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M MAHARASHTRA SEAMLESS LIMITED Earnings Presentation Quarter ending 30 June 2026 07 August 2026
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www.alimtiaz.com 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 statements. Forward looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies, steel prices worldwide and domestic, economic & political conditions. We can not assure that outcome of these forward-looking statements will be realised. The Company disclaims any duty to update the information presented here. The material presented can not be used for any other purpose in any form without our express written consent. 2
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www.alimtiaz.com Maharashtra Seamless – Segments & Capacities 3 ERW Pipes Renewable Energy Rig • Maharashtra • 450,000 mt/annum • Telangana • 200,000 mt/annum • Solar • 50 MW AC at Maharashtra & Rajasthan • Wind • 7 MW at Maharashtra • New generation offshore jack up rig • On 3 year contract till November 2028 • API certified • High frequency • PSL 2 • 125,000 mt/annum Seamless Pipes • Market share of 55% in seamless pipes segment with manufacturing facilities at Nagothane & Mangaon in Maharashtra and Narketpally in Telangana. • Market share of 18% in the API certified, high frequency ERW pipes segment with manufacturing facility at Nagothane in Maharashtra. • On installation of finishing facilities at Telangana, existing capacity of 100,000 mt/annum will be activated.
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www.alimtiaz.com Seamless Pipes ERW Pipes Agriculture ✓ Automotive ✓ Bearing ✓ Chemical ✓ ✓ Drinking Water ✓ Engineering ✓ Fertilizers ✓ Housing ✓ Irrigation ✓ Mechanical ✓ Oil and Gas ✓ ✓ ✓ Petrochemical ✓ ✓ Power ✓ ✓ Types • Hot Finished • OCTG Casing Pipes & Tubes and Tubing • Cold Pilgered / • Cylinder Pipes Cold Drawn Tubes • Subsea Sour • Boiler Tubes Service Seamless • API Line Pipes Pipes • OCTG Drill Pipes • MS & GI Pipes • API LinePipes • OCTG Pipes and Casing • Tubing • 3LPE,3LPP and • Pipe Fittings FBE Coated • Premium Pipes Connection Pipes • InternalCoating Pipes Industries Served 4 Products & Industries served Others (Coated & Premium Connections, Pipe Fittings)
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www.alimtiaz.com Quarterly Highlights – Maharashtra Seamless 5 1303 1234 1290 1232 1266 0 800 1600 2400 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Total revenue Rs. crore 169 123 153 239 184 15% 11% 14% 19% 17% 0% 10% 20% 30% 0 100 200 300 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 EBIDTA & EBIDTA margin 234 130 247 108 271 20% 11% 23% 8% 25% 0% 12% 24% 36% 0 120 240 360 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 PAT & PAT margin 17 10 18 8 20 0 10 20 30 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 EPS Rs. crore Rs. crore Rs.
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www.alimtiaz.com Profit & Loss – Comparison 6 Particulars MSL Q1 FY27 Q4 FY26 Q1 FY26 FY26 FY25 Revenue from operations 1091 1280 1143 4671 5266 Add: Other income 175 (48) 160 387 197 Total revenue 1266 1232 1303 5059 5463 Less: Expenses Cost of materials consumed (742) (784) (797) (2945) (3286) Change of inventories (FG + WIP) 109 11 81 (28) (30) Employees benefit expenses (36) (35) (32) (132) (122) Finance cost (1) (1) (1) (3) (3) Depreciation (31) (31) (25) (110) (100) Other expenses (238) (234) (226) (882) (906) Total expenses (939) (1073) (1000) (4100) (4447) Profit before exceptional items & tax 327 159 303 959 1016 Less: Exceptional items - (3) - (3) - Profit before tax 327 156 303 956 1016 Less: Tax (56) (48) (69) (238) (223) Profit after tax 271 108 234 718 793 Rs. crore
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www.alimtiaz.com Annual Highlights – Maharashtra Seamless 7 4065 5790 5544 5463 5059 0 2400 4800 7200 FY22 FY23 FY24 FY25 FY26 Total revenue Rs. crore 603 1038 1223 922 684 15% 18% 23% 18% 15% 0% 10% 20% 30% 0 500 1000 1500 FY22 FY23 FY24 FY25 FY26 EBIDTA & EBIDTA margin 711 793 975 793 718 18% 14% 18% 15% 15% 0% 10% 20% 30% 0 350 700 1050 FY22 FY23 FY24 FY25 FY26 PAT & PAT margin 53 59 73 59 54 0 30 60 90 FY22 FY23 FY24 FY25 FY26 EPS (on ex-bonus basis) Rs. crore Rs. crore Rs.
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www.alimtiaz.com Operational & Financial Performance 8 Particulars Q1 FY27 Q4 FY26 Q1 FY26 FY26 FY25 Seamless ERW Seamless ERW Seamless ERW Seamless ERW Seamless ERW Production (kMT)* 97 19 113 33 109 22 422 96 442 91 Sales (kMT) 96 20 112 30 103 20 419 92 442 90 EBITDA (Rs. Cr) 151 2 173 34 126 19 527 62 720 89 EBITDA/tonne (Rs.) 15,660 1,080 15,446 11,258 12,278 9,377 12,591 6,707 16,288 9,897 *Decline in production in Q1 FY27 was on account of temporary disruption in gas supply caused by the war.
