Maharashtra Seamless (500265) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue was ₹1,303 crore, down 11% sequentially, with PAT at ₹234 crore and EPS at ₹17; order booking slowed due to Chinese dumping and reduced oil & gas sector expenditure, impacting performance and margins.

• Treasury stood at ₹2,919 crore as of June 30, 2025, managed judiciously; order book at ₹1,149 crore.

• Credit rating was upgraded to AA+ in the previous year, the highest in company history.

• Board approved unaudited consolidated and standalone financial results for Q1 FY26; new Independent Director and Secretarial Auditor appointments pending shareholder approval.

Financial highlights

• Q1 FY26 revenue was ₹1,303 crore, down from ₹1,456 crore in Q4 FY25; EBITDA dropped 41% to ₹165 crore, with margin at 13%.

• PAT for Q1 FY26 was ₹234 crore, slightly lower than Q4 FY25 but up from Q1 FY25; EPS was ₹17.

• Standalone and consolidated net profit after tax for Q1 FY26 was ₹233.86 crore and ₹230.30 crore, respectively.

• Standalone EBITDA margin improved year-over-year, with profit before tax at ₹303.21 crore in Q1 FY26.

Outlook and guidance

• September quarter expected to be muted on the margin front; no significant improvement in order book anticipated in the near term.

• Margins are unlikely to improve in Q2; tonnage for the year expected to be similar to last year unless Telangana line ramps up.

• Some production from the Telangana plant expected by January 2026.

• Back-to-back raw material booking strategy in place to lock margins and minimize price volatility.