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Earnings Presentation Quarter ending 30 September 2025 04 November 2025 1
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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 • 52.50 MW AC at Maharashtra & Rajasthan • Wind • 7 MW at Maharashtra • New generation offshore jack up rig • New contract to commence in November 2025 • 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 1382 1410 1456 1303 1234 0 800 1600 2400 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Total revenue Rs. crore 231 280 285 169 12318% 20% 20% 15% 11% 0% 12% 24% 36% 0 140 280 420 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 EBIDTA & EBIDTA margin 224 190 243 234 130 17% 14% 17% 20% 11% 0% 12% 24% 36% 0 120 240 360 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 PAT & PAT margin 17 14 18 17 10 0 10 20 30 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 EPS Rs. crore Rs. crore Rs.
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www.alimtiaz.com Profit & Loss – Comparison 6 Particulars MSL Q2 FY26 Q1 FY26 Q2 FY25 H1 FY26 H1 FY25 FY25 FY24 Revenue from operations 1158 1143 1291 2301 2442 5266 5403 Add: Other income 76 160 91 235 155 197 141 Total revenue 1234 1303 1382 2537 2597 5463 5544 Less: Expenses Cost of materials consumed (710) (797) (785) (1507) (1574) (3286) (3250) Change of inventories (FG + WIP) (73) 81 (9) 8 (14) (30) (36) Employees benefit expenses (33) (32) (30) (65) (60) (122) (109) Finance cost (1) (1) (1) (1) (2) (3) (8) Depreciation (25) (25) (25) (50) (50) (100) (109) Other expenses (219) (226) (236) (445) (436) (906) (786) Total expenses (1061) (1000) (1086) (2060) (2136) (4447) (4298) Profit before tax 174 303 296 477 461 1016 1246 Less: Tax (44) (69) (72) (113) (101) (223) (271) Profit after tax 130 234 224 364 360 793 975 Rs. crore
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www.alimtiaz.com Annual Highlights – Maharashtra Seamless 7 2316 4065 5790 5544 5463 0 2400 4800 7200 FY21 FY22 FY23 FY24 FY25 Total revenue Rs. crore 446 603 1038 1223 922 20% 15% 18% 23% 18% 0% 10% 20% 30% 0 500 1000 1500 FY21 FY22 FY23 FY24 FY25 EBIDTA & EBIDTA margin 142 711 793 975 793 6% 18% 14% 18% 15% 0% 10% 20% 30% 0 350 700 1050 FY21 FY22 FY23 FY24 FY25 PAT & PAT margin 11 53 59 73 59 0 30 60 90 FY21 FY22 FY23 FY24 FY25 EPS (on ex-bonus basis) Rs. crore Rs. crore Rs.
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www.alimtiaz.com Operational & Financial Performance 8 Particulars Q2 FY26 Q1 FY26 Q2 FY25 H1 FY26 H1 FY25 FY25 Seamless ERW Seamless ERW Seamless ERW Seamless ERW Seamless ERW Seamless ERW Production (kMT) 107 24 109 22 107 27 216 46 202 52 442 91 Sales (kMT) 103 21 103 20 107 21 206 41 200 46 442 90 EBITDA (Rs.Cr) 106 1 126 19 200 3 232 20 284 16 720 89 EBITDA/tonne (Rs.) 10,315 632 12,278 9,377 18,726 1,425 11,293 4,951 14,159 3,535 16,288 9,897
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www.alimtiaz.com EBIDTA Mix – Maharashtra Seamless 9 106 1 16 Q2 FY26 Total EBIDTA - 123 126 19 18 6 Q1 FY26 Total EBIDTA - 169 200 316 12 Q2 FY25 Total EBIDTA - 231 Rs. crore Seamless ERW Renewable Energy Rig 720 89 67 46 FY25 Total EBIDTA - 922
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www.alimtiaz.com Key Balance Sheet Items 10 Particulars September 25 March 25 March 24 Equity Preference / ICD Equity Preference / ICD Equity Preference / ICD Related Parties Jindal Premium Connections 4 6 4 5 4 3 MSL Finance 3 - 3 - 3 - Maharashtra Seamless (Singapore) 17 215 17 215 17 215 Jindal Pipes (Singapore) 22 - 22 - 22 - ICDs Unrelated Parties - - - - - - Total 46 221 46 220 46 218 Unquoted Equity/Preference Share investments & ICDs given Rs. crore
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www.alimtiaz.com Key Balance Sheet Items 11 Particulars Sep 25 March 25 March 24 Long duration Bonds & NCD 469 638 696 Corporate Deposits (LIC & ICICI) 20 20 20 Listed Equity Investments - 16 22 (A) 489 674 738 Short duration Mutual Funds 2584 1901 994 Fixed Deposits (SBI & HDFC) 6 16 73 Cash & Bank Balances 36 39 54 (B) 2626 1956 1121 Total liquid investments (A) + (B) 3115 2630 1859 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 Sep 25 March 25 March 24 Loan for capex 10 - - Gross Debt (A) - - - Less: Liquid investments (refer slide 11) (3115) (2630) (1859) ICDs – unrelated parties (refer slide 10) - - - Liquidity available (B) (3115) (2630) (1859) Net Debt / (Cash) (A) + (B) (3105) (2630) (1859) 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 September 25 March 25 March 24 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 September 2025 (refer slide 12) 3105
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www.alimtiaz.com Order book of MSL as on 31 October 2025 15 Segment Maharashtra Telangana ERW Total % Remarks ONGC & OIL 376* - - 376 27% *Orders for drill pipes awaited Others 714 139^ 149 1002 73% ^Includes cylinder pipes orders of Rs. 125 crore Total 1090 139 149 1378 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 extended anti-dumping duty by way of a minimum import price for a further period of 5 years from 28 October 2021 on various types of seamless pipes from China. 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 reduced. This is primarily due to slowdown in oil and gas expenditure. Consequently, India's crude oil and natural gas production has fallen, particularly from mature fields. 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 revised its global oil demand in calendar year 2025 to 104 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 409 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 September 2025 69.05% 9.86% 3.63% 17.46% Promoters FII DII Others 19 Key changes – Q2 FY26 v/s Q1 FY26 • Promoter holding increased to 69.05% • FII holding decreased from 10.42% to 9.86% • DII holding decreased from 4.08% to 3.63% • FII + DII decreased from 14.50% to 13.49% • No. of FII + DII decreased from 217 to 212 68.00% 68.04% 68.07% 68.86% 68.87% 69.05% Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Promoter Holding – Last 6 quarters Marquee Investors • Quant Small Cap Fund, Quant Multi Cap Fund • HSBC Small Cap Fund • Vanguard Total International, Vanguard Emerging Markets • Vanguard Fiduciary Trust, Vanguard FTSE All-World • Abakkus Diversified Alpha Fund • Wisdomtree India Earnings Fund • Morgan Stanley Asia (Singapore)
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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