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Revenue
₹301.1 Cr
verification pending
Revenue YoY
21.8%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Vibhor Steel Tubes reported Q3 FY26 revenue of ₹301.1 crore, up 21% YoY, driven by the ramp-up of the Jajpur (Odisha) plant which reached 21% capacity utilization in December. The company's legacy Maharashtra and Telangana plants continue to operate at 70-72% capacity. Management highlighted that the metal crash barrier division is running at full capacity (1,000 tons/month at each plant), prompting expansion with new machines and a second galvanizing line in Jajpur. New products like transmission line towers, monopoles, and poles are gaining traction, with EBITDA margins expected to be higher (5-10%) than pipes (3.5-3.8%). Capex of ~₹10 crore is planned for FY26. Key risk: high dependence on Jindal (80% of revenue) and execution delays in certification for new products.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the Jajpur plant to achieve 30-40% capacity utilization in the next fiscal year, up from 21% in December.
- The company plans to invest approximately ₹10 crore in FY26 for new machines and galvanizing lines.
- Management expects non-pipe products (crash barrier, poles, towers) to account for 20% of revenue in the near term.
Risks flagged
- Approximately 80% of revenue comes from Jindal, posing a risk if the relationship sours or demand drops.
- New products like transmission towers and poles require state-level certifications, which may delay revenue recognition.
- The company is adding new machines and galvanizing lines; any delay could impact growth targets.
Key quotes
- Our galvanizing tank is full, that is a clear signal that the products have a lot of demand and it is urging us to increase our installed capacities.
- We have captured so much of the market that unfortunately some of the orders we have to outrightly regret because our capacity is full at the moment.
- The new products such as transmission line towers, the octagon poles, they will be catching up hopefully sooner than what we anticipate.
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