Vardhman Special Steels Limited has informed the Exchange about Transcript.
VSSL · price
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Vardhman Special Steels reported Q1 FY26 sales volume of 55,500 tons, up 10% YoY, with revenue of INR 433 crores (up 5% YoY). EBITDA per ton stood at INR 7,077, at the lower end of the company's INR 7,000–10,000 range, partly hurt by an INR 6 crore inventory valuation loss. PAT fell to INR 20 crore from INR 26 crore YoY. Management flagged margin pressure from larger competitors but guided for an improvement to the INR 8,000–11,000 range from next year, citing four drivers: solar plant, new reheating furnace, better billet yields, and higher volumes. Aichi has invested INR 385 crores, raising its stake to 24.9%, and the company is now debt-free. A greenfield steel plant (target commissioning July 2029) and a new specialized forging business with Aichi (targeting 60,000–100,000 tons over 10 years) were announced. Volume is targeted to scale from 215,000 to 265,000–270,000 tons over four years.
Near-term margins remain under pressure from competition, but the company is debt-free, backed by a strong Japanese partner (Aichi at 24.9%), and has clearly outlined margin expansion drivers and multi-year growth projects. For shareholders, the call signals a long-term capacity and product expansion story, though the forging venture details and green steel upside are yet to crystallize over the next 6–12 months.