Maharashtra Seamless Ltd

- There is no current plan for share buybacks or equity fundraising, as stated by Kaushal Bengani in response to a question about the INR2,000 crore treasury. - The company has announced a capital expenditure plan (INR852 crores from FY '24 to '26) and is progressing with internal funding without mentioning any new debt or equity raise. - Working capital improvement is being pursued internally, with no specific mention of additional external financing. - No mention of new debt fundraising was made during the call. - Overall, Maharashtra Seamless appears to be funding its capex and operations from internal accruals and existing treasury/investments without fresh debt or equity plans at present.

- Total planned capex of INR852 crores outlined from FY '24 to FY '26. - Key projects: - Narketpally unit commission expected by December 2025. - Cold-drawn pipeline plant at Mangaon: equipment ordered, land and utilities ready; installation pending. - Hot mill upgrade at Nagothane (~INR350 crores): planned after Telangana finishing line completion, no immediate action. - Solar power plant in Telangana planned but awaiting government open access permission to proceed. - Debottlenecking ongoing at Telangana plant, expected commissioning by December 2025. - Post Narketpally commissioning, progress on the remaining capex will be assessed for timeline determination. - No current plan for share buyback; treasury investments (~INR2,400 crores) largely maintained for funding capex.

- For FY '25, volume is expected to be flat around 4 to 4.1 lakh tons. - FY '26 volume anticipated to be slightly higher due to commissioning of Telangana finishing line post December '25, enabling full utilization of capacity. - Q3 seamless pipe dispatches expected around 100,000 to 110,000 metric tons, maintaining good product mix. - EBITDA guidance around INR15,000 per ton expected to continue for next quarter. - Order book stable in the range of INR1,500 to INR2,000 crores, maintaining 3 to 4 months of order visibility. - Demand remains buoyant driven by strong medium-term capital expenditure in capital goods, infrastructure, and oil & gas sectors. - Company is focusing on value-added products (drill pipes, subsea, cylinder pipes) to sustain margins and growth.

- Volume for FY '25 expected to be flat around 4 to 4.1 lakh tons; slight increase anticipated in FY '26 due to new finishing line at Telangana (Page 16). - Q3 FY '25 seamless pipe dispatches expected between 1 to 1.1 lakh tons with EBITDA guidance of around INR15,000 per ton, continuing the positive margin trend (Pages 8, 16). - Revenue improved 14% QoQ in Q2 FY '25 with EBITDA up 83% and PAT up 65%, indicating strong earnings momentum (Page 4). - Order book remains stable between INR1,500 to 2,000 crores, supporting steady revenue (Page 4). - Treasury investments (approx. INR2,400 crores) contribute recurring other income; modeling INR75 crores per quarter for treasury income going forward (Page 24). - Focus on value-added seamless pipes and product mix improvement expected to sustain margins and profitability (Pages 10 and 14).

- Current order book stands at INR 1,700 crores, as disclosed in the presentation. - The company maintains an order book cycle of 3 to 4 months to manage inventory efficiently. - The order book fluctuates primarily due to timing mismatches, but demand remains good. - There are persistent new orders for drill pipes and cylinder pipes in the bid book, indicating ongoing demand. - Bid book figures are not officially disclosed, but can be estimated by analyzing past order books. - The company aims to maintain order book within the range of INR 1,500 crores to INR 2,000 crores. - Existing order book supports dispatches of around 100,000 to 110,000 metric tons. - The order book has grown by about INR 250 crores compared to last year, reflecting strong momentum.