VMS TMT Limited (VMSTMT)
📢 Recent Corporate Announcements
VMS TMT Limited has issued a communication regarding the availability of its Annual Report for FY 2025-26 and notice for its 13th Annual General Meeting (AGM). The AGM is scheduled to take place on Tuesday, September 29, 2026, at 3:00 PM IST via Video Conferencing / Other Audio Visual Means. The company has fixed September 22, 2026, as the cut-off date to determine member voting eligibility. Remote e-voting will run from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM).
- 13th Annual General Meeting scheduled for September 29, 2026, at 3:00 PM IST via VC/OAVM
- Cut-off date for remote e-voting eligibility fixed as September 22, 2026
- Remote e-voting window open from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
- Annual report and AGM notice distributed to shareholders registered as of August 28, 2026
VMS TMT Limited has issued the notice for its 13th Annual General Meeting (AGM) scheduled for September 29, 2026, through video conferencing. Key agenda items include the adoption of audited financial statements for the year ended March 31, 2026, and the re-appointment of director Mr. Manojkumar Jain. The board has also proposed the appointment of Ms. Vaishaliben Sanjaybhai Jain as an Independent Director for a 5-year term expiring April 28, 2031. Furthermore, shareholders will vote on ratifying ₹25,000 remuneration for the cost auditor for FY27.
- 13th Annual General Meeting scheduled for September 29, 2026, at 3:00 PM via VC/OAVM.
- Proposal to appoint Ms. Vaishaliben Sanjaybhai Jain as Independent Director for a 5-year term from April 29, 2026, to April 28, 2031.
- Proposal for re-appointment of Mr. Manojkumar Jain, liable to retire by rotation.
- Ratification of ₹25,000 remuneration for cost auditor M/s. Anuj Aggarwal & Co. for FY27.
VMS TMT reported Q1 FY27 total income of ₹247.88 crore, up 16.16% YoY from ₹213.39 crore in Q1 FY26, with TMT production reaching 34,400 metric tons. The company highlighted that 12 MW of its planned 15 MW captive solar power project was operationalized on August 7, 2026, which is expected to cover ~30% of power requirements and save ~₹4 per unit across 2.70 crore units annually. Additionally, the proposed amalgamation with Aditya Ultra Steel Limited is expected to expand combined TMT capacity from 2 lakh MTPA to 3 lakh MTPA, with management setting a long-term revenue target of over ₹2,000 crore in 2-3 years.
- Q1 FY27 total income increased by 16.16% YoY to ₹247.88 crore vs ₹213.39 crore in Q1 FY26
- TMT bar production stood at 34,400 metric tons for the quarter against 2,00,000 MTPA capacity
- 12 MW of 15 MW captive solar project operationalized on August 7, 2026, saving an estimated ₹4 per unit on ~2.70 crore units annually
- Proposed merger with Aditya Ultra Steel to add 1,00,000 MT capacity, taking total capacity to 3,00,000 MTPA
- Management guided for 10% to 15% volume and value growth, targeting ₹2,000+ crore revenue over next 2-3 years
VMS TMT Limited released its Q1 FY27 investor presentation, reporting a 16.7% YoY increase in revenue to ₹24,775.74 lakhs (₹247.76 crore) compared to ₹21,225.92 lakhs in Q1 FY26. However, profitability saw sharp compression due to elevated raw material costs, leading to a 40.9% YoY drop in EBITDA to ₹1,218.93 lakhs and a 47.9% YoY decline in PAT to ₹446.75 lakhs. On the strategic front, the company highlighted its backward integration into billets, an MoU with Prozeal Green Energy for a 15 MW captive solar plant, and the proposed amalgamation of Aditya Ultra Steel Limited.
- Q1 FY27 revenue rose 16.7% YoY to ₹24,775.74 lakhs from ₹21,225.92 lakhs in Q1 FY26.
- Q1 FY27 PAT fell 47.9% YoY to ₹446.75 lakhs from ₹857.64 lakhs in Q1 FY26.
- Q1 FY27 EBITDA (excl. other income) declined 40.9% YoY to ₹1,218.93 lakhs vs ₹2,061.76 lakhs.
- Cost of materials consumed rose to ₹19,020.02 lakhs in Q1 FY27 compared to ₹15,238.47 lakhs in Q1 FY26.
- Initiated setup of a 15 MW captive solar power plant via MoU with Prozeal Green Energy to optimize power expenses.
VMS TMT Limited has informed the exchanges that it will host its Q1 FY27 earnings conference call on Thursday, August 20, 2026, at 4:00 PM IST. The management team representing the company includes Promoter Manoj Jain, Chairman & Managing Director Varun Jain, and Whole Time Director Rishabh Singhi. The discussion will cover the company's publicly available performance updates and will not involve unpublished price sensitive information.
