Maharashtra Seamless Ltd shares are trading bullish

Maharashtra Seamless Ltd (MAHSEAMLES) shares are trading bullish near ₹696–₹697 on Sept 10 2026, following the release of its Q2 FY27 results showing a sharp drop in profit but steady revenue. Despite weaker quarterly earnings, analysts note long‑term strength in the seamless pipes segment and upcoming AGM on Sept 15 2026. 📊 Q2 FY27 Highlights (Quarter ended Sept 2026) Metric Q2 FY27 Q1 FY27 QoQ Change YoY Change Total Income ₹1,158.67 Cr ₹1,091.20 Cr +1.17 % –52.6 % Operating Profit ₹97.48 Cr ₹152.24 Cr –32.1 % –68.1 % Net Profit (PAT) ₹125.26 Cr ₹266.40 Cr –45.6 % –64.1 % Operating Margin 8.41 % — — — Diluted EPS ₹9.35 ₹19.88 –45.6 % ₹26.07 (–64.1 %) Interpretation: Revenue held steady, but margins compressed sharply due to higher input costs and lower export realizations. The company remains debt‑free, maintaining strong liquidity. Technical trend: Bullish long‑term, moderately bearish short‑term. 🏭 Corporate & Strategic Updates Leadership changes: Mr Shiv Kumar Singhal appointed Whole‑time Director; Dr Raj Kamal Agarwal joins as Independent Director. AGM: Scheduled for Sept 15 2026 (remote e‑voting Sept 11–14). Dividend: ₹10 per share (record date Sept 1 2026; payment after Sept 17 2026). Subsidiary restructuring: Two new entities — MSL Seamless Tubes Ltd and United Seamless Ltd — formed for a proposed demerger of pipe undertakings. Product expansion: Drill pipes, sour‑service subsea pipes, cold‑drawn pipes, and premium connections via JFE licensing through Jindal Premium Connections. 🌍 Market & Sector Context Seamless pipe demand remains strong from oil & gas, PSU energy, and infrastructure projects. Global steel prices are volatile amid crude above $100/barrel and Middle East tensions. Maharashtra Seamless benefits from export diversification (US and new markets) and raw‑material hedging, though near‑term profitability is under pressure.