Vibhor Steel Tubes Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Vibhor Steel Tubes Ltd filed with BSE on 28 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Vibhor Steel Tubes reported Q4 revenue growth of 16% and EBITDA growth of 26% year-on-year, with H2 revenue up 18% and EBITDA up 21%. Management discussed diversification beyond pipes into crash barriers, octagon and high-mast poles, and transmission line towers, highlighting strong order intake in the new segments. The company also disclosed a credit rating upgrade from CRISIL from BBB to BBB+ and outlined planned capacity expansions in Jharsuguda and Hyderabad.
Numbers mentioned
Revenue growth: 16% (Q4 FY26)
p. 2
“The revenue has increased 16% compared to last year.”
Vibhor Kaushik, page 2 of the filed PDF · View the filing
EBITDA growth: 26% (Q4 FY26)
p. 2
“EBITDA has also increased 26%.”
Vibhor Kaushik, page 2 of the filed PDF · View the filing
Revenue growth: 18% (H2 FY26)
p. 2
“Compared to last year, the revenue has increased by 18%.”
Vibhor Kaushik, page 2 of the filed PDF · View the filing
EBITDA growth: 21% (H2 FY26)
p. 2
“EBITDA has also increased by 21%.”
Vibhor Kaushik, page 2 of the filed PDF · View the filing
Installed capacity, Bombay: 1,25,000 tons
p. 3
“Now, we have reached our installed capacity, which is around 1,25,000 tons in Bombay, around 96,000 in Hyderabad, and we are achieving a good 74% in Bombay and 67% in Hyderabad.”
Vibhor Kaushik, page 3 of the filed PDF · View the filing
Revenue share from pipe: 85%
p. 3
“Our revenue, 85% comes from pipe, 12% comes from crash barrier, and so far, 3% has come from other diversification, which we have just started, such as our transmission line towers and pole.”
Vibhor Kaushik, page 3 of the filed PDF · View the filing
Transmission line tower order book: 2,300 tons
p. 3
“We have around about 2,300 tons of orders from transmission line, mainly from Madhya Pradesh Electricity and Chhattisgarh.”
Vibhor Kaushik, page 3 of the filed PDF · View the filing
Pole order book: 300 tons
p. 3
“At this point in time, we are sitting on 300 tons of orders.”
Vibhor Kaushik, page 3 of the filed PDF · View the filing
CRISIL rating: BBB+
p. 3
“the rating agency, CRSIL, has increased our rating from BBB to BBB+”
Vibhor Kaushik, page 3 of the filed PDF · View the filing
Current EBITDA margin: 4%
p. 4
“So, what sort of EBITDA we are looking at that time?”
Harshit, page 4 of the filed PDF · View the filing
Transmission line tower margin: Rs 10,000 per ton
p. 4
“This month, the transmission line tower order that we have has a margin of 10,000 rupees per ton.”
Vibhor Kaushik, page 4 of the filed PDF · View the filing
Conventional galvanized pipe margin: Rs 3,000 to Rs 4,000 per ton
p. 4
“Some of the orders and the conventional galvanizing pipe has a margin of Rs. 3000 to Rs. 4000 per ton.”
Vibhor Kaushik, page 4 of the filed PDF · View the filing
Revenue per ton for galvanized pipe: Rs 75,000-76,000 per ton
p. 5
“I think this month was it goes in meter. If you do a translation should be around 75,000-76,000 per ton.”
Vibhor Kaushik, page 5 of the filed PDF · View the filing
Bombay galvanizing capacity utilization: 74%
p. 5
“the capacity utilization of Bombay has been around about 74% for around, I think, two, three years now.”
Vibhor Kaushik, page 5 of the filed PDF · View the filing
Hyderabad capacity utilization: 67%
p. 5
“And Hyderabad also stands at 67%.”
Vibhor Kaushik, page 5 of the filed PDF · View the filing
Total installed capacity: 3,77,000 metric tons per annum
p. 6
“And the total installed capacity that we have of 3,77,000 metric tons per annum”
Harshit, page 6 of the filed PDF · View the filing
Current revenue: Rs 1,100 crore (FY26)
p. 6
“right now we are at Rs. 1,100-ton, Rs. 1,100 CR.”
Vibhor Kaushik, page 6 of the filed PDF · View the filing
Pipe current order book: 5,000 tons
p. 7
“So, the pipe current order is 5,000 ton accumulative of all three units.”
Vibhor Kaushik, page 7 of the filed PDF · View the filing
Crash barrier order book: 2,000 tons
p. 7
“Crash barrier or highway guardrail is 2,000 tons, around about 1,000 in Hyderabad and 1,000 in Jharsuguda.”
Vibhor Kaushik, page 7 of the filed PDF · View the filing
Jindal minimum offtake agreement: 1 lakh metric tons minimum, six years (April 2023 to March 2029)
p. 7
“It's for the six years from April ‘23 to March ‘29 for 1 lakh metric minimum off take.”
Anil Kumar Jain, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — more than 4%, by at least 1%
stated conditionally by Vibhor Kaushik
p. 4
“But however, because these are all high margin, I can totally say it will be more than 4%. By at least 1%, there is no doubt on it on a very, very conservative side.”
Vibhor Kaushik, page 4 of the filed PDF · View the filing
Revenue share from new products — 25% to 30% · this year
stated as an aspiration by Vibhor Kaushik
p. 4
“So, our target is to give this ratio, which is 85 right now for pipe, 80 to 85, we will bring it down to 75.”
Vibhor Kaushik, page 4 of the filed PDF · View the filing
Debt — no new debt · FY27 and FY28
stated firmly by Vibhor Kaushik
p. 4
“We are not increasing any debt at the moment.”
