Vibhor Steel Tubes Limited promoter and director Vijay Kumar Kaushik acquired 2,000 equity shares through an open market transaction on August 19, 2026. The acquisition was executed on the National Stock Exchange of India Limited at a price of ₹107.16 per share. The transaction constitutes 0.01% of the company's total paid-up capital.

The disclosure was filed under Regulation 29(1) and 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Kaushik, who is part of the promoter group, made the purchase via the open market mechanism.

Shareholding Details

Prior to this transaction, Kaushik held 41,77,400 shares carrying voting rights, representing 22.03% of the total share capital. There were no encumbrances, warrants, or convertible securities associated with his holding before the acquisition.

Following the purchase, his total holding increased to 41,79,400 shares, which accounts for 22.04% of the total paid-up capital. The company's total equity share capital remains unchanged at ₹18,96,24,430, divided into 1,89,62,443 equity shares of ₹10 each.

The transaction does not involve any change in the company's diluted share capital or voting rights structure outside of the direct shareholding increase. No other instruments such as warrants or convertible securities were involved in the deal.

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.