Maharashtra Seamless Limited (MSL) has released its Earnings Presentation for the quarter ended 31 December 2025. The presentation, dated 28 January 2026, was submitted to the BSE Limited and the National Stock Exchange of India Limited. The company's Q3 FY26 results show total revenue of ₹1,290 crore, with EBITDA at ₹153 crore and PAT at ₹247 crore. For the nine months ended 31 December 2025 (9M FY26), total revenue stood at ₹3,827 crore, EBITDA at ₹355 crore, and PAT at ₹611 crore. Operationally, in Q3 FY26, MSL produced 93 kMT of Seamless Pipes and 17 kMT of ERW Pipes, with sales of 101 kMT and 21 kMT respectively. EBITDA per tonne for Seamless Pipes was ₹12,074 and for ERW Pipes was ₹3,684. The company highlighted its significant market share in seamless pipes (55%) and API certified ERW pipes (18%). Future capital expenditure of ₹852 crore is planned for capacity enhancement and value addition in pipe and renewable energy segments, to be funded through internal accruals. The company reported a net cash position of ₹3,404 crore as of 31 December 2025. MSL's order book as of 20 January 2026 stood at ₹1,302 crore, supported by back-to-back raw material bookings. The company also provided updates on industry trends, government policies favoring domestic manufacturers, and market outlook for oil and gas sectors, anticipating increased demand.
