Vardhman Special Steels Ltd
Vardhman Special Steels Q4 FY26 earnings call: Revenue & Margins
Q4 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Current year sales target: Around 250,000 to 255,000 tons of rolled products (FY '26-'27). EBITDA per ton guidance increased to INR 8,000–11,000 for FY '26, targeting INR 9,000–12,000 within 2 years.
From Vardhman Special Steels Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Current year sales target: Around 250,000 to 255,000 tons of rolled products (FY '26-'27).
- Next year sales volume expected to increase to approximately 270,000 to 275,000 tons.
- Longer-term capacity target of 270,000 to 280,000 tons for the existing plant over the next 3 years.
- New greenfield steel plant commissioning targeted by July 2029 with capacity of 500,000 to 600,000 tons.
- Combined capacity post new plant: ~900,000 tons of steel.
- Ramp-up period for the greenfield plant expected around 3 years post commissioning.
- Forging line production start expected Jan-Mar 2028 with ramp-up in FY '28-'29.
2 more points management made on revenue & sales performance
Profitability & Margins
See what Vardhman Special Steels Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Total planned capex for the new steel plant: ~INR 2,000 crores.
- Forging project budgeted at INR 475 crores, likely to be lower.
- Additional internal capex, replacement capex, and quality upgrades planned.
- Investments anticipated in specialized processes: electroslag refining, vacuum arc refining, vacuum induction melting (plans to be finalized within a year).
- Forging plant capex around INR 475-500 crores; about INR 50-80 crores spent so far; commissioning expected in FY 28 Q3/Q4.
- Expansion of existing melting shop from 300,000 to 360,000 tons pending environmental clearance.
- Significant capex (~INR 700-800 crores) expected in FY 27-28 for steel and forging plants; ~INR 100 crores on existing plant capex and replacement.
- Additional equity infusion of ~INR 1,200 crores and debt of ~INR 1,200 crores planned, keeping debt-equity below 0.75.
2 more points management made on capital expenditure plans
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
See what Vardhman Special Steels Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
2 more points management made on order book & pipeline
Vardhman Special Steels Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: 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 Steels Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Vardhman Special Steels Ltd Q4 FY26 results?
Current year sales target: Around 250,000 to 255,000 tons of rolled products (FY '26-'27). EBITDA per ton guidance increased to INR 8,000–11,000 for FY '26, targeting INR 9,000–12,000 within 2 years.
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?
Total planned capex for the new steel plant: ~INR 2,000 crores.
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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.