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| 560.15 | 1 | 35 |
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Price to Earning Ratio,is 9.38, lower than its sector PE ratio of 21.36.Quarterly Net profit,rose 30.52% YoY to ₹242.86 Cr. Its sector's average net profit growth YoY for the quarter was 13.59%.Interest Coverage Ratio,is 404.88, higher than 1.5. This means that it is able to meet its interest payments comfortably with its earnings (EBIT).
Maharashtra Seamless Limited (MSL), incorporated in 1988, is one of India’s leading manufacturers of steel pipes and tubes. The Company is domiciled in India with its registered office at Pipe Nagar, Village Sukeli, District Raigad, Maharashtra, and its corporate office in Gurugram, Haryana. It operates across seamless and ERW pipes, with additional business interests in power generation and a RIG segment.
The Company’s manufacturing works are located in Raigad, Maharashtra and Nalgonda, Telangana, producing seamless and ERW pipes. It also operates renewable energy assets including wind power in Satara, Maharashtra, and solar power plants in Jaisalmer and Jodhpur (Rajasthan) and Beed and Solapur (Maharashtra).
MSL serves customers across exploration and production companies, infrastructure contractors, refineries, boiler manufacturers and cylinder manufacturers. It sells across all Indian states and exports to four countries, with exports contributing less than 10 per cent of turnover in FY 2024–25. As on March 31, 2025, the Company had six subsidiaries—two wholly owned in India and four registered overseas, including two wholly owned. MSL also reported 1,829 permanent employees, reflecting its operational depth.
As part of its growth journey, MSL has implemented ERP upgrades, strengthened its offices and systems, and continues to explore opportunities in defence, automobile, subsea pipelines and high-end import substitution products.
Production & Efficiency: The Company reported a 10 per cent year-on-year increase in production in FY 2024–25, supported by cost containment measures despite competitive pressures in the non-government seamless pipe market.
Technology & Processes: A new Oracle ERP was implemented and a consultant engaged to streamline operations.
Strategic Projects: MSL is collaborating with JFE of Japan to set up a premium threading unit for high-pressure oil and gas applications. It is also setting up a Cold Drawn pipe unit and planning an internal coating unit for drill pipes.
Growth & Market Outlook: The Company continues forging partnerships to access world-class technology and expand into new markets, with capex plans on track. It is actively exploring opportunities in defence, automobile, subsea pipelines and high-end import substitution products.
Leadership Changes: Arup Mandal was appointed as CFO on January 27, 2025, while Saket Jindal was reappointed as Managing Director with effect from April 1, 2025.
Industry Position: MSL reaffirmed its leadership as India’s market leader in the seamless pipe category. Exports saw good traction, though management remained cautious amid global uncertainties.
MSL manufactures seamless and ERW pipes and tubes, while also operating power assets and a RIG business. Steel pipes and tubes account for over 90 per cent of its turnover.
Pipe manufacturing facilities are in Raigad (Maharashtra) and Nalgonda (Telangana). The Company also operates wind power in Satara (Maharashtra) and solar plants in Rajasthan (Jaisalmer, Jodhpur) and Maharashtra (Beed, Solapur).
Exports contributed less than 10 per cent of total turnover in FY 2024–25. The Company sells across all Indian states and to four countries.
