Maharashtra Seamless (500265) Q2 25/26 earnings summary

Executive summary

• Dispatched 13,000 tonnes of seamless pipe in Q2 FY26, maintaining previous quarter volumes.

• Achieved total revenue of ₹1,158 crore in Q2 FY26, slightly up from Q1 FY26 but down YoY.

• PAT for Q2 FY26 stood at ₹130 crore, compared to ₹234 crore in Q1 FY26 and ₹224 crore in Q2 FY25.

• Maintains a strong market share: 55% in seamless pipes and 18% in ERW pipes.

• Approved unaudited consolidated and standalone financial results for the quarter and half year ended 30th September 2025.

Financial highlights

• Revenue declined 5% sequentially to INR 1,234 crore in Q2 FY26; standalone revenue at ₹1,158.50 crore, down from ₹1,291.25 crore YoY.

• EBITDA margin for Q2 FY26 was 10.6%, with EBITDA at ₹123 crore.

• PAT for Q2 FY26 was ₹129.61 crore standalone, ₹125.23 crore consolidated; EPS at INR 10 per share.

• H1 FY26 revenue at ₹2,301 crore, down from ₹2,442 crore in H1 FY25.

• Standalone cash flow from operations for H1 FY26: ₹435.34 crore; consolidated: ₹430.60 crore.

Outlook and guidance

• Margin revival unlikely in the near term due to continued Chinese dumping and sector headwinds.

• Order book as of 31 October 2025 stands at ₹1,378 crore, with 27% from ONGC & OIL and 73% from other segments.

• CapEx for Telangana finishing line ongoing, expected to commence by year-end; planned capex of ₹852 crore for capacity enhancement and value-added products.

• Management expects second half of the year to be better, but refrains from giving firm guidance due to market uncertainties.

• Tax liability/provision is based on estimated annual computation; adjustments to be made in the last quarter.