VMSTMT
VMS TMT financials
- Market cap
- ₹233 Cr
- Sector
- Capital Goods
- Calls analysed
- 2
VMS TMT Limited Q1 FY27
What went well
- Total income grew by 16.16% YoY to ₹247.88 crores in Q1 FY27.
- Successful commissioning of billet manufacturing facility for better raw material control.
- 12 MW of 15 MW captive solar power plant operational, expected to save ~₹10 crores annually after debt repayment.
What to watch
- EBITDA declined by 41% in Q1 FY27.
- PAT fell to ₹2.45 crores in Q1 FY27.
What VMS TMT Limited does
VMS TMT Limited manufactures Thermo Mechanically Treated (TMT) reinforcement bars at its facility in Bhayla Village, Ahmedabad, Gujarat, using a 30-ton induction furnace, a continuous casting machine and a rolling mill to convert scrap and billets into finished bars. It holds a non-exclusive retail licence from Kamdhenu Limited to market its TMT bars under the Kamdhenu brand across Gujarat (excluding Saurashtra and Kutch), selling through a network of distributors and dealers. Since completing backward integration of its billet (CCM) division in September 2024, the company also produces billets in-house from scrap, and sells surplus billets, binding wire and scrap steel as ancillary/by-products.
Segments
- TMT Bars
- Billets
- Binding Wire
- Scrap Steel
- TMT Bars installed capacity
- 2,00,000 MT p.a.
- Billets (CCM) installed capacity
- 2,16,000 MT p.a.
- Dealer/distributor network
- 227 dealers + 3 distributors (Dec 2025)
- Manufacturing units
- 2 (TMT Bars unit + Billets/CCM unit), Bhayla Village, Ahmedabad
- Power requirement
- 22 MW (sourced from Uttar Gujarat Vij Company Ltd.)
- Captive solar power plant (under setup)
- 15 MW
Guidance record · Q1 FY27
what the last two calls moved 11 tracked 2 delivered 0 missed 9 open- TMT Capacity Utilization delivered said Q4 FY26 Promised: Maintain or improve from 70-75% Q1 FY27: Management stated that TMT capacity utilization is at 90% of peak installed capacity, and overall facility utilization is around 80%, an improvement from the previous 70-75% level.
- Integration Benefit Margin Improvement at risk said Q4 FY26 Promised: INR1,500 per ton for FY27 Q1 FY27: Profit was compressed as scrap prices went up due to the Iran conflict while TMT prices did not rise proportionally. EBITDA declined by 41% YoY, putting the realization of the INR 1,500/ton benefit at risk.
- Maximum Production Capacity (with existing clearance) on track said Q4 FY26 Promised: 3 lakh tons Q1 FY27: Management reiterated the 3 lakh ton capacity target, which will be achieved through the proposed amalgamation with Aditya Ultra Steel Limited.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 16.7%, net profit down 47.9% against the same quarter last year.
| Line item | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 215 | 212 | 183 | 202 | 241 +12% | 248 +17% |
| EBITDA | 12 | 19 | 12 | 17 | 12 −1% | 12 −38% |
| Net profit | 4 | 9 | 2 | 8 | 2 −37% | 4 −48% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −55.7% 1Y
1Y: ₹99.65 on 24 Sept 2025 → ₹44.12. High ₹99.65 (24 Sept 2025), low ₹34.51 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.2%
- 20 Aug
- Q4 FY26
- −2.2%
- 8 Jun
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹839 Cr |
| Operating profit | ₹60 Cr |
| Operating margin | 7.2% |
| Interest | ₹25 Cr |
| Depreciation | ₹10 Cr |
| Net profit | ₹21 Cr |
| Net margin | 2.5% |
| Cash from operations | ₹-10 Cr |
| Free cash flow | ₹-65 Cr |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹10 Cr | ₹10 Cr | ₹13 Cr | ₹13 Cr | ₹50 Cr | ₹50 Cr |
| Reserves | ₹2 Cr | ₹9 Cr | ₹18 Cr | ₹33 Cr | ₹183 Cr | ₹178 Cr |
| Borrowings | ₹63 Cr | ₹118 Cr | ₹163 Cr | ₹198 Cr | ₹299 Cr | ₹231 Cr |
| Other liabilities | ₹5 Cr | ₹21 Cr | ₹33 Cr | ₹40 Cr | ₹52 Cr | ₹60 Cr |
| Total liabilities | ₹79 Cr | ₹158 Cr | ₹227 Cr | ₹284 Cr | ₹584 Cr | ₹519 Cr |
| Fixed assets | ₹5 Cr | ₹71 Cr | ₹76 Cr | ₹74 Cr | ₹182 Cr | ₹178 Cr |
| Capital work in progress | ₹49 Cr | ₹0 Cr | ₹4 Cr | ₹52 Cr | ₹1 Cr | ₹43 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹25 Cr | ₹86 Cr | ₹148 Cr | ₹159 Cr | ₹402 Cr | ₹298 Cr |
| Total assets | ₹79 Cr | ₹158 Cr | ₹227 Cr | ₹284 Cr | ₹584 Cr | ₹519 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Sep 2025, the public added +1.81 pp while FIIs trimmed −1.41 pp. The shareholder count shrank 27% to 40,428.
- Promoters
- 67.2%
- FIIs
- 2.0%
- DIIs
- 2.9%
- Public
- 27.9%
Since Sep 2025
- Public +1.81 pp
- FIIs −1.41 pp
- DIIs −0.40 pp
How it drifted, 4 quarters
Over this window the public went from 26.1% to 27.9% — +1.8 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 67.2%, FIIs 3.5%, DIIs 3.3%, Public 26.1%.Dec '25: Promoters 67.2%, FIIs 3.1%, DIIs 3.0%, Public 26.7%.Mar '26: Promoters 67.2%, FIIs 2.0%, DIIs 2.9%, Public 27.9%.Jun '26: Promoters 67.2%, FIIs 2.0%, DIIs 2.9%, Public 27.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Sunny Sunil Singhi +2.66 pp 2.66% held
- Varvee Global Limited +0.27 pp 1.91% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of VMS TMT Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rishabh Sunil Singhi | 24.21% | unchanged |
| Manojkumar N Jain | 20.72% | unchanged |
| Varun Manojkumar Jain | 14.46% | −2.67 pp |
| Sangeeta Manoj Kumar Jain | 5.13% | unchanged |
| Sunny Sunil Singhi | 2.66% | +2.66 pp |
| Chanakya Opportunities Fund I AIF | 2.46% | unchanged |
| Astorne Capital Vcc - Arven FPI fund | 2.04% | unchanged |
| Varvee Global Limited | 1.91% | +0.27 pp |
| Kamdhenu Limited | 1.06% | unchanged |
| NBR Mines and Minerals Private Limited | 0.00% | unchanged |
| Hubilo Softech Private Limited | 0.00% | unchanged |
| Yohaan Enterprises | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q1 FY27 call →Learn to analyse VMS TMT Limited
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