Vardhman Special Steels Ltd
Vardhman Special Steels Q3 FY25 earnings call: Revenue & Margins
Q3 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
Current year (FY '25) sales volume guidance: ~215,000 to 220,000 tons, on track despite shutdowns. FY '25 Q4 EBITDA guidance: INR 7,000 to INR 10,000 per ton, maintaining previous range amid adverse market conditions.
From Vardhman Special Steels Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Current year (FY '25) sales volume guidance: ~215,000 to 220,000 tons, on track despite shutdowns.
- Next year (FY '26) volume expected around 225,000 to 230,000 tons, focusing on stabilization and consolidation.
- By FY '27, volume target is approximately 245,000 to 250,000 tons.
- Capacity expansion to 270,000 tons rolling capacity expected to support growth over next 3-4 years.
- EBITDA per ton guidance: INR7,000 to INR10,000 for FY '25; INR8,000 to INR11,000 for FY '26 and '27.
- New projects including Kocks Block and reheating furnace to enhance capacity and quality, final commissioning by FY '26.
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Profitability & Margins
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Capital Expenditure Plans
- Ongoing capex of INR160-180 crores primarily related to rolling mill upgrades including Kocks Block and reheating furnace; to be capitalized in FY 2025-26.
- Installation of a second Non-Destructive Testing (NDT) line starting FY 2025-26, commissioned in the following year to support high-quality and sophisticated product testing.
- Environmental and furnace-related investments pending but relatively minor (less than INR 10 crores).
- Solar power project: Vardhman holds 26% equity (~INR 19 crores) in the group captive solar plant, expected to be ready by March-April 2025, to reduce power costs.
- New greenfield steel plant planned in Punjab (Ludhiana district), with land negotiations underway; major planning expected by April 2025 and announcement targeted at April Board meeting.
- Discussions with Aichi regarding increased stake and equity infusion aligned with new plant capex.
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Top-ranked in Industrial Products
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- Vardhman Special Steels Limited has secured an order win with a large Indian OE where the company will be a Tier 1 supplier, replacing Japanese steel imports.
- Supplies to this OE are expected to start within a year.
- There is progress in shifting some orders from imported steel (from Korea) to local supply, where VSSL acts as a Tier 2 supplier.
- Expansion projects (Kocks Block and reheating furnace) are underway to enhance capacity, supporting current and future order fulfillment.
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Vardhman Special Steels Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹458 Cr, net profit ₹34 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Vardhman Special's management said in earlier quarters
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Frequently Asked Questions
What were Vardhman Special Steels Ltd Q3 FY25 results?
Current year (FY '25) sales volume guidance: ~215,000 to 220,000 tons, on track despite shutdowns. FY '25 Q4 EBITDA guidance: INR 7,000 to INR 10,000 per ton, maintaining previous range amid adverse market conditions.
What is Vardhman Special Steels Ltd share price analysis?
Vardhman Special Steels Ltd currently shows a neutral. The stock trades at a P/E of 22.2 with a market cap of ₹3,185 Cr. Investors should review the full earnings analysis for detailed insights.
Is Vardhman Special Steels Ltd planning capital expenditure?
Ongoing capex of INR160-180 crores primarily related to rolling mill upgrades including Kocks Block and reheating furnace; to be capitalized in FY 2025-26.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.