India · Delayed Price · Currency is INR Vardhman Special Steels Earnings Call Transcripts
Fiscal Year 2026
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Record profit and volumes achieved in FY 2026, with EBITDA per ton guidance raised for the coming years. Major CapEx and capacity expansions are underway, with a strategic shift toward non-automotive and advanced alloys planned over the next decade.
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Q3 FY26 saw record nine-month PAT and strong sales volumes, with major CapEx underway for forging and steel plants. EBITDA guidance was raised, and diversification into non-automotive steels is planned, supported by robust shareholder backing.
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Q2 FY26 revenue declined 12.6% year-on-year, but EBITDA rose 16% due to lower finance costs and operational improvements. Capacity expansion, green steel initiatives, and a strong auto sector focus are set to drive future growth, with margins guided at INR 8,000–11,000 per ton next year.
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Q1 FY26 saw 10% volume and 5% revenue growth, but margins were pressured by pricing and inventory losses. Major CapEx projects are progressing, Aichi raised its stake to 24.9%, and the company is entering the forging business. Green steel leadership and strong domestic demand support a positive outlook.