BSE: 500265 | NSE: MAHSEAMLES | Steel & Iron Products | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Maharashtra Seamless Ltd is a average quality company.
The key valuation ratios of Maharashtra Seamless Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Maharashtra Seamless Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 7.3% | 2.8% | 9.5% | 10.3% | 15.3% | 1.9% | 6.1% | 13.4% | 20.7% | 23.8% | - |
| Value Creation Index ⓘ | -0.5 | -0.8 | -0.3 | -0.3 | 0.1 | -0.9 | -0.6 | 0.0 | 0.5 | 0.8 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 1,355 | 1,015 | 1,428 | 2,130 | 3,040 | 2,617 | 2,225 | 3,975 | 5,707 | 5,403 | 5,087 |
| Sales YoY Gr. | - | -25.1% | 40.8% | 49.1% | 42.8% | -13.9% | -15% | 78.6% | 43.6% | -5.3% | - |
| Adj EPS ⓘ | 6.6 | 1.2 | 10.4 | 14.1 | 26.5 | 21.7 | 19 | 52 | 59.9 | 71.5 | 64.5 |
| YoY Gr. | - | -82.2% | 789.7% | 35.8% | 87.3% | -18% | -12.6% | 174% | 15.1% | 19.4% | - |
| BVPS (₹) ⓘ | 169 | 160.4 | 209.9 | 221.7 | 237.8 | 232.6 | 242.1 | 294.7 | 350.9 | 418.6 | 435.5 |
| Adj Net Profit ⓘ | 88.2 | 15.6 | 140 | 189 | 355 | 291 | 254 | 697 | 803 | 958 | 864 |
| Cash Flow from Ops. ⓘ | -48.9 | 18.8 | 174 | 87 | -183 | 749 | 501 | -272 | 908 | 1,048 | - |
| Debt/CF from Ops. ⓘ | -0 | 0.4 | 0.1 | 0.2 | -2.7 | 1.1 | 1.4 | -2.3 | 0.3 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 16.6% | 12.2% | 34.4% | -5.3% | ||||
| Adj EPS ⓘ | 30.4% | 22% | 55.6% | 19.4% | ||||
| BVPSⓘ | 10.6% | 12% | 20% | 19.3% | ||||
| Share Price | 14.9% | 27.1% | 34.6% | -31.2% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 3.2 | 0.6 | 5.1 | 6.6 | 11.5 | 9.2 | 8 | 19.4 | 18.5 | 18.6 | 15.1 |
| Op. Profit Mgn % ⓘ | 8.1 | 3.5 | 15.4 | 14.4 | 21.9 | 21.1 | 20.1 | 15.2 | 18.5 | 22.7 | 19.7 |
| Net Profit Mgn % ⓘ | 6.5 | 1.5 | 9.8 | 8.9 | 11.7 | 11.1 | 11.4 | 17.6 | 14.1 | 17.7 | 17 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0.2 | 0.3 | 0.2 | 0.2 | 0.1 | 0 | 0 |
| Working Cap Days ⓘ | 306 | 428 | 300 | 230 | 229 | 314 | 371 | 224 | 163 | 171 | 133 |
| Cash Conv. Cycle ⓘ | 166 | 220 | 141 | 117 | 101 | 91 | 75 | 89 | 103 | 118 | 117 |
Sales growth is growing at healthy rate in last 3 years 34.41%
Net Profit is growing at healthy rate in last 3 years 55.57%
Return on Equity has declined versus last 3 years average to 15.10%
Sales growth is not so good in last 4 quarters at -9.99%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 64.5 | 63 |
| TTM Sales (₹ Cr.) | 5,087 | 5,089 |
| BVPS (₹.) ⓘ | 435.5 | 443.5 |
| Reserves (₹ Cr.) ⓘ | 5,769 | 5,875 |
| P/BV ⓘ | 1.40 | 1.38 |
| PE ⓘ | 9.46 | 9.69 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 562.65 / 1099.05 |
| All Time Low / High (₹) | 3.56 / 1099.05 |
| Market Cap (₹ Cr.) | 8,173 |
| Equity (₹ Cr.) | 67 |
| Face Value (₹) | 5 |
| Industry PE ⓘ | 21.8 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,355 | 1,015 | 1,428 | 2,130 | 3,040 | 2,617 | 2,225 | 3,975 | 5,707 | 5,403 |
| Operating Expenses ⓘ | 1,246 | 983 | 1,208 | 1,824 | 2,377 | 2,081 | 1,779 | 3,371 | 4,673 | 4,180 |
| Manufacturing Costs | 217 | 160 | 195 | 311 | 362 | 340 | 274 | 457 | 602 | 616 |
