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Maharashtra Seamless reported Q2 FY26 revenue of INR 1,234 Cr (-5% QoQ), EBITDA of INR 123 Cr (-27% QoQ), and PAT of INR 130 Cr (-44% QoQ), with EPS at INR 10. Margins were impacted by slowdown in oil & gas expenditure, Chinese dumping, and a notional inventory markdown. The order book improved 20% to INR 1,378 Cr. Treasury stands strong at INR 3,115 Cr. Management highlighted industry-wide challenges, including delayed project awards. The company is maintaining capacity utilization and introducing new product lines to navigate a difficult market, focused on retaining its leadership position.