Vardhman Special Steels Limited — Q4 FY26

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.