| Material Costs | 947 | 740 | 921 | 1,399 | 1,877 | 1,596 | 1,360 | 2,713 | 3,726 | 3,286 |
| Employee Cost | 42 | 46 | 52 | 62 | 70 | 75 | 67 | 76 | 96 | 109 |
| Other Costs ⓘ | 38 | 37 | 40 | 53 | 67 | 70 | 77 | 124 | 250 | 170 |
| Operating Profit ⓘ | 110 | 31 | 220 | 305 | 664 | 536 | 446 | 603 | 1,034 | 1,223 |
| Operating Profit Margin (%) | 8.1% | 3.1% | 15.4% | 14.3% | 21.8% | 20.5% | 20.1% | 15.2% | 18.1% | 22.6% |
| Other Income ⓘ | 83 | 99 | 85 | 68 | 70 | 66 | 91 | 90 | 86 | 141 |
| Interest ⓘ | 4 | 7 | 10 | 9 | 16 | 48 | 48 | 41 | 36 | 8 |
| Depreciation ⓘ | 29 | 70 | 69 | 74 | 78 | 79 | 105 | 121 | 136 | 109 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | -146 | -450 | -191 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 160 | 54 | 226 | 290 | 493 | 25 | 193 | 531 | 949 | 1,246 |
| Tax ⓘ | 37 | 23 | 80 | 92 | 231 | 46 | 51 | -181 | 156 | 271 |
| Profit After Tax | 123 | 31 | 146 | 198 | 262 | -21 | 142 | 711 | 793 | 975 |
| PAT Margin (%) | 9.0% | 3.1% | 10.2% | 9.3% | 8.6% | -0.8% | 6.4% | 17.9% | 13.9% | 18.0% |
| Adjusted EPS (₹) | 9.2 | 2.4 | 10.9 | 14.8 | 19.6 | -1.5 | 10.6 | 53.1 | 59.2 | 72.8 |
| Dividend Payout Ratio (%) | 27% | 53% | 23% | 20% | 15% | -81% | 17% | 5% | 8% | 14% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 2,802 | 2,688 | 2,813 | 2,971 | 3,186 | 3,117 | 3,244 | 3,952 | 4,706 | 5,614 |
| Share Capital ⓘ | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 67 | 67 |
| Reserves ⓘ | 2,769 | 2,654 | 2,779 | 2,938 | 3,153 | 3,083 | 3,210 | 3,919 | 4,639 | 5,547 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 1 | 7 | 13 | 9 | 484 | 756 | 621 | 515 | 162 | 0 |
| Long Term Debt | 1 | 0 | 11 | 6 | 446 | 750 | 621 | 515 | 162 | 0 |
| Short Term Debt | 0 | 7 | 2 | 3 | 39 | 6 | 0 | 0 | 0 | 0 |
| Trade Payables | 66 | 132 | 139 | 130 | 273 | 570 | 733 | 479 | 296 | 292 |
| Others Liabilities ⓘ | 227 | 320 | 321 | 338 | 388 | 475 | 540 | 325 | 621 | 559 |
| Total Liabilities ⓘ | 3,096 | 3,147 | 3,285 | 3,449 | 4,332 | 4,918 | 5,137 | 5,271 | 5,784 | 6,465 |
Fixed Assets | ||||||||||
| Gross Block | 1,697 | 1,710 | 1,755 | 1,966 | 1,983 | 2,822 | 2,842 | 3,650 | 3,667 | 3,711 |
| Accumulated Depreciation | 532 | 600 | 669 | 743 | 821 | 899 | 998 | 1,329 | 1,465 | 1,574 |
| Net Fixed Assetsⓘ | 1,164 | 1,110 | 1,086 | 1,222 | 1,162 | 1,923 | 1,844 | 2,320 | 2,202 | 2,137 |
| CWIP ⓘ | 33 | 31 | 118 | 17 | 23 | 29 | 9 | 13 | 14 | 3 |
| Investmentsⓘ | 620 | 662 | 836 | 719 | 759 | 796 | 882 | 548 | 1,121 | 1,993 |
| Inventories | 490 | 499 | 484 | 509 | 769 | 712 | 870 | 1,432 | 1,503 | 1,573 |
| Trade Receivables | 298 | 265 | 309 | 394 | 495 | 367 | 461 | 562 | 644 | 521 |
| Cash Equivalents | 16 | 3 | 6 | 10 | 60 | 3 | 50 | 66 | 50 | 55 |
| Others Assetsⓘ | 474 | 576 | 446 | 577 | 1,064 | 1,088 | 1,021 | 330 | 249 | 183 |
| Total Assets ⓘ | 3,096 | 3,147 | 3,285 | 3,449 | 4,332 | 4,918 | 5,137 | 5,271 | 5,784 | 6,465 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -49 | 19 | 174 | 87 | -183 | 749 | 501 | -272 | 908 | 1,048 |
| PBT ⓘ | 160 | 54 | 226 | 291 | 494 | 25 | 195 | 532 | 950 | 1,246 |
