Please find enclosed herewith Annual Report of the Company for the FY 2025-26.

@) | Vardhman VARDHMAN SPECIAL STEELS LIMITED Delivering Excellence. Since 1965. CHANDIGARH ROAD Vardhman | LUDHIANA-141010, PUNJAB T: +91-161-2228943-48 F: +91-161-2601048 E: secretarial.lud@vardhman.com Ref. VSSL:SCY:AUG:2026-27 Dated: 25-Aug-2026 BSE Limited, National 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: ANNUAL REPORT (F.Y. 2025-26) OF THE COMPANY, NOTICE CONVENING 1674 ANNUAL GENERAL MEE& TE-VIOTINNG IGNFO RMATION Dear Sir, Pursuant to applicable regulations of the SEB! (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the 16"? Annual General Meeting (‘AGM’) of the Members of the Company will be held on Friday, 18° September, 2026 at 10:00 a.m. through Video Conferencing (‘VC’)/ Other Audio Visual Means (‘OAVM’), in compliance with the relevant circulars issued by the Ministry of Corporate Affairs (‘MCA’) and the Securities and Exchange Board of India (‘SEBI’). Further, the Company has fixed Friday, 11"" September, 2026 as the cut-off date to ascertain the eligibility of Members entitled to cast their vote electronically on all the resolutions to be passed at the AGM. The Company has engaged the services of Central Depository Services (India) Limited (‘CDSL’) to provide the e-Voting facility. The remote e-Voting schedule is as under: Commencement of remote e-Voting September 15, 2026 (09:00 am onwards) End of remote e-Voting September 17, 2026 (upto 05:00 pm) Pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Annual Report (F.Y. 2025-26) alongwith the Notice convening the 16" AGM of the Company. The said documents are also available on the website of the Company at www.vardhman.com. YARNS | FABRICS | THREADS | GARMENTS | FIBRES | STEELS CIN: L27100PB2010PLC033930 WWW.VARDHMANSTEEL.COM | WWW) NARDHMAN - COM 9 | Vardhman VARDHMAN SPECIAL STEELS LIMITED Delivering Excellence. Since 1965. CHANDIGARH ROAD Vardhman LUDHIANA-141010, PUNJAB T: +91-161-2228943-48 F: +91-161-2601048 E: secretarial.lud@vardhman.com 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. VARH MDaru . CoM ANNUAL REPORT 2025-26 VARDHMAN SPECIAL STEELS LIMITED ...ON A ROLL confirm Some years what a company can do. 11,,775544..4433 This was one of them. C O N T E N T S Record profit. Revenue from Operations ( crore) Zero debt. CORPORATE OVERVIEW 02 Built & Rolling 220088..8822 A new reheating furnace 08 The Build Ahead running. EBITDA 14 About the Company I A new system live. ( crore) 20 Key Performance Indicators 22 Statement from the CMD's Desk A Toyota Group partner 112222..0022 26 Environment, Social and Governance deepening its stake. 40 Board of Directors Net Profit Customers in segments ( crore) and geographies that did STATUTORY REPORTS not exist on the order 44 Management Discussion & Analysis Report 110055..8888 book a year ago. 66 Corporate Information Net Cash Flow 67 Directors’ Report from Operations And this is not the finish. 87 Corporate Governance Report I This is the setup. ( crore) We are surely 102 FINANCIAL STATEMENTS 99,,225555 ...ON A 189 NOTICE EBITDA per Tonne ROLL CORPORATE 02-43 STATUTORY 44-101 FINANCIAL 102-197 OVERVIEW REPORTS STATEMENTS CHAPTER ONE BUILT & ROLLING The list was short, and the results were not. A new sizing mill block. A new reheating furnace. Every project A new digital platform. A new energy source. commissioned. Every target met. A record profit. A debt-free balance sheet. FY25-26 was the year the Company stopped planning and started delivering. 02 VARDHMAN SPECIAL STEELS LIMITED ON A 03 ROLL ANNUAL REPORT 25-26 CORPORATE 02-43 STATUTORY 44-101 FINANCIAL 102-197 OVERVIEW REPORTS STATEMENTS CHAPTER ONE THE THE THE THE I MEASURE OF II DIGITAL III YIELD IV WIDER PRECISION SPINE ENGINE REACH The Kocks block reached full operation faster than the On 1 July 2025, the Company moved to SAP S/4HANA. The The successful commissioning of the walking-beam Reheating Demand widened across the year. Global Toyota approvals schedule asked. Stabilised within the year, it reset what the migration consolidated planning, finance, production, Furnace in the fourth quarter has increased the Rolling Mill’s came through, opening Vardhman Special Steels to a larger rolling mill could promise. Bars now hold exact diameters costing, maintenance and quality into a single platform. capacity to 270,000 tonnes per annum. The new furnace opportunity. With Maruti Suzuki, localisation projects set to to within +/- 0.2 millimeters. Roundness improved across Information that once travelled between systems now lives operates with lower burning losses and accommodates longer replace grades previously imported from Japan. The same the range. Surface quality rose to a standard that opens in a single source. Each transaction posts in real time, so the billets of 5.2 meters, compared to 4.2 meters in the existing relationship deepened into a closed loop. From September demanding applications. The block widened the product picture managers see matches with the one on the floor. furnace, resulting in improved finished product yield. In 2025, scrap from Maruti plants returns to Ludhiana and leaves window, bringing sizes and grades that earlier sat beyond Internal controls tightened. Approvals route through defined addition, reduced process losses at the Continuous Casting again as steel for Maruti’s own vendors. New qualifications reach. It also moved Vardhman Special Steels into import paths. The audit trail runs clean from order to dispatch. For a Machine (CCM) while casting longer billets, along with the added depth across the two-wheeler and passenger-car substitution, matching specifications once met only by company entering a heavy build cycle, the system provides introduction of the new 210 × 210 mm billet section, have segments. European brands operating in India have begun Japanese steel. Each rolled length now carries a tighter leadership with a steadier view of costs, inventory and yield. further enhanced metal recovery and overall yield. These evaluating the Company’s products. Globally, the Company tolerance and cleaner chemistry, the kind of precision that It is the digital spine that the next phase of growth will lean on. improvements collectively reflect the Company’s continued is working closely with leading automotive brands in qualifies the Company for higher engineering work. focus on operational excellence, productivity enhancement, Europe, Indonesia and Vietnam to secure sample approvals. and resource optimization. Each addition strengthens the order book and spreads the Company’s reach across customers, segments and geographies. 04 VARDHMAN SPECIAL STEELS LIMITED ON A 05 ROLL ANNUAL REPORT 25-26 CORPORATE 02-43 STATUTORY 44-101 FINANCIAL 102-197 OVERVIEW REPORTS STATEMENTS CHAPTER ONE THE THE THE GREEN V AICHI VOTE OF VI YEAR, CONFIDENCE COUNTED SSTTEEEELL MMOOAATT Aichi Steel’s commitment deepened into something The numbers closed the year on a high note. Profit after tax structural during the year. The bond began in 2019 as a reached a record H122 crore. EBITDA averaged close to H9,250 technical assistance agreement. Six years on, it carries equity, per tonne across the year, holding the upper half of guidance. governance and shared intent. Stronger product mix and steady volumes carried the result, Decarbonisation has started shifting to an In July 2025, Aichi invested H385 crore in fresh equity in even as steel prices eased and competitors pressed on price. advantage during the year. With the transmission The Board recommended a dividend of H3.50 per shar [Showing first 8,000 characters — download PDF for full document]