Vardhman Special Steels Limited submitted an investor presentation containing unaudited financial results for the quarter and half-year ended 30 September 2026 pursuant to SEBI Listing Regulations Regulation 30.

Financial Performance Q2 FY27

  • Revenue from operations reached ₹600.05 crore in Q2 FY27, representing a 38.81% increase from ₹432.27 crore in Q2 FY26
  • Other income stood at ₹14.74 crore compared to ₹11.22 crore in the same quarter previous year
  • Total income was ₹614.79 crore, up 38.62% from ₹443.49 crore in Q2 FY26
  • EBITDA (including other income) was ₹83.86 crore, showing 48.48% growth from ₹56.48 crore in Q2 FY26
  • Profit before tax (PBT) increased 51.73% to ₹70.56 crore from ₹46.50 crore in Q2 FY26
  • Profit after tax (PAT) rose 51.88% to ₹52.49 crore from ₹34.56 crore in Q2 FY26
  • Basic EPS stood at ₹5.43 compared to ₹3.61 in Q2 FY26, a 50.42% increase
  • Rolled product volumes reached 70,440 tonnes versus 55,536 tonnes in Q2 FY26
  • EBITDA per ton was ₹11,346 (calculated on rolled sales quantity, excluding non-operational income from unutilized funds invested by Aichi Steel Corporation)

Financial Performance H1 FY27

  • Revenue from operations for H1 FY27 was ₹1,086.06 crore, up 25.41% from ₹865.97 crore in H1 FY26
  • Other income totaled ₹24.60 crore compared to ₹18.72 crore in the previous year
  • Total income reached ₹1,110.65 crore, showing 25.54% growth from ₹884.69 crore
  • EBITDA (including other income) was ₹152.15 crore, a 58.80% increase from ₹95.81 crore in H1 FY26
  • PBT increased 71.91% to ₹125.96 crore from ₹73.27 crore
  • PAT rose 72.02% to ₹93.68 crore from ₹54.46 crore
  • Basic EPS was ₹9.69 compared to ₹6.04 in H1 FY26, a 60.43% increase
  • Rolled product volumes stood at 129,544 tonnes versus 111,109 tonnes in H1 FY26
  • EBITDA per ton was ₹11,053 (calculated on rolled sales quantity, excluding non-operational income from unutilized funds invested by Aichi Steel Corporation)

Balance Sheet Highlights (as of 30 September 2026)

  • Total equity: ₹1,338.40 crore (compared to ₹1,277.32 crore as of 31 March 2026)
  • Equity share capital: ₹96.70 crore (₹96.69 crore)
  • Other equity: ₹1,241.69 crore (₹1,180.63 crore)
  • Non-current liabilities: ₹30.04 crore (₹25.86 crore)
  • Current liabilities: ₹402.24 crore (₹329.93 crore)
  • Total equity and liabilities: ₹1,788.68 crore (₹1,633.12 crore)
  • Non-current assets: ₹768.31 crore (₹677.73 crore)
  • Property, plant and equipment: ₹616.77 crore (₹584.76 crore)
  • Capital work in progress: ₹93.06 crore (₹26.47 crore)
  • Current assets: ₹1,020.37 crore (₹955.38 crore)
  • Inventories: ₹331.70 crore (₹350.24 crore)
  • Trade receivables: ₹410.61 crore (₹277.84 crore)
  • Cash and cash equivalents: ₹20.73 crore (₹6.27 crore)
  • Investments: ₹166.04 crore (₹154.80 crore)

Strategic and Operational Updates

  • The company laid the foundation stone for a new forging facility in Ludhiana in collaboration with Aichi Steel Corporation, with the Hon'ble Chief Minister of Punjab, S. Bhagwant Singh Mann, presiding over the ceremony
  • The facility represents an important step toward forward integration into higher-value forged components and strengthening engagement with automotive customers
  • The company continues to focus on diversification into sectors such as railways, oil & gas, and other industrial segments as part of its long-term strategy
  • Capacity expansion initiatives include progressing with the planned greenfield special steel facility
  • The company has achieved a carbon intensity of 0.73 tCO₂/tonne, significantly below government green steel norms (2.2) and competitor averages (3.0+)
  • Net-zero target is set 20 years ahead of India's 2070 goal, with <0.5 carbon intensity threshold already met in FY26

Manufacturing Capacity

  • Steel Melting Shop annual capacity: 300,000 TPA
  • Rolling Mill annual capacity: 270,000 TPA (expanded from previous capacity with commissioning of new reheating furnace in March 2026)
  • Bright Bars annual capacity: 48,000 TPA

Management Commentary

Chairman & Managing Director Sachit Jain stated: "We are pleased to report a strong performance in Q2 FY27, driven by healthy growth in sales volumes, revenue and profitability, supported by robust customer demand, improved realizations and better operating leverage. Our continued focus on cost optimization and operational efficiencies, the benefit of lower-cost raw material inventory carried forward from the previous quarter, and the progressive realization of benefits from last year's capex on the Kocks Block and reheating furnace contributed to our performance."