Board Meeting Details

The Board of Directors meeting was held on 13th November 2026, commencing at 01:02 PM and concluding at 02:55 PM.

Key Decisions Approved

1. Un-audited standalone and consolidated financial results for the quarter and half year ended 30th September 2026

2. Appointment of Mr. Manish Kumar Khandelwal as Chief Financial Officer with effect from 13th November 2026

Standalone Financial Results (Quarter Ended 30-Sep-2026)

Revenue & Income:

  • Revenue from operations: ₹1,269.80 crore
  • Other Income: ₹(2.07) crore (negative)
  • Total Revenue: ₹1,267.73 crore

Expenses:

  • Cost of materials consumed: ₹817.62 crore
  • Change in inventories: ₹45.64 crore
  • Employee benefits expenses: ₹37.12 crore
  • Finance costs: ₹1.15 crore
  • Depreciation and amortization: ₹30.96 crore
  • Other expenses: ₹236.30 crore
  • Total expenses: ₹1,168.79 crore

Profitability:

  • Profit before exceptional items & tax: ₹98.94 crore
  • Exceptional items: Nil
  • Profit before tax: ₹98.94 crore
  • Tax expenses: ₹20.70 crore (Current tax: ₹35.69 crore, Deferred tax: ₹(14.99) crore)
  • Net profit after tax: ₹78.24 crore
  • Other comprehensive income: ₹0.20 crore
  • Total comprehensive income: ₹78.44 crore

Comparative Performance:

  • Q2 FY27 vs Q2 FY26: Net profit declined 39.7% from ₹129.61 crore to ₹78.24 crore
  • Q2 FY27 vs Q1 FY27: Net profit declined 71.1% from ₹270.78 crore to ₹78.24 crore
  • Revenue declined 9.5% sequentially from ₹1,266.32 crore to ₹1,267.73 crore

Half-Year Standalone Performance (Apr-Sep 2026)

  • Revenue from operations: ₹2,361.00 crore
  • Total revenue: ₹2,534.05 crore
  • Net profit after tax: ₹349.02 crore
  • Total comprehensive income: ₹349.42 crore

Consolidated Financial Results (Quarter Ended 30-Sep-2026)

  • Revenue from operations: ₹1,269.80 crore
  • Total revenue: ₹1,268.25 crore
  • Net profit after tax: ₹72.94 crore
  • Total comprehensive income: ₹75.38 crore
  • EPS (basic/diluted): ₹5.44

Half-Year Consolidated Performance (Apr-Sep 2026)

  • Revenue from operations: ₹2,361.00 crore
  • Total revenue: ₹2,533.87 crore
  • Net profit after tax: ₹339.34 crore
  • Total comprehensive income: ₹341.95 crore
  • EPS (basic/diluted): ₹25.32

Segment-wise Performance (Standalone)

Revenue:

  • Steel Pipes & Tubes: ₹1,247.74 crore (98.3% of total)
  • Power - Electricity: ₹20.73 crore (1.6%)
  • Rig: ₹15.39 crore (1.2%)
  • Others/Unallocated: ₹(2.07) crore

Segment Results (EBIT):

  • Steel Pipes & Tubes: ₹85.82 crore
  • Power - Electricity: ₹14.92 crore
  • Rig: ₹1.42 crore
  • Others/Unallocated: ₹(2.07) crore

Assets and Liabilities (Standalone as at 30-Sep-2026)

Total Assets: ₹7,951.31 crore

  • Non-current assets: ₹2,169.29 crore (Property, plant & equipment: ₹1,803.18 crore)
  • Current assets: ₹5,782.02 crore (Inventories: ₹1,329.34 crore, Investments: ₹3,420.98 crore)

Equity and Liabilities:

  • Equity share capital: ₹67.00 crore
  • Other equity: ₹7,006.31 crore
  • Non-current liabilities: ₹446.14 crore
  • Current liabilities: ₹431.86 crore

Cash Flow Statement (Standalone Half-Year)

  • Cash flow from operating activities: ₹(137.73) crore
  • Cash flow from investing activities: ₹303.92 crore
  • Cash flow from financing activities: ₹(144.56) crore
  • Net increase in cash: ₹21.63 crore
  • Cash equivalents at end: ₹96.33 crore

Management Appointment

Mr. Manish Kumar Khandelwal appointed as Chief Financial Officer effective 13th November 2026. He holds a Master's in Management from Stanford University Graduate School of Business and has approximately 30 years of experience in finance, strategic acquisitions, growth, profit center management, and stakeholder engagement.

Corporate Development

On 7th October 2026, the Board approved a scheme of arrangement for demerger of two business undertakings into two wholly-owned subsidiary companies: MSL Seamless Tubes Ltd and United Seamless Ltd. The scheme has been filed with stock exchanges for approval.

Auditor Review

The financial results were reviewed by the Audit Committee and approved by the Board. The limited review was conducted by statutory auditors M/s Kanodia Sanyal & Associates, who issued an unmodified review report.

Subsidiaries and Associates Included in Consolidation

Subsidiaries:

1. Maharashtra Seamless (Singapore) Pte. Ltd

2. Maharashtra Seamless Finance Limited

3. Jindal Premium Connections Pvt Ltd

4. United Seamless Limited

Joint Ventures:

1. Gondkhari Coal Mining Ltd

Associates:

1. Jindal Pipe (Singapore) Pte Ltd