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 decline and 27% EBITDA drop, with margins pressured by Chinese dumping and oil & gas sector slowdown. Order book improved 20% sequentially, but margin revival remains unlikely in the near term.
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Q1 FY26 saw a sharp decline in revenue and EBITDA due to Chinese dumping and reduced oil & gas sector spending, with treasury income cushioning PAT. Order book and margins remain under pressure, and near-term outlook is muted as sector headwinds persist.
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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Seamless pipe dispatches and margins improved in Q3 FY25, with revenue up 2% and EBITDA up 21% sequentially, though PAT declined due to lower treasury returns. The order book remains strong, CapEx is progressing, and robust demand is expected from the oil and gas sector.
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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 earnings were sharply impacted by lower realizations, a planned mill shutdown, and inventory markdowns, but order book and treasury remain strong. Normalization is expected in Q2 as operations resume and high-value orders are dispatched.