VMS TMT Ltd

AGM Details

• Date/time: 29 Sep 2026, 3:08 PM; mode: VC/OAVM; venue: registered office.

Key Resolutions

• Ordinary: Adopt Audited Financial Statements for FY ended 31 March 2026.
• Ordinary: Re-appoint Manojkumar Jain who retires by rotation.
• Special: Ratify Cost Auditors’ remuneration.
• Special: Appoint Vaishaliben Sanjaybhai Jain as Independent Director.

Voting Results

• Adopt Audited Financial Statements: voting outcome not disclosed.
• Re-appoint Manojkumar Jain: voting outcome not disclosed.
• Ratify Cost Auditors’ remuneration: voting outcome not disclosed.
• Appoint Vaishaliben Jain: voting outcome not disclosed.

Director Changes

• Manojkumar Jain to be re-appointed, retires by rotation.
• Vaishaliben Sanjaybhai Jain appointed as Independent Director.

VMS TMT Limited - Trading Window Closure from Oct 01, 2026 until 48 hours after conclusion of Board Meeting for unaudited financial results for the quarter and half-year ended Sep 30, 2026; Board Meeting date to be intimated.

VMS TMT Ltd trading window closed from October 01, 2026 until end of 48 hours after the Board Meeting to consider unaudited financial results for the quarter and half-year ended September 30, 2026

AGM Details

• AGM scheduled for 29 September 2026 at 3:00 PM IST via VC/OAVM.
• Annual Report and AGM notice accessible via company website.
• Shareholders without registered emails will receive AR access link.
• Cut-off date for voting eligibility is 22 September 2026.
• Remote e-voting opens 26 September 2026 at 09:00 and closes 28 September 2026 at 17:00.
• Shareholders urged to update contact details with the company or DP.

Financial performance

• Revenue from operations: 83,855.74 Lakh; total revenue: 84,019.95 Lakh.
• Profit before tax: 2,717.45 L; tax: 614.09 L; PAT: 2,111.98 L.
• PAT margin: 2.51%.
• EPS (basic/diluted): 4.95.
• YoY revenue up from 77,140.76 L to 84,019.95 L.
• IPO completed; listed on NSE and BSE from 24 Sep 2025.
• IPO proceeds: 1,500.00 Lakh; used to repay borrowings.
• Capacity 200,000 MTPA; produced 141,611 MT; utilization 71%.
• Dividend: no dividend declared in FY2025-26.

Capital structure & liquidity

• Total borrowings incl. current maturities: 22,868.81 L; net debt after cash: 21,879.09 L.
• Gearing ratio: 0.49x; debt-to-equity ratio: 1.00x.
• Equity capital increased to 4,963.12 Lakh; shares issued: 1.5 crore.
• Paid-up capital after IPO: 4,963.12 Lakh; securities premium: 12,378.42 Lakh.
• Current ratio: 1.31; cash & bank balances: 989.72 Lakh.
• Dividend: nil for FY2025-26.

Business developments and strategy

• Backward integration: CCM completed; TMT production from scrap.
• Capacity expansion: 200,000 MTPA; captive solar project 15 MW.
• FY2026 production: 141,611 MT; utilization 71%.
• Geographic focus: 98% revenue within Gujarat.
• Backward integration reduces billets dependency.
• Scheme of Amalgamation with Aditya Ultra Steel Limited under review.
• Expanding distribution network; 3 distributors and 227 dealers as of July 2025.

Governance & leadership changes

• Board size six; two Independent Women Directors.
• Vinodkumar Singh resigned as Independent Director, 28 Apr 2026.
• Vaishaliben Jain appointed Independent Director, 29 Apr 2026.
• Company Secretary resigned 31 Mar 2026; Shikha Ranjan appointed 9 Jun 2026.
• 13th AGM to be held via VC on 29 Sep 2026.
• Audit Committee: 8 meetings; Chair Vivek Nathwani.
• Nomination & Remuneration Committee: 3 independent, non-exec members.
• IPO Committee: 2 meetings; CSR Committee: 2 meetings.

CSR & ESG

• CSR spend ₹29.87 Lakh in FY2025-26; education-focused.
• CSR via Shri Umiya Education and Charitable Trust (CSR No. CSR00032772).
• CSR policy available on company website.

Audit, risk & controls

• Statutory audit: Suresh Chandra & Associates; no qualification.
• Internal controls: adequate; Secretarial audit by Umesh Ved & Associates.
• No penalties or defaults in past three years.
• Whistleblower policy and vigil mechanism in place.

Discontinued operations

• Pipe Division discontinued; ceased 1 Dec 2024; lease terminated 28 Feb 2025.
• Discontinued operations held-for-sale; results presented separately.
• Disposal group assets/liabilities held-for-sale; net assets NIL as of 2026.

Financial Performance

• Q1 FY27 total income: 247.88 cr; Q1 FY26: 213.39 cr; YoY +16.16%.
• PAT for Q1 FY27: INR 2.45 cr.
• EBITDA declined 41% YoY; no exact EBITDA figure disclosed.

