Vaswani Industries Limited (VASWANI)
₹42.13 -3.70% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Vaswani Industries' revenue was ₹118 Cr (+3.1% year on year, -18.1% on the previous quarter), and net profit ₹1.2 Cr (-78.7% year on year); the operating margin was 11.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹118 | +3.1% | -18.1% |
| Operating profit | ₹14.1 | +45.1% | -32.1% |
| Net profit | ₹1.2 | -78.7% | -78.4% |
| EPS (₹) | 0.35 | -80.0% | -78.7% |
| Operating margin | 11.9% | — | — |
VASWANI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 85.05% of the VASWANI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 71.77%. That is close to its usual level. Turnover was only ₹14 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 68.8% · 69.7% · 90.1% · 84.6% · 85.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Vaswani Industries Limited has received in-principle approval from BSE and NSE for the issuance of 16,45,000 equity shares on a preferential basis to its promoters. The shares of face value ₹10 each are to be issued at a price of not less than ₹60 per share, raising at least ₹9.87 crore. The issue price represents a significant premium to the current market price of ₹43.60. The total raise constitutes approximately 7.5% of the company's current market cap of ₹131 crore, reflecting promoter capital infusion into the business.
- Received in-principle approval from BSE and NSE dated October 12, 2026
- Proposed preferential issue of 16,45,000 equity shares to company promoters
- Minimum issue price fixed at ₹60 per share (including premium) vs face value of ₹10
- Minimum capital raise amount stands at ₹9.87 crore (~7.5% of market cap)
Vaswani Industries Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited. The company confirmed that its entire share capital is already held in dematerialised form. Furthermore, no dematerialisation or rematerialisation requests were received or processed during the quarter.
- Compliance certificate submitted for the quarter ended September 30, 2026
- 100% of the company's share capital is held in dematerialised form
- 0 dematerialisation or rematerialisation requests were received or processed during the quarter
- Certificate issued by RTA MUFG Intime India Private Limited dated October 3, 2026
Vaswani Industries Limited disclosed the voting results of its 23rd Annual General Meeting held on September 30, 2026. All 4 ordinary resolutions were carried with requisite majority, including the adoption of FY26 standalone financial statements, reappointment of director Pawan Kumar Jha, and auditor remuneration. Notably, Resolution 4 regarding material Related Party Transactions with Kwality Foundry Industries was passed, with 20,385,153 promoter votes invalidated due to interested party status. Overall turnout stood at 61.89% of outstanding shares (20,389,167 votes polled out of 32,946,153 shares).
- All 4 ordinary resolutions passed at the 23rd AGM held on September 30, 2026
- Total of 20,389,167 votes polled out of 32,946,153 outstanding shares (61.89% turnout)
- For Resolution 4 (Kwality Foundry Industries RPT), 20,385,153 promoter votes were treated as invalid due to conflict of interest
- 56 shareholders attended the meeting via video conferencing (5 promoter group, 51 public)
Vaswani Industries Limited submitted its Consolidated Scrutinizer's Report for the 23rd Annual General Meeting held on September 30, 2026. All four ordinary resolutions were approved by the requisite majority via remote and AGM e-voting. Resolutions included the adoption of FY26 financial statements, the reappointment of director Pawan Kumar Jha, ratification of cost auditor remuneration, and approval of material related party transactions with Kwality Foundry Industries. For the related party transaction, 20,385,153 interested votes were invalidated, leaving 2,629 votes in favor (95.29%) and 130 votes against.
- Adoption of FY26 Standalone Financial Statements passed with 99.9994% votes in favor (20,389,037 votes).
- Reappointment of director Pawan Kumar Jha passed with 99.9991% votes in favor (20,388,987 votes).
- Material Related Party Transaction with Kwality Foundry Industries passed with 95.2881% of non-interested votes in favor.
- A total of 20,385,153 votes cast by interested parties for the related party resolution were invalidated.
Vaswani Industries Limited concluded its 23rd Annual General Meeting held on September 30, 2026, through video conferencing. Key items transacted included adoption of FY26 financial statements, reappointment of Director Mr. Pawan Kumar Jha, ratification of cost auditor remuneration, and approval of a material Related Party Transaction with Kwality Foundry Industries. Operational updates noted that sponge iron operations ran above rated capacity, the solar portfolio became fully operational, and billet capacity enlargement was completed in June 2025. Scrutinizer voting results will be declared separately.
