The shares of India’s largest Seamless steel pipes manufacturer rose 6% to an intraday high of ₹1,054 per share on Monday after the company received work orders from Indian Oil Corporation.
Maharashtra Seamless Ltd belongs to a small-cap category of stocks with a market capitalization of ₹14,082 crores.
According to the exchange filing, Maharashtra Seamless received two contracts with an aggregate value of ₹116 crores from Indian Oil Corporation Ltd for the supply of seamless pipes.
The company has a market share of 55% in the seamless pipes segment and a market share of 18% in the API-certified, high-frequency ERW pipes segment.
Some of the company’s notable clients include Indian Oil Corporation Ltd, BHEL, Reliance Industries Ltd, ISGEC, NTPC, Larsen & Toubro, and more, and Infrastructure clients are Adani, DLF, GAAR, IGL, Unitech, etc.
In the recent financial year, the company received 95% of its revenue from the steel pipes and tubes segment, followed by 2 % from the power electricity segment. The company has allocated a capex of ₹852 crore for the period of FY24 to FY26.
Maharashtra Seamless Limited is engaged in the business of manufacturing Steel Pipes, tubes, and power generation. The company has two plants in the states of Maharashtra and Telangana with a total capacity of 6,50,000 mt/annum. As of October 2023, the company was having an order book of ₹2,063 crores
At the time of writing this report, Maharashtra Seamless Ltd shares were trading at ₹1,051.55 per share, up 5.75 percent on the National Stock Exchange.
Written by Omkar Chitnis
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