Here is the summary based on your preferences: **1. Business Performance:** Vardhman Special Steels saw stable Q3 FY26 revenue (+0.88% YoY) at ₹430.54 Cr, driven by higher volumes offsetting price drops.

PAT jumped 56.53% YoY to ₹33.59 Cr, and EBITDA grew 34.28% YoY to ₹56.47 Cr.

For 9M FY26, revenue declined slightly, but PAT increased 20.02%. **2. Growth Drivers or Strategy:** Vardhman is investing ₹475 Cr for a new steel forging and machining facility, integrating into value-added auto components with Aichi Steel.

Rolling capacity will boost to 270,000 tons by March 2026 via a new reheating furnace.

A Greenfield plant (FY29-30) for green steel and product diversification is also planned. **3. Recent Developments:** Recent initiatives include a closed-loop steel recycling program with Maruti Suzuki, advancing its green steel roadmap.

An additional ₹1.13 Cr investment in Sone Solar Private Limited aims to cut power costs. **4. Key Financial Metrics:** Q3 FY26: Revenue ₹430.54 Cr (+0.88% YoY), PAT ₹33.59 Cr (+56.53% YoY), Basic EPS ₹3.48 (+32.32% YoY). 9M FY26: Revenue ₹1,296.52 Cr (-2.98% YoY), PAT ₹88.04 Cr (+20.02% YoY), Basic EPS ₹9.63 (+7.00% YoY). **5. Management Commentary / Outlook:** Management highlighted Q3 profit growth and an ongoing focus on operational efficiency, capacity expansion, and sustainable business with a lower carbon footprint.