Maharashtra Seamless (500265) Q2 25/26 earnings summary

Executive summary

• Dispatched 13,000 tonnes of seamless pipe in Q2 FY26, maintaining previous quarter volumes.

• Q2 FY26 revenue was ₹1,158 crore, slightly up from Q1 FY26 but down from Q2 FY25; PAT stood at ₹130 crore.

• Maintains strong market share: 55% in seamless pipes and 18% in ERW pipes.

• Approved unaudited consolidated and standalone financial results for Q2 and H1 FY26, with no material misstatements.

• Margins impacted by oil & gas sector slowdown, persistent Chinese dumping, and notional inventory markdowns.

Financial highlights

• Q2 FY26 standalone revenue: ₹1,158.50 crore, down from ₹1,291.25 crore YoY; H1 FY26: ₹2,301.36 crore, down from ₹2,442.10 crore YoY.

• Q2 FY26 standalone net profit: ₹129.61 crore, up from ₹113.26 crore YoY; H1 FY26: ₹233.86 crore, up from ₹222.91 crore YoY.

• EBITDA margin for Q2 FY26 was 10.6%, with EBITDA at ₹123 crore.

• Standalone EPS for H1 FY26: ₹27.12; consolidated EPS for H1 FY26: ₹26.54.

• Standalone cash flow from operations for H1 FY26: ₹435.34 crore; consolidated: ₹430.60 crore.

Outlook and guidance

• Margin revival unlikely in the near term due to continued Chinese dumping and sector slowdown.

• Order book as of 31 October 2025 stands at ₹1,378 crore, with 27% from ONGC & OIL and 73% from other segments.

• Back-to-back raw material booking strategy locks in margins and reduces raw material price risk.

• Focus on value-added products and import substitution, especially in cylinder and drill pipes.

• Exports remain weak due to global tariff uncertainties.