Vardhman Special Steels Limited · NSE:VSSL
Vardhman Special Steels — Q2 FY27 Earnings Presentation
35 slides from Vardhman Special Steels's earnings presentation, Oct 27, 2026
Slide 1: Regulation 30 filing cover letter
© | Vardhman VARDHMAN SPECIAL STEELS LIMITED sea 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:2026-27 Dated: 27.10.2026 BSE Limited, National Stock Exchange of India Ltd, New Trad
Slide 2: Result Update Presentation Q2 & H1 FY27
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 3: Disclaimer
Disclaimer 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 wi
Slide 4: Table of Contents
Table of Contents 01 02 03 04 Financial Company Business Way Highlights Overview Overview Ahead
Slide 5: Financial Highlights
0. 01 Financial Highlights ey, ee ////
Slide 6: Management's Message
Management’s Message “ “We are pleased to report a strong performance in Q2 FY27, driven by healthy growth in sales volumes, revenue and profitability, supported by robust customer demand, improved realizations and better operating leverage. Our continued focus on cost optimization and operational e
Slide 7: Financial Highlights Q2 FY27
Financial Highlights Q2 FY27 INR Crore Q2 FY27 Q2 FY26 Y-o-Y % Q1 FY27 • Volumes for Q2 FY27 stood at 70,440 tonnes (only Rolled Products) as against Revenue From Operations 600.05 432.27 38.81% 486.01 55,536 tonnes in Q2 FY26 Other Income 14.74 11.22 9.86 Total Income 614.79 443.49 38.62% 495.86 •
Slide 8: Financial Highlights H1 FY27
Financial Highlights H1 FY27 INR Crore H1 FY27 H1 FY26 Y-o-Y % Revenue From Operations 1,086.06 865.97 25.41% Other Income 24.60 18.72 • Volumes for H1 FY27 stood at Total Income 1,110.65 884.69 25.54% 129,544 tonnes (only Rolled Cost of Materials Consumed 612.11 489.61 Products) as against 1,11,109
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights INR Crore As on 30th Sep’26 As on 31st Mar’26 INR Crore As on 30th Sep’26 As on 31st Mar’26 Equity 1338.40 1,277.32 Non-Current Assets 768.31 677.73 Equity Share Capital 96.70 96.69 Property Plant & Equipment 616.77 584.76 Other Equity 1241.69 1,180.63 Capital work in progre
Slide 10: Company Overview
02 Company Overview (Sey ee ////
Slide 11: About Us
About Us Specialized Product offerings – 200+ Reputed and long-term customers Strong Domestic & International ▪ Steel Bars and Rods and Bright Bars ▪ Toyota, Hero Moto Corp, Caterpillar, Hino Customer Base for forging applications of various categories of Special & Motors, Maruti, Bajaj and Hyundai,
Slide 12: Journey So Far
JOURNEY SO FAR... • 1973 – Started as Oswal Steels - 50,000 • 1995 – Installed modern Steel Melting Shop • 2001 - Strengthened product portfolio – TPA capacity of special & alloy steels with Electromagnetic Stirrer added Bright Bar Facility 1973- 2011 • 1986 - Acquired Mohta Alloys with • 2000 – Com
Slide 13: Strong Experienced Board of Directors
Strong Experienced Board of Directors Mr. Sachit Jain Mrs. Suchita Jain Chairman & MD Non-Executive Director • B. Tech (Electrical) - IIT, New Delhi, MBA (Gold medallist) - IIM, • Master’s degree in Commerce from Punjab University, Chandigarh Ahmedabad and Owner/President Management Program – Harvar
Slide 14: Strong Experienced Board of Directors
Strong Experienced Board of Directors 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
Slide 15: Business Overview
-@. 03 Business Overview Gace ee ////
Slide 16: Wide Range of Rolled & Bright Bar Products
Wide Range of Rolled & Bright Bar Products Hot Rolled Bars Bright Bars ▪ Diameter Size : ▪ Size : 14.66 to 78 Increased from 25- mm (Peeled), 18 70 MM in 2012 to to 55.25 mm 16-120 MM (Drawn)
Slide 17: Diverse Applications of Our Products
Diverse Applications of Our Products Axle Gears Stabilizer Bar Knuckle Spindle Piston Connecting Rod Camshaft Center Velocity Joint Crankshaft Differential Gears Transmission Gear Drive-Shaft Tie-Rod Bearings Companion-flange Axle Shaft Piston-Pin Steering-Yoke Steering Shaft
Slide 18: State of Art Manufacturing Facilities
State of Art Manufacturing Facilities Steel Melting Shop Rolling Mill Bright Bars Annual Capacity : 3,00,000 TPA Annual Capacity : 2,70,000 TPA Annual Capacity : 48,000 TPA • 35 MT Ultra High Power (UHP) • Rolling Mill installed in 2013-14 ▪ Bar Peeling & Centreless Grinding Eccentric Bottom Tapping
