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Vardhman Special Steels (VSSL) investor relations material
Vardhman Special Steels Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary3 Nov, 2025
Executive summary
Q2 FY26 revenue declined 12.6% year-on-year to INR 432 crore, mainly due to lower sales volumes and price reductions from falling raw material costs, but EBITDA rose 16% to INR 56 crore and PAT increased to INR 34.56 crore, aided by lower finance costs and operational efficiencies.
Sales volume for Q2 FY26 was 55,536 tons, with realizations steady compared to the previous quarter.
The company became debt-free in July after repaying all borrowings, reducing finance costs, and received a capital infusion from Aichi/IT Steel, which increased its stake to about 25%.
Major projects include the greenfield plant and forging line, with commissioning targeted by July 2029, and commercial utilization of the Kocks Block and new reheating furnace expected to boost capacity.
Statutory auditors issued an unmodified limited review report, confirming compliance with regulatory requirements.
Financial highlights
Q2 FY26 revenue was INR 432 crore, down 12.64% year-over-year, with Q2 sales volume at 55,500–55,536 tons and EBITDA per ton at INR 10,000–10,170.
PAT for Q2 FY26 was INR 34.56 crore, up 33.86% year-over-year; basic EPS rose to INR 3.61.
H1 FY26 revenue was INR 865–865.97 crore, with EBITDA at INR 95.81–96 crore and PAT at INR 54.46 crore.
Bright bar volumes declined due to reduced US exports amid tariff issues; export revenue contributed 3–8% of H1 sales.
Total comprehensive income for H1 FY26 was INR 54.3 crore, up from INR 51.99 crore in H1 FY25.
Outlook and guidance
EBITDA per ton guidance for next year is INR 8,000–11,000, up from the current INR 7,000–10,000.
FY27 volume target is 245,000 tons; FY28 capacity expected at 270,000 tons.
Margins may be lower in Q3 due to further price reductions being passed to customers.
No major new CapEx planned for the existing plant after current projects; future CapEx to focus on new plant and forging business.
The company continues to benefit from government incentives under the Industrial and Business Development Policy 2017.
How will ASC investment funds be deployed?
Sone Solar reclassification: business impact?
Future potential of government incentives?
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Next Vardhman Special Steels earnings date
Q3 25/2628 Jan, 2026
Next Vardhman Special Steels earnings date
Q3 25/2628 Jan, 2026
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