VSTL

Vibhor Steel Tubes financials

Market cap
₹210 Cr
Sector
Capital Goods
Calls analysed
5
Latest concall · Q1 FY27 · call held 20 Aug 2026

Vibhor Steel Tubes Limited Q1 FY27

Revenue Growth 20% Sundargarh Capacity Utilization 0.18% Revenue from Pipe 0.83% Revenue from Crash Barrier 0.12%

What went well

  • Q1 FY27 revenue increased by 20% YoY, with Jharsuguda contributing significantly to this growth.
  • The company holds a strong order book of approximately 8,500 tonnes (₹708.1 crores) across various products and regions.
  • New products like transmission line towers, octagonal poles, and crash barriers are showing strong demand and order inflows.

What to watch

  • Absolute financial figures (Revenue, PAT, EBITDA) for Q1 FY27 were not explicitly provided, only growth percentages.
  • High dependency on Jindal Steel, which currently accounts for approximately 80% of total revenue, though management aims to reduce this to 70%.
Read the full call →

What Vibhor Steel Tubes Limited does

Vibhor Steel Tubes Limited is a first-generation, promoter-led company that manufactures, exports and distributes steel pipes and tubes for heavy engineering and infrastructure use. Its product range spans ERW black pipes, hot-dipped galvanized pipes, hollow section tubes and primer-painted pipes, alongside newer value-added lines - crash barriers, hexagonal poles and transmission line towers (commercial production from Unit III, Odisha, since June 2025). It operates as a long-term manufacturing and supply partner to Jindal Pipes Limited (under the "Jindal Star" brand) while also selling under its own distribution network domestically and to export markets.

Segments

  • ERW Black Pipes
  • GI (hot-dip galvanized) Pipes
  • Metal Beam Crash Barriers & Posts
  • Value-added products
Manufacturing units
3 (Maharashtra, Telangana, Odisha)
Total installed capacity
3,77,000 MTPA (FY26)
Unit-wise capacity
Unit I Maharashtra 125,000 MTPA; Unit II Telangana 96,000 MTPA; Unit III Odisha 156,000 MTPA
Export presence
8 countries (FY26)
Team size
850 (FY26)
Warehouse
1, Hisar, Haryana (~300 MT storage capacity, ~1,944 sq. yards)
Founded 2003Headquarters Hisar, Haryana, IndiaEmployees 850 (FY26) Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 1 delivered 1 missed 14 open
  • Revenue Contribution from Jharsuguda delivered said Q1 FY26 Promised: Turnover should reflect from Jharsuguda as well from Quarter 2 of this year. Q1 FY27: Q1 FY27 revenue growth of 20% was primarily driven by the Jharsuguda plant's performance. Promise continues to be met.
  • FY26 Capital Expenditure went quiet said Q3 FY26 Promised: Incur in FY '26 around about Rs. 10 Cr and extra CAPEX by buying all the machineries for Crash Barriers Q1 FY27: The FY26 capex figure was not mentioned again. The promise remains unverified.
  • Jharsuguda Capacity Utilization at risk said Q2 FY26 Promised: For Orissa hopefully we will be able to achieve 30% in the quarter four Q1 FY27: Utilization reported at 18%, a decline from Q3's 21% and well below the revised 30-40% target for FY27. Management was evasive on a timeline to full utilization.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 27.2%, net profit down 38.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue236 247 288 231 282 +19%302 +22%335 +16%294 +27%
EBITDA7 10 11 10 9 +31%9 −8%15 +38%12 +19%
Net profit1 3 4 3 1 +60%2 −52%3 −42%2 −39%
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 −25.6% 1Y

₹100₹120₹140₹160Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Jan 2026Q3 FY26 — 19 Feb 2026Q4 FY26 — 26 May 2026Q1 FY27 — 20 Aug 2026

1Y: ₹160.81 on 10 Sept 2025 → ₹119.71. High ₹162.99 (16 Sept 2025), low ₹102.25 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+2.4%
20 Aug
Q4 FY26
−0.2%
26 May
Q3 FY26
−1.4%
19 Feb
Q2 FY26
−4.8%
7 Jan

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

Revenue grew 3.5% a year over 2 years, FY24 to FY26. Operating margin narrowed to 3.8%.