- Conference call scheduled for Q1 FY27 financial results on August 20, 2026, at 4:00 PM IST
- Key management speakers include CMD Varun Jain, Promoter Manoj Jain, and Director Rishabh Singhi
- Universal dial-in numbers provided (+91 22 6280 1446 / +91 22 7115 8389)
VMS TMT Limited has formally authorized three key management personnel to determine the materiality of events and handle disclosures to stock exchanges. The authorized officials include the Chairman and Managing Director, the Chief Financial Officer, and the Company Secretary. This filing is a procedural requirement under Regulation 30(5) of the SEBI (LODR) Regulations, 2015. It ensures a clear point of contact for regulatory compliance and information dissemination.
- Authorization of 3 key personnel for materiality assessment under SEBI Regulation 30(5)
- Designated officials include Mr. Varun Manojkumar Jain (CMD), Mr. Vikram Babubhai Patel (CFO), and Ms. Shikha Ranjan (CS)
- Company reported Dec 2025 quarterly revenue of ₹202.13 cr
- Maintains an installed capacity of 2,00,000 MTPA at its Bhayla unit
VMS TMT reported a 16.16% YoY increase in total income to ₹247.88 crore for Q1 FY27, showing steady top-line growth compared to ₹213.39 crore in Q1 FY26. However, profitability faced significant pressure as EBITDA fell 40.88% to ₹12.19 crore and Net Profit dropped 47.9% to ₹4.47 crore. The company is focusing on backward integration with its 2,16,000 MT billet facility and a proposed amalgamation with Aditya Ultra Steel Limited. A 15 MW captive solar plant is also under development to mitigate energy costs.
- Total Income increased by 16.16% YoY to ₹247.88 crore in Q1 FY27.
- Net Profit declined sharply by 47.90% to ₹4.47 crore from ₹8.58 crore in the previous year's quarter.
- EBITDA contracted by 40.88% YoY, falling to ₹12.19 crore from ₹20.62 crore.
- Integrated manufacturing capacity maintained at 2,00,000 MT for TMT Bars and 2,16,000 MT for Billets.
- Proposed amalgamation with Aditya Ultra Steel Limited approved by the Board, pending regulatory clearances.
VMS TMT reported a 16.7% YoY increase in revenue to ₹247.76 cr for Q1 FY27, up from ₹212.26 cr. However, Net Profit fell sharply by 47.9% to ₹4.47 cr compared to ₹8.58 cr in the year-ago period. This decline is primarily due to significant margin compression, with operating margins dropping from 8.57% to 3.89%. A key positive is the strengthened balance sheet, with the Debt-Equity ratio improving to 0.91 from 3.78 YoY.
- Revenue from operations increased 16.7% YoY to ₹247.76 cr.
- Net Profit after tax declined 47.9% YoY to ₹4.47 cr from ₹8.58 cr.
- Operating margins compressed by 468 basis points to 3.89% from 8.57% YoY.
- Debt-Equity ratio improved significantly to 0.91 from 3.78 in the previous year's quarter.
- Net Worth increased to ₹232.52 cr from ₹81.77 cr in June 2025, reflecting a stronger capital base.
VMS TMT reported a revenue of ₹247.76 cr for Q1 FY27, a 16.7% increase compared to ₹212.26 cr in the same quarter last year. However, Net Profit (PAT) dropped sharply by 47.9% to ₹4.47 cr from ₹8.58 cr YoY, primarily due to significant margin compression. Operating margins contracted to 3.89% from 8.57% a year ago, reflecting higher operational costs or pricing pressure. Despite the profit dip, the company's debt-equity ratio improved to 0.91 from 3.78 YoY, indicating a significantly deleveraged balance sheet.
- Revenue from operations increased 16.7% YoY to ₹247.76 cr from ₹212.26 cr.
- Net Profit after tax declined 47.9% YoY to ₹4.47 cr compared to ₹8.58 cr in Q1 FY26.
- Operating Margin contracted significantly to 3.89% from 8.57% in the previous year's quarter.
- Debt-Equity ratio improved to 0.91 from 3.78 as of June 30, 2025, following a substantial increase in Net Worth to ₹232.52 cr.
- Finance costs reduced by 40.9% YoY to ₹3.96 cr, providing some relief to the bottom line.
