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Vardhman Special Steels Limited Q2 FY27 results deck summary

NSE: VSSL · BSE: 534392

Results deck of 27 Oct 2026, summarised by AI from the filing.

Forging Line 1, budgeted at ₹475 cr capex, is guided for commissioning in Q3 FY28.

Key takeaways

  1. Forging guidance Forging Line 1, budgeted at ₹475 cr capex, is guided for commissioning in Q3 FY28.
  2. Volume growth Rolled product volumes rose to 70,440 tonnes in Q2 FY27 from 55,536 tonnes in Q2 FY26.
  3. Growth drivers Higher volumes and realisations, a higher GST refund, lower-cost raw material inventory and Kocks Block and reheating furnace capex benefits drove EBITDA.

Original filing on BSE

Vardhman Special Steels Limited Q2 FY27 results

As filed: Revenue ₹600 cr (+39% year on year), EBITDA ₹69.1 cr (+50% year on year), PAT ₹52.5 cr (+50% year on year), EBITDA margin 11.5% (+87 bps).

The Q2 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q1 FY27: Revenue ₹486 cr (+12% year on year), EBITDA ₹58.4 cr (+83% year on year), PAT ₹41.2 cr (+106% year on year), EBITDA margin 12.0% (+465 bps). Score 83 of 100, Above trend. Revenue growth was above the company's own trend; EBITDA and profit growth were well above it. EBITDA margin rose 465 bps year on year. Share price after the results: +14.9% in 30 days (Nifty 500: +0.8%).
  • Q4 FY26: Revenue ₹458 cr (+7% year on year), EBITDA ₹46.1 cr (+49% year on year), PAT ₹34.0 cr (+70% year on year), EBITDA margin 10.1% (+282 bps). Score 65 of 100, In line with trend. Revenue, EBITDA and profit growth were above the company's own trend. EBITDA margin rose 282 bps year on year. Share price after the results: +0.7% in 29 days (Nifty 500: +0.6%).
  • Q3 FY26: Revenue ₹431 cr (+1% year on year), EBITDA ₹43.3 cr (+27% year on year), PAT ₹33.6 cr (+60% year on year), EBITDA margin 10.1% (+209 bps). Score 48 of 100, In line with trend. Revenue growth was in line with the company's own trend; EBITDA and profit growth were above it. EBITDA margin rose 209 bps year on year. Other income 29% of PBT. Profit fell 4% from last quarter. Share price after the results: −7.2% in 30 days (Nifty 500: −0.3%).
  • Q2 FY26: Revenue ₹432 cr (−13% year on year), EBITDA ₹46.0 cr (+18% year on year), PAT ₹35.0 cr (+35% year on year), EBITDA margin 10.7% (+277 bps). Score 41 of 100, In line with trend. Revenue growth was well below the company's own trend; EBITDA and profit growth were in line with it. EBITDA margin rose 277 bps year on year. Share price after the results: −12.1% in 30 days (Nifty 500: +0.4%).
  • Q1 FY26: Revenue ₹434 cr (+5% year on year), EBITDA ₹32.0 cr (−24% year on year), PAT ₹20.0 cr (−23% year on year), EBITDA margin 7.4% (−275 bps). Score 28 of 100, Below trend. Revenue growth was in line with the company's own trend; EBITDA and profit growth were below it. EBITDA margin fell 275 bps year on year. Other income 30% of PBT. Share price after the results: −5.5% in 28 days (Nifty 500: −1.3%).
  • Q4 FY25: Revenue ₹428 cr (−3% year on year), EBITDA ₹31.0 cr (−37% year on year), PAT ₹20.0 cr (−39% year on year), EBITDA margin 7.2% (−392 bps). Score 12 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin fell 392 bps year on year. Other income 26% of PBT. Profit fell 5% from last quarter. Share price after the results: +29.8% in 30 days (Nifty 500: +2.7%).
  • Q3 FY25: Revenue ₹427 cr (+8% year on year), EBITDA ₹34.0 cr (+3% year on year), PAT ₹21.0 cr (−5% year on year), EBITDA margin 8.0% (−35 bps). Score 39 of 100, Below trend. Revenue growth was in line with the company's own trend; EBITDA and profit growth were below it. EBITDA margin fell 35 bps year on year. Revenue fell 14% from last quarter.

Past price moves after results do not indicate future moves. Not a recommendation.

Vardhman Special Steels Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.