VARDHMAN SPECIAL STEELS LTD.

Vardhman Special Steels Ltd held an Analysts/Investors Meet on August 14, 2026, at Hotel Trident, BKC, Mumbai. The meeting, a continuation of previous communications, involved group discussions with Seraphic Family Office, Sagun Capital, Aagam Investments, and Nuvama Group. The company clarified that only information already in the public domain was discussed, and no Unpublished Price Sensitive Information (UPSI) was shared during these interactions.

Vardhman Special Steels Limited has submitted its Demat Report for July 2026, as per SEBI regulations. The report details the dematerialisation of 118 equity shares during the month. This process involved the cancellation of original share certificates and updating the company's records to reflect the depository as the registered owner. The annexures provide specific details of the shares dematerialised, including certificate numbers, distinctive numbers, and dates, across both NSDL and CDSL platforms. This filing is a routine compliance report concerning shareholding changes.

Vardhman Special Steels Ltd has submitted its Monitoring Agency Report for the quarter ended June 30, 2026. The report, issued by CRISIL Ratings Limited, pertains to the utilization of proceeds from a Preferential Issue (PI) of equity shares. The total issue size was ₹3,849,088,060. The report confirms that there were no deviations from the objects of the issue. CRISIL Ratings Limited acted as the Monitoring Agency as per SEBI regulations and the Monitoring Agency Agreement dated June 04, 2025. The report is submitted for information and records.

Vardhman Special Steels Limited (VSSL) has commenced construction of its new state-of-the-art forging unit in Ludhiana, Punjab. The foundation stone was laid by the Hon'ble Chief Minister of Punjab, S. Bhagwant Singh Mann Ji. This facility, a strategic forward integration into high-value precision-forged automotive components, is being established through a partnership with Aichi Steel Corporation, Japan. The total investment for the project is ₹1,116 crore, spread across two phases. The first phase, targeting commissioning by March 2028, will include one forging line and an NDT line. The expansion aims to enhance VSSL's capabilities in serving the automotive sector with integrated steel and forging solutions, aligning with India's 'Make in India' initiative and strengthening the automotive manufacturing ecosystem in Punjab. The project is expected to create over 300 direct employment opportunities.

Vardhman Special Steels Limited announced its unaudited financial results for Q1 FY27, reporting a significant 107.01% year-on-year increase in Profit After Tax (PAT) to ₹41.19 Crore. Revenue from Operations grew by 12.06% to ₹486.01 Crore, driven by a 6.35% rise in sales volume to 59,103 MT and higher realizations. EBITDA also saw a substantial increase of 73.63% to ₹68.29 Crore. The company attributes the strong performance to sustained demand, improved operating efficiencies, cost savings from solar power, and strategic investments in manufacturing capabilities. Management expressed optimism for FY27, highlighting ongoing growth strategies and expansion plans.

Vardhman Special Steels opened FY27 with its strongest quarter in over a year: standalone revenue rose 12.1% YoY (6.1% QoQ) to ₹486.0 Cr, while profit after tax more than doubled to ₹41.2 Cr from ₹19.9 Cr a year ago (+107% YoY) and climbed 21% sequentially from ₹34.0 Cr. Net profit margin expanded to 8.5% from 4.5% a year ago and 7.3% last quarter — the profit growth ran well ahead of the topline, so this is a margin-and-cost story, not just volume. The operating bridge is the key point: total expenses grew only 6.3% YoY versus 12.1% revenue growth, with the biggest lever being changes in inventory (a ₹14.9 Cr inventory build this quarter versus a ₹41.3 Cr drawdown a year ago) alongside contained power/fuel and finance costs (₹3.3 Cr, down YoY). Notably, the ₹41.2 Cr PAT was achieved despite a SMALLER government incentive in other income (₹3.80 Cr vs ₹6.71 Cr in Q1FY26); stripping that one-off from both periods, underlying pre-tax profit rose from ~₹20.1 Cr to ~₹51.6 Cr, so the adjusted YoY profit jump is even larger (~+157%) than the +107% reported — the print understates operating strength rather than flattering it. On expectations: no formal street consensus or brokerage preview exists for this small-cap (results were pending at search time), so vsStreet is unknown. Against management's own FY27 guidance from the Q4 concall — 250,000–255,000 tons of volume and a raised EBITDA/ton band of ₹8,000–11,000 — this quarter is directionally consistent (EBITDA ~₹68 Cr, margins expanding), but the filing discloses no quarterly volume, so the per-ton target can't be verified yet; call it on-track, not confirmed. Concurrent board actions this quarter — a 7.6 lakh ESOP grant (Jul 17) and a further ₹2.64 Cr investment in Sone Solar (Jul 8) — are minor relative to the ₹2,000 Cr capex programme (new forging plant in Q4FY28, a 500–600k ton steel plant targeted for July 2029) that frames the multi-year story. The single segment remains steel; results were subjected to limited review by BSR & Co. with an unmodified conclusion.

Vardhman Special Steels Limited announced the grant of 7,60,000 Employee Stock Options (ESOPs) to 73 eligible employees under its VSSL ESOP Plan 2025. The grant was approved by the Nomination and Remuneration Committee on July 17, 2026. Each option is convertible into one equity share of face value Rs. 10/- at an exercise price of Rs. 200/-. The options will vest in tranches of 25% over four years, starting from the second year post-grant, and can be exercised within two years from the vesting date. This marks the first grant under the VSSL ESOP Plan 2025.

Vardhman Special Steels Ltd has announced that its Board of Directors will convene on July 22, 2026. The primary agenda item for this meeting is to consider and approve the company's un-audited financial results for the quarter ending June 30, 2026. This meeting is being held in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Vardhman Special Steels Ltd has announced a further investment of ₹2,64,38,000 in Sone Solar Private Limited. This investment is towards the balance payment of the third and final tranche, comprising 26,43,800 0.5% Compulsory Convertible Debentures of face value ₹10 each. This follows an earlier investment of ₹1,13,54,250 made on October 30, 2025. The aggregate investment in Sone Solar now stands at ₹15,10,00,000. Vardhman Special Steels' shareholding in Sone Solar Private Limited's equity share capital remains unchanged at 26%.

Vardhman Special Steels Limited has submitted its Demat Report for June 2026, as per SEBI regulations. The report details the dematerialization of 128 equity shares during the month. This process involved the cancellation of original share certificates and updating the company's records to reflect the depository as the registered owner. The filing includes specific details of the shares, such as distinctive numbers and certificate numbers, processed for both NSDL and CDSL. This regulatory filing ensures transparency in the company's shareholding structure.