Iron & Steel Products company Vardhman Special Steels announced Q1FY27 results Financial Highlights: Revenue from Operations: The company reported revenue from operations of Rs 48,600.70 lakh in Q1FY27, representing a YoY increase of 12.06% compared to Rs 43,369.85 lakh in Q1FY26 and a QoQ increase of 6.13% compared to Rs 45,791.54 lakh in Q4FY26. Total Income: Total income for Q1FY27 reached Rs 49,586.41 lakh, up 12.39% YoY from Rs 44,119.59 lakh in Q1FY26 and up 5.87% QoQ from Rs 46,837.21 lakh in Q4FY26. Profit Before Tax (PBT): PBT for the quarter stood at Rs 5,540.07 lakh, showing a significant YoY growth of 106.96% from Rs 2,676.82 lakh in Q1FY26 and a QoQ increase of 20.47% from Rs 4,598.75 lakh in Q4FY26. Profit After Tax (PAT): The company earned a net profit of Rs 4,118.57 lakh in Q1FY27, an increase of 107.01% YoY compared to Rs 1,989.51 lakh in Q1FY26 and a QoQ growth of 21.21% compared to Rs 3,397.94 lakh in Q4FY26. Total Comprehensive Income: Total comprehensive income for Q1FY27 was Rs 4,125.96 lakh, compared to Rs 1,981.68 lakh in Q1FY26 and Rs 3,411.71 lakh in Q4FY26. Earnings Per Share (EPS): Basic EPS for Q1FY27 rose to Rs 4.26 from Rs 2.43 in Q1FY26 and Rs 3.52 in Q4FY26. Business Highlights: Segment Performance: The company is engaged in a single operating segment, which is the "Manufacturing of Steel products." Government Incentives: The company recorded income from incentives under the Industrial and Business Development Policy 2017 of the Punjab State Government. In Q1FY27, it recognized Rs 380.17 lakh under "Other income" towards exemptions of Electricity Duty, Infrastructure Development Cess, property tax, and GST refund. This is compared to Rs 671.30 lakh recognized in Q1FY26 and Rs 2,556.90 lakh recognized for the full year FY26. Project Completion: These incentives are related to the expansion cum upgradation project of the Steel Melt Shop, which was completed in FY20. Result PDF
Iron & Steel Products company Vardhman Special Steels announced Q4FY26 & FY26 results Q4FY26 Financial Highlights: Revenue from operations: Rs 45,791.54 lakh, reflecting a 6.36% increase QoQ from Rs 43,054.49 lakh and a 6.98% increase YoY from Rs 42,803.88 lakh. Total income: Rs 46,837.21 lakh, representing a 5.56% increase QoQ and a 7.62% increase YoY. Profit after tax: Rs 3,397.94 lakh, showing a growth of 1.17% QoQ from Rs 3,358.59 lakh and a significant increase of 72.20% YoY from Rs 1,973.21 lakh. Basic Earnings per equity share: Rs 3.52, an increase of 1.15% QoQ and 45.45% YoY. Paid-up equity capital: Rs 9,668.57 lakh as of March 31, 2026, compared to Rs 9,656.19 lakh as of December 31, 2025 (up 0.13% QoQ). FY26 Financial Highlights: Revenue from operations: Rs 1,75,443.31 lakh for FY26, showing a marginal decrease of 0.57% YoY compared to Rs 1,76,440.83 lakh in FY25. Total income: Rs 1,79,677.91 lakh, an increase of 0.18% YoY. Profit before tax: Rs 16,404.94 lakh, reflecting a growth of 31.18% YoY from Rs 12,506.06 lakh. Profit after tax: Rs 12,202.39 lakh, representing a growth of 31.08% YoY compared to Rs 9,308.81 lakh. Total comprehensive income: Rs 12,246.73 lakh, up 31.95% YoY. Basic Earnings per equity share: Rs 13.15, an increase of 15.35% YoY from Rs 11.40. Dividend: Recommended a final dividend of Rs 3.5/- per share for the financial year. Other equity: Rs 1,18,063.41 lakh, showing a growth of 64.85% YoY. Business Highlights: Dividend Recommendation: The Board of Directors has recommended a dividend of Rs 3.5/- per share on fully paid-up equity shares for FY26. Government Incentives: The company recorded incentives worth Rs 2,556.90 lakh for FY26 under the Industrial and Business Development Policy 2017 of the State Government, recognized as "Other income." Investment Status Change: Effective April 1, 2025, Sone Solar Private Limited is no longer classified as an associate and is now treated as an investment at amortised cost. Capital Increase: During Q4, the company issued 123,750 equity shares under the Employee Stock Options Scheme, increasing the paid-up equity share capital. Labour Code Assessment: Following the notification of new Labour Codes, the company assessed an incremental financial impact of Rs 102.99 lakh on gratuity provisions and Rs 21.86 lakh on compensated absences. Operating Segment: The company continues to operate in a single reportable segment, "Manufacturing of Steel products." Auditor Opinion: The statutory auditors have issued an unmodified opinion on the audited financial results for the year. Result PDF
Conference Call with Vardhman Special Steels Management and Analysts on Q3FY26 Performance and Outlook. Listen to the full earnings transcript.
