Maharashtra Seamless Ltd

Maharashtra Seamless Ltd trading window to remain closed from 1 October 2026 and will reopen 48 hours after declaration of financial results for the quarter and half-year ended 30 September 2026.

AGM details

• Date: 15 September 2026; mode: VC/OAVM; time not disclosed.

Key resolutions

• Resolution 1 (Ordinary): Adopt Audited Financial Statements and Reports; passed.
• Resolution 2 (Ordinary): Declare Dividend on Equity Shares; passed.
• Resolution 3 (Ordinary): Re-appoint director by rotation; passed.
• Resolution 4 (Ordinary): Appoint Shiv Kumar Singhal as Director; passed.
• Resolution 5 (Ordinary): Approve remuneration for Shiv Kumar Singhal as Whole-time Director; passed.
• Resolution 6 (Special): Appoint independent director (name disclosed in notice); passed.
• Resolution 7 (Ordinary): Ratify remuneration of Cost Auditors for FY ending 31 March 2027; passed.

AGM Details

• Date: 15 September 2026; Time: 11:30 A.M.; Mode: Video Conferencing.

Voting & Proceedings

• Remote e-voting open 11–14 Sep 2026; on-site voting allowed for attendees.

Key Resolutions

• Adoption of Audited Financial Statements and Consolidated Statements (Ordinary).
• Declaration of Dividend on equity shares (Ordinary).
• Re-appointment of Pithelis Raj Santhana Marian as Director by rotation (Ordinary).
• Appointment of Shiv Kumar Singhal as Director (Ordinary).
• Appointment and remuneration of Shiv Kumar Singhal as Whole-time Director (Ordinary).
• Appointment of Raj Kamal Agarwal as Independent Director for five years from 7 Aug 2026 (Special).
• Ratification of remuneration of Cost Auditors M/s R. J. Goel & Co. (Ordinary).

Voting Results

• Voting results to be announced within 2 working days from meeting.

Directors & Auditors

• Shiv Kumar Singhal appointed as Whole-time Director; remuneration approved.
• Pithelis Raj Santhana Marian re-appointed as Director by rotation.
• Raj Kamal Agarwal appointed Independent Director for five-year term from 7 Aug 2026.
• Cost Auditor remuneration ratified: M/s R. J. Goel & Co.

Financial performance

• Revenue from operations: ₹4,671.41 Cr; down 11% YoY.
• Total revenue: ₹5,058.78 Cr; year ended 31.03.2026.
• Profit before tax: ₹956.53 Cr; down from ₹1,015.76 Cr.
• Profit after tax: ₹718.16 Cr; down from ₹792.85 Cr.
• EBITDA: ₹684 Cr; margin 14.7%.
• Earnings per share (basic): ₹53.59.
• Dividend proposed: ₹10 per equity share; subject to AGM.
• Authorized capital: ₹1,070 Cr; paid-up: ₹66.99 Cr.
• Cash flow from operations: ₹966.01 Cr; capex: ₹169.17 Cr.

Segment and operations

• Steel Pipes & Tubes revenue: ₹4,615.46 Cr; Power ₹80.34 Cr; RIG ₹30.73 Cr; Others ₹387.37 Cr.
• Inter-segment sales: ₹55.12 Cr; Revenue after inter-segment sale: ₹5,058.78 Cr.
• Exports target: US focus with expanding markets.
• Order book revived through year; near-term visibility modest.
• Licensing with Jindal Premium Connections expands premium-connection offerings.
• ERP-driven integration to improve information flow and working-capital management.
• Capital expenditure: cold-drawn pipes facility completed; Telangana finishing line progress.

Capital structure & dividend

• Dividend per share proposed: ₹10; AGM approval required.
• Equity capital: 133,99,9252 shares; paid-up ₹66.99 Cr.
• Record date: 1 Sep 2026; dividend payable after AGM approval.
• No share buy-back reported for the year.
• Debt profile remains modest; long-term/short-term borrowings disclosed in notes.

Governance & risk

• Auditors: M/s Kanodia Sanyal & Associates; unmodified opinions for standalone and consolidated.
• CFO Arup Mandal resigned; effective 2 July 2026.
• Saket Jindal: MD; CFO succession and other KMP changes disclosed.
• Shiv Kumar Singhal appointed Director and Whole-time Director from 7 Aug 2026.
• Dr. Raj Kamal Agarwal appointed Independent Director from 7 Aug 2026.
• Four board meetings held in 2025-26; Independent Directors met on 28 Jan 2026.

CSR & ESG highlights

• CSR expenditure: ₹169.35 Lakhs; total CSR obligation ₹2,016.06 Lakhs; 18.47 Cr unspent.
• CSR committee oversight; CSR policy on company website.
• Share of input from MSMEs: 2.84% in 2025-26.
• Safety & health: ISO 45001 OH&S system; extensive safety initiatives.

Environment and sustainability

• Total energy consumption: 2,255,858.600 GJ; non-renewable: 2,065,491.020 GJ.
• GHG emissions: Scope 1 87,123.997 t CO2e; Scope 2 NIL.
• Water withdrawal: 579,207 kilolitres; water intensity below 0.01 turnover.
• Total waste generated: 20.63 MT; includes 3785 L of other hazardous waste.
• Energy intensity: <0.01 per turnover.

Strategic developments & outlook

• Demerger/demerger-related restructuring: Scheme of Arrangement approved; under review as of May 22, 2026.
• Plans to grow exports, premium connections, and value-added products.
• Industry outlook: oil & gas expenditure recovery key; import-substitution opportunities.

Regulatory & audit flags

• Secretarial audit: no qualifications; compliant with statutory requirements.
• Contingent liabilities disclosed; litigations monitored; tax matters under appeal disclosed.
• Demarcations for post-balance-sheet events: dividends proposed for 2025-26; approvals pending.

AGM notice & e-communication

• AGM 38th scheduled for 15 September 2026 at 11:30 AM via VC/OAVM.
• Notice and Annual Report 2025-26 will be sent electronically; non-registered emails receive a web-link.
• Web link: https://www.jindal.com/msl/pdf/Annual-Report-2025-26.pdf.
• Path to access: www.jindal.com > Maharashtra Seamless Limited > Investor > Annual Report 2025-26.
• Assistance: contact RTA Alankit or the Company Secretary at secretarial@mahaseam.com.
• Notice and Annual Report delivery complies with SEBI Regulation 36(1)(b).

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.