1. Opening Hook
Auto stocks are busy arguing about EV demand, steel prices are busy falling, and Vardhman Special Steels calmly decided to grow profits anyway. While most metal companies blame China, macros, and destiny, VSSL quietly reported 56% YoY PAT growth with revenues barely moving. Yes, this is one of those quarters where the P&L looks bored at the top and pumped at the bottom.
The real plot twist? A ₹475 crore forging CAPEX, Japanese partners doubling down, and green steel ambitions that sound expensive but oddly well-timed. If you thought this was just another “prices fell, sorry boss” steel concall—stick around. The interesting stuff starts after EBITDA. 😏
2. At a Glance
- Revenue up 0.9% – Prices fell, volumes said “hold my beer.”
- EBITDA up 34% – Other income worked harder than operations.
- PAT up 56% – Leverage + lower interest = finance team’s moment.
- Volumes up 4.6% – Tonnage quietly doing the heavy lifting.
- EPS up 32% – Bonus-adjusted, so no optical jugaad here.
3. Management’s Key Commentary
“Q3 FY26 witnessed a steady performance with stable revenues.”
(Translation: Prices fell, but we didn’t panic-sell steel.)
“EBITDA and PAT grew 34% and 56% YoY respectively.”
(Translation: Don’t look only at topline, please.) 😏
“Approved ₹475 crore investment for forging and machining facility.”
