Press Release

@) | Vardhman VARDHMAN SPECIAL STEELS LIMITED Delivering Excellence. Since 1965. CHANDIGARH ROAD Vardhman | & nee 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 India 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: COMPLIANCE OF REGULATION 30 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIRMENTS) REGULATIONS 2015. Dear Sir, Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, please find enclosed herewith Media Release on the Un-audited financial results of the Company for the quarter/ half-year ended 30" September, 2026. 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. VARIXH MAN - CON Vardhman Special Steels Limited Media Release H1 FY27 volumes at 1,29,704 MT H1 FY27 Revenue from Operations at Rs. 1,086.06 Crore H1 FY27 EBITDA (including other income) at Rs. 152.15 Crore, H1 FY27 EBITDA per ton stood at Rs. 11,053 (On Rolled Sales) H1 FY27 PAT at Rs. 93.68 Crore 27th October, 2026, Ludhiana, Punjab: Vardhman Special Steels Limited (BSE: 534392, NSE: VSSL), amongst India’s leading producers of special steels and a pioneer in green steel manufacturing, catering to diverse sectors of automotive, engineering & allied industries, has announced its unaudited financial results for the second quarter & half year ended 30th September, 2026 in the Board meeting held on 27th October, 2026. Key Financial Highlights (Rs. Crore): - Particulars Q2 FY27 Q2 FY26 Y-o-Y Q1 FY27 H1 FY27 H1 FY26 Y-o-Y Sales Volume (tonnes) 70,601** 55,536 27.13% 59,103 1,29,704** 1,11,109 16.74% Revenue from 600.05 432.27 38.81% 486.01 1,086.06 865.97 25.41% Operations EBITDA* 83.86 56.48 48.48% 68.29 152.15 95.81 58.80% PAT 52.49 34.56 51.88% 41.19 93.68 54.46 72.02% Basic EPS (Rs.) 5.43 3.61 50.42% 4.26 9.69 6.04 60.43% *including other income; **Sales include sales of Billets of 160 MT in Q2 and H1 of FY27 Performance Highlights: - For the quarter ended September 30th, 2026:  The volumes for the quarter stood at 70,440 tonnes (only Rolled Products) as against 55,536 tonnes in Q2 FY26, a YoY increase of 26.84% on account of higher production & increased demand from the customers  Revenue from Operations stood at Rs. 600.05 crore in Q2 FY27, as against Rs. 432.27 crore in Q2 FY26, increase of 38.81% Y-o-Y mainly due to the increase in sales volume & higher realizations  EBITDA (including other income) for the quarter was Rs. 83.86 crore as against Rs. 56.48 crore in Q2 FY26, increasing by 48.48%. The increase was driven by higher sales volumes and realisations, higher GST refund, the benefit of lower-cost raw material inventory carried forward from the previous quarter, and the progressive realization of benefits from last year’s capex on the Kocks Block and reheating furnace contributed to our performance. Vardhman Special Steels Limited  # EBITDA per Ton for the quarter was Rs. 11,346 (On rolled sales quantity). This excludes the non-operational Income to the extent of Income on unutilized funds invested by ASC  Q2 FY27 PAT stood at Rs. 52.49 crore as against PAT of Rs. 34.56 crore in Q2 FY26, an increase of 51.88% YoY  EPS for the quarter stood at Rs. 5.43 vs Rs. 3.61 in Q2 FY26 For the Half year ended September 30th, 2026:  The volumes for the half year stood at 1,29,544 tonnes (only Rolled Products) as against 1,11,109 tonnes in H1 FY26, a YoY increase of 16.59%  Revenue from Operations stood at Rs. 1,086.06 crore in H1FY27, as against Rs. 865.97 crore in H1FY26, increase of 25.41% Y-o-Y mainly due to the increase in sales volume and higher realizations.  EBITDA (including other income) for the half year was Rs. 152.15 crore as against Rs. 95.81 crore in H1 FY26, with an increase of 58.80% Y-o-Y. The increase was driven by higher sales volumes and realisations, higher GST refund, the benefit of lower-cost raw material inventory carried forward from the previous quarter, and the progressive realization of benefits from last year’s capex on the Kocks Block and reheating furnace contributed to our performance.  # EBITDA per Ton for H1 FY27 was Rs. 11,053 (On rolled sales quantity). This excludes the non- operational Income to the extent of Income on unutilized funds invested by ASC  H1 FY27 PAT stood at Rs. 93.68 crore as against PAT of Rs. 54.46 crore in H1FY26, an increase of 72.02% YoY  EPS for the half year stood at Rs. 9.69 vs Rs. 6.04 in H1 FY26 Management Comment: Commenting on the result, Mr Sachit Jain, Chairman & Managing Director, Vardhman Special Steels Ltd. said, “We are pleased to report a strong performance in Q2 FY27, driven by healthy growth in sales volumes, revenue and profitability, supported by robust customer demand, improved realizations and better operating leverage. Our continued focus on cost optimization and operational efficiencies, the benefit of lower-cost raw material inventory carried forward from the previous quarter, and the progressive realization of benefits from last year’s capex on the Kocks Block and reheating furnace contributed to our performance. A key milestone during the quarter was the laying of the foundation stone for our upcoming forging facility in Ludhiana by the Hon’ble Chief Minister of Punjab, S. Bhagwant Singh Mann. Being developed in collaboration with Aichi Steel Corporation, the facility marks an important step towards forward integration, enabling us to move up the value chain into higher-value forged components and strengthen our engagement with automotive customers. Vardhman Special Steels Limited Looking ahead, we remain focused on strengthening our core operations, progressing with our planned greenfield special steel facility and expanding our value-added product portfolio. Diversification into sectors such as railways, oil & gas and other industrial segments will remain an integral part of our long- term strategy. With a continued emphasis on operational excellence, innovation and sustainability, we are confident of building a resilient business and creating sustainable long-term value for our shareholders. I thank our shareholders for their continued trust, and our customers, business partners and employees for their valuable support and contribution to the Company’s growth.” About Vardhman Special Steels Limited: Incorporated in May 2010 as a Public Limited Company, Vardhman Special Steels Limited (VSSL) was vested with steel business undertaking of the parent company Vardhman Textiles Limited in 2011, pursuant to Scheme of Arrangement & Demerger. Headquartered in Ludhiana, Punjab, VSSL is one of India’s leading producers of special steels, catering to diverse requirements of Automotive, Engineering, Tractors, Bearings and Allied Industries. The Company also takes care of steel requirements of select customers for forging applications in international markets of Thailand, Taiwan, Turkey, Italy, Russia, Germany, Vietnam and Japan. The Company’s manufacturing facilities incorporate the latest cutting-edge manufacturing technology, ensuring highest levels of quality and compliance. VSSL’s varied product suite comprises billets, steel bars and rods and bright bars of various categories of special and alloy steels. Leveraging on state-of-the-art manufacturing facilities and vast experience in the domain, the Company has developed long term relationships with reputed and renowned customers globally, which include corporations such as Toyota, Maruti, Hyundai, Hero Moto Corp, Caterpillar, Hino Motors and Bajaj, among others. For more details, please visit: www.vardhm [Showing first 8,000 characters — download PDF for full document]