Maharashtra Seamless (500265) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 revenue reached ₹1,456 crore, up from ₹1,259 crore in Q4 FY24, with dispatches of seamless pipes at 118,000 tons, exceeding annual growth guidance.

• PAT for Q4 FY25 was ₹243 crore, up from ₹223 crore in Q4 FY24; FY25 PAT stood at ₹793 crore versus ₹975 crore in FY24.

• EBITDA margin for Q4 FY25 was 20%, with annual EBITDA margin at 18%.

• Credit rating was upgraded by ICRA to AA Plus in December 2024, the highest in 10 years.

• Audited results for FY25 were approved, with the standalone audit report unmodified and the consolidated report qualified due to a joint venture's going concern issue.

Financial highlights

• Q4 FY25 EBITDA was ₹285 crore, up from ₹276 crore in Q4 FY24; FY25 EBITDA was ₹922 crore, down from ₹1,038 crore in FY24.

• FY25 revenue from operations was ₹5,266 crore, slightly down from ₹5,403 crore in FY24; standalone net profit after tax for FY25 was ₹792.85 crore, compared to ₹974.93 crore in FY24.

• EPS for FY25 was ₹53, compared to ₹59 in FY24; standalone EPS was ₹59.17, down from ₹72.76 in FY24.

• Other income in FY25 rose 40% to INR 197 crores from INR 141 crores in FY24.

• Total standalone assets as of March 31, 2025, were ₹6,959.21 crore.

Outlook and guidance

• FY26 dispatch volumes expected to be similar to FY25 until Telangana finishing line is operational; volume growth anticipated post-commissioning.

• EBITDA per ton guidance for seamless pipes is around INR 15,000 based on current order book.

• Order book as of May 2025 stands at ₹1,584 crore, with 32% from ONGC & OIL and 68% from other sectors.

• Dividend of ₹10 per share recommended for FY25, reflecting confidence in future cash flows.

• Realization guidance is difficult due to short-cycle order book and market volatility.