| Metric | Value (₹ Cr) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 430.54 | 0.4% | 0.9% |
| Total Income | 443.72 | 0.1% | 2.3% |
| Expenditure | 398.93 | 0.5% | 1.6% |
| PBT | 44.79 | 3.7% | 57.3% |
| Net Profit | 33.59 | 2.8% | 56.5% |
| OPM | 10.06% | 0.41pp | 8.20pp |
| NPM | 7.57% | 0.22pp | 2.62pp |
| EPS | 3.48 | 3.6% | 32.3% |
Vardhman Special Steels Reports 34.28% YoY EBITDA Growth in Q3 FY26
20 Jan 2026 · 20 Jan, 5:44 pm
Summary
Vardhman Special Steels Limited, a leading producer of special steels in India, has reported its financial results for the third quarter and nine months ended 31st December 2025. The company reported a 34.28% YoY growth in EBITDA and a 56.53% YoY increase in PAT for Q3 FY26. The total revenue for the quarter was Rs. 430.54 crores, EBITDA and PAT at Rs. 56.47 crores, and Rs. 33.59 crores respectively. The company also announced an investment of INR 475 crore to establish a steel forging and machining facility in Ludhiana.
Key Highlights
- 1
Sales Volume (tonnes) 55,141 | 54,252** 1.64% 55,536
- 2
Revenue from Operations 430.54 426.77 0.88% 432.27 | 1,296.52 1,336.37 (2.98)%
- 3
EBITDA* 56.47 42.05 34.28% 56.48 152.28 138.54 9.92%
- 4
PAT 33.59 21.46 56.53% 34.56 88.04 73.36 20.02%
- 5
Company announced an investment of INR 475 crore to establish a steel forging and machining facility in Ludhiana.
Management Comments
Mr Sachit Jain
Q3 FY26 witnessed a steady performance by the Company, with stable revenues, while EBITDA and PAT growing at 34.28% and 56.53% YoY respectively. The total revenue for the quarter was Rs. 430.54 crores, EBITDA and PAT at Rs. 56.47 crores, and Rs. 33.59 crores respectively. During the quarter, the Board approved an investment of 475 crore to establish a steel forging and machining facility in Ludhiana, marking a forward integration into value-added automotive components, supported by technical collaboration with Aichi Steel Corporation. This expansion will enable the Company to offer a comprehensive, end-to-end solution to automotive OEMs, while enhancing quality consistency and supply reliability. In addition, the Company launched a closed-loop steel recycling initiative with Maruti Suzuki in October, representing a significant milestone in its green steel roadmap and commitment to the circular economy. Further, the work on our new reheating furnace is on track for commissioning by March 2026, which will take our Rolling capacity to 270,000 tons. In line with our focus on sustainability and cost efficiency, we invested an additional INR 1.13 crore in Sone Solar Private Limited during the quarter, taking our total investment to INR 12.46 crore and maintaining a 26% stake, which we expect will help lower power costs and support margins over the long term.
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