Maharashtra Seamless Ltd

Overview

• Standalone BRSR for FY2025-26; core activity steel pipes and tubes, 98.8% turnover.
• 9 national plants/offices; 4 international markets; exports 10.67% of turnover.
• Reporting boundary: standalone; major customers include E&P, infrastructure contractors, refineries.
• ISO 45001 OH&S certified; governance monitored by CSR and Risk Committees.

Key ESG Risks & Opportunities

• Opportunity: product innovation and quality; supports Atmanirbhar Bharat and revenue growth.
• Opportunity: strong customer satisfaction drives market expansion and repeat orders.
• Risk: governance, ethics, risk and compliance; potential financial losses from non-compliance.
• Mitigation: board oversight, CSR and Risk Committees; Code of Conduct; Vigil Mechanism.

Governance & Policy Highlights

• Board oversight via CSR Committee and Risk Management Committee.
• Code of Conduct for Directors and KMPs; no explicit anti-bribery policy.
• Vigil Mechanism exists for whistleblowing and ethics concerns.
• Board reviews statutory compliance annually; no external assurance obtained.
• Training: 100% Board onboarding on ethics/regulatory topics; 100% OH&S training for workers.
• No penalties or fines reported.

Social Responsibility & Workforce

• Total employees 1,208; 1,182 male, 26 female; permanent workers 819.
• PF coverage 100% of employees; ESI coverage about 18.6%.
• LTIFR: employees nil; workers 0.50; total injuries: workers two; fatalities zero.
• Well-being spend 0.05% of revenue; 100% OH&S training coverage for staff.
• Premises accessible for differently abled; equal opportunity policy emphasized.
• Grievance mechanisms include internal committee and ICC for sexual harassment.

Environmental Performance

• Energy: total 2,255,859 GJ; renewable share ~8.4%; non-renewable 2,065,491 GJ.
• Scope 1 emissions 87,125 tCO2e; Scope 2 emissions nil; intensity <0.001 per turnover.
• Water withdrawal 579,207 kl; surface 443,568; groundwater 27,977; others 107,662.
• Rainwater harvesting reservoir ~190,000 KL; ETP enables reuse; ZLD approach.
• Plastic waste 20.63 MT; other hazardous waste 3,785 L; air emissions within standards.

Stakeholder Engagement & Complaints

• Key stakeholders: employees, vendors, customers, regulators, shareholders, bankers.
• Engagement channels: email, meetings, website; frequency as required.
• Shareholders filed 4 complaints in FY2025-26; Vigil Mechanism accessible online.

Other Notable Metrics

• Related-party transactions: purchases from RPTs 2.36%; loans to RPTs 29.60%.
• Concentration: top 10 trading houses 69% of purchases; top 10 dealers 72.18% of sales.
• MSME input share 2.84%; local sourcing emphasis when feasible.
• Affiliations: five chambers; FICCI, CII, EEPC India, Seamless Tube Mfrs, Indian Pipe Mfrs.
• Cybersecurity: Information Security Policy with periodic reviews.

Financial performance

• Standalone revenue from operations: ₹4,671.41 crore, down 11% YoY.
• Standalone EBITDA: ₹684 crore; PAT: ₹718.16 crore.
• Standalone net margin: 15.40%; standalone EPS: ₹53.59.
• Consolidated revenue from operations: ₹4,674.34 crore; PAT: ₹701.03 crore.
• Consolidated EPS: ₹52.33; dividend per share ₹10 proposed.
• Total debt ₹13.36 crore; DSCR 181.99x; current ratio 14.13x.
• Export turnover share: 10.67% of turnover; board female representation: 12.5%.
• Net cash flow from operations: standalone ₹966.01 crore; energy usage and emissions tracked.

Segment performance

• Steel Pipes & Tubes segment revenue ₹4,615.46 crore; segment profit ₹526.01 crore.
• Power - Electricity segment revenue ₹80.34 crore; profit ₹57.85 crore.
• RIG segment revenue ₹30.73 crore; profit ₹-9.13 crore.
• Other segments revenue ₹387.37 crore; total segment profit ₹958.63 crore.

Dividends & capital allocation

• Dividend per equity share proposed: ₹10; record date 1 Sep 2026.
• Dividend cash outflow projected ₹134 crore if approved.
• No share buybacks reported; dividend policy on company site.

Capital structure & liquidity

• Equity capital ₹6,876.45 crore; total debt ₹13.36 crore.
• Debt-to-equity ratio effectively 0.00x; DSCR 181.99x.
• Current ratio 14.13x; standalone cash ₹74.70 crore; consolidated ₹76.70 crore.
• Capital expenditure selectively pursued; CWIP details disclosed in notes.

Governance & management

• CFO Arup Mandal resigned effective 2 July 2026.
• Shiv Kumar Singhal appointed Director and Whole-time Director from 7 Aug 2026.
• Dr. Raj Kamal Agarwal appointed Independent Director from 7 Aug 2026.
• Board remains with independent oversight; internal controls reported adequate.

