Vardhman Special Steels Limited has submitted a formal declaration to the National Stock Exchange of India Limited, confirming that its promoters and persons acting in concert (PAC) have not created any encumbrance, directly or indirectly, on the shares of the company held by them during FY 2025-26. The declaration, dated April 3, 2026, was filed in compliance with Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Regulatory Compliance Under SEBI Takeover Regulations

The declaration was signed by Sachit Jain on behalf of the company and addressed to the Listing Department of the National Stock Exchange of India Limited. The filing reaffirms the promoter group's adherence to SEBI's disclosure and compliance framework governing substantial acquisition of shares and takeovers. No encumbrance of any nature — direct or indirect — has been reported on the promoter shareholding for the financial year under review.

Promoters and Persons Acting in Concert as on March 31, 2026

The disclosure includes a comprehensive list of 22 promoters and persons acting in concert as on March 31, 2026. The following individuals and entities form the promoter group covered under this declaration:

Key Highlights of the Declaration

• Filing Date: April 3, 2026
• Regulatory Basis: Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
• Period Covered: FY 2025-26
• Encumbrance Status: Nil — no encumbrance created, directly or indirectly
• Promoter Group Size: 22 promoters and persons acting in concert
• Reference Date for Promoter List: March 31, 2026

This filing underscores the promoter group's continued compliance with SEBI's regulatory requirements pertaining to transparency in shareholding and encumbrance disclosures.

Vardhman Special Steels Limited has published its audited financial results for the quarter and year ended March 31, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on April 28, 2026.

Q4 FY26 Financial Performance

The fourth quarter demonstrated exceptional growth with net profit after tax increasing 72.20% year-on-year to ₹3,397.94 lakh (₹33.98 crore) from ₹1,973.21 lakh (₹19.73 crore) in Q4 FY25. Total income from operations for Q4 FY26 reached ₹46,837.21 lakh (₹468.37 crore) compared to ₹43,522.26 lakh (₹435.22 crore) in the corresponding quarter of the previous year, representing a 7.61% increase.

FY26 Annual Performance

The company delivered robust annual performance with significant improvements across key financial metrics. Total income from operations for FY26 stood at ₹179,677.91 lakh (₹1,796.78 crore) compared to ₹179,352.31 lakh (₹1,793.52 crore) in the previous year. Net profit for the year increased 31.08% to ₹12,202.39 lakh (₹122.02 crore) from ₹9,308.81 lakh (₹93.09 crore) in FY25.

Management Guidance and Expansion Plans

During the earnings conference call held on April 29, 2026, Chairman and Managing Director Sachit Jain outlined the company's strategic vision and future growth plans. The company achieved record volumes of 225,000 tons in FY26, meeting its budget target. For FY27, management targets rolled product volumes of 250,000 tons to 255,000 tons.

The company has raised its EBITDA per ton guidance to ₹8,000 to ₹11,000 for the current year, up from the previous range of ₹7,000 to ₹10,000. Management further expects to increase this range to ₹9,000 to ₹12,000 over the next two years, driven by volume growth, cost efficiency, and process improvements.

Capital Expenditure and Capacity Expansion

Several key projects were commissioned in March 2026, including a reheating furnace that will improve rolling capacity to 270,000 tons of finished product and a solar plant that will generate 9 crore units of power annually. A new section of 210X210 has been introduced to improve productivity and product quality.

The company is pursuing environmental approval to increase melting production capacity from 300,000 tons to 360,000 tons. The application is expected to be submitted by June 2026, with a decision anticipated by March 2027. The brownfield expansion could be completed by the latter part of calendar year 2027.

Major upcoming projects include a new greenfield steel plant with capacity of 500,000 to 600,000 tons, targeted for commissioning by July 2029, and a forging plant expected to commence operations in January-March 2028. Total committed capex stands at approximately ₹2,600 crores.

Share Capital and Reserves

The company's paid-up equity capital stood at ₹9,668.57 lakh (₹96.69 crore) as of March 31, 2026, compared to ₹8,173.33 lakh (₹81.73 crore) in the previous year, reflecting an 18.31% increase. Other equity reserves increased significantly to ₹118,063.41 lakh (₹1,180.63 crore) from ₹71,618.49 lakh (₹716.18 crore) in FY25. The Board recommended a dividend of ₹3.50 per share on fully paid-up equity shares, subject to approval at the Annual General Meeting.

Strategic Direction

Management outlined plans to diversify the special steels portfolio into non-automotive segments over the next decade, targeting a 30% non-automotive and 70% automotive mix. New focus areas include railways, oil and gas, bearings, windmill shafts, ship shafts, and advanced materials for aerospace, defence, and nuclear applications. The company aims to position itself as a "supermarket of special steels" while maintaining focus exclusively on special steels and automotive forgings.