Please find enclosed herewith transcript of Earnings Conference Call of the Company held on 29.04.2026.
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Vardhman Special Steels reported record FY26 profits of INR122+ crores with record volume of 225,000 tons. The company raised its EBITDA guidance per ton from 7,000-10,000 to 8,000-11,000 for FY27, with further increase to 9,000-12,000 in 2 years. Key capex includes a new reheating furnace (rolling capacity now 270,000 tons), solar plant (9 crore units/year), and a new 210X210 section improving productivity. Two major growth projects are planned: a greenfield steel plant targeting July 2029 with 500,000-600,000 tons capacity (INR2,000 crores capex) and a forging plant for ring gears commissioning Jan-Mar 2028 (INR475 crores). The company targets 250,000 tons volume in FY27, with plans to diversify into non-automotive steels (30% of portfolio in 10 years) including railways, oil & gas, defence, and aerospace. Aichi holds 24.9% stake. Board declared dividend of INR3.50/share.
Strong management confidence with raised EBITDA guidance and major expansion plans signal growth trajectory. Volume growth to 250,000 tons and improving per-ton margins should support earnings. Large capex cycle (INR2,600 crores total) will be funded by INR1,200 crores equity and INR1,200 crores debt, keeping debt-equity below 0.75.