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Employees: 2,027
Size Maharashtra Seamless (MAHSEAMLES.NS) is an India Materials company (Steel) with a market value of $809M, the 663rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹571.10 on 6 Nov 2026.
Performance Over six months the shares fell 12.5%, against -22.5% for the median peer and 0.0% for the India market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 12.2% over the last twelve months (peer median +3.6%); the operating margin is 12.6% (peer median 5.2%).
Valuation It trades at 15.5× forward earnings against a peer median of 15.3× (7th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.9 points below its cost of capital (11.2% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹46.2B | ₹46.7B | ₹52.7B | ₹54.0B | ₹57.1B |
| Revenue growth | — | -11% | -3% | -5% | — |
| Gross profit | ₹14.8B | ₹7.56B | ₹10.3B | ₹12.9B | ₹11.5B |
| EBITDA | ₹6.96B | ₹6.89B | ₹9.25B | ₹12.3B | ₹10.7B |
| Net income | ₹7.37B | ₹7.01B | ₹7.77B | ₹9.51B | ₹7.65B |
| Free cash flow | n/a | ₹8.15B | ₹6.58B | ₹10.3B | ₹9.10B |
| Capital expenditure | n/a | ₹1.70B | ₹232M | ₹321M | ₹188M |
| Total debt | n/a | ₹134M | ₹1.00M | ₹400,000 | ₹2.44B |
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| Measure | MAHSEAMLES.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.6% | -11.1% | 7th lowest of 21 |
| 6-month return | -12.5% | -22.5% | 7th highest of 21 |
| Distance from 52-week high | -25.6% | -34.6% | 6th highest of 21 |
| Revenue growth (TTM) | -12.2% | +3.6% | 3rd lowest of 21 |
| Operating margin | 12.6% | 5.2% | 4th highest of 21 |
| Forward P/E | 15.5× | 15.3× | 7th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 8.1% | 7.8% | 6th least demanding of 11 |
| Growth delivered (Del g) | +15.2% | +8.5% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | -7.1 pp | -6.2 pp | 5th least demanding of 11 |
| ROIC minus cost of capital | -4.9 pp | -3.3 pp | 8th lowest of 21 |
| EV / EBITDA | 11.0× | 7.3× | 2nd most expensive of 9 |
| Net debt / EBITDA | -5.3× | 1.0× | least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Maharashtra Seamless MAHSEAMLES.NS | India | $809M | -12% | -12% | 13% | 15.5× | 8.1% | +15.2% |
| Anyang Iron and Steel 600569.SS | China | $810M | -10% | +1% | -10% | n/a | n/a | n/a |
| Hangxiao Steel Structure 600477.SS | China | $810M | -24% | -24% | 3% | 28.6× | 11.6% | -2.5% |
| Yieh Phui Enterprise 2023.TW | Taiwan | $804M | +5% | -9% | 0% | 25.2× | n/a | n/a |
| Champion Iron CIA.AX | Australia | $799M | -60% | -7% | 7% | 11.5× | 10.4% | +7.4% |
| Silvery Dragon Group Co., Ltd Tianjin 603969.SS | China | $790M | -33% | -1% | 15% | 9.5× | -3.5% | +4.7% |
| SunCoke Energy SXC | United States | $832M | +34% | +3% | 4% | 23.1× | 7.2% | +6.6% |
| Jiangsu Changbao Steel Tube 002478.SZ | China | $847M | -40% | +2% | 6% | 17.5× | -4.8% | +8.4% |
| Xinjiang Baodi Mining 601121.SS | China | $887M | -23% | +23% | 23% | n/a | n/a | n/a |
| Guangdong Zhongnan Iron & Steel 000717.SZ | China | $734M | -19% | -12% | -5% | n/a | n/a | n/a |
| BRC Asia BEC.SI | Singapore | $894M | -9% | +23% | 8% | 10.5× | -14.8% | +20.5% |
| Sunflag Iron & Steel SUNFLAG.NS | India | $730M | -7% | +9% | 9% | n/a | 23.4% | +15.7% |
| RongFa Nuclear Equipment 002366.SZ | China | $898M | -29% | -15% | -18% | n/a | n/a | n/a |
| Jiangsu Longda Superalloy 688231.SS | China | $919M | -34% | +54% | 6% | 35.0× | n/a | n/a |
| SBHC 001430.KS | South Korea | $712M | -64% | +11% | 3% | 14.2× | n/a | n/a |
| Jayaswal Neco Industries JAYNECOIND.NS | India | $920M | -22% | +18% | 15% | n/a | 8.4% | +14.0% |
| Zhejiang Jingu 002488.SZ | China | $939M | -45% | +11% | 5% | 40.0× | n/a | n/a |
| Metallus MTUS | United States | $687M | -10% | +11% | 1% | 15.3× | n/a | n/a |
| Aichi Steel 5482.T | Japan | $970M | -17% | +4% | 5% | 14.2× | 1.6% | +8.5% |
| Kirloskar Ferrous Industries KIRLFER.NS | India | $674M | -15% | +7% | 8% | 9.1× | 14.2% | +27.6% |
| Xining Special Steel 600117.SS | China | $976M | -23% | 0% | -21% | n/a | n/a | n/a |