CSR & ESG highlights

• CSR expenditure ₹169.35 lakh; unspent ₹1846.71 lakh; shortfall ₹18.47 lakh.
• CSR committee active; 2% average net profit: ₹2,016.06 lakh.
• CSR obligations disclosed; energy and emissions metrics tracked.
• Energy usage intensity and water intensity per turnover both less than 0.01.

Subsidiaries & related party disclosures

• Wholly owned subsidiaries: Maharashtra Seamless (Singapore) Pte. Ltd.; Maharashtra Seamless Finance Ltd.; Jindal Premium Connections Pvt. Ltd.
• Associate: Jindal Pipes (Singapore) Pte. Ltd.; Gondkhari Coal Mining Ltd. (JV).
• Related party transactions include purchases and sales with Jindal Drilling & Industries Ltd; loans to Jindal Premium Connections Pvt Ltd ₹9.81 crore.

Outlook & risks

• FY2025-26 saw operating moderation due to weaker oil & gas expenditure and Chinese imports.
• Medium-term opportunities via value-added products, export expansion, and import substitution.
• Management expects demand recovery with improved tendering and project awards.

Governance flags & audit

• Auditors: Kanodia Sanyal & Associates; unqualified opinion on standalone and consolidated.
• Secretarial audit: Ajit Mishra & Associates; no qualifications or fraud reported.
• Internal controls: adequate; no material weaknesses observed.

Filing Status

• No substantive transcript content present in this chunk.

Business Overview

• Core business includes seamless and ERW pipes; renewable energy and offshore rig services.
• Capacity expansion via finishing facilities in Telangana.
• New offshore jack-up rig on 3-year contract through Nov 2028.
• 55% share in seamless pipes; 18% in API ERW pipes.
• Manufacturing sites at Nagothane, Mangaon (Maharashtra) and Narketpally (Telangana).
• Value-added products and domestic market focus.

Operational Highlights

• Q1 FY27 revenue from operations Rs 1,091 cr; total revenue Rs 1,266 cr.
• Capex plan includes finishing and mill upgrades; total Rs 852 cr.
• Order book stands at Rs 1,709 cr; 42% ONGC & Oil, 58% Others.
• Telangana finishing facilities to activate 100k mt capacity.
• New captive solar plant; cost savings Rs 20 cr annually.
• Net cash position Rs 3,838 cr as of 30 June 2026.

Financial Performance

• PAT Rs 271 cr in Q1 FY27, up from Rs 234 cr YoY.
• EBITDA Rs 153 cr; margin ~12% (consolidated).
• Total revenue Rs 1,266 cr; gross debt Rs 10 cr; net cash Rs 3,838 cr.
• Production: Seamless 97k MT; ERW 19k MT; Sales: 96k/20k MT in Q1 FY27.

Capital & Liquidity

• Gross debt Rs 10 cr; net debt/(cash) Rs (3,838) cr.
• Total liquid investments Rs 3,848 cr; cash Rs 59 cr.
• No corporate guarantees outstanding.
• Promoter holding 70.28%; FII 9.72%; DII 3.84%.

Strategic Priorities & Outlook

• Focus on value-added pipes and renewables to drive growth.
• Capex Rs 852 cr funded by internal accruals; capacity expansions.
• Back-to-back raw material bookings to protect margins.
• Pursue export market penetration; capitalize domestic policy shifts.

Risks & Mitigation

• Anti-dumping duty on Chinese seamless pipes; domestic preference policy.
• Oil and gas tender issuance slowed; demand uncertain.
• Raw material price volatility; mitigated by order-book margin lock.

Governance & Leadership

• Promoter holding steady at 70.28%; FII 9.72%; DII 3.84%.
• No corporate guarantees; governance updates limited in this filing.

Appointment: Whole-time Director

• Appointment of Shiv Kumar Singhal as Whole-time Director for 3 years from 7 August 2026.
• Subject to shareholders' approval.

Appointment: Independent Director

• Appointment of Dr Raj Kamal Agarwal as Independent Director for five years from 7 August 2026.
• Dr Raj Kamal Agarwal is a renowned medical practitioner and Independent Director across several companies.
• Subject to shareholders' approval.
• Not related to any Director/KMP.

Record date and dividend details

• Purpose: determine members eligible to receive dividend for FY 2025-26.
• Type of security: Equity Shares.
• Record date: 1 September 2026.
• AGM date: 15 September 2026 at 11:30 AM via VC/OAVM.
• Dividend, if declared at AGM, will be paid on or after 17 September 2026.
• Dividend is subject to shareholder approval.

Dematerialisation processing status

• Dematerialisation requests for physical certificates were processed during the period.
• Securities dematerialised have been listed on the stock exchanges.
• Physical certificates were mutilated and cancelled; depository's name substituted in records.