Maharashtra Seamless (500265) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 revenue reached ₹1,456 crore, with PAT at ₹243 crore and EBITDA at ₹285 crore, while annual revenue for FY25 was ₹5,463 crore and PAT was ₹793 crore, both down year-over-year.

• Dispatches of seamless pipes in Q4 FY25 were 118,000 tons, exceeding annual growth guidance, and ERW segment outperformed due to a one-off dispatch concentration.

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

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

• A final dividend of ₹10 per share was recommended for FY25, subject to shareholder approval.

Financial highlights

• Q4 FY25 revenue rose 3% sequentially to ₹1,456 crore; EBITDA increased 2% to ₹285 crore; PAT grew 28% to ₹243 crore from ₹190 crore in Q3.

• FY25 revenue was flat or slightly down year-over-year, with earnings declining 19% despite over 10% growth in dispatches due to lower sales realization.

• Standalone net profit after tax for FY25 was ₹792.85 crore, compared to ₹974.93 crore in FY24; consolidated net profit was ₹777.32 crore, down from ₹951.66 crore.

• EPS for Q4 FY25 was ₹17, up from ₹14 in Q4 FY24; standalone EPS for FY25 was ₹59.17, down from ₹72.76 in FY24.

• Other income in FY25 rose 40% to ₹197 crore from ₹141 crore in FY24.

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 ₹15,000 based on current order book.

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

• Order book as of 20 May 2025 stands at ₹1,584 crore, with 68% from non-ONGC/OIL customers.

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