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Investor Relations14 Oct 2025
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Vardhman Special Steels (VSSL) investor relations material
Vardhman Special Steels Q1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 25/26 earnings summary28 Jul, 2025
Executive summary
Achieved 10.49% year-over-year sales volume growth to 55,574 tonnes in Q1 FY26, with revenue up 4.93% to Rs. 441.20 crore despite pricing pressures and inventory valuation losses.
EBITDA for the quarter was Rs. 39.33 crore (INR 7,077 per ton), down 18% year-over-year, with PAT at Rs. 19.90 crore.
Margins compressed due to price competition, raw material price declines, and inventory valuation loss.
Strategic focus on capacity expansion, green steel, and forward integration into forging, with major CapEx projects underway.
Aichi Steel Corporation increased its stake to 24.9% with an investment of Rs. 384.91 crore, strengthening the partnership.
Financial highlights
Revenue from operations for Q1 FY26 was Rs. 433.70 crore (₹43,369.85 lakhs), up 4.56% year-over-year.
Net profit after tax for the quarter was Rs. 19.90 crore (₹1,989.51 lakhs), down from Rs. 26 crore (₹2,607.82 lakhs) in Q1 FY25.
EBITDA for the quarter at Rs. 39.33 crore, impacted by inventory valuation loss and a 10-12 day shutdown.
Basic and diluted EPS for Q1 FY26 were Rs. 2.43, compared to Rs. 3.20 in the same quarter last year.
Other income included Rs. 671.30 lakhs from government incentives under the Industrial and Business Development Policy 2017.
Outlook and guidance
Targeting 225,000 tonnes sales for FY26, with a four-year goal of 265,000-270,000 tonnes before new plant commissioning.
EBITDA per ton expected to remain in the INR 7,000-10,000 range for FY26, with potential to rise as new projects come online.
New Greenfield steel plant in Punjab announced, with 500,000 MT annual billet capacity, targeting commissioning by FY 2029-30.
Capex for the new plant estimated at Rs. 2,000 crore, funded by internal accruals, equity, and debt.
Additional government incentives will be recognized as conditions are met in future periods.
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Next Vardhman Special Steels earnings date
Q2 25/2627 Oct, 2025
Next Vardhman Special Steels earnings date
Q2 25/2627 Oct, 2025
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