VARDHMAN SPECIAL STEELS LIMITED

Financial Performance - Quarter Ended 30 September 2026

  • Revenue from operations: ₹60,005.06 lakhs (₹600.05 crore)
  • Other income: ₹1,473.80 lakhs (including government incentives)
  • Total income: ₹61,478.86 lakhs
  • Total expenses: ₹54,423.05 lakhs
  • Profit before tax: ₹7,055.41 lakhs
  • Tax expense: ₹1,806.43 lakhs (Current tax: ₹1,609.07 lakhs, Deferred tax: ₹197.36 lakhs)
  • Profit after tax: ₹5,249.38 lakhs (₹52.49 crore)
  • Earnings per share (Basic): ₹5.43
  • Earnings per share (Diluted): ₹5.42

Financial Performance - Half Year Ended 30 September 2026

  • Revenue from operations: ₹108,605.76 lakhs (₹1,086.06 crore)
  • Other income: ₹2,459.51 lakhs
  • Total income: ₹111,065.27 lakhs
  • Total expenses: ₹98,469.39 lakhs
  • Profit before tax: ₹12,595.88 lakhs
  • Tax expense: ₹3,227.93 lakhs (Current tax: ₹2,839.28 lakhs, Deferred tax: ₹388.65 lakhs)
  • Profit after tax: ₹9,367.95 lakhs (₹93.68 crore)
  • Earnings per share (Basic): ₹9.69
  • Earnings per share (Diluted): ₹9.68

Comparative Performance

Quarter Comparison (30.09.2026 vs 30.09.2025):

  • Revenue growth: 38.8% (from ₹43,227.43 lakhs to ₹60,005.06 lakhs)
  • Profit after tax growth: 51.9% (from ₹3,456.35 lakhs to ₹5,249.38 lakhs)

Half Year Comparison (30.09.2026 vs 30.09.2025):

  • Revenue growth: 25.4% (from ₹86,597.28 lakhs to ₹108,605.76 lakhs)
  • Profit after tax growth: 72.0% (from ₹5,445.86 lakhs to ₹9,367.95 lakhs)

Balance Sheet Position as at 30 September 2026

  • Total assets: ₹1,78,867.90 lakhs (compared to ₹1,63,311.56 lakhs as at 31 March 2026)
  • Equity share capital: ₹9,670.12 lakhs
  • Other equity: ₹1,24,169.40 lakhs
  • Total equity: ₹1,33,839.52 lakhs
  • Inventories: ₹33,170.34 lakhs
  • Trade receivables: ₹41,060.88 lakhs
  • Cash and cash equivalents: ₹2,073.27 lakhs
  • Current borrowings: ₹16,293.33 lakhs

Cash Flow Highlights for Half Year Ended 30 September 2026

  • Cash generated from operating activities: ₹5,562.30 lakhs
  • Income tax paid: ₹2,165.04 lakhs
  • Net cash from operating activities: ₹3,397.26 lakhs
  • Cash used in investing activities: ₹4,856.41 lakhs (mainly acquisition of property, plant and equipment: ₹9,593.80 lakhs)
  • Cash from financing activities: ₹2,905.53 lakhs
  • Net increase in cash: ₹1,446.38 lakhs

Key Notes to Financial Results

1. Government Incentives: The Company recorded ₹1,048.08 lakhs in the current quarter and ₹1,428.25 lakhs in the half year ended 30 September 2026 under "Other income" towards exemption of Electricity Duty, Infrastructure Development Cess, property tax and GST refund under Industrial and Business Development Policy 2017.

2. Segment Information: The Company is engaged in a single operating segment - "Manufacturing of Steel products".

3. ESOP Issuance: During the half year, the Company issued 15,500 equity shares (face value ₹10) under Employee Stock Options Scheme, increasing paid-up equity share capital from ₹9,668.57 lakhs to ₹9,670.12 lakhs.

4. Dividend: Shareholders approved a dividend of ₹3.50 per fully paid equity share at the Annual General Meeting held on 18th September 2026. Total dividend amounting to ₹3,384.54 lakhs was disbursed on 18th September 2026.