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Maharashtra Seamless (500265) investor relations material
Maharashtra Seamless Q1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q1 FY26 revenue ranged from ₹1,143 crore to ₹1,303 crore, with PAT at ₹234 crore, reflecting a sequential decline but strong year-over-year growth; margins and EBITDA per ton declined due to Chinese dumping and weak oil & gas sector demand.
Board approved unaudited consolidated and standalone financial results for Q1 FY26; new Independent Director and Secretarial Auditor appointments pending shareholder approval.
EPS for Q1 FY26 ranged from ₹14 to ₹17.45, down sequentially but up year-over-year.
Dispatched nearly 103,000 tonnes of seamless pipe in Q1 FY26, with a prolonged slowdown in order booking.
EBITDA margin for Q1 FY26 was 20%, lower than Q4 FY25 but higher than Q1 FY25.
Financial highlights
Q1 FY26 revenue was between ₹1,142.86 crore and ₹1,303 crore; EBITDA ranged from ₹165 crore to ₹169 crore; PAT was ₹230.30 crore to ₹234 crore; EPS was ₹14 to ₹17.45.
Treasury performance contributed ₹160 crore to other income, supporting PAT.
Cash and equivalents stood at ₹2,919 crore as of June 30, 2025.
Standalone and consolidated net profit after tax for Q1 FY26 increased significantly year-over-year.
Annual FY25 revenue was ₹5,463 crore, with PAT at ₹793 crore and EBITDA at ₹922 crore.
Outlook and guidance
Order book as of July 2025 was ₹1,149 crore, with 75% from non-ONGC/OIL clients; near-term margins expected to remain subdued.
No significant improvement in order book or EBITDA per ton anticipated for Q2; tonnage for the year expected to be similar to last year unless new capacity comes online.
Telangana plant expected to start partial production by January 2026.
Back-to-back raw material booking strategy implemented to lock margins and minimize price volatility.
Additional working capital requirements to be funded internally.
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