Vibhor Steel Tubes LimitedMetals & MiningVSTL
Q1 FY27 earnings callVibhor Steel Tubes Limited
Revenue growth of 20% this quarter, driven by new Jharsuguda plant and strong order booking across both established pipes and new infrastructure products like crash barriers, poles, and transmission line towers.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue Growth (YoY) | 20% | — | |
| Jharsuguda Plant Capacity Utilization (Pipe) | 12% | — | |
| Revenue from Pipes | 83% | — | |
| Revenue from Crash Barrier | 12% | — | |
| Overall EBITDA Margin | 2% | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹247.25 Cr-1.5% YoY+4.7% QoQ | ₹3.43 Cr-20.4% YoY+285.4% QoQ | ₹1.81-40.5% YoY+285.1% QoQ |
| Q2 FY25 | ₹236.09 Cr— YoY+5% QoQ | ₹0.89 Cr— YoY-70.5% QoQ | ₹0.47— YoY-70.4% QoQ |
| Q1 FY25 | ₹224.75 Cr— YoY-22.8% QoQ | ₹3.02 Cr— YoY-38.2% QoQ | ₹1.59— YoY-38.4% QoQ |
| Q4 FY24 | ₹291.20 Cr— YoY+16% QoQ | ₹4.89 Cr— YoY+13.5% QoQ | ₹2.58— YoY-15.1% QoQ |
| Q3 FY24 | ₹251.01 Cr— YoY— QoQ | ₹4.31 Cr— YoY— QoQ | ₹3.04— YoY— QoQ |
TL;DR
- Revenue increased 20% year-on-year, largely from new Jharsuguda plant.
- Strong order book across all units; pipe orders are 'very, very healthy' and more than double the average.
- New products (crash barrier, transmission line towers, poles) are exceeding expectations, with poles already at 75-80% of installed capacity.
- Plans for expansion into North India are underway due to strong demand.
- Second galvanizing tank in Jharsuguda expected by September 1st to ease capacity constraints and boost production.
Said on the call
“This year, market looks very good domestically as the global situation is very unpredictable... the infrastructure push from the government is quite visible, which is why even during a time like monsoon, we are able to see this kind of order booking.”
From the Q&A
| Topic | What management said |
|---|---|
| Jharsuguda Capacity Utilization | Pipe capacity utilization is 12%, but order booking can easily increase it to 24-30% once a second galvanizing tank is operational. |
| Order Book Visibility | Current order booking includes 1,800 tonnes for pipe in Jharsuguda, 600 tonnes for crash barrier, ~2,000 tonnes for transmission line towers, and 250 tonnes for poles. |
| Dependency on Jindal Steel | About 80-82% of revenue comes from Jindal; the target is to reduce this to around 70%, but the relationship is valued and provides marketing/volume benefits. |
| Product Margin Profile | Margins rank (highest to lowest): monopole (certifications pending), transmission line tower (~10%), pole, crash barrier (~3%), then pipe. |
| North India Expansion | High demand from North India is driving plans for a new plant there, likely starting with crash barrier production via a newly incorporated subsidiary. |
| New Product Pipeline | RSJ Pole is a new product being tested via job work, with potential to be a listed product category by Q3/Q4; solar structures and railway bridges are in research. |
Guidance
- Expect 20-25% revenue growth to continue in Q2, with additional contributions from transmission line towers and poles.
- Target to increase monthly pole sales from 100 tons (current) to 200 tons next month and 300 tons by October.
- Second galvanizing tank in Jharsuguda expected operational by September 1st to increase capacity and fulfill more orders.
- Plan to establish a new plant in North India, starting with crash barrier production.
Source
Summary written from the transcript filed by Vibhor Steel Tubes Limited for the call held on 21 Aug 2026; published 21 Aug 2026, 16:59 IST.