^[6]
The company had 2,027 employees as of 31 March 2026.^[1]

Key operating numbers

Seamless sales volume was 96 kMT in Q1 FY27, against 113 kMT of production in Q4 FY26; the company attributed the drop to a temporary war-related disruption in gas supply.^[6]
Seamless EBITDA per tonne: Rs 15,660 in Q1 FY27 vs Rs 15,446 in Q4 FY26 vs Rs 12,278 in Q1 FY26.^[6]
ERW sales volume was 20 kMT in Q1 FY27. ERW EBITDA per tonne fell to Rs 1,080 in Q1 FY27 from Rs 11,258 in Q4 FY26.^[6]
The order book was Rs 1,709 crore as of July 2026: ONGC and OIL 42%, others 58%. Raw material is booked back-to-back to lock in margins.^[6]

Customers and markets

Exports were 10.67% of total turnover in FY26.^[1]
Much of the seamless pipe business is tied to oil and gas spending. Named anchor customers ONGC and Oil India together make up 42% of the July 2026 order book.^[1]
Chinese imports were 20 - 25% of total domestic industry size as of Q2 FY26. The newer value-added products are not covered by the original 2016 anti-dumping order.^[9]
MSL is building its presence in the United States while developing new markets in other regions.^[1]

Expansion and capex

The capex programme totals Rs 852 crore across 9 projects and is fully funded from internal accruals (Q1 FY27).^[6]
Narketpally (Telangana) heat treatment and finishing facilities: Rs 184 crore investment, expected to add Rs 800 crore of annual turnover once commissioned.^[6]
Hot mill upgrade to PQF 14" size: Rs 350 crore investment, expected to add Rs 1,000 crore of annual turnover; work will start only after the Telangana line is commissioned.^[6]
Premium connections production was targeted to start around July 2026; the royalty agreement with the foreign partner has been signed.^[8]
Capital commitments were Rs 52.43 crore in FY25, up from Rs 6.59 crore the year before.^[4]

Recent developments

On 7 October 2026, MSL filed a Scheme of Arrangement to demerge two business undertakings into subsidiaries MSL Seamless Tubes Limited and United Seamless Limited, with an appointed date of 1 October 2026.^[7]
The board approved the demerger scheme for the two business undertakings on 22 May 2026.^[1]
Chief Financial Officer Arup Mandal resigned with effect from 2 July 2026.^[1]
The Ministry of Finance extended the MIP-based anti-dumping duty on Chinese seamless pipes as an interim measure until 27 January 2027. A renewal petition seeking wider coverage was filed before the October 2026 expiry.^[6]
According to Ind-Ra, oil and gas project awards fell 27% YoY in H1 FY26 and 13% YoY in Q2 FY26.^[6]

Market Cap

₹7,130 Cr

High / Low

₹768 / 500

Stock P/E

9.7

Price / Book

1.0

Book Value

₹513

EPS

₹52.3

No. of Shares

13.4 Cr

ROCE

14.3%

ROE

10.6%

OPM

18.9%

Debt / Equity

0.00

Sales

₹4,674 Cr

Net Profit

₹701 Cr

Promoter holding

70.3%

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Maharashtra Seamless Ltd(MAHSEAMLES)

About

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Expansion and capex

Recent developments

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