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Vardhman Special Steels
Vardhman Special Steels (VSSL) investor relations material
Vardhman Special Steels Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary21 Jan, 2026
Executive summary
Q3 FY26 saw strong sales volumes and stable revenues, with significant YoY growth in EBITDA (34.28%) and PAT (56.53%), driven by operational efficiencies and higher other income.
Board approved a ₹475 crore investment for a new steel forging and machining facility in Ludhiana, with technical collaboration from Aichi and commissioning targeted by July 2028.
Progress on greenfield steel plant (500,000 tons capacity) and reheating furnace CapEx, with commissioning expected by March and full benefits from May onwards.
Launched a closed-loop steel recycling initiative with Maruti Suzuki and advanced solar power projects to reduce carbon footprint and power costs.
Unaudited financial results for the quarter and nine months ended 31 December 2025 were approved by the Board, with statutory auditors finding no material misstatements.
Financial highlights
Q3 FY26 revenue from operations was ₹430.54 crore, up 0.88% YoY; total income reached ₹443.72 crore, up 2.3% YoY.
Q3 FY26 sales volumes were 55,141 tonnes, up from 52,692 tonnes in Q3 FY25.
Q3 FY26 EBITDA was ₹56.47 crore (including other income), up 34.28% YoY; PAT was ₹33.59 crore, up 56.53% YoY.
9M FY26 PAT reached an all-time high of ₹88.04 crore, up 20.02% YoY.
Basic and diluted EPS for the quarter were ₹3.48 and ₹3.47, respectively, up from ₹2.63 and ₹2.62 year-over-year.
Outlook and guidance
Sustainable EBITDA guidance raised to ₹8,000–11,000 per ton for next year, with an aspirational target of ₹12,000 per ton in the future.
Steel production capacity expected to triple to 720,000 tons after all new projects are commissioned, up from 225,000 tons this year.
Focus remains on operational efficiency, capacity expansion, and sustainable, profitable growth with minimal carbon footprint.
The company continues to monitor regulatory changes, including new labour codes, and will adjust financial reporting as needed.
Outlook for future government grant recognition
Impact of Sone Solar investment reclassification
Provisioning for new Labour Code requirements
Forging plant: target customers and market strategy
Non-auto steel: expected timeline for market entry?
Green steel: commercial advantages or market preference?
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Q3 and 9M FY26 saw strong revenue and profit growth, aided by expansion and lease gains. - SECU
8% margin reached, 4% organic growth, and digital risk intelligence expansion underway.
Next Vardhman Special Steels earnings date
Q4 25/2622 Apr, 2026
Vardhman Special Steels
Next Vardhman Special Steels earnings date
Q4 25/2622 Apr, 2026
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