Vardhman Special Steels Limited · NSE:VSSL
Vardhman Special Steels — Q2 FY26 Earnings Presentation
35 slides from Vardhman Special Steels's earnings presentation, Oct 29, 2025
Slide 1: Stock exchange filing cover letter
@) -Vardhman VARDHMAN SPECIAL STEELS LIMITED WwW Vardhman - | Delivering Excellence. Since 1965. CHANDIGARH ROAD LUDHIANA-141010, PUNJAB T: +91-161-2228943-48 F: +91-161-2601048 E: secretarial.lud@vardhman.com Ref. VSSL:SCY:OCT:2025-26 Dated: 29.10.2025, BSE Limited, The National Stock Exchange of I
Slide 2: Result Update Presentation Q2 & H1 FY26
Result Update Presentation Q2 & H1 FY26
Slide 3: This presentation has been prepared by Vardhman Special Steels Limited (the “Company”) solely for
This presentation has been prepared by Vardhman Special Steels Limited (the “Company”) solely for information purposes and does not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any cont
Slide 4: Table of Contents
" TABLE OF GONTENTS _é FINANGIAL HIGHLIGHTS ~~ COMPANY OVERVIEW NN > BUSINESS Migald a jg A WAY AHEAD Ne
Slide 5: Financial Highlights
Slide 6: Q2 FY26 management commentary
“ Q2 FY26 was a stable quarter with total revenue of Rs. 432.27 crores, EBITDA of Rs. 56.48 crores, and PAT of Rs. 34.56 crores. The Company achieved its EBITDA per ton of Rs. 10,170, primarily driven by lower raw material costs and higher other income. Sales volume stood at 55,536 tons, with realiz
Slide 7: Q2 FY26 financial results
INR Crore Q2 FY26 Q2 FY25 Y-o-Y % Q1 FY26 Revenue From Operations 432.27 494.82 (12.64)% 433.70 Other Income § Volumes for Q2 FY26 stood at 11.22 9.29 20.73% 7.50 55,536 tonnes as against 59,018 Total Income 443.49 504.11 (12.02)% 441.20 (only rolled products) tonnes in Cost of Materials Consumed 26
Slide 8: H1 FY26 financial results
INR Crore H1 FY26 H1 FY25 Y-o-Y % Revenue From Operations 865.97 909.60 (4.80)% Other Income 18.72 14.96 25.07% Total Income 884.69 924.56 (4.31)% § Volumes for H1 FY26 stood at Cost of Materials Consumed 489.61 568.02 (13.80)% 1,11,109 tonnes as against Purchases of Stocks 0.00 0.00 - 1,09,316 (onl
Slide 9: Balance sheet as on 30th Sept 2025
INR Crore As on 30th Sept’25 As on 31st Mar’25 INR Crore As on 30th Sept’25 As on 31st Mar’25 Equity 1,208.11 797.91 Non-Current Assets 584.02 474.76 Equity Share Capital 96.50 81.73 Property Plant & Equipment 471.72 308.29 Other Equity 1,111.61 716.18 Capital work in progress 57.10 117.03 Non-curre
Slide 10: Company Overview
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Slide 11: Amongst India's Leading Steel Bar Producers for Automotive Applications
Amongst India’s Leading Steel Bar Experienced Management Team State-of- art manufacturing facilities Quality Standards, Assurance Producers for Automotive Applications § Significant experience in Steel § Cutting-edge manufacturing & Certifications § Incorporated in May 2010 Industry technology § ISO
Slide 12: What We Were… 2019 – Till Date
What We were… 1973- 2011 2012 - 2015 2016 - 2018 2019 – Till Date § 1973 – Started as Oswal Steels - § 2012 - Listed on BSE & NSE § Dec 2016 – Upgraded § Feb 2019 – Fortified Board of Directors -one 50,000 TPA capacity of special transformer & allied Independent Woman Director and one & alloy steels
Slide 13: Board of Directors
Ms. Suchita Jain … Mr. Sachit Jain Chairman & MD Non-Executive Director § B. Tech (Electrical) - IIT, New Delhi, MBA (Gold medallist) - IIM, § Master’s degree in Commerce from Punjab University, Ahmedabad and Owner/President Management Program – Chandigarh Harvard - Experience of over 34 years in Te
Slide 14: Board of Directors (continued)
… Mrs. Vidya Shah Mr. Rakesh Jain Independent Director Independent Director § MBA from Indian Institute of Management, Ahmedabad § Ph.D. in Polymers from University of Akron § 11 years of career in investment banking - ICICI, Peregrine and NM § Worked in Advanced Technology Group at GE Electro-mater
Slide 15: Business Overview
Slide 16: Hot Rolled Bars and Bright Bars
Hot Rolled Bars Bright Bars § Diameter Size : Increased from 25-70 § Size : 14.66 to 78 mm (Peeled), 18 to MM in 2012 to 16-120 MM 55.25 mm (Drawn)
Slide 17: Automotive component applications
• Axle Gears • Transmission Gear • Stabilizer Bar • Drive-Shaft • Knuckle Spindle • Tie-Rod • Piston • Bearings • Connecting Rod • Companion-flange • Camshaft • Axle Shaft • Center Velocity Joint • Piston-Pin • Crankshaft • Steering-Yoke • Differential Gears • Steering Shaft
Slide 18: Steel Melting Shop, Rolling Mill, Bright Bars
