Vibhor Steel Tubes Ltd

Loan to subsidiary approved

• Loan approved to Viyom Steel Infra Private Limited, wholly owned subsidiary.
• Facility amount: INR 20 Crore (unsecured).
• Interest rate 9.5%, repayable on demand, maximum tenure 10 years.
• Purpose: working capital and land for infrastructure manufacturing facility.
• Borrower is a 100% subsidiary; loan at arm's length.
• Execution date: 25 August 2026; no security.
• Compliance disclosure under Reg 30; Annexure A.

Acquisition details

• Target Company: Vibhor Steel Tubes Limited.
• Disclosing Party: Vijay Kumar Kaushik (Promoter and Director).
• Transaction Type: Acquisition of equity shares.
• Pre-Transaction Holding: 41,79,400 shares (22.04%), Encumbrances NIL.
• Transaction Details: Acquired 5,600 shares (0.03%), Open Market.
• Post-Transaction Holding: 41,85,000 shares (22.07%), Encumbrances NIL.
• Date of Transaction: 24-08-2026.
• Share capital context: Rs 18,96,24,430 in 1,89,62,443 shares before and after.

Acquisition details

• Target Company: Vibhor Steel Tubes Limited.
• Disclosing Party: Vijay Kumar Kaushik (Promoter).
• Transaction Type: Acquisition of 5,600 equity shares via Open Market.
• Pre-transaction holding: 41,79,400 shares, 22.04%.
• Acquisition details: 5,600 shares, 0.03%, Open Market on 24-08-2026 at Rs111.0062.
• Post-transaction holding: 41,85,000 shares, 22.07%.
• Date of transaction: 24-08-2026.
• Pre-transaction capital: 1,89,62,443 shares; Rs 18,96,24,430.
• Post-transaction capital: 1,89,62,443 shares; Rs 18,96,24,430.
• Total diluted capital after: 1,89,62,443 shares.

Financial Performance

• Q1 FY27 revenue up about 20%, led by Jharsuguda.
• Overall gross margin in Q1 around 2%.
• Pipe revenue share ~83%; crash barrier ~12%; other ~5%.
• Sundargarh capacity 1,56,000 tonnes; utilization 18%.
• Sundargarh quarterly production ~40,000 tonnes.
• Two galvanizing tanks full; second to commission by Sep 1.
• North expansion contemplated; land talks underway.
• Jindal revenue share ~80-82%; target to reduce to ~70%.
• Monopole margins high; TL towers margins up to 10%; crash barrier margins ~3%.
• Export galvanizing capacity full; Bombay and Hyderabad tanks full.
• Q2 outlook: turnover growth ~20%; incremental 1,000 tonnes; ~Rs 10 crore monthly.

Operating Update

• Domestic demand buoyant; infrastructure push supports orders.
• North expansion planned due to strong demand; land/plant setup being considered.
• New products: octagonal pole and high-mast pole; current orders ~250 tonnes; certifications pending.
• Jharsuguda growth contributing to revenue uplift; 20% revenue increase this year.
• Monopole certification progress; RSJ Pole orders in pipeline.

Projects and Capex

• Second galvanizing tank by Sep 1; capacity uplift ~1500 tonnes.
• North plant subsidiary established to show performance; crash barrier first in North.
• Capex timing linked to utilization; expansions planned as demand grows.
• RSJ Pole orders (~500 tonnes) under trial; potential new product category.

Q&A Highlights

• Sundargarh utilization 18%; capacity 1,56,000.
• Order book snapshot: Mumbai 6,500 t; Jharsuguda pipe orders ~1,800 t; TL ~2,000 t; poles ~250 t.
• Jindal dependency ~80-82%; plan to diversify with other products and North plant.
• Margins: overall 2%; TL towers up to 10%; crash barrier around 3%.
• Q2 guidance reaffirmed: turnover growth ~20%; incremental 1,000 t; ~Rs 10 crore monthly; ~30% growth.

Risks and Watchpoints

• Galvanizing capacity bottleneck; Bombay and Hyderabad tanks at full capacity.
• Export galvanizing limited by capacity; MOUs prioritized with existing dealers.
• North expansion depends on sustained demand and land availability; capex timing tied to utilization.

