India · Delayed Price · Currency is INR Maharashtra Seamless Earnings Call Transcripts
Fiscal Year 2026
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Margins and EBITDA improved sequentially, supported by better product mix and inventory markdown reversal. Order book remains strong at INR 1,302 crores, with stable margins expected ahead. Cash reserves are high, with focus on treasury returns and selective inorganic growth.
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Q2 FY26 saw stable volumes but a 5% revenue drop and 27% EBITDA decline, with margins pressured by Chinese dumping and oil & gas sector slowdown. Order book improved 20% QoQ, but margin revival remains unlikely in the near term.
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Q1 FY26 saw an 11% revenue and 41% EBITDA decline due to weak order booking, Chinese dumping, and reduced oil & gas sector spending. Treasury remains strong at INR 2,919 crores, with muted outlook for margins and order book in the near term.
Fiscal Year 2025
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Q4 FY25 saw improved revenue and margins, but annual earnings declined due to lower realizations despite higher dispatches. Capex is focused on cold drawn and Telangana lines, with cash reserves conserved for future needs or acquisitions. Market remains challenging, but domestic policy changes and operational upgrades offer potential upside.
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Q3 FY25 saw improved seamless pipe dispatches, higher margins, and a 2% revenue increase, though PAT and EPS declined due to lower treasury returns. The order book remains strong, with robust demand from oil & gas and infrastructure, and a positive medium-term outlook.
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Q2 FY25 saw a 14% revenue rise and 83% EBITDA growth, driven by improved dispatches, product mix, and strong treasury returns. Order book remains robust at INR 1,700 crore, with guidance for stable margins and volumes, and CapEx plans progressing as scheduled.
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Q1 FY25 saw a sharp drop in EBITDA and margins due to lower realizations, a planned mill shutdown, and inventory markdowns. Treasury income was strong, order book improved, and normalization is expected in Q2 as high-value orders are executed.