Vardhman Special Steels Limited , a prominent player in the Indian steel industry, has announced a significant change to its board of directors. The company has appointed Mr. Koichiro Hayashida as a Non-Executive Non-Independent Director, effective July 4, 2025.

Appointment Approval

The appointment of Mr. Hayashida was formally approved by the company's shareholders during the 15th Annual General Meeting (AGM) held on September 24, 2025. The AGM, conducted through video conferencing and other audio-visual means in compliance with regulatory guidelines, commenced at 10:00 a.m. and concluded at 10:28 a.m.

Board Changes

In addition to Mr. Hayashida's appointment, the AGM also marked some other changes in the company's board composition:

• Mr. Rajeev Gupta (DIN: 00241501), a Non-Executive Non-Independent Director, did not seek re-appointment and consequently ceased to be a director at the conclusion of the AGM.
• Mr. Sanjoy Bhattacharyya (DIN: 00059480) completed his second term as an Independent Director and stepped down from the board at the end of the AGM.

Other AGM Proceedings

The AGM addressed several other important matters:

• Adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2025.
• Declaration of a dividend of Rs. 3.00 per equity share for the year ended March 31, 2025.
• Re-appointment of Mrs. Suchita Jain and Mrs. Soumya Jain as directors liable to retire by rotation.
• Ratification of remuneration payable to Cost Auditors for the financial year ending March 31, 2026.
• Appointment of M/s Harsh Goyal & Associates as Secretarial Auditors for a term of five consecutive years.
• Approval for the interim use of funds raised from Aichi Steel Corporation through Preferential Allotment.

Leadership at the AGM

In the absence of Chairman Mr. Rajeev Gupta, the AGM was chaired by Mr. Sachit Jain, Vice-Chairman and Managing Director of Vardhman Special Steels Limited.

The appointment of Mr. Koichiro Hayashida and the other board changes reflect Vardhman Special Steels' commitment to maintaining a diverse and experienced leadership team as it continues to navigate the dynamic steel industry landscape.

Vardhman Special Steels Limited (VSSL) has reported a robust performance in the first quarter, with sales volume reaching 55,500 tons, marking a 10% year-over-year increase. The company's revenue from operations stood at INR433.00 crores, up by 5% compared to the same period last year.

Financial Performance

Despite the growth in volume and revenue, VSSL faced some challenges in maintaining its profit margins. The company's EBITDA per ton stood at INR7,077.00, which is at the lower end of its stated range. This was primarily due to pricing pressure from larger competitors and an inventory valuation loss of INR6.00 crores.

Operational Highlights

VSSL successfully commissioned its Kocks Block equipment, which stabilized faster than anticipated. The company has become debt-free following Aichi Steel Corporation's increased equity stake to 24.9%, involving an investment of INR385.00 crores.

Strategic Developments

In a significant move, VSSL announced plans to enter the forging business in partnership with Aichi Steel. The company aims to focus on specialized automotive products with no direct competition in India. The first forging line is expected to have an annual capacity of 12,000-15,000 tons.

Future Outlook

VSSL maintains its annual sales target of 225,000 tons for the current fiscal year. The company expects to commission a new heating furnace in the last quarter, which should enhance its production capabilities.

Expansion Plans

A greenfield steel plant worth INR2,000.00 crores is planned for commissioning by July 2029. This expansion is expected to significantly boost VSSL's production capacity and market presence.

Sustainability Focus

Management highlighted the company's commitment to green steel production, with a current carbon footprint of 0.73, well below the government norms of 2.2 for green steel classification. This positions VSSL favorably in the evolving regulatory landscape for sustainable steel production.

Sachit Jain, Vice Chairman and Managing Director of VSSL, commented on the results, stating, "We've implemented our Kocks Block very well, and it's stabilized much faster than anticipated. While we face some margin pressure due to competition, we're confident in our strategic direction, especially with our entry into the forging business and our focus on green steel production."

As VSSL navigates through competitive pressures and expansion plans, the company appears well-positioned to capitalize on the growing demand for specialized steel products and sustainable manufacturing practices in the automotive sector.