Board Change • Aug 10
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Dipika Agarwal was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 10
Maharashtra Seamless Limited, Annual General Meeting, Sep 15, 2026 Maharashtra Seamless Limited, Annual General Meeting, Sep 15, 2026, at 11:30 Indian Standard Time. Reported Earnings • Aug 08
First quarter 2027 earnings released: EPS: ₹19.88 (vs ₹17.19 in 1Q 2026) First quarter 2027 results: EPS: ₹19.88 (up from ₹17.19 in 1Q 2026). Revenue: ₹12.7b (up 11% from 1Q 2026). Net income: ₹2.66b (up 16% from 1Q 2026). Profit margin: 21% (in line with 1Q 2026). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Jul 30
Maharashtra Seamless Limited to Report Q1, 2027 Results on Aug 07, 2026 Maharashtra Seamless Limited announced that they will report Q1, 2027 results on Aug 07, 2026 Reported Earnings • May 23
Full year 2026 earnings released: EPS: ₹52.33 (vs ₹58.02 in FY 2025) Full year 2026 results: EPS: ₹52.33 (down from ₹58.02 in FY 2025). Revenue: ₹50.6b (down 4.8% from FY 2025). Net income: ₹7.01b (down 9.8% from FY 2025). Profit margin: 14% (in line with FY 2025). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • May 11
Maharashtra Seamless Limited to Report Q4, 2026 Results on May 22, 2026 Maharashtra Seamless Limited announced that they will report Q4, 2026 results on May 22, 2026 Buy Or Sell Opportunity • Apr 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to ₹623. The fair value is estimated to be ₹517, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.5% over the last 3 years, while earnings per share has been flat. Reported Earnings • Jan 29
Third quarter 2026 earnings released: EPS: ₹18.12 (vs ₹13.89 in 3Q 2025) Third quarter 2026 results: EPS: ₹18.12 (up from ₹13.89 in 3Q 2025). Revenue: ₹12.9b (down 8.4% from 3Q 2025). Net income: ₹2.43b (up 31% from 3Q 2025). Profit margin: 19% (up from 13% in 3Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 15
Maharashtra Seamless Limited to Report Q3, 2026 Results on Jan 28, 2026 Maharashtra Seamless Limited announced that they will report Q3, 2026 results on Jan 28, 2026 Reported Earnings • Nov 05
Second quarter 2026 earnings released: EPS: ₹9.35 (vs ₹16.42 in 2Q 2025) Second quarter 2026 results: EPS: ₹9.35 (down from ₹16.42 in 2Q 2025). Revenue: ₹12.3b (down 4.4% from 2Q 2025). Net income: ₹1.25b (down 43% from 2Q 2025). Profit margin: 10% (down from 17% in 2Q 2025). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 22
Maharashtra Seamless Limited to Report Q2, 2026 Results on Nov 04, 2025 Maharashtra Seamless Limited announced that they will report Q2, 2026 results on Nov 04, 2025 Buy Or Sell Opportunity • Oct 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to ₹568. The fair value is estimated to be ₹711, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 14%. Declared Dividend • Aug 01
Dividend of ₹10.00 announced Dividend of ₹10.00 is the same as last year. Ex-date: 14th August 2025 Payment date: 27th September 2025 Dividend yield will be 1.5%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Reported Earnings • Jul 31
First quarter 2026 earnings released: EPS: ₹17.19 (vs ₹9.65 in 1Q 2025) First quarter 2026 results: EPS: ₹17.19 (up from ₹9.65 in 1Q 2025). Revenue: ₹11.5b (flat on 1Q 2025). Net income: ₹2.30b (up 78% from 1Q 2025). Profit margin: 20% (up from 11% in 1Q 2025). Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 15
Maharashtra Seamless Limited to Report Q1, 2026 Results on Jul 30, 2025 Maharashtra Seamless Limited announced that they will report Q1, 2026 results on Jul 30, 2025 Reported Earnings • May 28
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹58.02 (down from ₹70.99 in FY 2024). Revenue: ₹54.7b (up 1.1% from FY 2024). Net income: ₹7.77b (down 18% from FY 2024). Profit margin: 14% (down from 18% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 3.1%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 27
Maharashtra Seamless Limited, Annual General Meeting, Aug 28, 2025 Maharashtra Seamless Limited, Annual General Meeting, Aug 28, 2025. Announcement • May 13
