Vibhor Steel Tubes: Transcript of Q1 FY27 Earnings Call Released
Vibhor Steel Tubes released its Q1 FY27 earnings call transcript. The company reported a 20% revenue increase and strong order bookings for pipes, guardrails, and transmission line towers. VSTL plans a new unit in North India and aims to reduce dependency on Jindal Steel. New product lines and capacity expansions are underway.
The announcement provides detailed insights into the company's operational performance, future growth strategies, diversification into new products, and expansion plans, which are material for investors.
The company reported revenue growth, strong order bookings, and expansion plans, indicating positive business momentum. The management expressed confidence in future performance due to increased demand and new product introductions.
Vibhor Steel Tubes Limited (VSTL) has released the transcript of its earnings call for the first quarter ended June 30, 2026. The call, held on August 20, 2026, discussed the company's operational and financial performance. The transcript is available on the company's website.
During the call, Managing Director Vibhor Kaushik provided an overview of the company's journey since its inception in 2003, highlighting its expansion from a single tube mill to multiple manufacturing units and diversification into products like highway guardrails (crash barriers), transmission line towers, and poles.
Kaushik noted a strong market performance, evidenced by robust order bookings across various product lines. Specifically, Maharashtra had 5,500 tonnes of orders for ERW pipes, Hyderabad had 2,000 metric tonnes for ERW steel pipe and galvanizing, and 1,000 tonnes for crash barriers. Jharsuguda reported 1,800 tonnes for pipes and 600 tonnes for crash barriers. The company also secured significant orders for transmission line towers from Madhya Pradesh and Chhattisgarh Electricity Boards, and for octagonal and high-mast poles, with 250 tonnes of orders indicating strong initial demand.
The company reported a 20% increase in revenue for the current year, largely attributed to the Jharsuguda unit. Future growth is expected from new product lines and the commissioning of a new galvanizing tank at Jharsuguda within 10 days, which is anticipated to boost revenue by an additional ₹100-150 crore. VSTL is also contemplating establishing a new unit in North India to cater to the growing demand in that region, with land acquisition talks underway.
In terms of product-wise revenue, pipes currently contribute 83%, crash barriers 12%, and other products 5%. The company aims to reduce its dependency on Jindal Steel, which accounts for approximately 80-82% of its revenue, targeting a reduction to around 70%. However, VSTL prioritizes fulfilling existing orders and maximizing capacity utilization, particularly for galvanizing tanks, which are currently operating at full capacity.
Regarding margins, monopole is expected to offer the highest margins, followed by transmission line towers and poles, then crash barriers, and finally pipes. The company is also exploring new product lines such as RSJ poles and solar structures, with RSJ poles expected to be formally launched in Q3 FY27. CapEx plans are contingent on utilization levels, with new galvanizing tanks being added due to increased order flows. A subsidiary has been incorporated in North India for a new plant, initially focusing on crash barrier production.
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