VMS TMT Limited has submitted its Reconciliation of Share Capital Audit Report for the quarter ended June 30, 2026. This filing is a mandatory requirement under Regulation 76 of the SEBI (Depositories and Participants) Regulations, 2018. The report, prepared by M/s. Umesh Ved & Associates, confirms that the company's issued capital matches the total shares held in dematerialized and physical forms. This is a standard administrative procedure to ensure the integrity of the share registry.
- Audit report covers the fiscal quarter ended June 30, 2026
- Compliance maintained under Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018
- Audit conducted by M/s. Umesh Ved & Associates, Company Secretaries
- Filing submitted to both BSE and NSE on July 16, 2026
VMS TMT Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing, issued by Kfin Technologies Limited (the RTA), confirms that share dematerialization and rematerialization details for the quarter ended June 30, 2026, have been properly reported to the stock exchanges. This is a standard procedural filing required for all listed entities to ensure depository records are synchronized. There is no impact on the company's financial performance or business operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Registrar and Share Transfer Agent (RTA) confirmed as Kfin Technologies Limited
- Filing covers reporting requirements for both National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL)
- Confirms that securities dematerialized/rematerialized during the period have been furnished to BSE and NSE
VMS TMT Limited has approved a Scheme of Amalgamation to merge Aditya Ultra Steel Limited (AUSL) into itself. The merger will create a consolidated entity with a combined manufacturing capacity exceeding 300,000 MTPA, up from VMS TMT's current 200,000 MTPA. Shareholders of AUSL will receive 75 equity shares of VMS TMT for every 100 shares held. The move aims to unify the 'Kamdhenu' brand presence in Gujarat and leverage a combined network of over 300 dealers.
- Share exchange ratio fixed at 75 equity shares of VMS TMT for every 100 shares of Aditya Ultra Steel Limited
- Combined manufacturing capacity to exceed 300,000 MTPA, representing a 50% increase over VMS TMT's current 200,000 MTPA capacity
- Consolidated distribution network will expand to over 300 dealers and multiple distributors across Gujarat
- Integration aims to unlock synergies in procurement, production, and renewable energy assets
- VMS TMT reported a revenue of Rs 202.13 cr in the Dec 2025 quarter, providing a strong base for this expansion
VMS TMT Limited has informed the exchanges that its trading window will be closed starting July 01, 2026, in compliance with SEBI Prohibition of Insider Trading Regulations. This closure is ahead of the board meeting to consider and approve the unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and insiders until 48 hours after the results are declared. The specific date for the board meeting will be announced in due course.
- Trading window closure begins on Wednesday, July 01, 2026.
- Closure is for the review of unaudited financial results for the quarter ended June 30, 2026.
- Window to remain closed until 48 hours post-board meeting conclusion.
- Applies to all Designated Persons and Insiders under SEBI regulations.
Rishabh Sunil Singhi, a promoter of VMS TMT Limited, has filed a prior intimation to acquire 13,22,164 equity shares (2.66% stake) from another promoter, Varun Manojkumar Jain. The acquisition is proposed to take place off-market at a price of Rs. 45 per share, which is slightly above the 60-day VWAP of Rs. 44.19. This transaction is an inter-se transfer among the promoter group and is exempt from the obligation of an open offer under SEBI SAST Regulations.
- Proposed acquisition of 13,22,164 equity shares representing 2.66% of the total share capital.
- Transfer price fixed at Rs. 45 per share, totaling approximately Rs. 5.95 crore.
- Acquirer Rishabh Sunil Singhi's individual stake will increase from 24.21% to 26.87% post-transaction.
- The transaction is scheduled to occur on or after June 17, 2026, as per the filing.
- Total promoter group holding remains unchanged as it is an internal transfer between existing promoters.
Rishabh Sunil Singhi, a promoter of VMS TMT Limited, is set to acquire 13,22,154 equity shares (2.66% stake) from another promoter, Varun Manojkumar Jain, via an off-market inter-se transfer. The transaction is priced at Rs 45 per share, which is a slight premium to the 60-day volume-weighted average price of Rs 44.19. While individual promoter holdings will shift, the aggregate promoter and promoter group shareholding will remain unchanged at approximately 67.19%. The transaction is scheduled to be executed on or after June 17, 2026.
- Proposed inter-se transfer of 13,22,154 equity shares representing 2.66% of the company's share capital.
- Transaction price fixed at Rs 45 per share, totaling approximately Rs 5.95 crore.
- Acquirer Rishabh Sunil Singhi's individual stake will increase from 24.21% to 26.87%.
- Seller Varun Manojkumar Jain's individual stake will decrease from 17.13% to 14.46%.
- Total promoter group holding remains constant at 67.19%, resulting in no change in management control.
