VSSL

What Vardhman Special Steels promised, and what happened

Every commitment management made on a call, tracked from the quarter it was made — reaffirmed, revised, diluted or quietly dropped.

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 6 delivered 0 missed 17 open
  • Net Debt delivered said Q4 FY25 Promised: Become net debt-free in the next 3 years (excluding new project capex). Q1 FY27: Not mentioned. Management confirmed funding for new projects is not a problem, with commitments for equity and access to debt.
  • Forging Plant Commissioning on track said Q3 FY26 Promised: Commence forging production by July 2028 (Q2 FY29). Q1 FY27: Forging project is likely to get commissioned by last quarter of '27-'28.
  • EBITDA per ton on track said Q4 FY25 Promised: Raise EBITDA per ton target to INR 8,000-11,000 for FY26-27. Q1 FY27: EBITDA per ton for the quarter was ₹10,700, which is within the guided range for FY27.

The rest of the ledger

Above is what the last two calls moved. Pro opens all 23 tracked commitments for Vardhman Special Steels — every quarter's revision, the source quote behind each one, and the topics management has stopped answering.

See what Pro opens