**1. Business Performance:** Vardhman Special Steels reported Q2 FY26 revenue of Rs. 432.27 Cr (down 12.64% YoY) and PAT of Rs. 34.56 Cr (up 33.86% YoY), driven by lower raw material costs and other income.

H1 FY26 revenue was Rs. 865.97 Cr (down 4.80% YoY), with PAT at Rs. 54.46 Cr. **2. Growth Drivers or Strategy:** Vardhman's strategy focuses on leveraging its Aichi Steel alliance to develop high-quality steel for advanced automotive (EVs, hybrids) and significantly expand capacity.

Key plans include a greenfield plant in Punjab (500,000 MT/annum billet by FY29-30) and diversifying into wire rods and forging. **3. Recent Developments:** Debt-free status was achieved in July after repaying all borrowings.

Commercial utilization of the Kocks Block commenced, enhancing product range.

Aichi Steel increased its equity stake to 24.09%. **4. Key Financial Metrics:** Q2 FY26 EBITDA rose 16.58% YoY to Rs. 56.48 Cr; Basic EPS was up 13.88% at Rs. 3.61. H1 FY26 volumes increased 1.64% YoY to 111,109 tonnes. **5. Management Commentary / Outlook:** Management expects strong growth from R&D for future-ready car steels and Aichi's support for OEM approvals.

The company aims to become India's #1 Special Steels manufacturer by 2030, supported by capacity expansion and forward integration.