Maharashtra Seamless has released the transcript of its Q3 FY26 earnings conference call held on 29 January 2026, providing detailed insights into the company's performance and strategic initiatives. The call was hosted by ICICI Securities Limited and moderated by Mr. Vikash Singh, with Mr. Kaushal Bengani, Deputy General Manager for Investor Relations & Finance, representing the management.

Financial Performance and Margin Improvements

During the earnings call, management highlighted improved margins across both seamless pipes and ERW (Electric Resistance Welded) segments. The company reported enhanced profitability driven by inventory markdown reversals and improved product mix, particularly in the ERW segment. Management noted that the margin improvement was expected and had been communicated in the previous quarter.

Order Book and Market Position

The company maintains a robust order book of ₹1,302 crores as of 20 January 2026, with 33% comprising orders from ONGC and Oil India. This translates to approximately ₹400 crores in oil and gas sector orders. Management emphasized that despite challenging economic conditions and muted government expenditure, the company successfully replenished its order book without compromising dispatch volumes.

Capacity Expansion and Strategic Initiatives

Maharashtra Seamless has initiated two key projects from its planned capital expenditure of ₹852 crores. The cold drawn pipes project has been completed, while the finishing line project at Telangana has commenced with purchase orders worth ₹90 crores already issued. This finishing line will address the bottleneck in the company's additional 1 lakh ton production capacity.

Premium Connections and Value-Added Products

The company is developing premium connections capability through a royalty agreement with a foreign partner, with production expected to commence within six months. The premium connections market in India ranges between 50,000 to 1 lakh tons annually. Maharashtra Seamless currently manufactures four out of five key value-added product categories, excluding premium connections.

Treasury Management and Investment Strategy

Management disclosed that the company's investment portfolio generated returns exceeding 24% for the nine months ending December 2025. The total liquid investments stand at approximately ₹3,500 crores, with ₹2,957 crores invested in mutual funds. The company maintains a conservative approach, focusing on treasury management while seeking inorganic growth opportunities at appropriate valuations.

Market Outlook and Challenges

Despite continued dumping from China affecting 20-25% of the domestic seamless pipe market, Maharashtra Seamless has maintained stable dispatch volumes and improved margins. Management expects EBITDA margins to remain in the ₹10,000 to ₹15,000 per ton range, with potential improvements dependent on government expenditure patterns, particularly following the upcoming Union Budget.

Maharashtra seamless Limited has announced its Q3FY26 results conference call, providing investors and analysts an opportunity to engage with the company's management team regarding quarterly performance. The virtual meeting is scheduled for January 29, 2026, marking an important milestone in the company's investor communication calendar.

Conference Call Details

The earnings call has been organized by ICICI Securities Limited and will be conducted as a virtual meeting. Key details of the conference call are outlined below:

Access Information

Investors can participate in the conference call through multiple channels. The company has provided comprehensive access options to ensure broad participation:

Domestic Access Numbers:

• +91 22 6280 1144
• +91 22 7115 8045

International Toll-Free Numbers:

Regulatory Compliance

The announcement was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was signed by Ram Ji Nigam, Company Secretary, and filed with both BSE Limited and National Stock Exchange of India Limited on January 26, 2026.

Contact Information

ICICI Securities has designated multiple coordinators for the conference call:

• Call Coordinator: Mr. Jaideep Goswami, Head of Equities
• Support Team: Mr. Vikash Singh, Mr. Pritish Urumkar
• Clarifications: Mr. Rushad Kapadia, Ms. Seema Sehgal, Ms. Minali Ginwala

The company has noted that changes to the schedule may occur due to exigencies, and participants are advised to register through the Diamond Pass platform for seamless access to the virtual meeting.