Vardhman Special Steels Limited — PPTs, 20-01-2026: Investor Presentation

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**1. Business Performance:**

Vardhman Special Steels saw stable Q3 FY26 revenue (+0.88% YoY) at ₹430.54 Cr, driven by higher volumes offsetting price drops. PAT jumped 56.53% YoY to ₹33.59 Cr, and EBITDA grew 34.28% YoY to ₹56.47 Cr. For 9M FY26, revenue declined slightly, but PAT increased 20.02%.

**2. Growth Drivers or Strategy:**

Vardhman is investing ₹475 Cr for a new steel forging and machining facility, integrating into value-added auto components with Aichi Steel. Rolling capacity will boost to 270,000 tons by March 2026 via a new reheating furnace. A Greenfield plant (FY29-30) for green steel and product diversification is also planned.

**3. Recent Developments:**

Recent initiatives include a closed-loop steel recycling program with Maruti Suzuki, advancing its green steel roadmap. An additional ₹1.13 Cr investment in Sone Solar Private Limited aims to cut power costs.

**4. Key Financial Metrics:**

Q3 FY26: Revenue ₹430.54 Cr (+0.88% YoY), PAT ₹33.59 Cr (+56.53% YoY), Basic EPS ₹3.48 (+32.32% YoY).

9M FY26: Revenue ₹1,296.52 Cr (-2.98% YoY), PAT ₹88.04 Cr (+20.02% YoY), Basic EPS ₹9.63 (+7.00% YoY).

**5. Management Commentary / Outlook:**

Management highlighted Q3 profit growth and an ongoing focus on operational efficiency, capacity expansion, and sustainable business with a lower carbon footprint.