Vibhor Steel Tubes reported a 16.24% year-on-year increase in operating income to ₹335.13 crore for the quarter ended March 31, 2026, driven by capacity additions and strong demand. While EBITDA surged 26.15% to ₹15.34 crore, net profit declined 42.12% to ₹2.57 crore due to increased finance costs and depreciation following the commencement of operations at its Odisha plant. The company’s Board of Directors approved the audited financial results on May 20, 2026. Following the intimation dated May 15, 2026, filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company provided access to the audio recording and transcript of the earnings call held on May 26, 2026, at 3:00 P.M. IST.

Financial Performance

For the full year ended March 31, 2026, operating income rose to ₹1,149.35 crore from ₹996.38 crore in the previous year. Profit for the year stood at ₹8.79 crore, a decrease from ₹11.77 crore in FY25. The decline in annual profitability was attributed to the ramp-up of the new facility in Odisha.

Operational Highlights

The company commenced commercial production at its greenfield plant in Sundargarh, Odisha, in July 2025. The facility, built with an investment of ₹119.83 crore, has a capacity of 156,000 MTPA and manufactures value-added products such as transmission line towers, crash barriers, and poles. This expansion increased the company’s total installed capacity to 3,77,000 MTPA. Capacity utilization for FY26 was recorded at 175,956 MTPA.

Strategic Outlook

Vibhor Steel is focusing on a strategic shift towards value-added infrastructure products to improve margins. The company targets a realignment of its product mix from a 90:10 ratio of GI Pipes to others, to a 75:25 ratio by FY28. Exports, which currently contribute 3%–5% of revenue, are expected to scale up 10x over the next five years. The company operates manufacturing units in Maharashtra, Telangana, and Odisha.

Management Commentary

During the earnings call, management highlighted that the new tower division has secured orders for 2,300 tons, primarily from Madhya Pradesh Electricity and Chhattisgarh. The pole division has an order book of 300 tons against an installed capacity of 150 tons, prompting an expansion to 300 tons. The company is targeting an installed capacity of 500 tons per month for octagon and high-mass poles. Additionally, CRISIL upgraded the company's rating from BBB to BBB+, validating its growth trajectory. The company is also progressing on certifications for monopoles, expected by Q2FY27.

Vibhor Steel Tubes Limited has secured a new work order from Royal Infraconstru Limited for the supply of Metal Crash Barriers, valued at approximately Rs. 1.80 Crores. The order was received on 12th May 2026 and was disclosed to the stock exchanges pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Order Details

The work order involves the supply of Metal Crash Barrier W Beam — Vibhor Steel Make, covered under purchase orders PORD/FENC/26-27/0003 and PORD/FENC/26-27/0002, both dated 12th May 2026. The order has been placed by a domestic entity, and the company has confirmed that neither the promoter/promoter group nor group companies hold any interest in the awarding entity. The transaction does not fall within the scope of related party transactions.

The key disclosures as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11th November 2024, are summarised below:

About Vibhor Steel Tubes Limited

Vibhor Steel Tubes Limited, formerly known as Vibhor Steel Tubes Private Limited, is registered under CIN: L27109HR2003PLC035091, with its registered office at Plot No. 2, Industrial Development Colony, Delhi Road, Hisar, Haryana – 125005. The company operates manufacturing units across multiple states:

• Maharashtra: Pipe Nagar (Vill. Sukeli), NH-17 BKG Road, Via – Nagothane, Teh. Roha, Distt. Raigad, Maharashtra – 402126
• Telangana: SY No. 515 & 516, Udithyala (V), Balanagar (M), Mahabubnagar (Dist.), Telangana – 509202
• Odisha: Plot No. 45, Podbahal, Bhasma-42, Sadar Sundargarh, Sundargarh, Odisha – 770019

The disclosure was signed by Mrs. Pallavi Aggarwal, Company Secretary & Compliance Officer (Mem No.: A42227), on 12th May 2026.