Question 1

What was Vardhman Special Steels' net profit in Q2 FY27?

Accepted Answer

Standalone net profit was ₹52.5 crore, up 51.9% from ₹34.6 crore in Q2 FY26 and up 27.5% from ₹41.2 crore in Q1 FY27.

Question 2

What was Vardhman Special Steels' revenue in Q2 FY27?

Accepted Answer

Revenue from operations was ₹600 crore, up 38.8% year on year and up 23.5% from the previous quarter.

Question 3

What was Vardhman Special Steels' operating margin in Q2 FY27?

Accepted Answer

Operating profit (EBIT — revenue less operating expenses, before finance costs and other income) was ₹59.5 crore, a margin of 9.9%, against 10.1% in Q1 FY27 and 8.6% in Q2 FY26. EBITDA was ₹69.1 crore, 11.5% of revenue.

Question 4

How were Vardhman Special Steels' Q2 FY27 results?

Accepted Answer

Both grew from a year earlier: net profit was up 51.9% at ₹52.5 crore and revenue was up 38.8% at ₹600 crore. The operating margin was 9.9%, up 1.3 percentage points from 8.6% a year earlier. Against Q1 FY27, net profit was up 27.5% and revenue up 23.5%.

Question 5

What was Vardhman Special Steels' net profit in the first half of FY27?

Accepted Answer

Standalone net profit for the first half of FY27 (April–September 2026) was ₹93.7 crore, up 72.0% from ₹54.5 crore in the same months a year earlier. Revenue from operations was ₹1,086 crore, up 25.4%.

Question 6

What is Vardhman Special Steels' net profit margin?

Accepted Answer

Vardhman Special Steels' net profit margin was 8.7% in Q2 FY27 (net profit as a share of revenue from operations), against 8.0% in Q2 FY26 (up 0.8 percentage points). For FY26 as a whole it was 7.0%.

Question 7

What was Vardhman Special Steels' EPS in Q2 FY27?

Accepted Answer

Basic earnings per share were ₹5.43, against ₹3.61 in Q2 FY26.

Question 8

What was Vardhman Special Steels' net profit in FY26?

Accepted Answer

Standalone net profit was ₹122 crore in FY26 (April 2025–March 2026), up 31.1% from ₹93.1 crore in FY25. It was ₹91.6 crore in FY24 and ₹100 crore in FY23: up 21.5% over three years, 6.7% a year on average.

Question 9

When did Vardhman Special Steels announce its Q2 FY27 results?

Accepted Answer

On Tuesday, 27 October 2026 at 12:56 pm IST, in its results filing to the stock exchanges. A year earlier it reported Q2 FY26 on 28 October 2025.

Question 10

How has Vardhman Special Steels' profit changed over the last four quarters?

Accepted Answer

Net profit by quarter: ₹33.6 crore in Q3 FY26, ₹34 crore in Q4 FY26, ₹41.2 crore in Q1 FY27 and ₹52.5 crore in Q2 FY27. That is ₹161 crore over the four quarters, up 68.6% from ₹95.6 crore in the four quarters before. Revenue from operations: ₹431 crore, ₹458 crore, ₹486 crore and ₹600 crore.

Question 11

What was Vardhman Special Steels' revenue in FY26?

Accepted Answer

Revenue from operations was ₹1,754 crore in FY26 (April 2025–March 2026), down 0.6% from ₹1,764 crore in FY25. It was ₹1,661 crore in FY24 and ₹1,735 crore in FY23: up 1.1% over three years, 0.4% a year on average.

Question 12

When will Vardhman Special Steels announce its Q3 FY27 results?

Accepted Answer

Q3 FY27 covers October–December 2026. Listed companies must publish quarterly results within 45 days of the quarter's end (SEBI listing rules, Regulation 33), so the results are due by 14 February 2027. The company tells the exchanges the date of the board meeting at least two working days before it.

Question 13

Where do these Vardhman Special Steels figures come from?

Accepted Answer

From Vardhman Special Steels' own standalone results filings to NSE, in ₹ crore as filed (Q2 FY27 on 27 October 2026). Growth compares the same standalone figures a year and a quarter earlier.

