Maharashtra Seamless Ltd (NSE:MAHSEAMLES)

Q3 2026 Maharashtra Seamless Ltd Earnings Call Transcript

Jan 29, 2026 / 10:30 AM GMT

Release Date Price: ₹517.25 (+0.51%)

Transcript

Key Points

Positve

Maharashtra Seamless Ltd (BOM:500265) reported an increase in margins for both seamless and ERW segments due to an improved product mix.
The company's Total EBITDA was higher this quarter, supported by a boost in other income from improved market sentiment in gold and silver.
The company has a strong order book of 1,302 crores, with 33% comprising orders from ONGC and Oil India.
Maharashtra Seamless Ltd (BOM:500265) has successfully maintained and improved margins despite challenges such as dumping from China.
The company has quadrupled its dividend payout from FY22 to FY24 and maintained this level even with lower profits in FY25.

Negative

The company does not disclose product-wise or division-wise margins, making it difficult for investors to assess specific segment performance.
There is a significant dependency on government expenditure in the oil and gas sector for growth, which poses a risk if such expenditure does not increase.
Despite having a large cash reserve, the company is conservative in its approach to distributing dividends or investing in new opportunities.
The seamless pipe market is niche and heavily reliant on government orders, limiting the company's ability to create demand independently.
Frequent changes in the CFO position over the past four years may raise concerns about management stability.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MHSM.NS - Maharashtra Seamless Ltd
Q3 2026 Maharashtra Seamless Ltd Earnings Call
Jan 29, 2026 / 10:30AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to Maharashtra Seamless Q3 F 526 earnings conference call hosted by ICICI Securities Limited.

As a reminder, all participant lines will listen-only more, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing 100 on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vikas Singh from ICIR Securities Limited.

Thank you and over to you, sir.

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Unidentified_2 [2]
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