Steel Melting Shop Rolling Mill Bright Bars Annual Capacity : 3,00,000 TPA Annual Capacity : 2,00,000 TPA Annual Capacity : 48,000 TPA § 35 MT Ultra High Power (UHP) Eccentric § Rolling Mill installed in 2013-14 § Bar Peeling & Centreless Grinding Bottom Tapping (EBT Type) § Mill with complete autom
Slide 19: Process Flow
PROGESS FLOW Sponge, DRI, PIG IRON, Shredded Scrap ae = Domestic Shipment a i) rr” Final Inspection and Dispatch ‘Vaccum Degassing Unit Continous Casting Facility Laddle Refining Unit As Rolled Bar “Hot Rolled" Billet A“ Reheat Furnace Rolling Mill
Slide 20: Electric Arc Furnace, Ladle Refining, Continuous Casting
Electric Arc Furnace Two Ladle Refining Furnace Continuous Casting Machine Vacuum Degassing
Slide 21: Rolling Mill, Bright Bar Shop, Reheating Furnace
Rolling Mill Bright Bar Shop Reheating Furnace Spherodizing & Annealing Machines Rolling Mill Bright Bar Shop
Slide 22: Straightening, Chamfering, Shot Blasting, Testing
MFLT Straightening Chamfering Acceptance Criteria: Straightness : Bar ends free from 0.2x10mm 2mm / meter Burr Shot Blasting UST Acceptance Criteria: SDH - 0.8x10mm, FBH - 0.8 & 1.2mm
Slide 23: Ensuring highest levels of quality and compliance
§ Spectrometer: ARL 4460:1454 for Chemical Analysis. Can check 32 different elements § CS - 230 : Analyzer for Carbon & Sulfur content in steel § LECO gas analyzer: TC 600 H2, N2, O2 Analyzer § Mobile Spectro and XRF for Mix up Testing of Bars § Mechanical and Metallurgical Testing Lab: § Rockwell H
Slide 24: Warehouse network
Rudrapur § One Owned Warehouse Bilaspur § Bilaspur Haryana § Six Leased Warehouses in India § Bengaluru Aurangabad § Chennai § Rudrapur Pune § Pune § Aurangabad Bengaluru Chennai
Slide 25: Key strengths
State of Art Manufacturing Facilities Diversified Product offerings Rich Management Experience and advanced R&D Capabilities § Manufactures diverse range of § Dynamic & rich experience in special § Well equipped with latest upgraded products with wide applications across steel sector Technology Mach
Slide 26: End-use segments served
Cars Two Wheelers HCL/LCVs Auto Components Tractors Off Highway Vehicles
Slide 27: Export markets
Russia Germany Italy Japan Turkey Vietnam Taiwan Thailand 3% of H1 FY26 sales from exports
Slide 28: Way Ahead
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Slide 29: Leadership and training initiatives
Centre for Creative Leadership ‘Manav Vikas Kendra’ ‘EKLAVYA - B.Sc. to B. Tech.’ § CCL - US based Organisation – offers § Training programs – functional, § New Initiative undertaken leadership programs across 160 countries, attitudinal, skill development, § Formalized training programs that FT top1
Slide 30: Aichi Steel partnership: Phases 1-3
Phase - 3 § Technology and technical know how shared with VSSL to make steel for Toyota companies and other OEM’s Setting up new Greenfield steel plant in the state of Punjab Phase - 1 § To raise quality of steel of VSSL to be supplied to future Aichi increases its stake in VSSL from 11.33% to 24.
Slide 31: Possibilities and production volume roadmap
Possibilities § Future Ready products - Patent steel grades developed for special application in EV’s, hybrid and conventional cars § Own In House R&D – Toyota Car Company takes input from Aichi on special steel to be developed car parts. It means we can target more approvals for VSSL in Maruti Suzu
Slide 32: Phased growth plan
Phase 3 Production 300,000MT / year Phase 2 Export 60,000 MT / year • Initiate CAPEX to increase production capacity to • Vardhman may look forward to 250,000 MT in first phase Forging business in India • FY 23: Year of manufacturing of Trial orders for Aichi • Anticipate to receive orders from Aich
Slide 33: Environment and Social
Environment • Committed towards cleaner, greener and healthier environment by implementing stringent standards & policies for Environment in our unit • Making steel through Electric Arc Furnace route which is significantly more environment friendly than Blast Furnace route. Most of our competitors a
Slide 34: Governance
Have In-house oxygen generation plants for our captive consumption. During Covid time, we had served society by supplying oxygen cylinders. During 2nd wave of Covid, we have been able to serve for 50% requirement of oxygen of Ludhiana city Employee well being: ü We hadn’t laid off anyone during
Slide 35: For further information, please contact
For further information, please contact 534392 VSSL VSSL IN VARM.BO Company Investor Relations Advisors Vardhman Special Steels Limited Adfactors PR Pvt. Ltd. Mr. Sanjeev Singla Mr. Parth Chauhan Ms. Samruddhi Bane +91 9082323003 +91 9619624264 sanjeevsingla@vardhman.com parth.chauhan@adfactorspr.co
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