Company Overview
VMS TMT LIMITED is a Thermo Mechanically Treated Bars (TMT Bars) manufacturing company based at Bhayla Village, Ahmedabad, Gujarat, India. The company has a retail licence agreement with Kamdhenu Limited which allows it to market TMT Bars under the Kamdhenu Brand on mutually agreed terms within the State of Gujarat (except Saurashtra and Kutch district) on a non-exclusive basis. The company sells its products through a distribution network comprising 3 distributors and 227 dealers as of June 2026.
Management Overview
The core management team consists of:
- Manojkumar Jain, Non-Executive Director: A Chartered Accountant with over two decades of experience. Associated with the company since May 25, 2014.
- Varun Manojkumar Jain, Chairman & Managing Director: Holds a B.Com degree and has completed a management programme at ISB, Hyderabad. Brings over 8 years of experience in the steel sector. Holds directorship since April 1, 2022.
- Rishabh Sunil Singhi, Whole-Time Director: Holds a B.Tech in Civil Engineering and has over 3 years of experience in the steel industry. Associated with the company since October 9, 2021.
Product Portfolio & Manufacturing
The company's flagship product is TMT Bars, available in sizes from 8 mm to 32 mm and grades Fe415D, Fe500D, Fe550, and Fe600. The company also manufactures and sells billets (primarily used internally post-backward integration) and scrap steel as a by-product.
The manufacturing facility is located in Bhayla Village, Ahmedabad, and features a 30-ton induction furnace, continuous casting machine (CCM), and rolling mill. Key features include coal oxy automation, an oil lubrication system, automatic flying shears, and an integrated PLC control system.
Operational Highlights & Strategic Initiatives
- Backward Integration: In September 2024, the company completed the backward integration of its CCM division, enabling it to manufacture billets directly from scrap. An investment of ₹117.11 crore was made for this facility, which has an annual billet capacity of 2,16,000 MT.
- Solar Power Plant: The company has initiated the process of setting up a 15 MW solar power plant in Gujarat for captive consumption, with a project cost of ₹4,640 lakh. This is aimed at reducing electricity expenses from the current 22MW load sourced from Uttar Gujarat Vij Company Limited. A Memorandum of Understanding (MOU) has been entered into with Prozeal Green Energy Limited for this project.
- Capacity Utilization: For FY26, the installed capacity for TMT Bars was 1,20,000 MT with a utilization of 69.88%. The installed capacity for Billets was 2,16,000 MT with a utilization of 50.37% (calculated for 6 months of operation).
Financial Performance: Q1 FY27
| Particulars (₹ Lakhs) | Q1 FY27 | Q1 FY26 |
| Revenues | 24,775.74 | 21,225.92 |
| Other Income | 12.15 | 113.43 |
| Total Income | 24,787.89 | 21,339.35 |
| Cost of Materials Consumed | 19,020.02 | 15,238.47 |
| Employee costs | 501.25 | 447.98 |
| Other expenses | 4,047.69 | 3,591.14 |
| Total Expenditure | 23,568.96 | 19,277.59 |
| EBITDA (Excl. Other Income) | 1,218.93 | 2,061.76 |
| Finance Costs | 396.22 | 670.63 |
| Depreciation | 254.61 | 243.27 |
| PBT | 568.09 | 1,147.86 |
| Tax | 121.34 | 290.22 |
| PAT | 446.75 | 857.64 |
| Total Comprehensive Income | 448.91 | 858.47 |
Financial Performance: Full Year FY26
| Particulars (₹ Lakhs) | FY26 | FY25 | FY24 |
| Revenues | 83,855.74 | 77,019.10 | 87,295.77 |
| PAT | 2,103.36 | 1,473.60 | 1,346.84 |
Balance Sheet Position (as of FY26 end)
- Total Assets: ₹51,941.16 Lakhs
- Non-Current Assets: ₹22,208.05 Lakhs (primarily Property, Plant & Equipment: ₹17,597.46 Lakhs)
- Current Assets: ₹29,733.12 Lakhs (primarily Inventories: ₹22,835.37 Lakhs)
- Net Worth: ₹22,813.28 Lakhs
- Total Borrowings: ₹22,868.81 Lakhs (Non-Current: ₹5,210.95 Lakhs; Current: ₹17,657.86 Lakhs)
Management Commentary
Varun Manojkumar Jain, Chairman & Managing Director, stated: "We have commenced FY27 on a positive note, with our performance reflecting the strength of our integrated manufacturing model and established market presence. The commissioning of our billet manufacturing facility has further strengthened backward integration, supporting better raw material security, operational efficiency and cost optimisation. With a strong distribution network under the Kamdhenu brand and continued focus on manufacturing efficiencies and quality, we remain well positioned to benefit from the long-term growth in infrastructure and construction demand. We will continue to focus on operational excellence, strengthening our market presence and creating sustainable value for our stakeholders."
Key Ratios & Stock Data (as of presentation date)
- Share Price: ₹49.81
- Market Capitalization: ₹238.18 Crore
- Number of Shares: 4,96,31,210
- Face Value: ₹10.00
- 52-week High/Low: ₹105.00 / ₹34.01
Disclaimer
The presentation includes forward-looking statements subject to risks and uncertainties. It does not constitute an offer to purchase securities.