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www.alimtiaz.com EBIDTA Mix – Maharashtra Seamless 9 151 2 17 14 Q1 FY27 Total EBIDTA - 184 173 34 18 14 Q4 FY26 Total EBIDTA - 239 126 19 18 6 Q1 FY26 Total EBIDTA - 169 Rs. crore Seamless ERW Renewable Energy Rig 527 62 70 25 FY26 Total EBIDTA - 684
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www.alimtiaz.com Key Balance Sheet Items 10 Particulars June 26 March 26 March 25 Equity ICD Equity ICD Equity Preference / ICD Related Parties Jindal Premium Connections 4 14 4 10 4 5 MSL Finance 3 - 3 - 3 - Maharashtra Seamless (Singapore) 17 - 17 - 17 215 Jindal Pipes (Singapore) 22 - 22 - 22 - MSL Seamless Tubes Ltd. 0.05 - - - - - United Seamless Ltd. 0.05 - - - - - ICDs Unrelated Parties - - - - - - Total 46.10 14 46 10 46 220 Unquoted Equity/Preference Share investments & ICDs given Rs. crore
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www.alimtiaz.com Key Balance Sheet Items 11 Particulars June 26 March 26 March 25 Long duration Bonds & NCD 303 338 638 Corporate Deposits (LIC & ICICI) 20 20 20 Listed Equity Investments - - 16 (A) 323 358 674 Short duration Mutual Funds 3462 3423 1901 Fixed Deposits (SBI & HDFC) 4 4 16 Cash & Bank Balances 59 75 39 (B) 3525 3502 1956 Total liquid investments (A) + (B) 3848 3860 2630 Liquid investments •Investments in bonds are sub-divided into tax free bonds, perpetual bonds and corporate bonds. •The investment in bonds because of inherent risk and yield advantage was made to be held to maturity. •Investments in equity mutual funds are in large cap, multi cap, index and hybrid schemes. •Investments in other mutual fund schemes are bond funds, gold and silver. •Investments in liquid schemes of mutual funds and in fixed deposits are undertaken to maintain liquidity. Rs. crore
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www.alimtiaz.com Key Balance Sheet Items 12 Particulars June 26 March 26 March 25 Loan for capex 10 10 - Gross Debt (A) 10 10 - Less: Liquid investments (refer slide 11) (3848) (3860) (2630) ICDs – unrelated parties (refer slide 10) - - - Liquidity available (B) (3848) (3860) (2630) Net Debt / (Cash) (A) + (B) (3838) (3850) (2630) Borrowings – Gross & Net Debt Rs. crore •Net cash position continues to improve.
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www.alimtiaz.com Key Balance Sheet Items 13 Particulars June 26 March 26 March 25 Corporate Guarantees NIL NIL NIL Corporate Guarantees •No corporate guarantees outstanding from 31 March 2024 onwards. Rs. crore
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Industry and Market Trends Contd.. Capital Allocation • In pursuance of increased focus on value addition products in pipe and renewable energy segments, above capital expenditure will be fully met from accumulated cash and internal accruals. There will be additional working capital requirement of Rs. 300 crores in USTPL and Rs. 250 crores in MSL which will also be funded from internal accruals. 14 Sl. Particulars Rs. crore Location Estimated annual turnover increase 1 Heat treatment, finishing facilities & EMI for capacity enhancement 184 Narketpally (USTPL) By Rs. 800 crores 2 Solar plant (captive) to enhance annual cost savings by Rs. 20 crore 80 3 Complete line for cold drawn pipes including pilger & drawbench 100 Mangaon (MSL) By Rs. 50 crores 4 OCTG line & billet pre-heating surface 95 By Rs. 50 crores 5 Hot mill upgrade - Hot mill to PQF (14”) 350 Nagothane (MSL) By Rs. 1000 crores 6 EMI machine (14”), 3 Roll sizing mill (14”) 22 Normal replacement expenditure 7 Flying saw & Ultrasonic Testing Machine (7”) 10 8 Mill upgrade including annealer, hydro, Ultrasonic Testing (ERW) 6 9 Electronic upgrade of EMI & Ultrasonic Testing Machine (OCTG) 5 Total capital expenditure 852 Financing through internal accruals Net cash as on 30 June 2026 (refer slide 12) 3838
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www.alimtiaz.com Order book of MSL as on 31 July 2026 15 Segment Maharashtra Telangana ERW Total % Remarks ONGC & OIL 714* - - 714 42% *Includes drill pipes orders of Rs. 2 crore Others 660 160^ 175 995 58% ^Includes cylinder pipes orders of Rs. 100 crore Total 1374 160 175 1709 100% Rs. crore Our order book is supported by back-to-back booking of raw material leading to locking of margins on each order and minimising impact of fluctuating raw material prices.
