Key Metrics of Maharashtra Seamless
About Maharashtra Seamless
Sectors
Company details
- Registered office
- Pipe Nagar , Village Sukeli, Nh17 Bkg Road Taluka Roha, Raigad, In-mh, 402126
- Listed
- NSE: MAHSEAMLES · ₹540.15
Operational Areas of Maharashtra Seamless
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
Sign in with access to company financials to review vendor evidence.
Credit ratings
NoteRating watch (ICRA, 16 Oct 2026)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 16 Oct 2026 | ICRA | Watch | AA+ | A1+ | Developing | ₹1,700 Cr | View |
| 18 Aug 2026 | ICRA | Watch | AA+ | A1+ | Stable | ₹1,700 Cr | View |
| 03 Jun 2026 | ICRA | Watch | AA+ | A1+ | Developing | ₹1,700 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Leading position in domestic seamless pipes sector
MSL is the leading domestic manufacturer of seamless pipes with an estimated production capacity of 6,50,000 tonnes per annum (TPA) and a strong presence in the high value-added, large- diameter seamless pipes segment (outer diameter or OD >10 inch), which sees relatively lower competition.
+ Strong financial risk profile, underpinned by low financial leverage
MSL’s established market position in the seamless pipes business has led to a large scale of operations, healthy profitability and accumulation of sizeable net worth over the years.
+ Operational support from anti-dumping duty (ADD) and preference given by PSUs to domestic seamless pipe manufacturers
India imposed ADD for five years, starting May 2016, to address the issue of dumping from China.
Credit challenges
− Vulnerability to cyclicality in oil and gas industry
Most of the demand for seamless pipes comes from exploration and production (E&P) activities in the oil and gas sector, which is cyclical in nature and depends on oil prices.
Could lead to an upgrade
ICRA could upgrade the company’s rating if it demonstrates a significant growth in its operating income and profitability, along with strong
Could lead to a downgrade
The ratings could be downgraded in case of a sustained weakening of operating profitability, and/or if there are any aggressive investments/acquisitions (large debt-funded or otherwise), or if there is a significant stretch in the working capital cycle that would weaken the company’s
Agency-reported financials (ICRA, 18 Aug 2026)
| Metric | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|
| Operatingincome | ₹5,269 Cr | ₹4,674 Cr | ₹1,145 Cr |
| PAT | ₹791 Cr | ₹715 Cr | ₹14.30 Cr |
| OPBDITA/OI | 17.5% | 14.6% | 164.0% |
| PAT/OI | 15.0% | 15.3% | 23.3% |
| Total debt/OPBDITA (times) | 0.00× | 0.00× | — |
| Interest coverage (times) | 333.80× | 264.00× | 312.00× |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long term – Fund-based limits | Working capital & bank lines | ₹106 Cr | ₹106 Cr | 0.0% | AA+ | Watch | ICRA |
| Long term Short term | Working capital & bank lines | ₹1,219 Cr | ₹1,219 Cr | 0.0% | AA+ | Watch | ICRA |
| Non-fund based limits outstanding Long term Short term | Non-fund based limits | ₹125 Cr | ₹125 Cr | 0.0% | AA+ / A1+ | Watch | ICRA |
| Unallocated limits outstanding Long term – Term loan | Term loans | ₹250 Cr | ₹250 Cr | 0.0% | AA+ / A1+ | Watch | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 84% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 58% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
- ₹250 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
The company remains largely debt-free (only Rs. 10 crore term loan outstanding as on June 30, 2026), has sizeable liquid investments along with phased capex rollout without materially affecting its liquidity or capital structure. www.icra.in Sensitivity Label : Public Page |1 The ratings continue to consider MSL’s leadership position in the domestic seamless pipes sector, supported by its sizeable capacity, presence in high value-added large diameter pipe segment, which faces relatively lower competition, and its status as a registered vendor for major domestic oil producers and refiners.
From the report
The company’s strong liquidity position is corroborated by its cash and bank balances, liquid investments and portfolio of investments in bonds/FDs/mutual funds of ~Rs. 3,848 crore as on June 30, 2026, and nil utilisation against Rs. 106.00-crore sanctioned fund-based working capital limits.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Maharashtra Seamless
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 APL Apollo Tubes |
Pipes & Tubes · Steel, Metals & Pipes | aplapollo.com | — | Delhi, India |
| TUBE INVESTMENTS OF INDIA LIMITED | Pipes & Tubes · Steel, Metals & Pipes | — | — | Chennai, Tamil Nadu, India |
 Jindal SAW |
Pipes & Tubes · Steel, Metals & Pipes | jindalsaw.com | — | Kosi Kalan, India |
| Pipes & Tubes · Steel, Metals & Pipes | welspuncorp.com | — | Anjar, Gujarat, India | |
| Pipes & Tubes · Steel, Metals & Pipes | surya.co.in | — | Bahadurgarh, India | |
| Pipes & Tubes · Steel, Metals & Pipes | ratnamani.com | — | Ahmedabad, India | |
| HI-TECH PIPES LTD | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | New Delhi, Delhi, India |
 PRINCE PIPES AND FITTINGS LIMITED |
Pipes & Tubes · Steel, Metals & Pipes | princepipes.com | — | Silvassa, Dadra & Nagar Haveli, India |
| SAMBHV STEEL TUBES LIMITED | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Chhattisgarh, India |
| HARIOM PIPE INDUSTRIES LIMITED | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Hyderabad, Telangana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Seamless carbon steel pipes for oil and refinery use
Filings
No filings on record yet.