| Metric | Value (₹ Cr) | Q3 FY26 | Q4 FY25 |
|---|---|---|---|
| Revenue | 457.92 | 6.4% | 7.0% |
| Total Income | 468.37 | 5.6% | 7.6% |
| Expenditure | 422.38 | 5.9% | 3.4% |
| PBT | 45.99 | 2.7% | 71.3% |
| Net Profit | 33.98 | 1.2% | 72.2% |
| OPM | 10.06% | 0.00pp | 2.72pp |
| NPM | 7.25% | 0.32pp | 2.72pp |
| EPS | 3.52 | 1.1% | 45.5% |
Vardhman Special Steels FY26 PAT up 31% to ₹122 Cr; Q4 PAT up 72%
28 Apr 2026 · 28 Apr, 3:42 pm
Summary
Vardhman Special Steels Limited announced its financial results for Q4 and the full financial year ended March 31, 2026, showcasing robust profit growth despite a marginal revenue decline for the full year. For FY26, Profit After Tax (PAT) grew by 31.08% year-on-year to ₹122.02 crore, while revenue from operations slightly decreased by 0.57% to ₹1,754.43 crore, primarily due to price declines offset by higher sales volumes. Q4 FY26 demonstrated strong momentum with PAT rising by 72.20% to ₹33.98 crore and revenue from operations increasing by 6.98% to ₹457.92 crore. Management highlighted a milestone year, marked by becoming debt-free, strategic technology advancements, strengthening partnerships, and significant capacity enhancements positioning the company for sustainable and profitable growth.
Key Highlights
- 1
Vardhman Special Steels Limited reported a 31.08% year-on-year increase in Profit After Tax (PAT) for FY26, reaching ₹122.02 crore.
- 2
For the fourth quarter of FY26, PAT surged by 72.20% year-on-year to ₹33.98 crore, while revenue from operations grew by 6.98% to ₹457.92 crore.
- 3
Full-year FY26 revenue from operations was ₹1,754.43 crore, showing a slight decline of 0.57% year-on-year primarily due to a decline in prices, though this was largely offset by higher sales volumes.
- 4
EBITDA for FY26 increased by 17.87% to ₹208.82 crore, and for Q4 FY26, EBITDA rose significantly by 46.40% to ₹56.54 crore.
- 5
Sales volumes for FY26 stood at 2,25,620 tonnes, a 2.56% increase year-on-year, while Q4 FY26 volumes grew by 10.28% to 59,370 tonnes.
- 6
The Board recommended a dividend of ₹3.50 per equity share for FY26, reflecting strong financial performance.
- 7
Strategic milestones for FY26 included becoming debt-free, commissioning the Kocks Block, reinforcing the Aichi Steel Corporation partnership, and in Q4, commissioning a solar power plant and installing a new reheating furnace to increase capacity to 270,000 tonnes.
Management Comments
Mr Sachit Jain
FY26 has been a milestone year for the Company, marked by strong execution across strategic, operational, and financial priorities. Early in the year, we strengthened our balance sheet by becoming debt-free, reducing finance costs and enhancing financial flexibility. We also progressed on our technology roadmap with the successful commissioning of Kocks Block. Our partnership with Aichi Steel Corporation was further reinforced through their increased stake and continued technical collaboration, including the approval of a forging facility, positioning us for forward integration into value-added automotive components. Q4 FY26 was particularly significant, with the commissioning of our solar power plant and the installation of a new reheating furnace, which will increase our capacity to 270,000 tonnes. These developments strengthen our manufacturing capabilities and position us to drive higher volumes, improve cost efficiencies, and deliver more stable margins. Overall, we exit FY26 with a stronger operational base, enhanced capabilities, and a clear pathway for sustainable and profitable growth.
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