Iron & Steel Products company Vardhman Special Steels announced Q3FY26 results Revenue from Operations: Rs 43,054.49 lakh, almost flat sequentially (-0.4% vs Q2FY26) and up 0.9% YoY. Total Income: Rs 44,371.90 lakh, broadly unchanged QoQ (+0.05%) and 2.3% higher YoY. Profit before Tax (PBT): Rs 4,479.14 lakh, slipping 3.7% QoQ yet 57% stronger YoY, reflecting a better cost profile vs Q3FY25. Profit after Tax (PAT): Rs 3,358.59 lakh, down 2.8% QoQ but up 56% YoY. Earnings per Share: Basic EPS at Rs 3.48 (Diluted Rs 3.47) vs Rs 3.61 in Q2FY26 and Rs 2.63 in Q3FY25. Equity Capital: Paid-up equity stood at Rs 9,656.19 lakh after the issue of 58,500 ESOP shares during the quarter. Result PDF
Conference Call with Vardhman Special Steels Management and Analysts on Q2FY26 Performance and Outlook. Listen to the full earnings transcript.
Iron & Steel Products company Vardhman Special Steels announced Q2FY26 results The volumes for the quarter stood at 55,536 tonnes as against 59,018 (only rolled products) tonnes in Q2FY25. Revenue from Operations stood at Rs 432.27 crore in Q2FY26, as against Rs 494.82 crore in Q2FY25, decrease of 12.64% YoY mainly due to reduction in volumes and lower realisations. EBITDA (including other income) for the quarter was Rs 56.48 crore as against Rs 48.45 crore in Q2FY25, increasing by 16.58% mainly on account of lower raw material prices and increase in Other income on account of interest received on fixed deposits of unutilized amount invested by Aichi Steel Corporation. EBITDA per Ton for the quarter was Rs 10,170. Q2 FY26 PAT stood at Rs 34.56 crore as against PAT of Rs 25.82 crore in Q2FY25. This increase is attributable partly due to the reasons mentioned above & partly due to reduction in finance cost. EPS for the quarter stood at Rs 3.61 vs Rs 3.17 in Q2FY25. Sachit Jain, Vice Chairman & Managing Director, Vardhman Special Steels, said: “Q2 FY26 was a stable quarter with total revenue of Rs 432.27 crore, EBITDA of Rs 56.48 crore, and PAT of Rs 34.56 crore. The Company achieved its EBITDA per ton of Rs 10,170, primarily driven by lower raw material costs and higher other income. Sales volume stood at 55,536 tons, with realizations remaining broadly in line with the previous quarter. In July, the Company fully repaid its long-term and short-term borrowings, resulting in a debt-free balance sheet and lower finance costs. Commercial utilization of the Kocks Block commenced during the quarter, expanding the range of rolled products and improving overall productivity. The Capex for the new reheating furnace is progressing as planned and is expected to be commissioned in the second half of the financial year, further boosting capacity and operational performance. With regards to the Rs 385 crore received by the company from Aichi Steel Corporation, Rs 150 crore were utilized to repay short-term borrowings, while the balance amount has been temporarily parked in investments.” Result PDF
Iron & Steel Products company Vardhman Special Steels announced Q1FY26 results The volumes for the quarter stood at 55,574 tonnes (only rolled products) as against 50,298 tonnes in Q1FY25 on account of good demand. Revenue from Operations stood at Rs 433.70 crore in Q1FY26, as against Rs 414.78 crore in Q1FY25, increase of 4.56% Y-o-Y mainly due to the increase in sales volume despite lower realisations. EBITDA (including other income) for the quarter was Rs 39.33 crore as against Rs 48.04 crore in Q1FY25, decreasing by 18.13%. The decrease was primarily due to lower gross margins. EBITDA per Ton for the quarter was Rs 7,077 Q1FY26 PAT stood at Rs 19.90 crore as against PAT of Rs 26.08 crore in Q1FY25. EPS for the quarter stood at Rs 2.43 vs Rs 3.20 in Q1FY25 Sachit Jain, Vice Chairman & Managing Director, Vardhman Special Steels said, “In Q1FY26, our revenue increased by 4.93% on a year-on-year basis on account of higher volumes despite pressure on realizations. The volumes increased by 10.49%. Total revenue stood at Rs 441.20 crore, with EBITDA at Rs 39.33 crore and PAT at Rs 19.90 crore. EBITDA per ton for the quarter stood at Rs 7,077. In the first week of July, we fully repaid our long-term as well as short term borrowings, leading to a reduction in finance cost in the subsequent quarters. During the quarter under review, the Kocks Block has been successfully commissioned. The trial runs on Kocks Block are almost over and now we are waiting for approval from some of the OEs before the commercial production to begin through Kocks Block. The Capex for the reheating furnace is proceeding as per plan and we are hopeful to commission it in the second half of the financial year. I am happy to share that Aichi Steel Corporation (ASC) has increased its stake in the Company to 24.9% by investing Rs 384.91 crore. This reflects their strong trust in our partnership and confidence in the Company. It also highlights the shared long-term strategic vision of Vardhman Special Steels and Aichi Steel Corporation, which is reflected in the recently announced Greenfield expansion. Further, we have started discussions with ASC on setting up a forging facility.” Result PDF
Conference Call with Vardhman Special Steels Management and Analysts on Q4FY25 & Full Year Performance and Outlook. Listen to the full earnings transcript.
