Gurugram, August 12: Steel pipe and tube manufacturer Vibhor Steel Tubes Limited has reported a 38.54% year-on-year (YoY) decline in standalone net profit for the first quarter ended June 30, 2026 (Q1 FY27), as rising raw material costs and employee benefits affect the company’s operating margins.
Its net profit was down from ₹3.14 crore in Q1FY26 to ₹1.93 crore this time despite strong top-line momentum, with revenues from operations expanding 27.16% to reach ₹293.69 crore from ₹230.96 crore in Q1FY26.
Financial Performance Snapshot
| Financial Metric | Q1 FY27 (June 2026) | Q1 FY26 (June 2025) | YoY Change (%) |
| Revenue from Operations (Sales) | ₹293.69 crore | ₹230.96 crore | +27.16% |
| EBITDA | ₹12.37 crore | ₹10.26 crore | 20.57 |
| Standalone Net Profit (PAT) | ₹1.93 crore | ₹3.14 crore | -38.54% |
Management’s Views
“The geopolitical situation and global volatility notwithstanding, we have been able to post a healthy growth in both our topline and operating profitability. There has been a significant uptick in demand for value-added steel products from across the country for infrastructure and real estate projects. Our plant at Sundargarh in Odisha, with a capacity to produce 156,000 MTPA, has been able to capture a significant share of this demand. We have also incorporated a subsidiary Viyom Steel Infra so as to cater to the growing demand from infrastructure sector moving forward. We expect our topline to improve further in the coming quarters backed by steady diversification into value-added steel segment.
VSTL recently commenced supply of the Electric Resistance Welded (ERW) and Galvanized (GI) Pipes produced from its greenfield plant located at Sundargarh in Odisha. Commercial production at the 156,000 MTPA facility in Odisha had started in July 2025. The plant, which entailed a total investment of Rs 119.83 crore, offers several value-added steel products such as crash barriers, Power Transmission Line Towers, high mast lighting poles, octagonal poles and monopoles.
The company manufactures steel products such as electric resistance welded pipes, hot-dipped galvanized pipes, hollow section pipes, primer painted pipes, crash barriers, Power Transmission Line Towers, high mast lighting poles, octagonal poles and monopoles among others. VSTL, which has a contract manufacturing agreement with Jindal Pipes to manufacture and supply finished goods under the brand name Jindal Star, currently sees over 80 per cent of its total turnover coming from this one segment.
Crisil Ratings had recently assigned ‘BBB+/Stable’ long-term rating and ‘Crisil A2’ short-term rating to its bank loan facilities aggregating to Rs 370 crore. The rating reflects VSTL’s established market position in the steel tubes and pipes segment, its consistent operational performance, and prudent financial management,” Vijay Kaushik, Chairman and Executive Director, Vibhor Steel Tubes, said in a press release.
