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Vardhman Special Steels Ltd

| Audited Financial Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤28th Apr 26

Summary : Vardhman Special Steels reported strong FY26 financial results with increased revenue and profit, recommended a dividend of Rs. 3.5, and received an unmodified audit opinion, while navigating new labor codes.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of materials consumed: Rs. 97,439.28 lakhs (FY 2026)
  2. Employee benefits expense: Rs. 11,427.87 lakhs (FY 2026)
  3. Finance cost: Rs. 1,190.58 lakhs (FY 2026)
  4. Depreciation and amortisation expense: Rs. 3,286.68 lakhs (FY 2026)
  5. Power and fuel expense: Rs. 19,048.03 lakhs (FY 2026)
  6. Revenue from operations: Rs. 1,75,443.31 lakhs (FY 2026)
  7. Other income: Rs. 4,234.60 lakhs (FY 2026)
  8. Net cash generated from operating activities: Rs. 10,587.76 lakhs (FY 2026)
  9. Net cash used in investing activities: Rs. (42,723.16) lakhs (FY 2026)
  10. Net cash generated from financing activities: Rs. 31,686.61 lakhs (FY 2026)
  11. Total Assets: Rs. 1,63,311.56 lakhs (FY 2026)
  12. Total Equity: Rs. 1,27,731.98 lakhs (FY 2026)
  13. Property, plant and equipment: Rs. 58,476.49 lakhs (FY 2026)
  14. Inventories: Rs. 35,024.13 lakhs (FY 2026)
  15. Standalone financial results as no subsidiaries or associates

Corporate Overview

  1. Government incentives for expansion projects
  2. Power Purchase Agreement for solar plant
  3. Manufacturing of Steel products
  4. Formal and factual disclosure of financial results
  5. Manufacturing of Steel products
  6. Expansion cum upgradation project of Steel Melt Shop completed in FY 2019-20
  7. Entered Power Purchase Agreement for 40 MW AC Solar Power Plant

Risk Factors

  1. Compliance with new labor codes.
  2. Reliance on government incentives.
  3. Fluctuations in raw material costs.
  4. Market demand for steel products.

Key Drivers

  1. Strong revenue and profit growth.
  2. Recommended dividend of Rs. 3.5.
  3. Expansion of Steel Melt Shop.
  4. Investment in solar power plant.

Auditor’s Report

  1. Unmodified opinion

Board Commentary

  1. Recommended dividend of Rs. 3.5/- per share on fully paid up equity shares
  2. Assessment of incremental impact from new Labour Codes (Wages, Industrial Relations, Social Security, Occupational Safety)
  3. Expansion cum upgradation project of Steel Melt Shop
  4. Investment in 40 MW AC Solar Power Plant

Management Discussion & Analysis

Performance Drivers

  1. Increased revenue from operations
  2. Growth in profit after tax
  3. Higher earnings per equity share
Vardhman Special Steels Ltd (VSSL) Quarterly Report Analysis & Insights | Dhanarthi