Expenses
	600	486	458	431	432	434	428	427	495	415	439	397	Earlier quartersEvery year the company has filed comes with Alpha Plus.
	14.7	9.9	10.5	13.2	11.2	7.5	7.2	7.0	9.3	5.7	8.7	8.3
	615	496	468	444	443	441	435	434	504	420	448	406
	319	293	241	243	261	229	220	305	266	302	277	234
	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	−1.2
	36.4	−14.9	28.5	3.8	−11.9	41.3	49.4	−53.9	56.4	−62.7	−22.6	8.9
	39.3	32.1	29.7	29.2	29.1	26.2	26.5	25.2	26.5	25.2	27.7	24.1
	3.7	3.3	2.8	3.7	1.9	3.6	3.5	5.1	5.4	4.7	4.7	4.9
	9.6	9.6	7.8	8.0	8.1	9.0	8.3	8.5	8.4	8.3	9.0	7.4
	136	117	112	111	109	106	100	115	107	108	108	97.9
	544	440	422	399	397	414	408	405	469	385	404	376
	69.1	58.4	46.1	43.3	45.3	31.8	31.4	35.1	39.2	42.4	48.8	33.2
	59.5	48.9	38.3	35.3	37.2	22.8	23.1	26.6	30.8	34.1	39.8	25.8
Profit
	70.6	55.4	46.0	44.8	46.5	26.8	26.9	28.5	34.7	35.0	43.9	29.2
	70.6	55.4	46.0	44.8	46.5	26.8	26.9	28.5	34.7	35.0	43.9	29.2
	16.1	12.3	9.8	11.0	10.9	6.2	7.6	8.2	8.7	8.8	11.3	7.2
	2.0	1.9	2.2	0.2	1.0	0.7	−0.5	−1.2	0.2	0.1	−0.2	0.1
	18.1	14.2	12.0	11.2	11.9	6.9	7.1	7.0	8.9	9.0	11.1	7.4
	52.5	41.2	34.0	33.6	34.6	19.9	19.7	21.5	25.8	26.1	32.8	21.8
	52.5	41.2	34.0	33.6	34.6	19.9	19.7	21.5	25.8	26.1	32.8	21.8
	0.1	0.1	0.1	0.5	−0.1	−0.1	−0.4	0.1	0.0	0.0	0.4	−0.1
	52.6	41.3	34.1	34.0	34.5	19.8	19.3	21.5	25.9	26.1	33.2	21.7
Per share
	₹5.43	₹4.26	₹3.52	₹3.48	₹3.61	₹2.43	₹2.42	₹2.63	₹3.17	₹3.20	₹4.02	₹2.68
	₹5.42	₹4.25	₹3.51	₹3.47	₹3.60	₹2.43	₹2.41	₹2.62	₹3.15	₹3.18	₹3.98	₹2.66
Other comprehensive income — detail
	0.1	0.1	0.1	0.5	−0.1	−0.1	−0.4	—	—	—	—	—
	0.1	0.1	0.2	0.6	−0.1	−0.1	−0.6	0.1	0.1	0.1	0.5	−0.1
	0.0	0.0	0.0	0.2	−0.0	−0.0	−0.1	—	—	—	—	—
	—	—	—	—	—	—	—	0.0	0.0	0.0	0.1	0.0
Per share — as-filed variants
	₹5.43	₹4.26	₹3.52	₹3.48	₹3.61	₹2.43	₹2.42	₹2.63	₹3.17	₹3.20	₹4.02	₹2.68
	₹5.42	₹4.25	₹3.51	₹3.47	₹3.60	₹2.43	₹2.41	₹2.62	₹3.15	₹3.18	₹3.98	₹2.66
Regulatory disclosures — filed alongside, not part of the P&L
	20.9	—	18.8	—	10.7	—	10.2	—	—	—	—	—
Derived — gross profit (revenue − materials − purchases − Δ inventories)
	245	208	188	183	183	164	158	175	173	175	185	155
	40.8%	42.7%	41.1%	42.6%	42.4%	37.7%	37.0%	41.1%	34.9%	42.2%	42.0%	39.1%
Adjusted (ex-exceptional items) — derived
	70.6	55.4	46.0	44.8	46.5	26.8	26.9	28.5	34.7	35.0	43.9	29.2
	52.5	41.2	34.0	33.6	34.6	19.9	19.7	21.5	25.8	26.1	32.8	21.8
	₹5.43	₹4.26	₹3.52	₹3.48	₹3.61	₹2.43	₹2.42	₹2.63	₹3.17	₹3.20	₹4.02	₹2.68