Maharashtra Seamless Limited to Report Q4, 2025 Results on May 26, 2025 Maharashtra Seamless Limited announced that they will report Q4, 2025 results on May 26, 2025 Recent Insider Transactions • Feb 08
Non-Executive Chairman recently bought ₹6.2m worth of stock On the 4th of February, Dharam Jindal bought around 10k shares on-market at roughly ₹620 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹19m. Dharam has been a buyer over the last 12 months, purchasing a net total of ₹57m worth in shares. Reported Earnings • Jan 30
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: ₹13.89 (down from ₹20.59 in 3Q 2024). Revenue: ₹14.1b (down 1.6% from 3Q 2024). Net income: ₹1.86b (down 33% from 3Q 2024). Profit margin: 13% (down from 19% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 31%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 30% per year. Announcement • Jan 29
Maharashtra Seamless Limited Appoints Arup Mandal as Chief Financial Officer The Board of Directors of the Maharashtra Seamless Limited at its meeting held on 27th January, 2025, approved the appointment of Mr. Arup Mandal as Chief Financial Officer & Key Managerial Personnel of the Company with effect from 27th January, 2025. Mr. Arup Mandal, B. Com. (Hons.) from University of Kalyani and a Chartered Accountant from the Institute of Chartered Accountant of India. He has more than 18 year of experience in the field of Shipping, EPC & Power Sector. Earlier he has worked in Tata Power as Group Head Finance & Accounts. Prior to joining the Company he has held the position of Chief Financial Officer of Itehzi Tehzi Power Corporation Limited in Zambia. Announcement • Jan 14
Maharashtra Seamless Limited to Report Q3, 2025 Results on Jan 27, 2025 Maharashtra Seamless Limited announced that they will report Q3, 2025 results on Jan 27, 2025 Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹742, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 19x in the Metals and Mining industry in India. Total returns to shareholders of 204% over the past three years. Recent Insider Transactions • Nov 22
Non-Executive Chairman recently bought ₹19m worth of stock On the 18th of November, Dharam Jindal bought around 31k shares on-market at roughly ₹600 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Dharam has been a buyer over the last 12 months, purchasing a net total of ₹51m worth in shares. Reported Earnings • Oct 29
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ₹16.42 (down from ₹18.69 in 2Q 2024). Revenue: ₹13.8b (down 9.9% from 2Q 2024). Net income: ₹2.20b (down 12% from 2Q 2024). Profit margin: 16% (in line with 2Q 2024). Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) also surpassed analyst estimates by 48%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 33% per year. Announcement • Oct 17
Maharashtra Seamless Limited to Report Q2, 2025 Results on Oct 28, 2024 Maharashtra Seamless Limited announced that they will report Q2, 2025 results on Oct 28, 2024 Recent Insider Transactions • Aug 19
Non-Executive Chairman recently bought ₹13m worth of stock On the 14th of August, Dharam Jindal bought around 23k shares on-market at roughly ₹590 per share. This transaction amounted to 7.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Dharam has been a buyer over the last 12 months, purchasing a net total of ₹50m worth in shares. Reported Earnings • Jul 30
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: ₹9.65 (down from ₹15.41 in 1Q 2024). Revenue: ₹12.2b (flat on 1Q 2024). Net income: ₹1.29b (down 37% from 1Q 2024). Profit margin: 11% (down from 17% in 1Q 2024). Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 22
Maharashtra Seamless Limited to Report Q1, 2025 Results on Jul 29, 2024 Maharashtra Seamless Limited announced that they will report Q1, 2025 results on Jul 29, 2024 Announcement • May 24
Maharashtra Seamless Limited, Annual General Meeting, Aug 28, 2024 Maharashtra Seamless Limited, Annual General Meeting, Aug 28, 2024. Reported Earnings • May 22