Operations & Capex

• Billet production in Q1: 34,400 metric tons.
• Installed billet capacity: 2.16 lakh metric tons.
• Utilization around 80%; plant runs 20–22 hours daily.
• 15 MW captive solar: 12 MW operational; 3 MW remaining in ~1.5 months.
• Solar covers ~30% of power requirement.
• Annual solar generation: 2.70 crores units; post-EMI savings about INR 10 crores.
• Inventory at INR 228.35 crores (FY26); driven by new high-margin products and monsoon.
• Inventory to normalize after Diwali; expected below INR 200 crores.

Merger & Growth Initiatives

• Amalgamation with Aditya Ultra Steel approved; subject to regulatory approvals.
• Post-merger Gujarat expansion to include Saurashtra and Kutch.
• Combined capacity post-merger: 3 lakh tons (1 lakh + 2 lakh).
• Topline target: INR 2000 crores plus; EBITDA/PAT expected to improve.
• Sales growth guidance: 10%–15%; PAT to rise modestly.
• Dealer network grows 10–15% annually.

Outlook & Guidance

• Sales growth guidance: 10%–15% annually.
• Inventory normalization post-Diwali; target below INR 200 crores.
• Utilization improvement target: 4–5% annually; billet utilization ~80%.

Q&A Highlights

• Q1 billet ramp-up: production 34,400 MT; utilization target around 80%.
• Power savings from solar: INR 4 per unit; 2.7 crore units annually; ~INR 10 crores post EMI.
• Raw material costs: scrap prices up; forex impact; margins compressed.
• Inventory dynamics: higher-margin products; monsoon; normalization after Diwali.
• Dealer network expansion: 227 Gujarat dealers; merger expands footprint; focus on Tier 2/3.
• Imported scrap viability: preferred for quality; 50–60% imports; local 20–25% sponge iron; 20–25% local.
• Geography focus: Gujarat; Tier 2/3 and rural markets; institutional sales limited.
• Merger timeline: months to merge; completion timing not disclosed.

Meeting Details

• Date: 20 August 2026; time undisclosed.
• Meeting type: earnings conference call; mode: virtual.

Participants

• Key company participant: Managing Director.

Purpose

• Purpose: earnings results discussion for quarter ended June 30, 2026.

Additional Notes

• Audio recording of the call is available.

Business overview

• TMT Bars manufacturer in Gujarat; dual scrap- and billet-based production via CCM and rolling mill.
• Backward integration completed Sep 2024, enabling in-house scrap-to-bars production.
• Exclusive Kamdhenu brand license in Gujarat with 227 dealers and 3 distributors.
• Installed capacity: Bars 200,000 MT; Billets 216,000 MT.
• Power requirement 22 MW; solar plan 15 MW to cut electricity costs.
• ISO 9001/45001/14001 certified.

Operational highlights

• Q1 FY27 total income ₹24,787.89 lakh, revenue ₹24,775.74 lakh.
• FY26: TMT Bars production 141,611 MT; Billets 148,708 MT.
• Backward integration investment ₹117.11 crore.
• 30-ton induction furnace installed; CCM capacity 216,000 MT.
• Solar project 15 MW planned; ₹4,640 lakh projected cost.
• Distribution network includes 3 distributors and 227 dealers in Gujarat.

Financial performance

• Q1 FY27 EBITDA (excl. other income) ₹1,218.93 lakh.
• Q1 FY27 PAT ₹446.75 lakh.
• FY26 Revenue ₹84,019.95 lakh; EBITDA ₹6,231.85 lakh; PAT ₹2,103.36 lakh.
• FY26 Total assets ₹51,941.16 lakh; total liabilities ₹29,127.89 lakh.
• FY26 Equity capital ₹4,963.12 lakh; Net worth ₹22,813.28 lakh.
• Borrowings FY26: non-current ₹5,210.95 lakh; current ₹17,657.86 lakh.

Capital structure & liquidity

• Equity share capital rose to ₹4,963.12 lakh in FY26.
• Net worth stood at ₹22,813.28 lakh.
• Total borrowings: non-current ₹5,210.95 lakh; current ₹17,657.86 lakh.
• Cash and cash equivalents ₹104.68 lakh; bank balances ₹885.04 lakh.

Strategic priorities & outlook

• Renewable energy integration; target 40 MW capacity to meet energy needs.
• Backward integration strengthens raw material security and cost efficiency.
• Phase 1: expand via job work; Phase 2: in-house capacity expansion.
• Diversification into MS Pipes; growth through selective expansion.
• Focus on Tier II/III Gujarat markets under Kamdhenu brand; ISO and ESG emphasis.

Risks & governance

• Rising power costs; mitigated by solar project and cost controls.
• Reliance on Kamdhenu license; mitigated by broad Gujarat distributor network.
• Management: Varun Jain (MD), Manojkumar Jain (Non-Executive Director), Rishabh Singhi (WTD).

Meeting Details

• Date and time: 20 August 2026, 4:00 PM IST.
• Type and mode: group, virtual investor conference call.
• Event: Q1 FY27 Earnings Call for VMS TMT Ltd.
• Key company participants: Promoter Chairman & Managing Director; Whole-Time Director.
• Purpose: discuss Q1 FY27 results.
• Joining details: universal dial-in numbers provided.