Jajpur Plant Capacity Utilization (Dec)
21%
+21pp vs. prior quarter
Jajpur plant reached 21% of installed capacity in December, up from near zero in Q2.
VIBHORSTEELTUBES
Manufacturing
10 Feb 2026
Vibhor Steel Tubes Ltd — Q3 FY26
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Metal Crash Barrier Monthly Production
1,000 tons
+100% YoY
Both Hyderabad and Jajpur plants are at full capacity of 1,000 tons/month each.
Revenue Share from New Products (Non-Pipe)
20%
N/A
Management expects new products (crash barrier, poles, towers) to contribute 20% of revenue soon.
Order Inquiries for Crash Barrier
2,000 tons
N/A
Inquiries exceed current capacity by 2,000 tons, driving expansion plans.
Management Guidance
Jajpur plant capacity utilization to reach 30-40% in FY27
Management expects the Jajpur plant to achieve 30-40% capacity utilization in the next fiscal year, up from 21% in December.
Management guidance growthCapex of ~₹10 crore in FY26
The company plans to invest approximately ₹10 crore in FY26 for new machines and galvanizing lines.
Management guidance capexNew products to contribute 20% of revenue
Management expects non-pipe products (crash barrier, poles, towers) to account for 20% of revenue in the near term.
Management guidance revenueKey Risks
High customer concentration (Jindal)
Approximately 80% of revenue comes from Jindal, posing a risk if the relationship sours or demand drops.
high · analyst_questionCertification delays for new products
New products like transmission towers and poles require state-level certifications, which may delay revenue recognition.
medium · management_commentaryExecution risk in capacity expansion
The company is adding new machines and galvanizing lines; any delay could impact growth targets.
medium · data_observationNotable 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.
Frequently Asked Questions
What was Vibhor Steel Tubes's revenue in Q3 FY26?
Vibhor Steel Tubes reported revenue of ₹301 Cr in Q3 FY26, representing a +21.8% change compared to the same quarter last year.
What guidance did Vibhor Steel Tubes management give for FY27?
Jajpur plant capacity utilization to reach 30-40% in FY27: Management expects the Jajpur plant to achieve 30-40% capacity utilization in the next fiscal year, up from 21% in December. Capex of ~₹10 crore in FY26: The company plans to invest approximately ₹10 crore in FY26 for new machines and galvanizing lines. New products to contribute 20% of revenue: Management expects non-pipe products (crash barrier, poles, towers) to account for 20% of revenue in the near term.
What are the key risks for Vibhor Steel Tubes in FY27?
Key risks include High customer concentration (Jindal) — Approximately 80% of revenue comes from Jindal, posing a risk if the relationship sours or demand drops.; Certification delays for new products — New products like transmission towers and poles require state-level certifications, which may delay revenue recognition.; Execution risk in capacity expansion — The company is adding new machines and galvanizing lines; any delay could impact growth targets..
Did Vibhor Steel Tubes meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Vibhor Steel Tubes Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.