Maharashtra Seamless (500265) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 revenue ranged from ₹1,291 crore (standalone) to ₹1,382 crore (consolidated), with PAT at ₹224 crore and EBITDA at ₹231 crore, reflecting sequential improvement but year-over-year decline.

• Order book stood at ₹1,700 crore as of October 2024, with 46% from ONGC & OIL.

• Board approved unaudited results for Q2 and H1 FY25; auditors found no material misstatements.

• Treasury/net cash position was ₹2,387 crore as of September 2024.

• No ICDs or corporate guarantees to unrelated entities remain outstanding.

Financial highlights

• Q2 FY25 revenue up 12–14% sequentially to ₹1,291–1,382 crore; EBITDA rose to ₹231 crore with a margin of 17%.

• PAT for Q2 FY25 was ₹224 crore; EPS ranged from ₹16.42 to ₹17.

• Other income increased due to treasury returns; dividend payout in Q2 was four times that of FY22.

• Annual FY24 revenue was ₹7,200 crore, with PAT of ₹975 crore and EBITDA margin of 20%.

• Year-over-year, Q2 and H1 FY25 revenue and profit declined.

Outlook and guidance

• EBITDA per ton guidance for Q3 is ₹15,000, with Q2 H1 average at ₹14,159 per ton.

• Q3 dispatches expected at 100,000–110,000 tons; margins expected to remain above 20%.

• FY25 volume expected flat at 400,000–410,000 tons; slight increase in FY26 post-Telangana line commissioning.

• No new debt required for capex or working capital; all funded from internal accruals.

• Focus on value-added products and renewable energy segments.