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www.alimtiaz.com Government Policies Anti-Dumping Duty: • The Ministry of Finance, on recommendation of Directorate General of Trade Remedies (DGTR), has implemented anti-dumping duty by way of a minimum import price for a period of 5 years from 28 October 2021 on various types of seamless pipes from China. As an interim measure, this duty has been further extended till 27 January 2027. Policy Implementation: • Domestic manufacturers are encouraged and preferred for development of import substitution products. • Ministry of Steel has revised their DMI & SP policy from 01 April 2025 for 5 years. Seamless & ERW pipes have been made ‘Melt & Pour’ in the revised policy which means that in all PSU projects, seamless & ERW pipes made only from domestic steel can be supplied. • For requirements of upto Rs. 200 crores, only domestic tenders are floated which excludes foreign players. 16
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Industry and Market Trends Contd.. Sales & Marketing Update 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 classified as a restricted area due to national security interests. New oil blocks ‘Amrit’ and ‘Moonga’ have also been discovered in offshore Mumbai. Despite fresh discoveries, tender issuance by oil companies have slowed from the levels seen in earlier years. Although, some improvement in oil and gas expenditure is visible, but more improvement is required in a growing economy. Crude oil output dropped 2.5% year-on-year in 2024-25, and natural gas production declined by 1%. The decline in domestic production has led to a higher import bill, with India importing a significant portion of its crude oil (88%) and natural gas (51%) needs. Our cylinder pipes have been approved with all major CNG cylinder manufacturers and consistent demand from our trusted buyers are being received. The in house development of cylinder pipes has reaped dividends and saved precious foreign exchange on account of import substitution. 17 According to Ind-Ra’s 2QFY26 Project Tracker, project awards declined 27 per cent year-on-year (yoy) in H1 FY26 and 13 per cent yoy in Q2 FY26. The agency said that although tender announcements have reached record highs, actual awarding remains delayed. We have successfully dispatched orders of subsea sour service seamless pipes (another value addition & import substitution product). Domestic market size for subsea sour service seamless pipes is 35,000 mt. Orders for drill pipes (value addition & import substitution product) have been dispatched and fresh orders are awaited. Domestic market size for drill pipes is 10,000 mt. Active efforts are being made to penetrate export markets.
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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 infrastructure growth. Strategic Petroleum Reserve (SPR) in USA remains at multi decade lows on account of frequent draws to contain inflation. Current level of 304 mn barrels is significantly lower than last decade average of 650 mn barrels. Refilling the SPR has commenced and it is likely to create an artificial floor in the crude oil market. 18 ONGC, its joint venture ONGC Petro additions Ltd (OPaL) and its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) will implement expansion plans to double production of these companies to 8 million metric tonnes per annum by 2030 by spending Rs. 1 lakh crore. In India, there used to be sustained demand from ONGC & Oil India. Market sources had earlier indicated that around 500 new onshore and offshore wells are drilled every year. Taking a conservative estimate of seamless pipes requirement of 200 mt per well, we estimate fresh requirement of 100,000 mt per year. This is in addition to the regular requirement generated from development and work over wells. Offshore jack up rigs operating in India have increased indicating gradual increase in capital expenditure in oil & gas sector. India’s oil demand is projected to rise 30% to 7.2 mn barrels per day in 2030 from 5.6 mn barrels per day in 2024 as against a global expansion of 7%. India’s natural gas demand is projected to double to 133 BCM in 2030 from 64 BCM in 2019 as against a 12% rise in global gas demand. India plans to almost double its oil refining capacity to 450 MT in the next 10 years to meet rising domestic fuel demand as well as cater to export market.
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www.alimtiaz.com Shareholding Structure – 30 June 2026 70.28% 9.72% 3.84% 16.16% Promoters FII DII Others 19 Key changes – Q1 FY27 v/s Q4 FY26 • Promoter holding remains at 70.28% • FII holding increased from 9.58% to 9.72% • DII holding increased from 3.29% to 3.84% • FII + DII increased from 12.87% to 13.56% • No. of FII + DII increased from 191 to 194 Marquee Investors • Quant Small Cap Fund, Quant Multi Cap Fund • Vanguard Total International, Vanguard Emerging Markets • Vanguard Fiduciary Trust, Vanguard FTSE All-World • Abakkus Diversified Alpha Fund • Abu Dhabi Investment Authority • Acadian Emerging Markets Small Cap Fund • ICICI Prudential Energy Opportunities Fund 68.86% 68.87% 69.05% 69.81% 70.28% 70.28% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Promoter Holding – Last 6 quarters
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www.alimtiaz.com Marquee Customers Oil and Gas Infrastructure 20
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www.jindal.com CIN: L99999MH1988PLC080545 Investor Contact Kaushal Bengani Deputy General Manager Investor Relations & Finance Tel. No.: +91-124-4624177 E-Mail: kaushal@mahaseam.com 21