Vardhman Special Steels Q3 FY26 Call Transcript Released
Vardhman Special Steels released its Q3 FY26 earnings call transcript. The company announced a new forging project with a ₹475 crore investment, targeting July 2028 commissioning. The Greenfield steel plant is on track for July 2029. Q3 FY26 sales were ₹430 crore, with EBITDA at ₹56 crore. Nine-month PAT reached a record ₹88 crore.
The announcement details substantial new investments in forging and steel plants, along with renewed technical collaborations and strong financial performance, which are likely to have a significant long-term impact on the company's growth trajectory and market position.
The company reported positive financial results, including record PAT for the nine-month period, and provided updates on significant growth-oriented projects like the new forging plant and steel plant, indicating a positive outlook.
Vardhman Special Steels Limited has released the transcript of its Q3 FY26 earnings conference call, which was held on January 21, 2026. The call featured insights from the management team, including Mr. Sachit Jain (Chairman and Managing Director) and Mr. Sanjeev Singla (Chief Financial Officer).
During the call, management discussed the company's performance, highlighting strong volumes despite raw material price fluctuations. A key development shared was the renewal of the technical assistance agreement with Aichi for three years and the announcement of a new forging project. This project, with a target commissioning date of July 2028, involves an investment of ₹475 crore and aims to leverage Aichi's expertise in special steels and forgings, particularly for the automotive sector.
The company also provided updates on its ongoing capex, including the reheating furnace expected to be commissioned by March 2026, which is anticipated to improve yield and reduce outsourcing. The Greenfield steel plant project remains on track for commissioning in July 2029, with a planned capacity of 500,000 tons, expanding the product mix to include larger sizes and non-automotive steels.
Financially, for Q3 FY26, sales stood at ₹430 crore on a volume of 55,000 tons. EBITDA for the quarter increased by 34% year-on-year to ₹56 crore, with EBITDA per ton at approximately ₹10,200 (excluding certain non-operational incomes). For the nine months ended, PAT was ₹88 crore, marking a record high. Management also provided guidance for sustainable EBITDA per ton, projecting ₹8,000 to ₹11,000 for the upcoming year.
Further discussions covered export markets, the company's position in the automotive steel segment, and future plans for non-automotive steel, which is expected to form about 30% of the business in the next 10 years. The company also noted Aichi Steel's increased stake to 24.9% and their willingness to invest further.
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