Maharashtra Seamless (500265) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue ranged from ₹1,142.86 crore to ₹1,303 crore, declining sequentially but stable year-over-year; PAT rose to ₹234 crore, with EPS between ₹14 and ₹17.45.

• Margins and EBITDA per ton declined; sales realization fell due to Chinese dumping and reduced oil & gas sector expenditure.

• Treasury and net cash position stood at ₹2,919 crore as of June 30, 2025, managed judiciously.

• Order book at ₹1,149 crore as of July 2025, with 75% from non-ONGC/OIL clients.

• Board approved unaudited Q1 FY26 results and new appointments for Independent Director and Secretarial Auditor, pending shareholder approval.

Financial highlights

• Q1 FY26 revenue declined 11% sequentially to ₹1,303 crore; EBITDA dropped 41% to ₹165 crore compared to Q4 FY25.

• PAT for Q1 FY26 was ₹234 crore, supported by ₹160 crore in other income from treasury operations.

• EPS for Q1 FY26 ranged from ₹14 to ₹17.45.

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

• Annual FY25 revenue was ₹5,463 crore, with PAT at ₹793 crore and EBITDA at ₹922 crore.

Outlook and guidance

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

• Margins unlikely to improve in the near term; EBITDA per ton expected to remain at current levels.

• Tonnage for the year expected to be similar to last year, with possible revision after Telangana line becomes operational.

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

• Additional working capital requirements of ₹300 crore (USTPL) and ₹250 crore (MSL) to be funded internally.