- 23rd Annual General Meeting conducted on September 30, 2026, from 3:45 P.M. to 4:06 P.M.
- A total of 51 members attended the meeting through VC/OAVM to establish quorum
- Approval sought for material Related Party Transaction(s) with Kwality Foundry Industries
- Company noted billet capacity enlargement was completed in June 2025 and solar portfolio is fully operational
Vaswani Industries Limited has announced the closure of its trading window pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015. The trading window for insiders, designated persons, and their relatives will close on Thursday, October 1, 2026. It will remain closed until 48 hours following the declaration of financial results for the quarter ended September 30, 2026. The board meeting date to approve the financial results will be intimated separately.
- Trading window closure takes effect from Thursday, October 1, 2026
- Window remains closed until 48 hours post declaration of Q2 results for the quarter ended September 30, 2026
- Applies to all Directors, KMPs, officers, designated persons, and immediate relatives
- Board meeting date to approve Q2 results to be announced in due course
Vaswani Industries Limited has issued its Annual Report for FY 2025-26 and scheduled its 23rd Annual General Meeting (AGM) for September 30, 2026. For FY26, the company reported turnover of ₹46,737.09 lakhs and PAT of ₹424.35 lakhs. Operations saw sponge iron capacity utilization at 100.73% (90,659 MT) and expanded billet capacity utilization at 51.40% (77,100 MT). Key AGM agenda items include seeking approval for related party transactions up to ₹100 crore with Kwality Foundry Industries (representing 24.29% of turnover).
- Annual General Meeting scheduled for September 30, 2026 at 3:45 PM
- FY26 turnover reported at ₹46,737.09 lakhs and PAT at ₹424.35 lakhs
- Fully operationalized 66.25 MWp total planned solar power capacity across Gandai and Mohbhatta by December 2025
- Billet production stood at 77,099.88 MT (51.40% utilization on 1,50,000 MT installed capacity)
- Shareholder approval sought for continuous related party transactions up to ₹100 crore with Kwality Foundry Industries
Vaswani Industries Limited held a board meeting on September 3, 2026, where it approved convening the company's 23rd Annual General Meeting (AGM). The AGM is scheduled to take place on Wednesday, September 30, 2026, via Video Conferencing or Other Audio-Visual Means. The Annual Report for the financial year ended March 31, 2026, along with the AGM notice, will be circulated to shareholders in due course.
- Board approved convening the 23rd Annual General Meeting on September 30, 2026
- AGM to be conducted via Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
- Annual Report for the financial year ended March 31, 2026, to be dispatched to shareholders
- Board meeting commenced at 04:00 P.M. and concluded at 05:00 P.M. on September 3, 2026
Vaswani Industries reported standalone revenue from operations of ₹117.79 Cr for Q1 ended June 30, 2026, up 3.1% YoY from ₹114.28 Cr, but down 18.1% sequentially from ₹143.89 Cr. Net profit (PAT) dropped sharply by 78.7% YoY to ₹1.16 Cr compared to ₹5.47 Cr in Q1 FY26 and ₹5.39 Cr in Q4 FY26. The bottom-line contraction was driven by nearly doubled finance costs of ₹6.16 Cr (vs ₹3.17 Cr in Q1 FY26), higher depreciation charges of ₹3.97 Cr (vs ₹1.47 Cr in Q1 FY26), and a deferred tax expense of ₹3.36 Cr. Basic and diluted EPS declined to ₹0.35 from ₹1.75 in the year-ago period.
- Revenue from operations stood at ₹117.79 Cr (up 3.07% YoY vs ₹114.28 Cr, down 18.14% QoQ vs ₹143.89 Cr)
- Net profit fell 78.7% YoY to ₹1.16 Cr (₹116.48 Lakhs) vs ₹5.47 Cr in Q1 FY26
- Finance costs nearly doubled YoY to ₹6.16 Cr from ₹3.17 Cr, while depreciation rose to ₹3.97 Cr from ₹1.47 Cr
- Iron & Steel segment profit improved to ₹8.10 Cr vs ₹3.84 Cr YoY, but Power segment profit declined to ₹2.60 Cr from ₹4.69 Cr YoY
- Diluted EPS contracted to ₹0.35 per share compared to ₹1.75 in Q1 FY26
Vaswani Industries has scheduled its board meeting for August 13, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. The trading window for designated persons, which has been closed since July 1, 2026, will continue to remain closed until 48 hours after the meeting. This is a routine regulatory filing in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. Investors should monitor the upcoming results for operational performance updates.
