Maharashtra Seamless Ltd delivered mixed financial results for the June quarter, with net profit rising 15.66% to ₹266.40 crore compared to ₹230.32 crore in the corresponding quarter last year. However, revenue from operations declined 4.72% to ₹1,091.20 crore from ₹1,145.2 crore in the year-ago period, according to reports from Business Standard. The company's profit before tax increased 7.59% to ₹322.41 crore from ₹299.65 crore, while total expenses decreased 6.25% year-on-year to ₹939.49 crore. The EBITDA increased 8.6% year-on-year to ₹183 crore from ₹168.4 crore, with the EBITDA margin expanding to 16.7% from 14.7% in the previous year.
The company's core steel pipes and tubes business, which accounts for the bulk of revenue, generated ₹1,069.32 crore during the quarter, down from ₹1,126.44 crore a year earlier. Revenue from the power-electricity segment remained largely flat at ₹20.58 crore, while the rig business showed growth, rising to ₹15.10 crore from ₹9.06 crore. As reported by CNBC TV18, the firm experienced declining production and sales volumes during the quarter, with seamless pipe production falling to 97 kMT from 109 kMT and ERW production declining to 19 kMT from 22 kMT. The company's employee benefits expense rose 12.99% to ₹36.61 crore, while other expenses were higher by 5.31% at ₹238.33 crore in Q1 FY27.
The company attributed the decline in production during the quarter to a temporary disruption in gas supply caused by the war, according to reports from CNBC TV18. Despite the revenue decline, the improved operating performance and margin expansion demonstrate the company's operational efficiency. The company's shares ended 1.19% higher at ₹590.05 on the BSE following the quarterly earnings announcement, indicating positive market sentiment despite the mixed financial results.
The company's board approved the appointment of Shiv Kumar Singhal as Whole-time Director for three years with effect from August 7, 2026, subject to shareholders' approval. Additionally, Dr. Raj Kamal Agarwal was appointed as Independent Director for five years beginning August 7, 2026, also subject to shareholders' approval. As reported by CNBC TV18, both appointees are not debarred from holding the office of director by virtue of any order passed by the Securities and Exchange Board of India (SEBI) or any other authority. The company's promoter holding remained unchanged at 70.28% during the June quarter, while FII holding increased to 9.72% from 9.58%.
