Maharashtra Seamless (500265) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 saw dispatches of 96,000 tons of seamless pipes, impacted by gas supply disruption, but margins remained stable and revenue reached ₹1,266 crore, a 2.8% sequential increase.

• PAT for Q1 FY27 was ₹271 crore, up 151% sequentially and 16% year-over-year, driven by higher other income.

• Export share in dispatches rose to 22%, indicating a revival in international demand.

• The company mourned the passing of an independent director and announced new director appointments effective August 2026.

• 38th Annual General Meeting scheduled for 15th September 2026.

Financial highlights

• Revenue for Q1 FY27 was ₹1,266 crore, up 3% sequentially, with standalone revenue at ₹1,091.20 crore.

• EBITDA for Q1 FY27 was ₹184 crore, with a margin of 15%; PAT surged to ₹271 crore.

• EPS for Q1 FY27 was ₹20 per share (standalone), up from ₹17.45 in Q1 FY26.

• Other income rose to ₹175 crore from an average of ₹97 crore per quarter last year.

• Standalone and consolidated net profit after tax for Q1 FY27 were ₹270.78 crore and ₹266.40 crore, respectively.

Outlook and guidance

• Order book as of July 31, 2026, stands at ₹1,709 crore, up 31% sequentially, with 42% from the oil sector and 20% from exports.

• Margins are expected to be maintained or improved due to a high-margin order book.

• Dispatches projected at 105,000–110,000 tons for the next quarter, with annual dispatches likely between 410,000–430,000 tons.

• Capital expenditure of ₹852 crore planned, fully funded by internal accruals and net cash position.

• Tax liability/provision is based on estimated annual computation and will be adjusted in the last quarter.