Vardhman Special Steels Limited has successfully concluded its postal ballot process on December 10, 2025, with shareholders approving all three special resolutions with overwhelming support. The company submitted the official results to BSE and NSE on December 11, 2025, following the scrutinizer's report by M/s Khanna Ashwani Associates.

Official Postal Ballot Results

The postal ballot process was conducted entirely through remote e-voting facilitated by Central Depository Services (India) Limited (CDSL). All three special resolutions received strong shareholder support, demonstrating confidence in the company's strategic decisions.

Independent Director Appointments Confirmed

Shareholders unanimously approved the appointment of two Independent Directors for five-year terms commencing September 25, 2025. Both appointments received 100% approval from voting shareholders.

Mr. Dinkar Gupta (DIN: 07674724), aged 61, brings extensive experience in the security domain. He previously served as Director General of the National Investigation Agency from June 2022 to March 2024 and as Director-General of Police for Punjab from 2019 to 2021.

Mr. Nishant Arya (DIN: 00004954), aged 39, serves as Vice Chairman & MD of the JBM Group, a global conglomerate with interests in electric vehicles, renewable energy, and auto systems. He has been recognized in Fortune India's Best CEOs 2024 list and the Economic Times 40 Under 40.

Employee Stock Option Plan 2025 Details

The Vardhman Special Steels Limited Employee Stock Option Plan 2025 received strong approval with 99.69% support from shareholders. The plan was approved under SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

Scrutinizer Report and Process Timeline

Ashwani Kumar Khanna (FCS-3254) of M/s Khanna Ashwani Associates, appointed as scrutinizer by the Board on October 28, 2025, submitted the consolidated report on December 10, 2025. The scrutinizer confirmed all resolutions were passed with requisite majority.

The successful completion of the postal ballot process strengthens Vardhman Special Steels' board composition with diverse expertise and aligns employee interests with company growth through the approved ESOP framework.

Vardhman Special Steels Limited (VSSL) has reported a mixed set of results for the second quarter of FY26, with EBITDA growth offsetting lower sales volumes and revenue decline. The company's strategic initiatives and operational improvements have helped maintain profitability despite market challenges.

Financial Performance

VSSL reported the following key financial metrics for Q2 FY26:

The company's revenue declined due to lower volumes and price reductions. However, EBITDA increased by 16% year-on-year, with EBITDA per ton reaching Rs. 10,000. The profit after tax (PAT) grew significantly, benefiting from reduced finance costs following Aichi Steel's Rs. 385 crore investment for a 25% stake in the company.

Operational Highlights

• VSSL renewed its technical assistance agreement with Aichi Steel for three years, strengthening their partnership.
• The company successfully commissioned the Kocks Block, enhancing its production capabilities.
• A new reheating furnace is expected to be commissioned by March, which will increase rolling capacity to 2,70,000 tons and reduce job work costs.
• VSSL initiated a circular economy project with Maruti Suzuki, buying CRC scrap from Maruti plants to make steel in a closed loop.

Future Outlook

The management expects FY27 volumes to reach around 2,45,000 tons. They maintain an EBITDA guidance of Rs. 8,000-11,000 per ton from the next financial year, indicating confidence in sustained profitability.

Strategic Initiatives

1. Capacity Expansion: The upcoming reheating furnace will not only increase production capacity but also improve quality and yield, leading to cost savings.

2. Green Steel Focus: VSSL is positioning itself as a leader in green steel production, which is attracting interest from European OEMs and aligning with global sustainability trends.

3. Circular Economy: The partnership with Maruti Suzuki on circular economy initiatives may pave the way for similar arrangements with other OEMs, potentially boosting demand and margins.

4. Forging Business: The company plans to announce details of its new forging business by January, which could open up new revenue streams and enhance its product portfolio.

5. Export Opportunities: While current exports are limited to 6-8% of revenue, the company is working on approvals that could drive future export growth, particularly as global trade issues resolve.

Challenges and Risks

• The company faces ongoing price competition, which it aims to counter through quality improvements and cost reductions.
• Global economic factors, such as the weakening Japanese yen, have impacted export volumes to partners like Aichi Steel.
• The auto industry's transition towards electric vehicles may require VSSL to adapt its product offerings in the long term.

Vardhman Special Steels Limited's focus on operational efficiency, strategic partnerships, and future-oriented investments appears to be paying off, as evidenced by its improved EBITDA performance. The company's initiatives in green steel and circular economy position it well for future growth in an evolving automotive market. However, investors should monitor the execution of capacity expansion plans and the development of new business lines, as these will be crucial for VSSL's long-term success in a competitive industry landscape.