Maharashtra Seamless Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
MAHSEAMLES · price
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Maharashtra Seamless reported FY2026 standalone revenue of Rs. 4,671.41 Crores, down 11.3% from Rs. 5,265.90 Crores in FY2025, primarily due to a sharp decline in the Steel Pipes & Tubes segment (from Rs. 5,167.62 Crores to Rs. 4,615.46 Crores). Standalone PAT fell 9.4% to Rs. 718.16 Crores from Rs. 792.85 Crores. EBITDA margin expanded modestly from ~21.3% to ~22.9% due to cost control. The auditors issued an unmodified opinion on standalone results but issued a qualified opinion on consolidated results due to a joint venture (Gondkhari Coal Mining Ltd) whose net worth has been fully eroded with accumulated losses. The board recommended a dividend of Rs. 10 per share (200%) and also approved a scheme for demerger of two business undertakings and shifting of registered office from Maharashtra to Haryana.
The revenue and profit decline reflects pressure in the core steel pipes business, though margin improvement shows cost efficiency. The qualified audit opinion on consolidated results raises concerns about the joint venture's financial health. The 200% dividend signals management confidence despite the earnings dip.