Maharashtra Seamless earnings calls.

Maharashtra Seamless reported a "fairly regular quarter" with improved seamless pipe margins driven by reversal of inventory markdown, consistent with prior guidance. ERW segment margins also improved on better product mix. The standout was other income boosted by improved market sentiment and precious metals returns. Tonnage dispatched remained steady at ~1.01 lakh tonsCurrent 1.01 lakh tons. Reported change: -2% QoQ. Q3 (vs 1.03 lakh in Q2), with order book replenishment achieved despite muted government capex. Management guided that EBITDA per ton should remain in the Rs 10,000-15,000 rangeCurrent Rs 10,000-15,000 range. Reported change: Stable range. without material decline. The Rs 90 crore Telangana finishing lineCurrent reported value: Rs 90 crore Telangana finishing line. No comparable prior figure is available in the source record. will resolve the finishing capacity bottleneck (1 lakh tons currently stranded) and is partially operational this quarter. Premium connections production under royalty agreement expected to commence in 6 monthsCurrent reported value: 6 months. No comparable prior figure is available in the source record., targeting a 50,000-1 lakh tonCurrent reported value: 50,000-1 lakh ton. No comparable prior figure is available in the source record. domestic market. Management reiterated its acquisition thesis on distressed assets and emphasized 35-year market leadership as validation of its conservative capital approach. Key risk: continued Chinese dumping (20-25% of domestic market) and dependence on government oil & gas expenditure for growth.