Maharashtra Seamless (500265) Q3 25/26 earnings summary

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.