Vardhman Special Steels Limited · NSE:VSSL
Vardhman Special Steels — Q4 FY2026 Earnings Presentation
35 slides from Vardhman Special Steels's earnings presentation, Apr 28, 2026
Slide 1: Regulation 30 filing letter: Investor Presentation on Q4 FY26 results
G@) | Vardhman VARDHMAN SPECIAL STEELS LIMITED Delivering Excellence. Since 1965. CHANDIGARH ROAD Vardhman | LUDHIANA-141010, PUNJAB T: +91-161-2228943-48 F: +91-161-2601048 E: secretarial.lud@vardhman.com Ref. VSSL:SCY:APR:2026-27 Dated: 28.04.2026 BSE Limited, The National Stock Exchange of India
Slide 2: Result Update Presentation Q4 & FY26
Result Update Presentation Q4 & FY26
Slide 3: 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 with any cont
Slide 4: Table of Contents
. TABLE OF GONTENTS _é FINANGIAL HIGHLIGHTS i> COMPANY OVERVIEW © BUSINESS OVERVIEW SA WAOMHEAD ay 6 od
Slide 5: Financial Highlights
Slide 6: FY26 has been a milestone year for the Company
“ “ FY26 has been a milestone year for the Company, marked by strong execution across strategic, operational, and financial priorities. Early in the year, we strengthened our balance sheet by becoming debt-free, reducing finance costs and enhancing financial flexibility. We also progressed on our te
Slide 7: Q4 FY26 Profit & Loss Statement
INR Crore Q4 FY26 Q4 FY25 Y-o-Y % Q3 FY26 Revenue From Operations 457.92 428.04 6.98% 430.54 Other Income 10.46 7.18 13.17 Volumes for Q4 FY26 stood at 59,370 tonnes as against 53,834 tonnes in Q4 FY25 Total Income 468.37 435.22 7.62% 443.72 Cost of Materials Consumed 241.37 220.40 243.41 Revenue in
Slide 8: FY26 Profit & Loss Statement
INR Crore FY26 FY25 Y-o-Y % Revenue From Operations 1,754.43 1,764.41 (0.57)% Volumes for FY26 stood at 2,25,620 Other Income 42.35 29.11 tonnes as against 2,15,843 (only rolled Total Income 1,796.78 1,793.52 0.18% products) tonnes in FY25 Cost of Materials Consumed 974.39 1093.68 Purchases of Stock
Slide 9: Balance Sheet as on 31st March 2026
INR Crore As on 31st Mar’26 As on 31st Mar’25 INR Crore As on 31st Mar’26 As on 31st Mar’25 Equity 1,277.32 797.91 Non-Current Assets 677.73 474.76 Equity Share Capital 96.69 81.73 Property Plant & Equipment 584.76 308.29 Other Equity 1,180.63 716.18 Capital work in progress 26.47 117.03 Non-current
Slide 10: Company Overview
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... Journey and milestones
What We were… 1973- 2011 2012 - 2015 2016 - 2018 2019 – Till § 1973 – Started as Oswal Steels - § 2012 - Listed on BSE & NSE § Dec 2016 – Upgraded § FebDate 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
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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 a ) rr” Final Inspection and Dispatch eal Domestic Shipment Vaccum Degassing Unit Ladle Refining Unit Continous Casting Facility 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: Warehouses: Bilaspur, Rudrapur, Aurangabad, Pune, Bangalore, Chennai
Bilaspur § One Owned Warehouse § Bilaspur Haryana Rudrapur § Five Leased Warehouses in India § Bangalore Aurangabad § Chennai § Rudrapur Pune § Pune § Aurangabad Bangalore 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-user segments: Cars, Two Wheelers, Tractors
Cars Two Wheelers HCL/LCVs Auto Components Tractors Off Highway Vehicles
Slide 27: Export markets: 8% of FY26 sales
Russia Germany Italy Japan Turkey Vietnam Taiwan Thailand 8%* of FY26 sales from exports *Includes exports to Aichi Forge, Thailand, through its trading arm in India.
Slide 28: Strategic Initiatives
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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 roadmap with Aichi Steel
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. Mohit Upadhyay Mrs. Disha Shah +91 9664235903 +91 9699060134 sanjeevsingla@vardhman.com mohit.upadhyay@adfactorspr.com
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