Vardhman Special Steels Q2 FY27 Results: Standalone Net Profit ₹52.49 Crore on Total Income of ₹615 Crore

Earnings
steel products

Blacklitt Research27 October 20262 min read

A steel rolling mill with glowing hot metal and rollers in an industrial plant — DDEKK, via Wikimedia Commons (CC0). Illustrative image.

Vardhman Special Steels (NSE: VSSL) reported standalone total income of ₹614.79 crore and net profit of ₹52.49 crore for the quarter ended 30 Sep 2026, it said in a filing on 27 Oct 2026.

Key highlights

Standalone

The company on its own, without its subsidiaries

Total income: ₹614.79 crore, up 38.6% YoY and 24.0% QoQ
Net profit and EPS: ₹52.49 crore, up 51.9% YoY; basic EPS ₹5.43 against ₹3.61 a year earlier
Other income: ₹14.74 crore, including government grant income of ₹10.48 crore for the quarter
Dividend: ₹3.50 per share approved at the AGM of 18 Sep 2026, disbursed as ₹33.85 crore

Summary

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	614.79	443.49	+38.6%	495.86	+24.0%
Revenue from operations	600.05	432.27	+38.8%	486.01	+23.5%
Other income	14.74	11.22	+31.4%	9.86	+49.5%
	52.49	34.56	+51.9%	41.19	+27.5%
Profit before tax	70.56	46.50	+51.7%	55.40	+27.4%
Finance costs	3.68	1.90	+94.0%	3.31	+11.0%
Depreciation	9.62	8.08	+19.1%	9.57	+0.5%
Tax expense	18.06	11.94	+51.3%	14.21	+27.1%
Net profit margin	8.54%	7.79%	+0.75 pp	8.31%	+0.23 pp
EPS, basic (₹)	5.43	3.61	+50.4%	4.26	+27.5%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Net profit grew faster than income. Standalone net profit rose 51.9% year on year to ₹52.49 crore, against 38.6% growth in total income to ₹614.79 crore. Profit before tax rose 51.7%, and tax expense rose 51.3% to ₹18.06 crore, so the tax rate was broadly unchanged at about 25.6% of profit before tax.

Other income of ₹14.74 crore is 2.4% of total income and 20.9% of profit before tax. The notes say that ₹10.48 crore of this quarter's other income is an Ind AS 20 government grant for exemptions on electricity duty, infrastructure development cess, property tax and GST refund, against ₹7.15 crore in the quarter a year earlier.

Finance costs rose 94.0% to ₹3.68 crore but remain 0.6% of total income. Depreciation of ₹9.62 crore was little changed from the previous quarter. The company operates in a single segment, manufacturing steel products, so the filing gives no split between product lines.

The notes say other incentives under the Industrial and Business Development Policy 2017 will be considered after the recognition conditions are satisfied. The amount and timing of these are not stated.

Inference

The filing reports a dividend of ₹3.50 per share approved at the AGM on 18 Sep 2026 and disbursed as ₹33.85 crore, and an issue of 15,500 equity shares under the Employee Stock Options Scheme in the half year, which took paid-up capital to ₹96.70 crore. Total equity stood at ₹1,338.40 crore on 30 Sep 2026. The record date for the dividend and the reason for the rise in finance costs are not stated.

Reference: Original filing (PDF)

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Vardhman Special Steels Q2 FY27 Results: Standalone Net Profit ₹52.49 Crore on Total Income of ₹615 Crore

Key highlights

Standalone

Summary

Inference

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