Please find enclosed herewith Un-Audited financial results for the quarter/ half year ended 30.09.2026.

@ Vardhman — VARDHMAN SPECIAL STEELS LIMITED ay | D elivering Excell ence. Since 1965. CHA NDIGARH R OAD Vardhman LUDHIANA-141010, PUNJAB T: +91-161-2228943-48 F: +91-161-2601048 E: secretarial.lud@vardhman.com Ref. VSSL:SCY:OCT:2026-27 Dated: 27.10.2026 BSE Limited, Nati onal Stock Exchange of Ind ia Ltd, New Trading Ring, Exchange Plaza, Bandra-Kurla Complex, Rotunda Building, P.J. Towers, Bandra (East), Dalal Street, MUMBAI-400001. MUMBAI-400 051 Scrip Code: 534392 Scrip Code: VSSL SUB: DISCLOSURE UNDER REGULAT3I0 O& N3 3 OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015. Dear Sir, Pursuant to Regulation 30 read with Part A of Schedule III and Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith Un-Audited Financial Results of the Company for the quarter/ half-year ended 30° September, 2026 together with Limited Review Report as approved by Board of Directors in its meeting held on 27" October, 2026. The meeting of the Board of Directors commenced at 10:00 a.m. and concluded at 12:45 p.m. Kindly take the same on record. Thanking you, Yours faithfully, For VARDHMAN SPECIAL STEELS LIMITED (SONAM DHINGRA) COMPANY SECRETARY YARNS | FABRICS | THREADS | GARMENTS | FIBRES [| STEELS CIN: L27100PB2010PLC033930 WWW.VARDHMANSTEEL.COM | WWW. VARDHMAN - (om BSR&Co. LLP DLF CybeGri, Phases Gurugram - 122 002, India Chartered Accountants Tel: +91 124 719 1000 Fax: +91 124 235 8613 Limited Review Report on unaudited financial results of Vardhman Special Steels Limited for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Vardhman Special Steels Limited 1. We have reviewed the accompanying Statement of unaudited financial results of Vardhman Special Steels Limited (hereinafter referred to as “the Company”) for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 (“the Statement”). This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting’ (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’). Our responsibility is to issue a report on the Statement based on our review. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the independent Auditor of the Entity’, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. ForBSR&Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 hweta Kumar Partner Gurugram Membership No.: 509822 27 October 2026 UDIN:26509822EUDYHE9638 Registered Office: BSR & Co, (a partnership firm with Registration No. BAS 1223) converted into B S R & Co. LLP (a 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Center, Weslem Express Highway, Goregaon (Easl), Mumbai - 400063 Page 1 of 1 VARDHMAN SPECIAL STEELS LIMITED Regd. Office Vardhman Premises, Chandigarh Road, Ludhiana-141010 Corporate Identity Number (CIN): L27100PB2010PLC033930 Website: wwwevardhmanstecLcom = Email secretarial. lud@yardiman.com Statement of Unaudited Financial Results for the quarter and half year eaded 30 September 2026 (Rs. in laklis) Quarter Ended Half Year Ended Year Ended hak Particulars No. 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31,03,2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) }) |Revenue trom operations 60,005.06 48,600.70 43,227.43 | 08,605.76 86,597,28 1.75.443.3| 2 |Other income (itlso refer to note 1) 1,473.80 985.71 (121,78 2,459.5 | 1.87152 4,234.60 3 | Total income (1+2) G1ATRAG 49,586.41 44,349.21 111,065.27 88,468.80 ,79,677.9 4 |Expenses: a) Cost of materials consumed 31,888.91 29,322.44 26,072.90 61,211.35 48,960.75 97,439.28 b) Changes in inventories of finished goods and work-in-progress 3,638.58 (1,488.76) (1,189.84) 2,149.82 2,937.17 6,166.48 c) Employce benefits expense 3,926.03 3,214.95 2,914.80 7, 140,98 5,534.78 11,427.87 d) Finance cost 367.94 331.50 189,65 699.44 546.11 1190.58 ve) Depreciation and amortisation expense 962.34 957,18 808.19 1,919.52 1.707,77 3,286.68 f} Other expenses : - Power and fuel expense 5,596.07 5,091.33 5,170.73 10,687.40 9532.15 19,048.03 - Others 8,043.18 6,617.70 5,732.55 14,660.88 11,923.02 24,714.05 Total expenses $4,423.05 44,046.34 39,698.98 98,469.39 41,141.75 1,63,272.97 5 |Profit before tax (3-4) 7,055.41 5,540.07 4,650.23 12,595.88 7,327.05 16,404.04 6 |Tax expense - Current tax 1,609.07 1,230.21 1,094.15 2,839.28 1,714.02 3,79 1,00 - Deferred lax 197.36 191,29 99,73 388.65 167,17 411.58 7 /Profit after tax (3-6) 5,249.38 4,118.57 3,456.35 9,367.95 5,445.86 12,202.39 8 /Other comprehensive income llems that will not be reclassified to profil or loss (i) Remeasurements of the defined benefit plans 9.88 9.88 (10,47) 19.76 (20.93) 59,25 (ii) Income tax relating to items that will not be reclassified to profit or loss (2.48) (2.49) 2.64 (4.97) 5.27 (14.91) Other comprchensive income/(loss) for the period/year (net of tax) 7.40 7.39 (7.83) 14.79 (15.66) 44.34 9 |Total comprehensive income for the period/year (7+8) 5,256.78 4,125.96 3,448.52 9,382.74 5,430.20 2,246.73 10 |Earnings per cquity share (in Rs.) (el annualised): (a) Basie 5.43 4,26 3.61 9.69 6.04 W315 (b} Diluted 5.42 4.25 3.60 9.68 6.03 13,13 LL |Paid-up equity capital (face value Rs. 10/- per share) 9,670.12 9,668.57 9,650.34 9,670.12 9,050.34 9,068.57 12 Other equity 118,063.41 See accompanying notes to the unaudited financial resulls VARDHMAN SPECIAL STEELS LIMITED Regd. Office Vardhman Premises, Chandigarh Road, Ludhianu-141010 Corporate Identity Number (CIN): L27100PB2010PLC033930 Website: www.vardhmansteel.com = Email: seeretarial.lud@vardhman.com Statement of Assets and Liabilities (Rs. in lakhs) As at 30 September 2026 As at 31 March 2026 Particulars (Un-Audited} (Audited) 1. ASSETS Non-current assets (a) Property, plant and equipment (b) Right-of-use assets (c) Capital work-in-progress (d)} Intangible assets (e) Financial assets - [Investments ~ Loans - Other financial assets (f) Others tax asset (nel) (g) Other non-current assets Total non-current assets Current assets (a) Inventories (b) Financ [Showing first 8,000 characters — download PDF for full document]