Maharashtra Seamless
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Maharashtra Seamless (500265) investor relations material

Maharashtra Seamless Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary29 Jan, 2026

Executive summary

  • Margins and EBITDA improved quarter-on-quarter, with Q3 FY26 EBITDA margin rising to 20% and PAT reaching ₹247 crore, supported by higher other income and stable order book.

  • Order book as of January 20, 2026, stands at ₹1,302 crore, with 33% from ONGC and Oil India, reflecting a strong oil sector presence.

  • Despite revenue decline year-over-year, net profit increased due to improved margins and reversal of prior inventory markdowns.

  • Board approved unaudited consolidated and standalone financial results for Q3 and nine months ended December 2025; reappointment of Mr. S. P. Raj as Whole-time Director for one year.

Financial highlights

  • Q3 FY26 revenue was ₹1,290 crore (consolidated), with standalone revenue at ₹1,090.14 crore; nine-month revenue was ₹3,391.50 crore (standalone) and ₹3,394.23 crore (consolidated).

  • Q3 FY26 PAT was ₹247 crore (standalone), up from ₹190 crore in Q3 FY25; consolidated net profit was ₹242.65 crore.

  • EBITDA for Q3 FY26 was ₹153 crore, up from ₹123 crore in Q2 FY26; EPS for Q3 FY26 was 18.12 (consolidated).

  • Portfolio return for the nine months ending December 2025 exceeded 24%.

  • Dividend payout quadrupled from FY 2022 to FY 2024 and maintained in FY 2025 despite lower profit.

Outlook and guidance

  • Margins are expected to remain in the ₹10,000–15,000 per ton range in the near term, with no material margin decline anticipated.

  • Growth depends on increased government expenditure in the oil and gas sector, with expectations of revival post Budget 2026.

  • Back-to-back raw material booking strategy locks in margins and minimizes price volatility.

  • Exports saw some improvement; impact of FTA with Europe under review.

How did net profit rise despite revenue decline?
Assess new Labour Codes' impact on operations.
Rationale for S.P. Raj's one-year reappointment?
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Q4 25/2626 May, 2026
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Q4 25/2626 May, 2026

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