Vardhman Special Steels Ltd — earnings calls

Vardhman Special Steels reported Q1 FY27 sales volumes of 59,000 tons, up 6.5% year on year, and revenue from operations of Rs 486 crore, up 12%, driven by higher volumes and sales prices. EBITDA for the quarter was Rs 68 crore and PAT was Rs 41 crore, with EBITDA per ton at Rs 10,760 excluding certain treasury income adjustments management removed from the calculation. Management discussed the Aichi Steel forging joint venture, capacity expansion plans, a new greenfield steel plant, solar power expansion, and diversification into non-automotive steel products such as die steel and railway axle steel.

Vardhman Special Steels reported record annual profit of about INR122 crore on volume of 225,000 tons for FY26, matching its budgeted target. Management raised its EBITDA per ton guidance range to INR8,000-11,000 for the current year, from INR7,000-10,000 previously, and said it expects this to rise further to INR9,000-12,000 within two years. The company also outlined capex plans for a new forging plant, a greenfield steel plant targeted for July 2029, and a possible melting capacity expansion pending environmental approval.