Maharashtra Seamless Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
MAHSEAMLES · price
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On the reaction day the stock moved 2.4 pts less than Nifty Microcap 250 and 2.0 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Maharashtra Seamless Limited reported weaker Q2 FY26 results. Standalone revenue from operations fell to Rs 1,158.50 crores, down about 10% from Rs 1,291.25 crores in Q2 FY25. Standalone net profit dropped sharply to Rs 129.61 crores (vs Rs 224.20 crores, a ~42% decline), and EPS fell to Rs 9.67 from Rs 16.73. The Steel Pipes & Tubes segment, the company's main business, saw its EBIT more than halve to Rs 91.74 crores from Rs 186.83 crores a year ago, and the Rig segment swung to a loss of Rs 6.68 crores. For the half year, standalone PAT was largely flat at Rs 363.47 crores (vs Rs 360.15 crores), helped by large other income of Rs 745.44 crores (mostly gains on sale of investments). The statutory auditor, Kanodia Sanyal & Associates, issued an unqualified limited review report on both standalone and consolidated results.
Weak core operating performance — falling steel pipes volumes/profits and a loss in the Rig segment — is a negative for the stock, even though the bottom line for the half year was propped up by investment gains. The very low debt and high cash/investments continue to support balance sheet strength, but the sharp YoY decline in quarterly profit is a red flag for near-term sentiment.