In ₹ Crore except Per Share 3 Months Ending	Q3 FY24 31/12/2023	Q4 FY24 31/03/2024	Q1 FY25 30/06/2024	Q2 FY25 30/09/2024	Q3 FY25 31/12/2024	Q4 FY25 31/03/2025	Q1 FY26 30/06/2025	Q2 FY26 30/09/2025	Q3 FY26 31/12/2025	Q4 FY26 31/03/2026	Q1 FY27 30/06/2026	Q2 FY27 30/09/2026
Revenue from Operations	397.4	439.4	414.8	494.8	426.8	428.0	433.7	432.3	430.5	457.9	486.0	600.1
Other Income	8.3	8.7	5.7	9.3	7.0	7.2	7.5	11.2	13.2	10.5	9.9	14.7
Total Income	405.7	448.1	420.5	504.1	433.7	435.2	441.2	443.5	443.7	468.4	495.9	614.8
Expenses
+ Cost of Materials Consumed	234.4	277.3	302.4	265.6	305.3	220.4	228.9	260.7	243.4	241.4	293.2	318.9
+ Purchases of Stock-in-Trade	-1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
+ Changes in Inventories	8.9	-22.6	-62.7	56.4	-53.9	49.4	41.3	-11.9	3.8	28.5	-14.9	36.4
+ Employee Benefit Expense	24.1	27.7	25.2	26.5	25.2	26.5	26.2	29.1	29.2	29.7	32.1	39.3
+ Finance Costs	4.9	4.7	4.7	5.4	5.1	3.5	3.6	1.9	3.7	2.8	3.3	3.7
+ Depreciation & Amortisation	7.4	9.0	8.3	8.4	8.5	8.3	9.0	8.1	8.0	7.8	9.6	9.6
+ Other Expenses	97.9	108.2	107.6	107.1	115.1	100.3	105.5	109.0	110.8	112.3	117.1	136.4
Total Expenses	376.5	404.2	385.4	469.4	405.3	408.4	414.4	397.0	398.9	422.4	440.5	544.2
EBITDA	33.2	48.8	42.4	39.2	35.1	31.4	31.8	45.3	43.3	46.1	58.4	69.1
EBIT	25.8	39.8	34.1	30.8	26.6	23.1	22.8	37.2	35.3	38.3	48.9	59.5
Profit
PBT before Exceptional Items	29.2	43.9	35.0	34.7	28.5	26.9	26.8	46.5	44.8	46.0	55.4	70.6
Pretax Income	29.2	43.9	35.0	34.7	28.5	26.9	26.8	46.5	44.8	46.0	55.4	70.6
+ Current Tax	7.2	11.3	8.8	8.7	8.2	7.6	6.2	10.9	11.0	9.8	12.3	16.1
+ Deferred Tax	0.1	-0.2	0.1	0.2	-1.2	-0.5	0.7	1.0	0.2	2.2	1.9	2.0
Tax Expense	7.4	11.1	9.0	8.9	7.0	7.1	6.9	11.9	11.2	12.0	14.2	18.1
Net Income	21.8	32.8	26.1	25.8	21.5	19.7	19.9	34.6	33.6	34.0	41.2	52.5
+ Net Income — Continuing Ops	21.8	32.8	26.1	25.8	21.5	19.7	19.9	34.6	33.6	34.0	41.2	52.5
+ Other Comprehensive Income	-0.1	0.4	0.0	0.0	0.1	-0.4	-0.1	-0.1	0.5	0.1	0.1	0.1
Total Comprehensive Income	21.7	33.2	26.1	25.9	21.5	19.3	19.8	34.5	34.0	34.1	41.3	52.6
Per Share
Basic EPS	2.68	4.02	3.20	3.17	2.63	2.42	2.43	3.61	3.48	3.52	4.26	5.43
Diluted EPS	2.66	3.98	3.18	3.15	2.62	2.41	2.43	3.60	3.47	3.51	4.25	5.42
Other Comprehensive Income — detail
+ Other Comprehensive Income	—	—	—	—	—	-0.4	-0.1	-0.1	0.5	0.1	0.1	0.1
+ Items NOT to be Reclassified to P&L	-0.1	0.5	0.1	0.1	0.1	-0.6	-0.1	-0.1	0.6	0.2	0.1	0.1
+ Tax on Items NOT to be Reclassified	—	—	—	—	—	-0.1	-0.0	-0.0	0.2	0.0	0.0	0.0
+ Tax on Items NOT to be Reclassified — alt tag	0.0	0.1	0.0	0.0	0.0	—	—	—	—	—	—	—
Per Share — as-filed variants
Basic EPS — Continuing Operations	2.68	4.02	3.20	3.17	2.63	2.42	2.43	3.61	3.48	3.52	4.26	5.43
Diluted EPS — Continuing Operations	2.66	3.98	3.18	3.15	2.62	2.41	2.43	3.60	3.47	3.51	4.25	5.42
Regulatory Disclosures — filed alongside, not part of the P&L
Related-party Transactions — During the Period	—	—	—	—	—	10.2	—	10.7	—	18.8	—	20.9
Derived — Gross Profit (Revenue − Materials − Purchases − Δ Inventories)
Gross Profit	155.3	184.7	175.1	172.8	175.4	158.2	163.5	183.4	183.3	188.1	207.7	244.8
Gross Margin %	39.07	42.04	42.22	34.91	41.09	36.96	37.71	42.44	42.57	41.07	42.73	40.79
Adjusted (ex-Exceptional Items) — derived
Pretax Income (Adjusted, as filed)	29.2	43.9	35.0	34.7	28.5	26.9	26.8	46.5	44.8	46.0	55.4	70.6
Net Income Adj (tax-effected)	21.8	32.8	26.1	25.8	21.5	19.7	19.9	34.6	33.6	34.0	41.2	52.5
EPS Adj	2.68	4.02	3.20	3.17	2.63	2.42	2.43	3.61	3.48	3.52	4.26	5.43
Other Filed Concepts — mapped but not yet placed in the schedule
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Paid Up Equity Capital	81.3	81.5	81.5	81.5	81.6	81.7	81.7	96.5	96.6	96.7	96.7	96.7

Vardhman Special Steels quarterly results

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Vardhman Special Steels Limited

Vardhman Special Steels Q2 FY27 results (July–September 2026)

Q2 FY27 at a glance · standalone

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