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Vardhman Special Steels reported record PAT of ₹122 crore for FY26, driven by highest-ever sales volume of 225,000 tons. The company is expanding rolling capacity to 270,000 tons and targeting 250,000-255,000 tons in FY27. EBITDA per ton guidance has been raised to ₹8,000-11,000 (from ₹7,000-10,000), with a medium-term target of ₹9,000-12,000. Key growth drivers include a new reheating furnace, solar plant (9 crore units/year), and process improvements like larger heat sizes. The forging plant (ring gears) is on track for Q3 FY28 commissioning, and a greenfield steel plant (500,000 tons) is targeted for July 2029. Risks include potential global recession impacting demand and delays in environmental clearance for brownfield expansion.
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Guidance to track
- Management guided for sales volume of 250,000-255,000 tons in FY27, up from 225,000 tons in FY26.
- The company raised its EBITDA per ton guidance from ₹7,000-10,000 to ₹8,000-11,000 for the current fiscal year.
- Management expects to increase the EBITDA per ton range to ₹9,000-12,000 within two years.
- The forging plant is expected to start operations in the third quarter of FY28, with ramp-up in FY29.
Risks flagged
- Management acknowledged a possible global recession that could affect demand and pricing.
- The company needs environmental approval to increase melting capacity from 300,000 to 360,000 tons; Ludhiana's critically polluted zone status poses a risk.
- Analyst raised concern about product validation time; management noted it varies by customer and some may require factory inspection before approval.
- Management indicated potential QIP or equity infusion of ~₹800 crore, which could dilute existing shareholders.
Key quotes
- We have reached a stage where we can think of all these newer areas. We are very clear we will remain only in the areas of special steels and automotive forgings, but more and more we want to see our vision now is to see ourselves a supermarket of special steels.
- Our range was earlier 7 to 10. We have now from this year we are increasing the range to 8 to 11 and we said 2 years later we would like to increase the range to 9 to 12.
- We are a risk averse group. When we enter into a newer area we'll start with a smaller investment and then gradually build up.
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