- Board meeting scheduled for August 13, 2026, to approve Q1 results
- Financial results cover the quarter ended June 30, 2026
- Trading window has been closed since July 1, 2026
- Trading window to reopen 48 hours after the August 13 board meeting
Vaswani Industries has submitted its quarterly compliance certificate under SEBI Regulation 74(5) for the period ending June 30, 2026. The company confirmed that its entire share capital is currently held in dematerialized form. The Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, reported that zero requests for dematerialization or rematerialization were received or processed during the quarter. This is a standard administrative filing with no impact on business operations or financial health.
- 100% of the company's share capital is held in dematerialized form as of June 30, 2026
- 0 dematerialization or rematerialization requests were received during the quarter
- Compliance certificate issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
- Filing covers the three-month period ending June 30, 2026
Vaswani Industries' shareholders have approved a special resolution for the issuance of equity shares on a preferential basis to the Promoter and Promoter Group. The resolution passed with 99.98% of the total 1.89 crore votes cast in favor. Additionally, shareholders approved the re-appointment of Mr. Rituraj Peswani as an Independent Director for a second five-year term starting May 19, 2026. This capital infusion by promoters is significant given the company's high debt-to-equity ratio of 1.85 and its stated strategy for capacity expansion.
- Special resolution for preferential equity issuance to promoters passed with 99.98% majority
- Promoter and Promoter Group cast 1,80,62,978 votes, all 100% in favor of the issuance
- Public non-institutional shareholders cast 8,62,368 votes, with 99.71% in favor
- Independent Director Rituraj Peswani re-appointed for a 5-year term with 99.99% approval
- Total valid votes polled for the resolutions reached 1,89,25,346 shares
Vaswani Industries Limited has announced the closure of its trading window effective from July 1, 2026, in compliance with SEBI Insider Trading regulations. The closure is ahead of the consideration of the unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons, including promoters and directors, and will reopen 48 hours after the results are publicly disclosed. The specific date for the board meeting to approve these results has not yet been announced.
- Trading window closure begins on July 1, 2026
- Closure pertains to the unaudited financial results for the quarter ended June 30, 2026
- Window to reopen 48 hours after the dissemination of financial results
- Restriction applies to Promoters, Directors, KMPs, and all Designated Persons
Vaswani Industries has submitted its annual disclosure under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations for the financial year ended March 31, 2026. The promoter group, representing 62.06% of the total equity, declared that no shares were encumbered or pledged during the fiscal year. The total promoter holding consists of 2,04,46,153 shares out of a total equity base of 3,29,46,153 shares. This filing confirms the stability of the promoter's stake without any third-party liens.
- Promoter and Promoter Group hold a total of 2,04,46,153 equity shares, representing 62.06% of the company.
- Declaration confirms zero encumbrances or pledges were made on promoter shares during the financial year 2025-26.
- Ravi Vaswani remains the largest promoter shareholder with 88,77,160 shares or a 26.94% stake.
- Other significant promoter holdings include Sudha Vaswani (12.49%) and Yashwant Ravi Vaswani (10.05%).
Vaswani Industries is seeking shareholder approval through a postal ballot for a preferential issue of 16,45,000 equity shares. The shares are priced at ₹60 each (including a ₹50 premium), aiming to raise a total of ₹9.87 crores. The entire issue is being subscribed to by the promoter and promoter group, indicating strong internal confidence in the company's prospects. The e-voting period for this special resolution is scheduled from June 9, 2026, to July 8, 2026.
- Issuance of 16,45,000 fully paid-up equity shares at ₹60 per share.
- Total capital infusion of ₹9.87 crores solely from the promoter and promoter group.
- Key allottees include Ravi Vaswani and Yashwant Ravi Vaswani, each taking 3,94,450+ shares.
- The relevant date for pricing the issue has been set as June 8, 2026.
- Funds will be used to strengthen the company's financial position through private placement.
Financial Performance
Revenue Growth by Segment
Total revenue was stable at INR 389 Cr in fiscal 2024, supported by a 12% rise in sales volumes which offset lower market prices. Segment-specific percentage growth for billets and sponge iron is not disclosed.
Geographic Revenue Split
Not disclosed in available documents, though 100% of manufacturing operations are located in Raipur, Chhattisgarh.
