Corrigendum to the Annual Report for the Financial Year 2025-26. In page no. 124 in Independent Auditors' Report on Consolidated Financial Statement wherein at part of the sentence reading ....

E-Communication MSL/SEC/SE/2026-27 1st September, 2026 BSE Limited National Stock Exchange of India Limited 25th Floor, P.J. Towers, Exchange Plaza, C-1, Block-G, Dalal Street, Mumbai-400001 Bandra - Kurla Complex Bandra (E), Mumbai-400051 Stock Code: 500265 Scrip Code: MAHSEAMLES Sub: Corrigendum to 38th Annual Report for the Financial Year 2025-26 Dear Sir/Madam, This has reference to our letter dated 24th August, 2026 submitting the Annual Report for the financial year 2025-26. In the said Annual Report, we have observed in page no. 124 in Independent Auditors’ Report on Consolidated Financial Statement wherein at part of the sentence reading “except for the effects of the matter described in the Basis for Qualified Opinion Paragraph” had been inadvertently mentioned in the report. Therefore, request you to kindly read the same after deletion of above sentence. In view of the aforesaid, we are submitting the updated Annual Report of the Company for the Financial Year 2025-2026. The Annual Report will also available on the website of the Company at www.jindal.com. You are requested to kindly take the same on record. Thanking you, Yours faithfully, For Maharashtra Seamless Limited Ram Ji Nigam Company Secretary & Compliance Officer Encl.: As above STRENGHTENING OUR CORE ANNUAL REPORT 2025-26 We are pursuing a comprehensive strategy of growth and sustainability In line with its core competencies, MSL has remained on the leading edge - creating new value and providing products of highest quality at the most competitive price for its customers. The Company has grown to become India’s largest seamless pipe manufacturer for the oil and gas industry with a wide variety of products to earn an outstanding reputation from customers worldwide. Lac MT Total annual capacity Lac MT Lac MT Seamless Pipes ERW Pipes GREEN ENERGY CAPACITY Solar Power Wind Power Widening comprehensive Product eco-system During the year, MSL has expanded its portfolio of value added products adhering to operational excellence: Drill pipes Sour service subsea pipes Cold drawn pipes Cylinder pipes Premium connections Chairman’s Statement Dear Shareholders, I am pleased to share with you the performance and progress of your Company during FY 2025-26. It has been another year of resilience and progress despite a challenging global environment marked by geopolitical tensions, trade uncertainties and disruptions in global supply chains. India has continued to demonstrate remarkable resilience and robust economic growth. Strong domestic demand, infrastructure investment, manufacturing growth and the Government’s reform initiatives provide confidence that India is well placed to emerge as one of the world’s leading economies. Your Company remains committed to contributing to this exciting journey of national development. Our focus remains on strengthening our core competencies while investing in capacity, technology and value-added products. We continue to improve productivity and operational efficiency while expanding our product portfolio into specialised and higher-value applications. These initiatives will strengthen our competitiveness and create sustainable value for our shareholders. The Make in India initiative of the Government of India continues to provide strong momentum to domestic manufacturing, private investment and import substitution. Growing opportunities in infrastructure, defence, energy and other strategic sectors provide a favourable environment for your Company, and we are well positioned to participate in this growth. At the same time, the industry continues to face the serious challenge of unfair trade practices and dumping from China. Such imports can adversely impact domestic manufacturing, employment and future investments. We believe that effective trade-remedial measures, including continuation of anti-dumping duties wherever warranted, are essential to ensure a level playing field and protect India’s strategic manufacturing capabilities. Energy security and independence remain critical to India’s long-term growth. Global geopolitical developments and volatility in crude oil prices have highlighted the risks of excessive dependence on imported energy. India must accelerate exploration and development of its domestic oil and gas reserves and bring new discoveries into production. Your Company remains committed to supporting this national objective through its products and capabilities serving the energy sector. Quality and customer satisfaction remain at the heart of our business philosophy. We continue to invest in technology, testing facilities and quality systems to ensure that our products meet the highest domestic and international standards and perform reliably under the most demanding conditions. The trust of our customers and partners, built over several decades, remains one of our greatest strengths. As we look ahead, we remain optimistic about the opportunities arising from India’s strong economic fundamentals, infrastructure expansion, manufacturing growth and increasing emphasis on self-reliance. We will remain vigilant to global challenges while continuing to pursue growth with discipline and responsibility. I sincerely thank our shareholders, customers, dealers, bankers, suppliers, business partners and employees for their continued confidence and support. I also express my appreciation to the Government of India for its continued efforts to strengthen manufacturing, infrastructure and investment. It is our privilege to participate in this historic phase of India’s development. Your Company remains committed to being a responsible corporate citizen and a leading participant in the nation’s growth story. Thank you, D. P. Jindal Managing Director’s Statement Dear Shareholders, and opens the door to higher-value applications in the oil and gas sector. It gives me great pleasure to present the Annual Report of Maharashtra Seamless We see this as an important step in our Limited for FY 2025–26. journey from being primarily a volume-driven manufacturer to becoming an increasingly The year under review was marked by technology-and value-added-product-oriented considerable global uncertainty. Geopolitical company. tensions, the conflict involving Iran, volatility in crude oil prices, disruptions to shipping Expanding Our Global Footprint and supply chains, and changing trade Exports are an important part of our policies created challenges for the global oil long-term growth strategy. and gas and steel industries. We are strengthening our presence in the Despite these headwinds, Maharashtra United States while simultaneously Seamless remained focused on its core developing new markets and customers strengths - operational excellence, financial across geographies. Our objective is not discipline, product development and simply to increase export volumes, but to expansion of domestic and international build a diversified international customer markets. base and participate in specialised Building a Stronger and More Competitive applications where quality, reliability and MSL technical capability are valued. Our focus remains on strengthening our The continuing realignment of global supply manufacturing capabilities while moving chains also presents opportunities for India progressively towards higher-value products. and for companies such as MSL that can provide dependable and competitive During the year, we continued our work on manufacturing solutions. new product development and premium connections, which represent an important Technology and Cost Control strategic opportunity for the Company. Our We are also investing in strengthening the licensing arrangement with JFE, through Jindal Company’s internal capabilities. Premium Connections, provides us access to advanced premium connection technology Our objective is to establish a fully integrated ERP-driven organisation, connecting Looking Ahead manufacturing, procurement, inventory, The global en [Showing first 8,000 characters — download PDF for full document]