Maharashtra Seamless (500265) Q1 25/26 earnings summary

Executive summary

• Dispatched 103,000 tons of seamless pipe in Q1 FY26, but order booking slowed due to Chinese dumping and reduced oil & gas sector expenditure, impacting performance and margins.

• Q1 FY26 total revenue was ₹1,303 crore, down from ₹1,456 crore in Q4 FY25 and nearly flat year-over-year from ₹1,216 crore in Q1 FY25.

• EBITDA for Q1 FY26 stood at ₹169 crore with a margin of 13%, compared to ₹285 crore (20%) in Q4 FY25 and ₹126 crore (11%) in Q1 FY25.

• PAT for Q1 FY26 was ₹234 crore, slightly lower than ₹243 crore in Q4 FY25 but up from ₹136 crore in Q1 FY25.

• Board approved unaudited consolidated and standalone financial results for the quarter ended 30th June 2025.

Financial highlights

• Q1 FY26 revenue declined 11% sequentially to INR 1,303 crores.

• EBITDA dropped 41% to INR 165 crores compared to Q4 FY25.

• PAT declined 4% to INR 234 crores, supported by INR 160 crores in other income from treasury operations.

• EPS for the quarter was INR 17 per share.

• Standalone net profit after tax for Q1 FY26 was ₹233.86 crore, up from ₹135.95 crore in Q1 FY25.

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.

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

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