Vardhman Special Steels Q2 FY27: revenue up 38.81%, PAT up 51.88%; forging unit and greenfield plant anchor diversification plan
Q2 FY27 revenue up 38.81% to INR 600.05 crore, PAT up 51.88% to INR 52.49 crore on 70,440 tonnes rolled volumes.
By ScoutQuest · · 1 min read
- Q2 FY27 Revenue from Operations
- INR 600.05 crore, up 38.81% YoY
- Q2 FY27 PAT
- INR 52.49 crore, up 51.88%
- Rolled Volumes
- 70,440 tonnes against 55,536 tonnes
- Period
- Q2 FY27
- Positioning
- The company describes itself as amongst India's leading steel bar producers for automotive applications, with 3,00,000 MTPA billet and 2,70,000 MTPA rolled bar capacity, 200+ customers and a strategic alliance with Aichi Steel.
📈 Q2 FY27 revenue from operations rose 38.81% YoY to INR 600.05 crore, EBITDA (including other income) rose 48.48% to INR 83.86 crore and PAT rose 51.88% to INR 52.49 crore. Rolled volumes were 70,440 tonnes against 55,536 tonnes; EBITDA per ton was Rs. 11,346. H1 FY27 PAT rose 72.02% to INR 93.68 crore.
🏭 The company attributes the gain to higher volumes and realisations, higher GST refund, lower-cost raw material inventory and benefits from last year's Kocks Block and reheating furnace capex.
🏭 Management states it plans a 500-600k TPA greenfield plant commissioning FY30 and targets a ~70% auto / 25-30% non-auto revenue mix and ~1M T capacity by FY35, entering railways, oil & gas, bearing and other sectors, with defence, aerospace and nuclear longer term via a JV partner.
🏭 The presentation lists forging Line 1 (Rs 475 Cr capex, commissioning Q3 FY28) with Aichi Steel, ~Rs 300 Cr revenue potential per line and a guided 15-20% EBITDA margin, under ~Rs 2,600 Cr committed FY26-30 capex and peak debt/equity of at most 0.75x.
Also from Vardhman Special Steels
Audio recording of Q2 FY27 earnings conference call made available
28 Oct 2026
Vardhman Special Steels Ltd press release, Q2 FY27
27 Oct 2026
Standalone results for the 30.09.2026 (Unaudited)
27 Oct 2026
More numbers
- Revenue from operations, Q2 FY27600.05 (INR Crore)
- Revenue growth YoY, Q2 FY2738.81%
- EBITDA, Q2 FY2783.86 (INR Crore)
- PAT, Q2 FY2752.49 (INR Crore)
- PAT growth YoY, Q2 FY2751.88%
- EBITDA per ton, Q2 FY27Rs. 11,346
- Revenue from operations, H1 FY271,086.06 (INR Crore)
- PAT, H1 FY2793.68 (INR Crore)
- Current borrowings, 30 Sep 2026162.93 (INR Crore)
- Committed capex FY26-30~₹2,600 Cr
- Forging Line 1 budgeted capex₹475 Cr
- Forging unit investment at Ludhiana₹1,116 crore
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