Vibhor Steel Tubes will convene its 23rd Annual General Meeting (AGM) on September 16, 2026, at the Suncity Mall in Hisar, Haryana. The primary agenda includes the ratification of cost auditor remuneration and special resolutions to revise the compensation packages for four key directors for the remaining period of their tenure.

The financial year ended March 31, 2026, marked a period of consolidation and capacity expansion for the steel manufacturer. While operational performance improved with higher revenue, profitability was impacted by the initial costs of ramping up its newly commissioned facility in Sundargarh, Odisha.

Financial Performance in FY26

Revenue from operations grew by 15.35% to ₹11,493.51 crore in FY26, up from ₹9,963.79 crore in the previous year. This growth reflected increased sales volumes and better capacity utilization across its manufacturing units in Maharashtra, Telangana, and Odisha.

Despite the top-line growth, the bottom line contracted. Net profit after tax (PAT) fell by 25.29% to ₹879.34 crore, compared to ₹1,177.04 crore in FY25. EBITDA improved by 20.59% to ₹464.03 crore, indicating stronger operational efficiency before non-operating costs.

What the Numbers Show

The divergence between EBITDA growth and PAT decline highlights the heavy capital expenditure cycle the company is undergoing. Depreciation expenses surged by 60.96% to ₹167.61 crore, while finance costs rose by 42.25% to ₹159.39 crore. These increases were directly attributed to the commissioning of the Odisha plant, which added 156,000 MTPA to the company's total installed capacity. Additionally, an exceptional expense of ₹132.00 lakh, related to the write-off of a capital advance for a property acquisition, further reduced pre-tax profits. Management indicated that as capacity utilization improves at the new facility, operating leverage should support future margin expansion.

Director Remuneration Revisions

Shareholders will vote on special resolutions to increase the maximum annual remuneration for four directors, effective August 28, 2026, through their current tenure ending in August 2028:

• Mr. Vibhor Kaushik (Managing Director): Increase to ₹240 lakh per annum from ₹219 lakh.
• Mr. Vijay Kaushik (Chairman & Executive Director): Increase to ₹235 lakh per annum from ₹189 lakh.
• Mrs. Vijay Laxmi Kaushik (Whole-Time Director): Increase to ₹230 lakh per annum from ₹156 lakh.
• Mrs. Pratima Sandhir (Whole-Time Director): Increase to ₹230 lakh per annum from ₹186 lakh.

The board justified these revisions based on the directors' contributions to the company's growth and strategic execution during a period of significant capacity expansion. The resolutions also include provisions for minimum remuneration in case of loss or inadequate profits.

Strategic Outlook

The company continues to focus on diversifying its product portfolio beyond traditional GI pipes, aiming to shift the mix from 90:10 to 75:25 (GI Pipes vs. Others) by FY28. High-margin products such as crash barriers, octagonal poles, and transmission line towers are key accretive segments. Exports currently contribute 3–5% of revenue, with a roadmap to scale this segment tenfold over the next five years. The company also formed a wholly-owned subsidiary, Viyom Steel Infra Private Limited, in June 2026, to further diversify into infrastructure-related products.

Vibhor Steel Tubes Limited promoter and director Vijay Kumar Kaushik has increased his equity stake in the company by acquiring 5,000 shares through open market transactions. The purchases were executed on the National Stock Exchange of India Limited (NSE) on August 14 and August 17, 2026, bringing his total holding to 41,75,400 shares. This represents a 22.02% stake in the company’s total paid-up capital.

The acquisition was made in compliance with Regulation 29(1) and 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Kaushik purchased 2,000 shares on August 14 at a price of ₹107.77 per share and 3,000 shares on August 17 at ₹106.42 per share. The disclosure was filed with the Department of Corporate Affairs at BSE Limited and the Listing Department at NSE on August 18, 2026.

Shareholding Structure

Prior to these transactions, Kaushik held 41,70,400 shares, constituting a 21.99% stake in Vibhor Steel Tubes Limited. There were no encumbrances, pledges, or liens on his existing holdings. Following the acquisition, his total voting rights remain unencumbered. The company’s total equity share capital stands at ₹18,96,24,430, divided into 1,89,62,443 equity shares of face value ₹10 each.

Transaction Details

The open market purchases reflect a modest increase in promoter confidence without triggering any substantial takeover thresholds under SEBI regulations. The average transaction price indicates stable valuation levels for the stock during the acquisition window. No convertible securities, warrants, or other instruments entitling the acquirer to receive shares were involved in the transaction. The total diluted share capital remains unchanged at 1,89,62,443 equity shares.

Kaushik, based in Hisar, Haryana, continues to serve as a Director and Promoter of the company. The disclosure confirms that no persons acting in concert (PAC) were involved in this specific acquisition. The company secretary and compliance officer have been copied on the regulatory filing for record-keeping purposes.