Monopoly stock engaged in manufacturing mechanical seals and spares jumped nearly 3 percent after partnering with Saudi Thalate General Manufacturing Industrial Co Ltd (STG), for the company’s expansion in Saudi Arabia.
Market Movement
Shares of Sealmatic India Limited soared 2.5 percent during Monday’s trading session, reaching an intra-day high of Rs.595.00 per share from the previous close of Rs.580.00 apiece.
What happened
Sealmatic has partnered with Saudi Thalate (STG) to sell, repair, and refurbish mechanical seals in Saudi Arabia, focusing on the oil and gas, petrochemical, power, water, desalination, and chemical industries.
This collaboration leverages Sealmatic’s global expertise and STG’s local insight, tapping into the Saudi mechanical seals market valued at approximately $150 million.
This partnership enhances mechanical seal services in KSA and strengthens cooperation between Saudi Arabia and India. Sealmatic is also expanding its reach to support OEMs and end-users across the Middle East, Europe, and the USA, now exporting to 53 countries.
Furthermore, Sealmatic is the only mechanical seal company in India that has received ISO 19443 accreditation for Nuclear Applications. It is India’s only domestic manufacturer or monopoly company in mechanical seal production.
Management Commentary
Commenting on the partnership, Mr.Samir Mullaji, Assistant Vice President of Business Development of Sealmatic India Ltd said that “The next step will be to extend the benefits of the Sealmatic/Saudi Thalate (STG) alliance to our customers in KSA, together, we are even faster and can precisely respond to our customers’ needs 24/7. Hence, offering a high level of availability, 365 days a year. Classic, personal, local & global, digitally connected.”
Reputed Clientele
Sealmatic India Limited features a distinguished client roster including Reliance, Indian Oil, Cipla, IFFCO, HP, Shell, L&T, NTPC, BHEL, Essar, KSB, Sundyne and many more.
Financial Performance
Turning to the financials of Sealmatic India Ltd. the company reported revenues of Rs.34 crore in H2 FY24, marking 3.3 percent rise from Rs.32.91 crore in H2 FY24.However, net profits decreased to Rs.3.26 crore from Rs.5.55 crore in the same period.
About the company
Sealmatic India Limited is an India-based company engaged in designing and manufacturing mechanical seals and associated products and sealing support systems, mainly for the oil &
gas, refinery, petrochemical, chemical, pharmaceutical, fertiliser, power, mining, pulp & paper, aerospace, marine and many more industrial applications
Written by – Siddesh S Raskar
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