Vibhor Kaushik, page 4 of the filed PDF · View the filing
Octagon and high-mast pole installed capacity — 500 tons per month
stated firmly by Vibhor Kaushik
p. 3
“further, now we are targeting only for octagon and high-mass pole, installed capacity of 500 tons per month, because we are seeing that we have only started recently and the order flows are stacking up with us.”
Vibhor Kaushik, page 3 of the filed PDF · View the filing
Pole production capacity — from 150 to 300 tons
stated firmly by Vibhor Kaushik
p. 3
“That will increase the production capacity from 150 to 300.”
Vibhor Kaushik, page 3 of the filed PDF · View the filing
Monopole certification — final certification from CPRI · second quarter of this year
stated as an aspiration by Vibhor Kaushik
p. 3
“we are expecting that should get streamlined by second quarter of this year, hopefully, that we will have all our permissions and certifications in place.”
Vibhor Kaushik, page 3 of the filed PDF · View the filing
New galvanizing tank in Jharsuguda — second galvanizing tank operational · one to one and a half months
stated firmly by Vibhor Kaushik
p. 3
“and in another one, one and a half months, we should be able to put that galvanizing tank.”
Vibhor Kaushik, page 3 of the filed PDF · View the filing
Pipe capacity utilization — 10% to 15% increase per year · annual
stated as an aspiration by Vibhor Kaushik
p. 5
“Every year, for pipe alone, we are targeting 10% to 15% utilization increase.”
Vibhor Kaushik, page 5 of the filed PDF · View the filing
Jharsuguda pipe optimal utilization — 60% · one and a half to two years
stated as an aspiration by Vibhor Kaushik
p. 6
“For pipe, Jharsuguda will take some time, one and a half to two years, to go to an optimal level of, say, 60%.”
Vibhor Kaushik, page 6 of the filed PDF · View the filing
Revenue — Rs 1,300 to 1,400 crore
stated conditionally by Vibhor Kaushik
p. 6
“Now our target is somewhere more around 1,300 to 1,400. But that is very subjective.”
Vibhor Kaushik, page 6 of the filed PDF · View the filing
CAPEX — Rs 10 crore · FY27
stated firmly by Vibhor Kaushik
p. 8
“We will do additional of around about Rs. 10crore, FY27.”
Vibhor Kaushik, page 8 of the filed PDF · View the filing
New products revenue target — 500 tons in pole and 1000 tons in transmission line towers, 30% revenue share · FY26 or FY27
stated as an aspiration by Vibhor Kaushik
p. 8
“Our target is to achieve 500 tons in pole and 1000 tons in transmission line towers. That is what our target is. And I think the total revenue, 30% share is where we are targeting.”
Vibhor Kaushik, page 8 of the filed PDF · View the filing
EBITDA margin for new products — around 7-8%
stated conditionally by Vibhor Kaushik
p. 9
“So, you can say it will float a little bit less than that. I would say around 7-8%.”
Vibhor Kaushik, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said new product lines carry higher margins that should lift overall EBITDA margin from the current 4% level, though the exact extent is uncertain.
Answered by Vibhor Kaushik
Asked by Harshit: What EBITDA margin is expected given the revenue guidance to Rs 1700 crore by FY28?
p. 4
“So, once this story unfolds and we are able to achieve our target growth, the EBITDA shall increase.”
Vibhor Kaushik, page 4 of the filed PDF · View the filing
Management attributed the gap to conservative reporting and differences in product mix, since peers may serve API pipeline or export markets with different margin structures.
Answered by Vibhor Kaushik
Asked by Harshit: Why is the company's galvanized pipe EBITDA per ton lower than peers?
p. 5
“Generally, the figures that I give are quite conservative.”
Vibhor Kaushik, page 5 of the filed PDF · View the filing
Management said transportation and furnace oil costs have risen and exports to Europe have been affected, but domestic demand remains healthy and costs are being passed through.
Answered by Vibhor Kaushik
Asked by Ashok Sharma: Has the Middle East conflict affected operations and costs?
p. 6
“there is a direct impact on transportation. The transportation cost has increased, but most of our products, we sell ex-factory.”
Vibhor Kaushik, page 6 of the filed PDF · View the filing
Management explained a longstanding manufacturing arrangement where Vibhor produces pipe for Jindal, extended for six years with a minimum offtake commitment.
Answered by Anil Kumar Jain
Asked by Ashok Sharma: What is the nature of the Jindal Steel agreement?
p. 7
“It's for the six years from April ‘23 to March ‘29 for 1 lakh metric minimum off take.”
Anil Kumar Jain, page 7 of the filed PDF · View the filing
Management said inventory gains are a regular process tied to steel price movements rather than an exceptional item, though recent price increases will show up in Q1 of the new year.
Answered by Anil Kumar Jain
Asked by Amit Mehendale: Were there any one-off items like inventory gains in FY26 results?
p. 8
“Basically, inventory gain is a regular process. It's not exceptional.”
Anil Kumar Jain, page 8 of the filed PDF · View the filing
Risks flagged
Rising transportation and furnace oil costs due to geopolitical conflict
p. 6
“The transportation cost has increased, but most of our products, we sell ex-factory.”
Vibhor Kaushik, page 6 of the filed PDF · View the filing
Loss of export access to Europe due to geopolitical situation
p. 6
“we have not been able to cater to export, which we used to do in Europe.”
Vibhor Kaushik, page 6 of the filed PDF · View the filing
Volatility in steel prices affecting revenue and margins
p. 8
“steel prices are very, very volatile.”
Vibhor Kaushik, page 8 of the filed PDF · View the filing
New product margins may take time to reach double digits due to limited market presence
p. 8
“You will get, I think, because we are new in the market, we are not commanding the same price tags that some of the established ones are probably commanding at the moment.”
Vibhor Kaushik, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.