Maharashtra Seamless Limited · NSE:MAHSEAMLES
Maharashtra Seamless — Q3 FY26 Earnings Presentation
22 slides from Maharashtra Seamless's earnings presentation, Jan 28, 2026
Slide 1: Stock exchange covering letter
E-Communication MSL/ SEC/ SE/202 5-26 28 January 2026 BSE Limited National Stock Exchange of India Limited 25th Floor, P.J. Towers, Exchange Plaza, C-1, Block-G, Dalal Street, Mumbai-400001 Bandra - Kurla Complex Bandra (E), Mumbai-400051 Stock Code: 500265 Scrip Code: MAHSEAMLES Sub: Earnings Prese
Slide 2: Earnings Presentation Quarter ending 31 December 2025
Earnings Presentation Quarter ending 31 December 2025 28 January 2026 1
Slide 3: Forward Looking & Disclaimer Statement
Forward Looking & Disclaimer Statement This document contains “forward-looking statements” about our business, financial performance, skills and prospects. Statements about our plans, intentions, expectation, beliefs, estimates, prediction or similar expression for the future are forward-looking sta
Slide 4: Maharashtra Seamless – Segments & Capacities
Maharashtra Seamless – Segments & Capacities Seamless Pipes ERW Pipes Renewable Energy Rig • Maharashtra • Solar • 50 MW AC at • New generation • 450,000 mt/annum • API certified Maharashtra & offshore jack up rig • High frequency Rajasthan • Telangana • PSL 2 • On 3 year contract • 125,000 mt/annum
Slide 5: Products & Industries served
Products & Industries served Industries Seamless ERW Others Served Pipes Pipes (Coated & Premium Connections, Pipe Fittings) Agriculture ✓ Automotive ✓ Bearing ✓ Chemical ✓ ✓ Drinking Water ✓ Engineering ✓ Fertilizers ✓ Housing ✓ Irrigation ✓ Mechanical ✓ Oil and Gas ✓ ✓ ✓ Petrochemical ✓ ✓ Power ✓
Slide 6: Quarterly Highlights – Maharashtra Seamless
Quarterly Highlights – Maharashtra Seamless Total revenue EBIDTA & EBIDTA margin 2400 420 36% 280 285 1600 1410 1456 1303 1234 1290 280 24% 169 153 20% 20% 123 800 140 15% 12% Rs. crore Rs. crore 14% 11% 0 0 0% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 PAT & PAT margin EP
Slide 7: Profit & Loss – Comparison
Profit & Loss – Comparison Rs. crore Particulars MSL Q3 FY26 Q2 FY26 Q3 FY25 9M FY26 9M FY25 FY25 FY24 Revenue from operations 1090 1158 1408 3392 3850 5266 5403 Add: Other income 200 76 2 435 157 197 141 Total revenue 1290 1234 1410 3827 4007 5463 5544 Less: Expenses Cost of materials consumed (654
Slide 8: Annual Highlights – Maharashtra Seamless
Annual Highlights – Maharashtra Seamless Total revenue EBIDTA & EBIDTA margin 7200 1500 1223 30% 5790 5544 5463 1038 4065 922 4800 1000 15% 23% 20% 20% 2316 446 18% 18% 2400 500 10% Rs. crore Rs. crore 603 0 0 0% FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 PAT & PAT margin EPS (on ex-bonus bas
Slide 9: Operational & Financial Performance
Operational & Financial Performance Particulars Q3 FY26 Q2 FY26 Q3 FY25 9M FY26 9M FY25 FY25 Seamless ERW Seamless ERW Seamless ERW Seamless ERW Seamless ERW Seamless ERW Production (kMT) 93 17 107 24 122 10 309 63 324 62 442 91 Sales (kMT) 101 21 103 21 124 18 307 62 324 64 442 90 EBITDA (Rs. Cr) 1
Slide 10: EBIDTA Mix – Maharashtra Seamless
EBIDTA Mix – Maharashtra Seamless Q3 FY26 Q2 FY26 Rs. crore 5 16 18 1 8 Total Total EBIDTA - 153 EBIDTA - 123 Seamless 122 106 ERW Renewable Energy Q3 FY25 FY25 15 12 46 Rig 67 5 89 Total Total EBIDTA - 280 EBIDTA - 922 720 248 www.alimtiaz.com 9
Slide 11: Key Balance Sheet Items
