Maharashtra Seamless Secures ₹298 Crore Order

17 Mar 2025 , 12:38 PM

Maharashtra Seamless Limited (MSL) has secured an order for seamless pipes from the oil and gas sector valued at nearly ₹298 crore. The company disclosed the development in a regulatory filing Sunday, March 16.

The order has been secured from a home-grown entity and will be serviced by phased deployments across a few quarters depending on client requirement. MSL added that this transaction does not qualify as a related party transaction and that the company’s promoter group does not have any financial interest in the awarding entity.

The firm expects its seamless pipes business to grow volumes 7-8% in FY25. MSL exported 400,000 tonnes of seamless pipes in the last fiscal. Having already shipped out 324,000 tonnes in the first nine months of FY25, the company expects to end the year at 435,000 tonnes.

MSL has set a dispatch target of 500,000 tonnes for FY27, reiterating its focus on growth. For the quarter ended in October-December 2024 (Q3FY25), the company showed revenue of ₹1,408 crore, operating margins of 19.87% and a profit after tax of ₹186 crore.

As of January 20, 2025, the company maintains a total orderbook of ₹1,674 crore, indicating healthy demand. In FY25, MSL targets EBITDA per tonne at ₹16,500, which also strengthens its financial outlook. MSL continues to dominate the seamless pipes industry going by the new order and growth projections.