Full year 2024 earnings released: EPS: ₹70.99 (vs ₹57.07 in FY 2023) Full year 2024 results: EPS: ₹70.99 (up from ₹57.07 in FY 2023). Revenue: ₹55.5b (down 3.0% from FY 2023). Net income: ₹9.51b (up 24% from FY 2023). Profit margin: 17% (up from 13% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ₹809. The fair value is estimated to be ₹1,020, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 56%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Announcement • May 16
Maharashtra Seamless Limited to Report Q4, 2024 Results on May 21, 2024 Maharashtra Seamless Limited announced that they will report Q4, 2024 results on May 21, 2024 Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹808, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 491% over the past three years. Recent Insider Transactions • Mar 06
Non-Executive Chairman recently bought ₹8.5m worth of stock On the 29th of February, Dharam Jindal bought around 9k shares on-market at roughly ₹917 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Dharam has been a buyer over the last 12 months, purchasing a net total of ₹49m worth in shares. Reported Earnings • Jan 31
Third quarter 2024 earnings released: EPS: ₹20.59 (vs ₹12.82 in 3Q 2023) Third quarter 2024 results: EPS: ₹20.59 (up from ₹12.82 in 3Q 2023). Revenue: ₹14.3b (up 6.9% from 3Q 2023). Net income: ₹2.76b (up 61% from 3Q 2023). Profit margin: 19% (up from 13% in 3Q 2023). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has increased by 93% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 17
Maharashtra Seamless Limited to Report Q3, 2024 Results on Jan 29, 2024 Maharashtra Seamless Limited announced that they will report Q3, 2024 results on Jan 29, 2024 Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹1,065, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 617% over the past three years. Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: ₹18.69 (vs ₹13.18 in 2Q 2023) Second quarter 2024 results: EPS: ₹18.69 (up from ₹13.18 in 2Q 2023). Revenue: ₹15.7b (up 11% from 2Q 2023). Net income: ₹2.50b (up 42% from 2Q 2023). Profit margin: 16% (up from 13% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has increased by 85% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Oct 25
Now 22% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be ₹834, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has grown by 85%. Revenue is forecast to grow by 2.0% in a year. Earnings is forecast to decline by 9.3% in the next year. Announcement • Oct 24
Maharashtra Seamless Limited to Report Q2, 2024 Results on Nov 01, 2023 Maharashtra Seamless Limited announced that they will report Q2, 2024 results on Nov 01, 2023 Recent Insider Transactions • Sep 27
Non-Executive Chairman recently bought ₹18m worth of stock On the 21st of September, Dharam Jindal bought around 32k shares on-market at roughly ₹565 per share. This transaction amounted to 4.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Dharam has been a buyer over the last 12 months, purchasing a net total of ₹40m worth in shares. Announcement • Aug 29
Maharashtra Seamless Limited Approves Dividend for the Financial Year Ended 31 March, 2023 Maharashtra Seamless Limited announced that at the AGM held on 28 August, 2023 approved dividend of INR 5.00 (100%) per Equity Share of INR 5/- for the financial year ended 31 March, 2023. Board Change • Aug 18
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. Joint MD & Director Raghav Jindal was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 24
Maharashtra Seamless Limited to Report Q1, 2024 Results on Aug 01, 2023 Maharashtra Seamless Limited announced that they will report Q1, 2024 results on Aug 01, 2023 Announcement • May 19
Maharashtra Seamless Limited Announces Scheduled Preventive Maintenance Shutdown of One Seamless Pipe Manufacturing Mill At Narketpally, Telangana Maharashtra Seamless Limited announced that scheduled preventive maintenance shutdown of one seamless pipe manufacturing mill at Narketpally, Telangana has been taken for an estimated period of 15 days. Announcement • May 13