Profitability Margins
Net Profit Ratio was 2.09% in FY25, representing a 9.90% decrease from 2.32% in FY24. Operating margins have remained stable between 5-6% over the last four fiscals through March 31, 2024.
EBITDA Margin
Operating margins were estimated at 5.7% in Q1 FY25. Return on Capital Employed (ROCE) was 7.20% in FY25, a 44.43% decrease from 12.96% in FY24 due to a significant increase in capital employed.
Capital Expenditure
The company is undertaking a major capital expenditure of INR 115.2 Cr for the installation of a 30MW solar power plant to improve operating efficiency and reduce power costs.
Credit Rating & Borrowing
Assigned IVR BBB/Stable for Long Term Bank Facilities (INR 168.75 Cr) and IVR A3+ for Short Term Bank Facilities (INR 65.00 Cr) as of July 14, 2025. Bank limit utilization is low at 34.17%.
Operational Drivers
Raw Materials
Primary raw materials include iron ore and coal, which are essential for the production of sponge iron and mild steel billets. Specific cost percentages for each were not disclosed.
Import Sources
Sourced primarily from the Raipur, Chhattisgarh region, benefiting from the strategic location in the Siltara industrial hub which provides ease of access to raw material clusters.
Capacity Expansion
Current installed capacity is 66,000 MTPA for MS Billets and 90,000 MTPA for Sponge Iron. The company is planning an expansion of billet manufacturing capacity over the medium term.
Raw Material Costs
Profitability is highly susceptible to volatility in raw material prices. The company uses backward integration, including captive power plants, to mitigate these cost fluctuations.
Manufacturing Efficiency
Sales volumes increased by 12% in FY24, indicating improved capacity utilization. Manufacturing efficiency is expected to rise following the completion of the 30MW solar project.
Logistics & Distribution
The manufacturing facility is strategically located at Siltara, Raipur, which is well-connected by road and rail to major cities, facilitating efficient distribution of steel products.
Strategic Growth
Growth Strategy
Growth will be achieved through backward integration initiatives, specifically the 30MW solar plant to lower input costs, and the proposed expansion of billet manufacturing capacity to increase market scale.
Products & Services
Mild Steel (MS) Billets and Sponge Iron.
Brand Portfolio
Vaswani Industries Limited (Vaswani Group).
Market Expansion
Targeting growth in the iron and steel segment by leveraging the established Vaswani Group presence and expanding billet capacity over the medium term.
External Factors
Industry Trends
The steel industry is currently characterized by intense competition and cyclicality. VIL is positioning itself for the future by investing in renewable energy (solar) to lower its carbon footprint and operational costs.
Competitive Landscape
Faces intense competition from both large integrated steel players and numerous secondary steel producers in the MS billet and sponge iron segments.
Competitive Moat
Moat is derived from 30+ years of promoter experience and a strategic locational advantage in Chhattisgarh's industrial hub. Sustainability is supported by low gearing (0.3x) and promoter capital infusions.
Macro Economic Sensitivity
Highly sensitive to economic developments within India and globally, as steel demand is closely linked to GDP growth and infrastructure spending.
Geopolitical Risks
Exposed to global market conditions that influence international steel prices and raw material availability.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental pollution norms and manufacturing standards applicable to the iron and steel industry in India.
Environmental Compliance
Investing INR 115.2 Cr in solar power to align with environmental standards and reduce reliance on traditional power sources.
Taxation Policy Impact
The company faces uncertain tax positions regarding matters under dispute, which are considered a Key Audit Matter for the FY25 audit.
Legal Contingencies
Pending litigations exist regarding tax disputes and other matters as disclosed in Note 30 of the financial statements; specific case values were not provided.
Risk Analysis
Key Uncertainties
Key risks include project stabilization risk for the new solar plant and billet expansion, which could impact profitability if delayed. A 20% revenue decline is cited as a major downward rating factor.
Geographic Concentration Risk
High geographic concentration with 100% of manufacturing facilities located in Siltara, Raipur, Chhattisgarh.
Technology Obsolescence Risk
The shift toward solar power indicates a digital and technological transformation to maintain cost competitiveness against more modern plants.
Credit & Counterparty Risk
Liquidity is adequate with a current ratio of 2.7x and cash accruals of INR 15-18 Cr, which are sufficient to cover term debt obligations of INR 2-11 Cr.
