Maharashtra Seamless Limited has released its earnings presentation for the quarter ended September 30, 2025. The presentation highlights the company’s financial performance, segment-wise details, and future outlook. Total revenue stood at ₹1234 crore. The company’s diverse product range and industries served, including agriculture, automotive, and oil and gas, are showcased. Key balance sheet items and capital allocation strategies are also discussed.
Financial Highlights
Total revenue for the quarter stood at ₹1234 crore. The company reported an EBITDA of ₹123 crore with an EBITDA margin of 11%. Profit after tax (PAT) was reported as ₹130 crore, resulting in a PAT margin of 11%. The EPS stood at ₹10.
Segment Performance
The company operates across multiple segments, including Seamless Pipes, ERW Pipes, and Renewable Energy. The Seamless Pipes segment continues to be a significant contributor. Capacity utilization and expansion plans across different manufacturing facilities were also highlighted.
Operational Metrics
Production volume for Seamless Pipes was 107 KMT and for ERW pipes was 24 KMT. Sales volume for Seamless pipes was 103 KMT and for ERW pipes was 21 KMT. EBITDA per tonne for Seamless Pipes stood at ₹10,315 and for ERW pipes was ₹632.
Order Book
As of October 31, 2025, the company’s order book stood at 1378 crore. ONGC & Oil contribute 27% and other sectors contributing to 73% of total orders. The order book is supported by back-to-back booking of raw materials to lock in margins.
Investments and Debt
Unquoted equity and preference share investments were detailed. Liquid investments totaled ₹3115 crore. Net debt or cash stood at ₹(3105) crore, reflecting a net cash position.
Future Outlook and Capital Allocation
The company is focusing on value-added products and renewable energy. Capital expenditure will be funded through internal accruals. New capital expenditure includes ₹184 crore on Heat treatment, finishing facilities and EMI, ₹80 crore on Solar plant and ₹100 crore for Complete line for cold drawn pipes.
Government Policies
Anti-dumping duty remains in place, and domestic manufacturers are encouraged. The policy mandates the use of domestic steel in PSU projects, benefiting local players.
Source: BSE
