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Vardhman Special Steels Limited Q2 FY26 results press release summary

NSE: VSSL · BSE: 534392

Results press release of 28 Oct 2025, summarised by AI from the filing.

Capex progressing as planned; furnace expected to be commissioned in the second half of the financial year.

Key takeaways

  1. Reheating furnace Capex progressing as planned; furnace expected to be commissioned in the second half of the financial year.
  2. Debt-free In July the company fully repaid long-term and short-term borrowings, resulting in a debt-free balance sheet and lower finance costs.
  3. EBITDA drivers EBITDA per ton of ₹10,170 was driven by lower raw material costs and higher other income.
  4. Revenue decline Q2 revenue fell 12.64% Y-o-Y mainly due to reduction in volumes and lower realisations.

Original filing on BSE

Vardhman Special Steels Limited Q1 FY27 results

As filed: 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).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • 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.
  • Q2 FY25: Revenue ₹495 cr (+19% year on year), EBITDA ₹39.0 cr (+26% year on year), PAT ₹26.0 cr (+44% year on year), EBITDA margin 7.9% (+41 bps). Score 64 of 100, In line with trend. EBITDA margin rose 41 bps year on year. Other income 26% of PBT. Not enough history for a trend yet: scored on growth alone.

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.