Iron & Steel Products company Vardhman Special Steels announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: The volumes for the quarter stood at 53,834 tonnes as against 52,118 tonnes in Q4FY24 – YoY increase of 3.29% despite a shutdown of 14 days in Rolling mill in Mar’25. Revenue from Operations stood at Rs 428.04 crore in Q4FY25, as against Rs 439.41 crore in Q4FY24, decrease of 2.59% YoY mainly due to decline in realisations inspite of increased volumes. EBITDA (including other income) for the quarter was Rs 38.62 crore as against Rs 57.54 crore in Q4FY24, decreasing by 32.89%. The decrease was primarily due to lower gross margins. EBITDA per Ton for the quarter was Rs 7,174. Q4FY25 PAT stood at Rs 19.73 crore as against PAT of Rs 32.79 crore in Q4FY24. EPS for the quarter stood at Rs 2.42 vs Rs 4.02 in Q4FY24. FY25 Financial Highlights: The volumes stood at 2,15,843 tonnes (only rolled products) as against 1,95,024 tonnes in FY24 – YoY increase of 10.67%; Additionally, we have sold 4,153 MT of billets during the FY25. Revenue from Operations stood at Rs 1,764.41 crore in FY25, as against Rs 1,661.36 crore in FY24, an increase of 6.20% YoY, mainly on account of increase in sales volume which was offset by reduction in prices. EBITDA (including other income) for FY25 was Rs 177.16 crore as against Rs 172.26 crore in FY24, an increase of 2.84%. EBITDA per Ton for FY25 was Rs 8,208 (on rolled sales quantity). FY25 PAT stood at Rs 93.09 crore as against PAT of Rs 91.63 crore in FY24, increase of 1.59%. EPS for FY25 stood at Rs 11.40 vs Rs 11.26 in FY24. The Board has recommended a dividend of Rs 3 per share on fully paid-up equity shares, subject to approval in the Annual General Meeting as against Rs 2 per share in the previous year. Sachit Jain, Vice Chairman & Managing Director, Vardhman Special Steels, said: “In Q4FY25, our revenue remained flat on a year-on-year basis, on account of higher than expected price reduction. Total revenue stood at Rs 428.04 crore, with EBITDA at Rs 38.62 crore and PAT at Rs 19.73 crore. EBITDA per ton was Rs 7,174 – mainly impacted by reduced realizations while raw material prices remained relatively stable. Despite a 14-day plant shutdown, volumes increased by 3.29% YoY. Looking ahead, Market demand remains muted, As a result, opportunities for price increases are limited. Raw material prices are relatively stable. Working capital borrowings increased due to inventory build-up in preparation for the planned shutdown. However, the process of the inventory going back to normal level has already started. During the year we have reduced our long term borrowings to Rs 3.29 crore and will continue to bring it down further going forward. As planned, the Kocks Block has been successfully commissioned and is currently in the stabilization phase. Once fully operational, it is expected to enhance productivity and reduce inventory requirements. We remain focused on improving operational efficiency and positioning the company for sustainable long term growth. The company has announced a dividend of Rs 3 per share for FY25 as against Rs 2 in FY24. I am happy to announce our long awaited capex plan of setting up a new green field steel plant in the State of Punjab for manufacturing of special and alloy steel. The proposed capacity addition is 5,00,000 MT of billet production with commensurate Rolling Mill & testing facilities. The total Capex required for this would be around Rs 2000 Crores, which will be funded through a mix of internal accruals, equity and debt. With this green field plant we will be able to address the expected capacity shortage post-2028. This will support future demand, meet evolving quality standards, align with trends like Green Steel, and help reduce manufacturing costs.” Result PDF