| Metric | Value (₹ Cr) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 432.27 | 0.3% | 12.6% |
| Total Income | 443.49 | 0.5% | 12.0% |
| Expenditure | 396.99 | 4.2% | 15.4% |
| PBT | 46.50 | 73.7% | 34.0% |
| Net Profit | 34.56 | 73.7% | 33.9% |
| OPM | 10.47% | 3.13pp | 3.46pp |
| NPM | 7.79% | 3.28pp | 2.57pp |
| EPS | 3.61 | 48.6% | 1028.1% |
Vardhman Special Steels Reports H1 FY26 Volumes at 1,11,109 MT, Revenue at Rs. 865.97 Crore
28 Oct 2025 · 28 Oct 2025, 07:17 pm
Summary
Vardhman Special Steels Limited, a leading producer of special steels and a pioneer in green steel manufacturing, has announced its unaudited financial results for the second quarter and half year ended 30th September, 2025. The company reported H1 FY26 volumes at 1,11,109 MT and revenue at Rs. 865.97 Crore.
Key Highlights
- 1
Sales Volume (tonnes) for H1FY26: 1,11,109
- 2
Revenue from Operations for H1FY26: Rs. 865.97 Crore
- 3
EBITDA (including other income) for H1FY26: Rs. 95.81 Crore
- 4
EBITDA per Ton for H1FY26: Rs. 8,623
- 5
H1FY26 PAT: Rs. 54.46 Crore
- 6
EPS for H1 FY25: Rs. 6.04
- 7
Volumes for Q2FY26: 55,536 tonnes
- 8
Revenue from Operations for Q2FY26: Rs. 432.27 crore
- 9
EBITDA (including other income) for Q2FY26: Rs. 56.48 crore
- 10
Q2FY26 PAT: Rs. 34.56 crore
- 11
EPS for Q2FY26: Rs. 3.61
Management Comments
Mr Sachit Jain
Vice Chairman & Managing Director, Vardhman Special Steels Ltd.
Q2 FY26 was a stable quarter with total revenue of Rs. 432.27 crores, EBITDA of Rs. 56.48 crores, and PAT of Rs. 34.56 crores. The Company achieved its EBITDA per ton of Rs. 10,170, primarily driven by lower raw material costs and higher other income. Sales volume stood at 55,536 tons, with realizations remaining broadly in line with the previous quarter. In July, the Company fully repaid its long-term and short-term borrowings, resulting in a debt-free balance sheet and lower finance costs. Commercial utilization of the Kocks Block commenced during the quarter, expanding the range of rolled products and improving overall productivity. The Capex for the new reheating furnace is progressing as planned and is expected to be commissioned in the second half of the financial year, further boosting capacity and operational performance. With regards to the Rs. 385 crores received by the company from Aichi Steel Corporation, Rs. 150 crores were utilized to repay short-term borrowings, while the balance amount has been temporarily parked in investments.
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