Maharashtra Seamless Limited conducted its 38th Annual General Meeting (AGM) on September 15, 2026. The meeting was held via video conferencing in compliance with the Companies Act, 2013 and SEBI Listing Regulations.

Non-Executive Chairman D. P. Jindal chaired the proceedings. The quorum was present, and members adopted the audited financial statements for the fiscal year ended March 31, 2026, along with the reports of the Board of Directors and Auditors.

Board Appointments

Shareholders approved several key governance changes during the special business segment:

• Re-appointment of Pithelis Raj Santhana Marian as a director retiring by rotation.
• Appointment of Shiv Kumar Singhal as a Whole-time Director, including approval of his remuneration.
• Appointment of Raj Kamal Agarwal as an Independent Director for a five-year term effective from August 7, 2026.

Other Resolutions

The assembly also ratified the remuneration of Cost Auditors M/s R. J. Goel & Co., Cost Accountants. Members were informed that Arunesh Kumar Dubey of M/s Arunesh Dubey & Co., Company Secretaries, served as the scrutinizer for remote e-voting and voting at the AGM.

Voting results are to be disseminated to stock exchanges and posted on the company website and National Securities Depository Limited (NSDL) within two working days of the meeting's conclusion.

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.