Maharashtra Seamless (500265) Q3 24/25 earnings summary

Executive summary

• Seamless pipe dispatches improved 16% quarter-on-quarter in Q3 FY25, with a better product mix driving margin improvement.

• Revenue for Q3 FY25 was INR 1,410 crores, up from INR 1,382 crores in Q2 FY25, but down from INR 1,465 crores in Q3 FY24.

• PAT for Q3 FY25 stood at INR 190 crores, compared to INR 224 crores in Q2 FY25 and INR 280 crores in Q3 FY24.

• EBITDA for Q3 FY25 was INR 280 crores, with a margin of 20%, up from INR 231 crores and 17% in Q2 FY25.

• Credit rating upgraded by ICRA to AA Plus, the highest in a decade.

Financial highlights

• Revenue for Q3 FY25 was INR 1,410 crores; other income for nine months FY25 was INR 157 crores, up 60% year-over-year.

• EBITDA up 21% quarter-on-quarter to INR 280 crores; PAT fell to INR 190 crores from INR 224 crores in Q2 FY25, with EPS at INR 14.19 versus INR 16.73.

• Total expenses in Q3 FY25 were INR 1,154 crores, up from INR 1,086 crores in Q2 FY25.

• Standalone and consolidated net profit for Q3 FY25 was INR 190.17 crores and INR 186.06 crores, respectively.

• Standalone EPS for Q3 FY25 was INR 14.19, down from INR 20.92 in Q3 FY24.

Outlook and guidance

• FY25 seamless pipe dispatch guidance: 430,000–435,000 tons; ERW guidance: 90,000 tons.

• Telangana finishing line to be commissioned by December 2025, with ramp-up expected from January 2026.

• Order book as of January 2025 stands at INR 1,674 crores, with 66% from non-ONGC/OIL clients.

• No new debt required for planned capital expenditure and working capital; all to be funded from internal accruals.

• Market demand for seamless pipes expected to grow at 4% CAGR, driven by oil and gas sector capex.