Meeting Details

• Date and time: August 20, 2026 at 3:00 P.M. (Q1 FY2026-27 earnings call).
• Type: earnings call; mode: not specified.
• Event/organiser: Vibhor Steel Tubes Limited.
• Purpose: discuss operational and financial performance for the quarter ended June 30, 2026.
• Recording availability: audio recording of the earnings call available on the company website.

Transaction details

• Target Company: Vibhor Steel Tubes Limited.
• Disclosing Party: Vijay Kumar Kaushik, Promoter and Director of Vibhor Steel Tubes Limited.
• Pre-Transaction Holding: 41,77,400 voting shares (22.03%).
• Transaction Details: 2,000 shares (0.01%) acquired through Open Market at Rs 107.1610 per share.
• Post-Transaction Holding: 41,79,400 voting shares (22.04%).
• Mode of transaction: Open Market.
• Date of transaction: 19-08-2026.
• Equity share capital before/after: Rs 18,96,24,430 (1,89,62,443 shares).
• Total diluted share capital: Rs 18,96,24,430 (1,89,62,443 shares).

Key details

• Target Company: Vibhor Steel Tubes Limited.
• Disclosing Party: Vijay Kumar Kaushik, Promoter and Director of Vibhor Steel Tubes Limited.
• Transaction Type: Acquisition of 2,000 equity shares via open market.
• Pre-Transaction Holding: 41,77,400 shares (22.03% VR).
• Transaction Details: 2,000 shares acquired; price Rs 107.1610; 0.01% of capital; Open Market.
• Post-Transaction Holding: 41,79,400 shares (22.04% VR).
• Date of Acquisition: 19-08-2026.
• Equity share capital before: Rs 18,96,24,430; 1,89,62,443 shares.
• After acquisition: Rs 18,96,24,430; 1,89,62,443 shares.
• Total diluted capital after: 1,89,62,443 shares.

AGM details

• 23rd AGM on 16 September 2026 at 12:30 PM, physical at Banquet Hall, Hisar.
• Record/book closure: 10 Sep 2026 to 16 Sep 2026 (inclusive).
• Voting right cut-off date: 9 Sep 2026.
• Mode: Physical meeting.

Key resolutions

• Ordinary: Adopt audited financial statements for year ended 31 March 2026.
• Ordinary: Re-appointment of Vibhor Kaushik as MD by rotation.
• Ordinary: Re-appointment of Vijay Laxmi Kaushik as Whole-Time Director by rotation.
• Special: Ratification of cost auditor remuneration for 2026-27 at Rs 60,000 per annum plus taxes.
• Special: MD remuneration revision to Rs 240 Lakh per annum for remaining tenure.
• Special: Vijay Kaushik remuneration revision to Rs 235 Lakh per annum for remaining tenure.
• Special: Vijay Laxmi Kaushik remuneration revision to Rs 230 Lakh per annum for remaining tenure.
• Special: Pratima Sandhir remuneration revision to Rs 230 Lakh per annum for remaining tenure.

Voting results

• Voting results are not provided in this document.

Dividend

• Dividend for FY2025-26 not recommended.

Director changes

• MD and Chairman/Executive Directors up for rotation; recommendations for re-appointment.
• No other director changes proposed at this AGM.

Auditor appointments

• Statutory auditors continue for five years to 2027-28; no change proposed.
• Secretarial Auditor M/s KRS & Co appointed for 2025-30.
• Internal Auditor M/s VD & Company re-appointed for 2026-27.
• Cost Auditor remuneration ratification proposed for 2026-27.

Material related party transactions

• Related party transactions reported as arm's length; no material RPT observed; omnibus approvals in place.

Other material approvals

• CSR policy and CSR Committee details; Dividend Distribution Policy and Board Diversity Policy published on company site.

Key details

• Target Company: Vibhor Steel Tubes Limited.
• Disclosing Party: Vijay Kumar Kaushik, promoter and director.
• Transaction Type: Acquisition of 5,000 equity shares via Open Market.
• Pre-Transaction Holding: 41,70,400 shares (21.99%), no encumbrances.
• Post-Transaction Holding: 41,75,400 shares (22.02%), no encumbrances.
• Dates of acquisition: 14-08-2026 and 17-08-2026.
• Share price for acquisitions: Rs 107.7678 per share.
• Capital context: Rs 18,96,24,430 across 1,89,62,443 shares; unchanged post.
• Total diluted capital after acquisition: Rs 18,96,24,430 across 1,89,62,443 shares.