Maharashtra Seamless Limited — Investor Meet, 02-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Maharashtra Seamless reported a regular Q3 FY26 with slight margin improvements in seamless pipes and ERW due to product mix and inventory markdown reversal. Other Income was boosted by gold and silver market sentiment, with the treasury portfolio returning over 24% for nine months. The order book stands at INR1,302 crores, with 33% from the oil sector. Capacity expansion for cold drawn pipes is complete, and a Telangana finishing line is underway to enhance finishing capacity. Management is conserving cash for distressed asset acquisitions, focusing on long-term value, and expects margins of INR10,000-15,000 per ton. Future growth hinges on government oil and gas expenditure.