Vardhman Special Steels Limited — Investor Meet, 01-08-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Vardhman Special Steels' Q1 FY26 saw sales volumes up 10% YoY to 55,500 tons and revenue up 5% to INR433 Cr. EBITDA declined 18% to INR39 Cr (EBITDA/ton: INR7,077) due to inventory loss and a Kocks shutdown. Management believes pricing pressure will not worsen. The company is now debt-free after Aichi's INR385 Cr equity infusion, raising their stake to 24.9%.

Strategic highlights include the Kocks Block commissioning, new heating furnace and solar plant due soon. The greenfield steel plant is progressing for a July '29 start (INR2,000 Cr). A major new development is VSSL and Aichi's entry into specialized automotive forging. This modular business, targeting 12k-15k tons/year, anticipates no direct competition, promising capital-efficient growth and improved returns. VSSL also emphasizes its strong green steel position as a future advantage.