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1. At a Glance
Quarterly revenue of ₹1,091 Cr, operating profit of ₹179 Cr, PAT of ₹266 Cr, EPS ₹19.88. Three of those four numbers came from making steel pipes. The fourth had considerable help from a mutual fund portfolio.
Other Income for the quarter was ₹174 Cr against operating profit of ₹179 Cr — the two lines finished the quarter within five crore of each other, like two runners who trained separately and are surprised to meet at the tape. Management attributes the other-income surge to improvement in the equity markets, noting it ran against a prior-year quarterly average of about ₹97 Cr.
Production told a different story. Seamless dispatches came in at ~96,000 tonnes, which management said was below the usual run rate because of a gas supply disruption at the Telangana plant in April; absent that, they put the figure at 105,000–110,000 tonnes. Meanwhile the order book, which spent FY26 doing an impression of a flat line, moved to ₹1,709 Cr as on 31 July 2026 — described by management as a 31% improvement over the last disclosed figure of ₹1,303 Cr.
Elsewhere in the fiscal year, a demerger scheme was announced in May 2026 and then withdrawn, a CFO resigned in July, and a Whole-time Director and an Independent Director were appointed in August. For a company that makes hollow steel tubes, the quarter was structurally quite eventful.
Net cash as on 30 June 2026: ₹3,838 Cr.
2. Introduction
Incorporated in 1988, Maharashtra Seamless Ltd is part of the D. P. Jindal Group, which per ICRA also houses Jindal Pipes Limited and Jindal Drilling & Industries Limited — a family that clearly settled on a theme early and stuck with it. MSL manufactures seamless and ERW pipes, generates renewable power, and operates an offshore jack-up rig, a combination that sounds like three companies wearing one trench coat and is, per the segment disclosures, exactly three companies wearing one trench coat.
The scale arrived partly by purchase. ICRA notes the company’s domestic capacity share was enhanced after the acquisition of United Seamless Tubulaar Private Limited, with 2,00,000 TPA installed capacity, and its subsequent amalgamation. ICRA estimates MSL’s share of the domestic seamless pipes industry at more than 50%; the earnings presentation puts seamless at 55% and API-certified high-frequency ERW at 18%.
The balance sheet got tidied along the way. Long-term loans for the Telangana plant and the rig were prepaid in October 2022 and June 2023, and gross debt as on 30 June 2026 stands at ₹10 Cr — a term loan for capex sitting on a balance sheet with ₹3,848 Cr of liquid investments, like a single sock in an otherwise empty suitcase.
The last eighteen months brought orders of ₹298 Cr in March 2025, ₹256 Cr in September 2025 and ~₹217 Cr from ONGC in November 2025, a three-year ONGC charter for the rig ‘Jindal Explorer’ in May 2025, and an ICRA upgrade to AA+ in December 2024. Then May 2026: FY26 audited results, a ₹10 dividend, a registered office shift to Haryana, and a board-approved demerger of two undertakings into MSTL and USL. ICRA states the scheme has since been withdrawn owing to certain operational challenges, and management’s own words on it were: “There is no update, the scheme has been withdrawn.” Four business verticals, briefly three companies, back to one.
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3. Business Model: WTF Do They Even Do?
They make pipes with no seam. That is genuinely the product: a tube manufactured without a weld-joint, in contrast to seam or welded pipe, and MSL is the only manufacturer in India offering the maximum size range up to 20 inches. An entire industrial franchise built on the absence of a line — the corporate equivalent of getting rich selling silence.
Seamless capacity runs ~4.50 lakh MT/annum in Maharashtra and ~2 lakh MT/annum in Telangana. ERW capacity is 1,25,000 MT/annum at Nagothane, covering MS Black and Galvanized pipes used for fencing, line pipe and scaffolding — the least glamorous applications available, and the ones holding up most of the country. There is also a coated pipes line offering 3LPE, 3LPP, FBE and internal epoxy, which exists because steel left to its own devices in wet soil will simply resign.
The user industry list reads like a census: Agriculture, Automotive, Bearing, Chemical, Drinking Water, Engineering, Fertilizers, Irrigation, Mechanical, Oil and Gas, Petrochemical, Power. The client list — BPCL, British Gas, CAIRN, Adani, BHEL, DLF, GMR, Grasim, HAL, NTPC, Samsung — spans oil majors to a company better known for phones.
Then the other two-and-a-half businesses. Renewable: ~50 MW AC of solar across Maharashtra and Rajasthan plus 7 MW of wind. Rig: one new-generation offshore jack-up on a three-year contract running till November 2028. And a JV with JFE through wholly-owned subsidiary Jindal Premium Connections, which management says has commenced operations and dispatched a few orders, at ~8,000–10,000 tonnes/year capacity, with the mill booked till April next year.
FY25 segment revenue: Steel Pipes & Tubes ~94%, Power–Electricity ~1%, RIG ~1%, Others ~4%. Revenue breakup FY25: Manufacturing ~98%, Scrap ~2% — meaning the offcuts alone are a line item, which is
