Vibhor Steel Tubes earnings calls.

Vibhor Steel Tubes delivered a strong Q1 FY27 with 20Current 20 crore vs previous available quarter 16 crore.% YoY revenue growth driven by the Jasugura plant ramp-up, despite being monsoon season when the market typically slows. The management highlighted exceptional order bookings across all product lines—pipe orders at 6,500 tonsCurrent 6,500 tons. Reported change: +2.6x vs avg. (Mumbai), 2,000 tons (Hyderabad), and 1,800 tons (Jasugura)—with new products like transmission line towers (~2,000 tonsCurrent ~2,000 tons. Reported change: New segment. order book) and octagonal poles (250 tonsCurrent 250 tons. Reported change: 85% capacity.) contributing ahead of expectations. The company operates with 83% revenue from pipes, 12% from crash barriers, and 5% from other products, though 80-82% comes from Jindal arrangements. Capacity expansion is underway with a second galvanizing tank due by September 1st, and a new subsidiary is being set up in North India for crash barrier production. Management targets reducing Jindal dependency to 70% while maintaining that new products will contribute more to margins than top-line volume. Key risks include heavy Jindal concentration (80%+ revenue), pending certifications for monopole products, and capacity bottlenecks across galvanizing operations.