Vardhman Special Steels LtdQ2 revenue +39%, EBITDA +50%

Vardhman Special Steels' Q2 FY27 call, held on 28 October 2026, reported revenue from operations up 39% and EBITDA and profit after tax up about 50% on record sales of more than 70,000 tons, as strong demand, tight supply and price increases of up to about ₹8,000 a ton for some OEMs lifted earnings.

EBITDA per ton was at the high end of the ₹9,000 to ₹12,000 range, which management reiterated and said includes some inventory gains. Operating efficiencies from the Kocks Block and reheating furnace helped, and the seven-year GST benefit ended in August 2026. The new steel plant is on track for September 2029 but will cost more than the earlier ₹2,000 crore, with debt to equity now planned at 1:1 and a rights issue in the second half of next calendar year; the Board will consider suspending dividends for three to four years.

A forging plant with Japan's Aichi is due by March 2028, and capacity is capped at 300,000 tons until an environmental approval for 360,000 tons arrives. Management guided FY27 sales near 260,000 tons.