Year endingFY24FY25FY26
Revenue₹1.1k Cr₹996 Cr₹1.1k Cr
Operating profit₹49 Cr₹37 Cr₹43 Cr
Operating margin4.5%3.7%3.8%
Interest₹18 Cr₹11 Cr₹16 Cr
Depreciation₹8 Cr₹10 Cr₹17 Cr
Net profit₹18 Cr₹12 Cr₹9 Cr
Net margin1.7%1.2%0.8%
Cash from operations₹6 Cr₹36 Cr₹61 Cr
Free cash flow₹-27 Cr₹-21 Cr₹1 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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹14 Cr₹14 Cr₹14 Cr₹19 Cr₹19 Cr₹19 Cr
Reserves₹48 Cr₹58 Cr₹79 Cr₹159 Cr₹174 Cr₹178 Cr
Borrowings₹77 Cr₹127 Cr₹152 Cr₹142 Cr₹194 Cr₹193 Cr
Other liabilities₹30 Cr₹50 Cr₹48 Cr₹64 Cr₹120 Cr₹49 Cr
Total liabilities₹170 Cr₹249 Cr₹294 Cr₹383 Cr₹507 Cr₹439 Cr
Fixed assets₹52 Cr₹50 Cr₹54 Cr₹69 Cr₹110 Cr₹163 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹12 Cr₹45 Cr₹20 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹118 Cr₹199 Cr₹239 Cr₹302 Cr₹352 Cr₹256 Cr
Total assets₹170 Cr₹249 Cr₹294 Cr₹383 Cr₹507 Cr₹439 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 Jun 2025, promoters added +1.09 pp while the public trimmed −1.07 pp. The shareholder count shrank 9% to 27,072.

Promoters
74.7%
FIIs
0.1%
Public
25.1%

Since Jun 2025

  • Promoters +1.09 pp
  • Public −1.07 pp
  • FIIs −0.01 pp

How it drifted, 10 quarters

Over this window FIIs fell from 1.8% to 0.1% — −1.7 pp.

Mar '24Mar '25Jun '26

Ownership split by quarter, oldest first. Mar '24: Promoters 73.5%, FIIs 1.8%, DIIs 0.9%, Public 23.8%.Jun '24: Promoters 73.5%, FIIs 1.0%, Public 25.5%.Sep '24: Promoters 73.5%, FIIs 0.1%, Public 26.4%.Dec '24: Promoters 73.5%, FIIs 0.0%, Public 26.5%.Mar '25: Promoters 73.7%, FIIs 0.2%, Public 26.2%.Jun '25: Promoters 73.7%, FIIs 0.2%, Public 26.2%.Sep '25: Promoters 73.7%, FIIs 0.1%, Public 26.3%.Dec '25: Promoters 73.7%, FIIs 0.0%, Public 26.3%.Mar '26: Promoters 74.6%, FIIs 0.3%, Public 25.1%.Jun '26: Promoters 74.7%, FIIs 0.1%, Public 25.1%.

Who was buying across the market this quarter →

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.

The same filing shows 0 holders 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 Vibhor Steel Tubes Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vijay Laxmi Kaushik 22.83%unchanged
Vijay Kumar Kaushik 21.99%+0.12 pp
Vibhor Kaushik 18.30%unchanged
Vijay Kaushik Huf 7.83%unchanged
Pratima Sandhir 1.95%unchanged
Vibhor Kaushik Huf 1.04%unchanged
Rn Securities Private Limited 0.79%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.

What the price assumes

Growth trap

To justify its price of ₹120, this stock must grow earnings at 26% every year for 7 years. Our analysis caps realistic growth at ~-39%. At that growth it is worth ₹4 — downside of 97%.

Growth the price implies
25.7% a year
for 7 years, fading to 4%
It has actually compounded at
-38.8% a year
net profit, FY24–FY26
The gap
0.6 pp
-97% downside if it only repeats history
Price today ₹119.71 Value at the reference growth ₹4.06

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Vibhor Steel Tubes Limited

Guides on how to read this kind of business and the numbers that matter.