| Adjustment ⓘ | -34 | 7 | 12 | 39 | 189 | 539 | 294 | 98 | 112 | 2 |
| Changes in Working Capital ⓘ | -140 | -20 | 7 | -160 | -691 | 315 | 35 | -920 | -86 | 14 |
| Tax Paid ⓘ | -34 | -23 | -71 | -83 | -175 | -130 | -23 | 18 | -67 | -215 |
| Cash Flow From Investing Activity ⓘ | 120 | 19 | -151 | -34 | -181 | -1,027 | -307 | 423 | -466 | -722 |
| Capex | -23 | -13 | -132 | -110 | -23 | -846 | -9 | -6 | -19 | -32 |
| Net Investments | 119 | 9 | 235 | 236 | 99 | -167 | -197 | 114 | -477 | -797 |
| Others ⓘ | 24 | 24 | -254 | -161 | -257 | -14 | -102 | 315 | 29 | 107 |
| Cash Flow From Financing Activityⓘ | -84 | -41 | -20 | -49 | 415 | 221 | -146 | -147 | -457 | -320 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | -1 | 11 | -6 | 444 | 317 | -133 | -109 | -357 | -165 |
| Interest Paid ⓘ | -3 | -7 | -10 | -6 | -14 | -57 | -41 | -36 | -31 | -6 |
| Dividend Paid ⓘ | -40 | -33 | -17 | -34 | -40 | -40 | -17 | -24 | -34 | -67 |
| Others ⓘ | -41 | 0 | -4 | -3 | 25 | 0 | 45 | 21 | -36 | -82 |
| Net Cash Flow ⓘ | -14 | -3 | 3 | 4 | 51 | -57 | 47 | 4 | -16 | 6 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 5.48 | 1.43 | 5.86 | 6.86 | 8.52 | -0.66 | 4.45 | 19.78 | 18.33 | 18.91 |
| ROCE (%) | 7.28 | 2.75 | 9.47 | 10.28 | 15.29 | 1.93 | 6.11 | 13.39 | 20.67 | 23.77 |
| Asset Turnover Ratio | 0.47 | 0.36 | 0.49 | 0.64 | 0.78 | 0.57 | 0.44 | 0.76 | 1.03 | 0.88 |
| PAT to CFO Conversion(x) | -0.4 | 0.61 | 1.19 | 0.44 | -0.7 | N/A | 3.53 | -0.38 | 1.15 | 1.07 | Working Capital Days |
| Receivable Days | 80 | 93 | 67 | 59 | 53 | 60 | 68 | 47 | 39 | 39 |
| Inventory Days | 116 | 163 | 114 | 84 | 77 | 103 | 130 | 106 | 94 | 104 |
| Payable Days | 41 | 49 | 54 | 35 | 39 | 97 | 175 | 82 | 38 | 33 |
Maharashtra Seamless Ltd (MSL) was incorporated on May 10, 1988. The company was conceived after noticing huge demand and supply gap in the seamless pipe market, which was met mostly through imports. This import substitute project was set up in 1991 at Nagothane (near Mumbai), Distt. Raigad (Maharashtra), to manufacture seamless pipes & tubes with the finest quality and wide product range using the world renowned CPE technology acquired through technical collaboration with Mannesmann Demag Huttentechnik Gmbh (MDH), Germany at a capital cost of Rs 69 crore. The project was appraised and financed by ICICI in participation with IDBI & IFCI and other banks. Mannesmann Demag is a world leader in steel and seamless pipe industry. Our state of the art plant is only the third of its kind in the world. The plant was commissioned in February 1992. The main plant and machinery was imported from USA based on MDH design.
Business area of the company
Maharashtra Seamless provides a whole range of high-class, customizable and innovative seamless pipes and tubes using state-of-art technology. The company also manufactures ERW Pipes and Coated Pipes. The company also engaged in the business of Wind Power, Steel Pipes & Tubes.
Products
Key customer segments
Milestones
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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