Key Balance Sheet Items Unquoted Equity/Preference Share investments & ICDs given Rs. crore Particulars December 25 March 25 March 24 Preference / Preference / Preference / Equity Equity Equity ICD ICD ICD Related Parties Jindal Premium Connections 4 8 4 5 4 3 MSL Finance 3 - 3 - 3 - Maharashtra Sea
Slide 12: Key Balance Sheet Items – Liquid investments
Key Balance Sheet Items Liquid investments Rs. crore Particulars Dec 25 March 25 March 24 •Investments in bonds are sub-divided into tax free bonds, perpetual bonds Long duration and corporate bonds. Bonds & NCD 409 638 696 •The investment in bonds because of Corporate Deposits (LIC & ICICI) 20 20 2
Slide 13: Key Balance Sheet Items – Borrowings, Gross & Net Debt
Key Balance Sheet Items Borrowings – Gross & Net Debt Rs. crore Particulars Dec 25 March 25 March 24 Loan for capex 10 - - Gross Debt (A) - - - Less: Liquid investments (refer slide 11) (3414) (2630) (1859) ICDs – unrelated parties (refer slide 10) - - - Liquidity available (B) (3414) (2630) (1859)
Slide 14: Key Balance Sheet Items – Corporate Guarantees
Key Balance Sheet Items Corporate Guarantees Rs. crore Particulars December 25 March 25 March 24 Corporate Guarantees NIL NIL NIL •No corporate guarantees outstanding from 31 March 2024 onwards. www.alimtiaz.com 13
Slide 15: Capital Allocation
Capital Allocation Industry and Market Trends Estimated annual Sl. Particulars Rs. crore Location turnover increase 1 Heat treatment, finishing facilities & EMI for capacity enhancement 184 Narketpally By Rs. 800 crores 2 Solar plant (captive) to enhance annual cost savings by Rs. 20 crore 80 (USTPL
Slide 16: Order book of MSL as on 20 January 2026
Order book of MSL as on 20 January 2026 Rs. crore Segment Maharashtra Telangana ERW Total % Remarks *Orders for drill pipes ONGC & OIL 431* - - 431 33% awaited ^Includes cylinder pipes Others 620 152^ 99 871 67% orders of Rs. 124 crore Total 1051 152 99 1302 100% Our order book is supported by back-
Slide 17: Government Policies
Government Policies Anti-Dumping Duty: • The Ministry of Finance, on recommendation of Directorate General of Trade Remedies (DGTR), has extended anti-dumping duty by way of a minimum import price for a further period of 5 years from 28 October 2021 on various types of seamless pipes from China. Pol
Slide 18: Sales & Marketing Update
Sales & Marketing Industry Update and Market Trends New discoveries Suryamani and Vajramani, were made by ONGC in OALP-VI block MB-OSHP-2020/2 and OALP-III block MB-OSHP- 2018/1, both in the offshore Mumbai basin. In the Mahanadi basin discoveries were made in the MN-DWHP-2018/1 block, previously cl
Slide 19: Market Trends – Huge Potential
Market Trends – Huge Potential OPEC has guided for global oil demand in calendar year 2026 to 106.52 mn barrels per day with increased requirement being met from non-OPEC countries such as USA, Norway & Canada. Global oil demand will improve on account of increased air & road travel and infrastructu
Slide 20: Shareholding Structure – 31 December 2025
Shareholding Structure – 31 December 2025 17.76% 69.81% Key changes – Q3 FY26 v/s Q2 FY26 2.91% • Promoter holding increased to 69.81% • FII holding decreased from 9.86% to 9.52% Promoters 9.52% FII • DII holding decreased from 3.63% to 2.91% DII • FII + DII decreased from 13.50% to 12.42% Others •
Slide 21: Marquee Customers
Marquee Customers Oil and Gas Infrastructure www.alimtiaz.com 20
Slide 22: Investor Contact
Investor Contact Kaushal Bengani Deputy General Manager Investor Relations & Finance Tel. No.: +91-124-4624177 E-Mail: kaushal@mahaseam.com www.jindal.com CIN: L99999MH1988PLC080545 21