Vardhman Special Steels Limited has informed the Exchange regarding Outcome of Board Meeting held on April 22, 2025 - Approval to set-up a new steel plant.
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Vardhman Special Steels' board has approved setting up a new Green Steel plant in Punjab for manufacturing special and alloy steel. The new plant will add 5,00,000 MT of Billet production capacity along with a rolling mill and testing facilities, which is 1.67x the existing capacity of 3,00,000 MT (currently running at ~80% utilization). The project requires an investment of approximately Rs. 2,000 Crores, to be funded through a mix of equity, debt, and internal accruals, and is targeted for completion by FY 2029-30. The company cited the need to address a capacity shortage after 2028, rising demand driven by green steel and circular economy trends, and the goal of diversifying into wire rods, forging, and non-automotive segments.
This is a significant capacity expansion that could boost long-term revenue and earnings, but the Rs. 2,000 Crore capex (likely a large share of net worth) will increase leverage and execution risk; near-term, watch for equity dilution or debt raise announcements that could pressure the stock.