Slide 19: Process Flow
Process Flow 35 TON ELECTRIC ARC FURNACE
Slide 20: Steel Melt Shop
Steel Melt Shop Electric Arc Furnace Two Ladle Refining Furnace Continuous Casting Machine Vacuum Degassing
Slide 21: Rolling Mill & Bright Bars
Rolling Mill & Bright Bars Re-Heating Furnace Spherodizing & Annealing Machines Rolling Mill Bright Bar Shop
Slide 22: Automatic Line of Bar Inspection NDT Line
Automatic Line of Bar Inspection NDT Line Straightening Chamfering MFLT Shot UST Straightness : Bar ends free from Acceptance Criteria: Blasting Acceptance Criteria: 2mm / meter Burr 0.2x10mm SDH - 0.8x10mm, FBH - 0.8 & 1.2mm
Slide 23: Best in Class R&D Facility
Best in Class R&D Facility ▪ 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 Metallurgica
Slide 24: Strategically Located Warehousing Facilities
Strategically Located Warehousing Facilities Bilaspur One Owned Warehouse Rudrapur ▪ Bilaspur Haryana Five Leased Warehouses in India ▪ Bangalore Aurangabad ▪ Chennai ▪ Rudrapur Pune ▪ Pune ▪ Aurangabad Bangalore Chennai
Slide 25: Key Strengths
Key Strengths Rich Management Experience State of Art Manufacturing Facilities Diversified Product offerings and advanced R&D Capabilities ▪ Dynamic & rich experience in special steel ▪ Manufactures diverse range of products sector ▪ Well equipped with latest upgraded with wide applications across s
Slide 26: 200+ Reputed & Long Term Customers
200+ Reputed & Long Term Customers.... Cars Two Wheelers HCL/LCVs Auto Components Tractors Off Highway Vehicles
Slide 27: Across Globe With Customer Base
....Across Globe With Customer Base 8%* of FY26 sales from Exports *Includes exports to Aichi Forge, Thailand, through its trading arm in India
Slide 28: Way Ahead
04 Way Ahead
Slide 29: Beyond Automotive - Building a Supermarket of Special Steels
Beyond Automotive - Building a Supermarket of Special Steels A decade-long pivot from single-sector dependence to a diversified specialty steel franchise — enabled by new casting technology and phased entry into non-automotive sectors. TRANSFORMATION JOURNEY Portfolio Mix — Revenue by End-Market STA
Slide 30: Forging - The Next Value-Add Engine
Forging - The Next Value-Add Engine Forward integration from steel bars to finished automotive components, in partnership with Aichi Steel — a scalable, multi-line growth engine. FORWARD INTEGRATION VALUE CHAIN FORWARD INTEGRATION · commissioning Q3 FY28 Melting & Scrap Sourcing Steel Bar Forging Li
Slide 31: Investing in Our Real Assets
Investing in Our Real Assets Centre for Creative Leadership ‘Manav Vikas Kendra’ Leadership Training Program ▪ Special Training Program for Senior ▪ CCL - US based ▪ Training programs – Management Organisation – offers functional, attitudinal, skill development, ▪ Mr. Rohan Singal, Leadership Coach
Slide 32: ESG – Environmental: Decarbonising ahead of Schedule
ESG – Environmental: Decarbonising ahead of Schedule 0.45 – 0.48 40 MW 2050 CARBON INTENSITY (tCO₂/tonne) AC SOLAR PLANT, LIVE THIS YEAR NET-ZERO TARGET 5-star DNV-verified rating — ~1/4 of govt green steel norm 9 Cr units of clean energy/year (supplying ~40% of total 20 years ahead of India's 2070
Slide 33: ESG – Social (1/2): Five Flagship CSR Programmes
ESG – Social (1/2): Five Flagship CSR Programmes Five flagship CSR programmes, each aligned with the UNSDG and National Development Priorities run through by an internal CSR team and overseen by the Board-level CSR Committee Nari Shakti - Women Swasth Samaj - Prakriti - Environmental Khel Protsahan
Slide 34: ESG – Social (2/2): Community Welfare & Cumulative Impact
ESG – Social (2/2) : Community Welfare & Cumulative Impact Beyond the five flagship programmes, VSSL directs resources to community welfare needs that fall outside the mandates of its standing projects Armed Forces Welfare Disaster Management Art & Culture ▪ Armed Forces Support: Blankets provided t
Slide 35: Thank You
Thank You For further information, please contact ! 534392 VSSL Company VSSL IN Vardhman Special Steels Limited VARM.BO Mr. Sanjeev Singla sanjeevsingla@vardhman.com www.vardhmansteel.com Investor Relations Advisors Adfactors PR Pvt. Ltd. Mr. Mohit Upadhyay Mrs. Disha Shah Mr. Rahul +91 9664235903 +
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