1. Opening Hook
Just when steel prices were enjoying their winter discount sale, raw materials decided to hit the gym again. December’s last week flipped the script, and suddenly margins had to wear seatbelts. Vardhman Special Steels, meanwhile, calmly announced a ₹475 crore forging project like it was ordering extra butter naan. Volumes stayed healthy, prices dipped, profits still smiled. Somewhere between rising scrap costs, Japanese tech tie-ups, and a solar plant stuck in farmer court drama, management dropped a long-term blueprint that stretches all the way to aerospace and defense.
This wasn’t just a “numbers were okay” quarter. This was a “wait till you see what we’re building” quarter. Read on—because the real action isn’t in Q3, it’s hiding in FY28, FY29, and a very ambitious boardroom.
2. At a Glance
- Sales volume ~55,000 tons: Demand flexed, capacity constraints blinked nervously.
- Revenue ₹430 cr: Volumes tried hard, prices said “not today.”
- EBITDA ₹56 cr: Up 34%, because efficiency quietly did its job.
- EBITDA/ton ₹10,200: Looks fancy, but strip out “other income” sparkle.
- Adjusted EBITDA/ton ~₹9,263: Still solid, no accounting gymnastics.
- 9M PAT ₹88 cr: Highest ever—profits clearly skipped leg day before.
3. Management’s Key Commentary
“We had good volumes, but price reduction happened due to lower raw material prices.”
(Translation: We sold more steel, but the price tag sulked.) 😏
“Raw material prices started rising from late December.”
(Translation: Cost pressures warming up for a dramatic Q4 cameo.)
“We renewed the Aichi technical assistance agreement for three years.”
(Translation: Japanese process discipline, renewed subscription.)
“We announced a forging project of ₹475 crores.”
(Translation: Vertical integration unlocked, wallet opened wide.)
“The forging plant will be commissioned by July
