Vardhman Special Steels to Meet on October 27 to Review Half-Year Results
Key Facts
Vardhman Special Steels’ board is scheduled to meet on October 27 to consider unaudited results for the quarter and first half ended September 30, 2026, according to investor disclosures. The meeting places the period’s financial results on the company’s agenda after figures published for the first quarter of fiscal 2026-27 showed a sharp increase in profit. Operating revenue also rose over the same period, although more slowly than profit. Investors are awaiting the new results to compare them with first-quarter performance and the year-earlier period.
In the first quarter of fiscal 2026-27, operating revenue rose 12.06% year on year to 486.01 crore rupees, from 433.70 crore rupees in the corresponding period, according to the company’s results statement. Profit after tax increased 107.01% to 41.19 crore rupees from 19.90 crore rupees. Chairman and Managing Director Sachit Jain said the performance was linked to sustained demand in key customer segments and improved operating efficiency. He added that realizations improved after the company secured price increases from original equipment manufacturers. He also cited the solar power plant’s contribution to lower energy costs, according to the statement.
Results for the second quarter of fiscal 2025-26 provide a basis for year-on-year comparison with the period the board is due to review. In that quarter, profit after tax rose 33.86% to 34.56 crore rupees, while operating revenue fell 12.64% to 432.27 crore rupees. The company said at the time that earnings before interest, taxes, depreciation and amortization grew 16.58%, attributing this mainly to lower raw material prices and higher other income. Other income included interest on deposits of unutilized funds invested by Aichi Steel. Earnings before interest, taxes, depreciation and amortization per tonne stood at 10,170 rupees, according to the results statement.
For the first half of fiscal 2025-26, profit after tax was 54.46 crore rupees, up 4.93% year on year, despite a 4.80% decline in operating revenue to 865.97 crore rupees. The figures show revenue and profit moving in different directions during the period, with modest profit growth alongside lower revenue. The company also said in its results statement that it repaid all its long- and short-term borrowings in July, leaving it debt-free and with lower financing costs. Its funding position and operating income trends are among the metrics that can be compared with the new half-year results when released.
The company’s finished rolling capacity expanded to 2.7 lakh tonnes a year after the commissioning of the coke unit and the new reheating furnace, the company said in its first-quarter results statement. Over the longer term, it said it is focused on setting up a 5 lakh-tonne green steel facility, alongside a forging and machining plant in collaboration with Aichi Steel. The plans come as investors track production capacity and investment alongside financial results. The board is scheduled to consider the unaudited results on October 27, while available information lists a management call for October 28. The call may give management an opportunity to explain the period’s performance and operating developments.