Please find attached transcript of earning call held on 26th may 2026.
VSTL · price
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Vibhor Steel Tubes reported strong Q4 FY26 with 16% revenue growth and 26% EBITDA growth YoY. The company is undergoing significant diversification from its core pipe business (currently 85% of revenue) into higher-margin products like transmission line towers, highway guardrails/crash barriers, and octagon/high-mass poles. The new Jharsuguda plant in Odisha is ramping up with 2,300-2,400 tons of transmission tower orders and 300 tons of pole orders. Management targets reducing pipe's revenue share to 75% and achieving 25-30% from new products within a year. A second galvanizing tank is being installed in Jharsuguda (due in 1-1.5 months) and Hyderabad to meet demand, with Rs 10 crore CAPEX planned for FY27. CRISIL upgraded the company's rating from BBB to BBB+. The Jindal Steel agreement runs until March 2029 with minimum off-take of 1 lakh metric tons.
The diversification into higher-margin products (transmission towers at ~Rs 10,000/ton margin vs pipe at Rs 3,000-4,000/ton) and planned capacity expansions position the company for margin improvement and reduced steel price volatility. The strong order pipeline in towers and poles signals revenue growth potential, though near-term EBITDA margins for new products may be conservative at 7-8% as the company builds market presence.