Vardhman Special Steels Limited — Investor Meet, 06-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Vardhman Special Steels' Q2 FY26 saw revenue at Rs. 432 Cr (down 12.6% YoY) but EBITDA jumped 16% to Rs. 56 Cr, with PAT at Rs. 34.5 Cr driven by lower finance costs from Aichi's capital infusion. H1 revenue was Rs. 865 Cr. Strategic focus: Aichi partnership deepened with increased stake and technical support. Key CAPEX projects, including a new reheating furnace, are set to boost capacity to 270,000 tons by FY28 (full impact Apr FY27). Solar power and an NDT line are nearing completion. FY27 volume target: 245,000 tons. Expected EBITDA/ton: Rs. 8,000-11,000 from next FY. Green steel & circular economy are emerging growth areas. Management is upbeat on long-term prospects.