Maharashtra Seamless Limited to Report Q4, 2023 Results on May 26, 2023 Maharashtra Seamless Limited announced that they will report Q4, 2023 results on May 26, 2023 Recent Insider Transactions • Mar 15
Director recently bought ₹3.5m worth of stock On the 10th of March, Saket Jindal bought around 10k shares on-market at roughly ₹366 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹26m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹359, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Metals and Mining industry in India. Total returns to shareholders of 219% over the past three years. Reported Earnings • Jan 24
Third quarter 2023 earnings released: EPS: ₹12.82 (vs ₹7.07 in 3Q 2022) Third quarter 2023 results: EPS: ₹12.82 (up from ₹7.07 in 3Q 2022). Revenue: ₹13.6b (up 19% from 3Q 2022). Net income: ₹1.72b (up 81% from 3Q 2022). Profit margin: 13% (up from 8.3% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 1.9% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jan 06
Maharashtra Seamless Limited to Report Q3, 2023 Results on Jan 23, 2023 Maharashtra Seamless Limited announced that they will report Q3, 2023 results on Jan 23, 2023 Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹304, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Metals and Mining industry in India. Total returns to shareholders of 68% over the past three years. Price Target Changed • Nov 16
Price target increased to ₹930 Up from ₹835, the current price target is provided by 1 analyst. New target price is 15% above last closing price of ₹808. Stock is up 60% over the past year. The company is forecast to post earnings per share of ₹116 for next year compared to ₹56.75 last year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. MD & Director Raghav Jindal was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 19
Second quarter 2023 earnings released: EPS: ₹26.36 (vs ₹13.57 in 2Q 2022) Second quarter 2023 results: EPS: ₹26.36 (up from ₹13.57 in 2Q 2022). Revenue: ₹14.1b (up 49% from 2Q 2022). Net income: ₹1.77b (up 94% from 2Q 2022). Profit margin: 13% (up from 9.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years, in line with the revenue forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Sep 29
Director recently bought ₹9.2m worth of stock On the 22nd of September, Saket Jindal bought around 11k shares on-market at roughly ₹818 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹70m more in shares than they have sold in the last 12 months. Upcoming Dividend • Aug 31
Upcoming dividend of ₹5.00 per share Eligible shareholders must have bought the stock before 07 September 2022. Payment date: 21 October 2022. Payout ratio is a comfortable 7.7% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (6.0%). Recent Insider Transactions • Aug 18
Director recently bought ₹4.0m worth of stock On the 10th of August, Saket Jindal bought around 5k shares on-market at roughly ₹750 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹61m more in shares than they have sold in the last 12 months. Reported Earnings • Jul 26
First quarter 2023 earnings released: EPS: ₹22.87 (vs ₹14.30 in 1Q 2022) First quarter 2023 results: EPS: ₹22.87 (up from ₹14.30 in 1Q 2022). Revenue: ₹13.5b (up 96% from 1Q 2022). Net income: ₹1.53b (up 60% from 1Q 2022). Profit margin: 11% (down from 14% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 29
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ₹56.75 (up from ₹14.63 in FY 2021). Revenue: ₹43.1b (up 87% from FY 2021). Net income: ₹3.80b (up 288% from FY 2021). Profit margin: 8.8% (up from 4.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 78%. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Ashok Bhandari was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Feb 27
Non-Executive Chairman recently bought ₹57m worth of stock On the 23rd of February, Dharam Jindal bought around 113k shares on-market at roughly ₹499 per share. This was the largest purchase by an insider in the last 3 months. Dharam has been a buyer over the last 12 months, purchasing a net total of ₹79m worth in shares.