Maharashtra Seamless Limited has scheduled its 38th Annual General Meeting for Tuesday, September 15, 2026 at 11:30 am via Video Conferencing or Other Audio-Visual Means. The company has fixed September 1, 2026 as the record date for the proposed final dividend of ₹10 per equity share.

The AGM notice, filed on August 24, 2026 by Company Secretary Ram Ji Nigam, confirms that remote e-voting will be open from September 11, 2026 (9:00 am) to September 14, 2026 (5:00 pm). The cut-off date for determining eligible voters is September 8, 2026. If approved, the dividend will be paid on or after September 17, 2026, representing a payout of 200% on the face value of ₹5 per equity share.

FY26 Financial Performance

Maharashtra Seamless reported a moderation in financial performance for the year ended March 31, 2026. Revenue declined approximately 11% and profit after tax fell 9% compared to the previous year. The company attributed the decline primarily to slower oil and gas expenditure, competitive pressure from Chinese imports, and lower market realisations.

The following table summarises the standalone financial highlights:

On a consolidated basis, revenue from operations stood at ₹4,674.34 crore against ₹5,268.66 crore in the previous year. Consolidated net profit attributable to owners was ₹701.28 crore compared to ₹777.49 crore. Consolidated basic/diluted EPS was ₹52.33 against ₹58.02.

What the Numbers Show

While operating revenues contracted by 11%, other income nearly doubled, rising 96% to ₹387.37 crore from ₹197.24 crore in FY25. This significant increase in non-operating income helped cushion the impact of lower operational profits, resulting in a total revenue decline of only 7% despite the sharper drop in core business sales.

AGM Business and Key Resolutions

The AGM agenda includes ordinary and special business items. Shareholders will vote on the following:

• Adoption of audited standalone and consolidated financial statements for FY26
• Declaration of final dividend of ₹10 per equity share of ₹5 each
• Re-appointment of Mr. Pithelis Raj Santhana Marian, who retires by rotation
• Appointment of Mr. Shiv Kumar Singhal as Director and Whole-time Director for three years from August 7, 2026, at a salary of ₹2,69,684 per month
• Appointment of Dr. Raj Kamal Agarwal as Independent Director for five years from August 7, 2026
• Ratification of remuneration of ₹3,50,000 to M/s R. J. Goel & Co. as Cost Auditors for FY27

Dividend and Payout Process

Dividend payments will be made exclusively through electronic transfer modes. Shareholders without updated bank details will have their dividend held until the information is provided. Tax at Source will be deducted at applicable rates. The company has transferred unpaid or unclaimed dividends up to FY2017-18 to the Investor Education and Protection Fund.

Ten-Year Financial Trend

The company's annual report includes a decade of performance data, reflecting the cyclical nature of the seamless pipe business:

Manufacturing Capacity and Credit Ratings

Maharashtra Seamless holds a total annual manufacturing capacity of 7.75 lakh MT, comprising 6.50 lakh MT for seamless pipes and 1.25 lakh MT for ERW pipes. The company also operates 7 MW of wind power and 50 MW of solar power capacity. ICRA has assigned the company ICRA AA+ for long-term bank facilities and ICRA A1+ for short-term bank facilities.

Maharashtra Seamless submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26 to the stock exchanges on August 24, 2026. The disclosure, filed pursuant to SEBI Listing Regulations, outlines the company’s performance across environmental, social, and governance parameters for the period ending March 31, 2026.

The report confirms that steel pipes and tubes account for 98.80% of the entity’s turnover. Operations are conducted on a standalone basis, with nine plants located nationally. Exports contributed 10.67% of total turnover, serving markets in four countries.

Environmental Performance

Total energy consumption decreased to 2,255,858.600 GJ in FY26 from 2,507,095.544 GJ in the prior year. This reduction was driven primarily by a decline in non-renewable fuel consumption, which fell to 1,739,798.940 GJ from 1,972,987.488 GJ. Renewable electricity consumption also dropped slightly to 190,367.580 GJ.

Greenhouse gas emissions (Scope 1) declined to 87,123.997 metric tonnes of CO2 equivalent, down from 99,102.643 metric tonnes in FY25. Scope 2 emissions remained nil. The company reported implementing rainwater harvesting with a storage capacity of 1.90 Lacs KL and utilizing an Effluent Treatment Plant for water recycling.

Workforce and Safety

As of March 31, 2026, the company employed 1,208 permanent employees and 819 permanent workers. Female representation among employees stood at 2.15%, while the workforce remained entirely male. Union membership among permanent workers was recorded at 74.73%.

Safety metrics showed improvement, with the Lost Time Injury Frequency Rate (LTIFR) for workers falling to 0.50 per million person-hours worked, compared to 1.91 in the previous year. There were no fatalities reported in FY26, whereas one fatality was recorded in FY25.

Governance and Stakeholder Engagement

The Board of Directors comprises eight members, including one woman (12.50%). No fines or penalties were paid to regulatory or judicial institutions during the year. Related-party transactions saw loans and advances increase to 29.60% of total loans and advances, up from 6.75% in FY25. Purchases from related parties rose to 2.36% of total purchases.

What the Numbers Show

The divergence between rising related-party loans (29.60%) and stable sales concentration suggests increased internal capital deployment rather than revenue dependency on group entities. Additionally, the significant drop in Scope 1 emissions aligns with the reduced fuel consumption, indicating operational efficiency gains in energy usage.