Financial Performance
Revenue Growth by Segment
The company reported a 2-year CAGR of approximately 33% in total operating income. Revenue stood at INR 872.96 Cr in FY2024, a slight decrease of 1.03% from INR 882.01 Cr in FY2023, but a significant 76.8% increase from INR 493.73 Cr in FY2022. For 7MFY2025, the company achieved provisional revenue of INR 534.57 Cr.
Geographic Revenue Split
100% of the company's revenue is derived from the state of Gujarat, specifically from the sale of hot rolled TMT bars, creating a high level of regional concentration risk.
Profitability Margins
Profitability showed significant improvement; PAT margin increased from 0.49% (INR 4.34 Cr) in FY2023 to 1.52% (INR 13.28 Cr) in FY2024. This 206% increase in PAT was driven by lower raw material costs and the implementation of a coal automation plant.
EBITDA Margin
EBITDA margin improved from 2.52% (INR 22.27 Cr) in FY2023 to 4.71% (INR 41.15 Cr) in FY2024, representing an 84.8% increase in core operational profitability due to better cost management and backward integration.
Capital Expenditure
The company recently completed major capex including a coal automation plant in FY2024 and a captive billet division in October 2024. Future financial risk is expected to improve as there are no major debt-funded capex plans currently scheduled.
Credit Rating & Borrowing
Credit rating was upgraded to IVR BBB/Stable (Long Term) and IVR A3+ (Short Term) in January 2025. The company utilizes approximately 90.75% of its fund-based limits, indicating a moderately high reliance on bank borrowing.
Operational Drivers
Raw Materials
Key raw materials include steel billets (now produced via a captive division) and coal (managed via a new automation plant). Raw material cost declines were a primary driver for the 84.8% increase in EBITDA during FY2024.
Import Sources
Not specifically disclosed in available documents, though the company operates primarily within Gujarat and sources materials to support its Bhayla manufacturing unit.
Key Suppliers
Not disclosed in available documents; however, the company has a royalty agreement with Kamdhenu Limited for brand usage and technical assistance in material supply.
Capacity Expansion
Current installed capacity is 2,00,000 MTPA at the Bhayla unit. A captive billet division became operational in October 2024 to enhance vertical integration and margin control.
Raw Material Costs
Raw material costs are highly volatile; however, the company mitigated this in FY2024 through the installation of a coal automation plant and the transition to captive billet production, which helped double the EBITDA margin to 4.71%.
Manufacturing Efficiency
Efficiency is supported by the captive billet division and coal automation. The company maintains an operating cycle of 43 days, reflecting efficient conversion of raw materials into finished TMT bars.
Logistics & Distribution
Distribution is handled through a vast network of distributors and dealers under the Kamdhenu brand royalty agreement, allowing for premium pricing in the Gujarat market.
Strategic Growth
Expected Growth Rate
33%
Growth Strategy
Growth is targeted through vertical integration, specifically the new captive billet division (Oct 2024) which reduces external procurement costs. The company also leverages the 'Kamdhenu' brand to command premium pricing and utilizes a coal automation plant to maintain cost leadership in a competitive market.
Products & Services
Hot rolled TMT bars, specifically marketed as Kamdhenu Nxt TMT Bars and Kay2 TMT Bars.
Brand Portfolio
Kamdhenu Nxt TMT Bars, Kay2 TMT Bars.
New Products/Services
The captive billet division is the primary new operational addition, expected to enhance profitability margins in the medium term rather than introducing a new consumer product line.
Market Expansion
The company currently focuses on the Gujarat market; no specific plans for expansion into other Indian states were detailed in the documents.
Market Share & Ranking
Not disclosed in available documents; however, the industry is described as heavily fragmented and unorganized.
Strategic Alliances
Royalty agreement with Kamdhenu Limited for brand usage and supply chain assistance.
External Factors
Industry Trends
The downstream steel industry is growing but remains fragmented. There is a shift toward branded TMT bars (like Kamdhenu) which allow for better margins. The industry is currently characterized by high volatility in raw material prices and intense competition from both organized and unorganized players.
Competitive Landscape
Intense competition from a large number of organized and unorganized players in the fragmented downstream steel sector.
Competitive Moat
The company's moat is built on its association with the reputed 'Kamdhenu' brand and its recent backward integration into billets. This brand-led moat is sustainable as long as the royalty agreement remains in place and the company maintains quality standards.
Macro Economic Sensitivity
Highly sensitive to the cyclical nature of the steel industry and infrastructure spending in India, particularly within Gujarat.
Consumer Behavior
Increased preference for branded, high-quality TMT bars for construction safety, benefiting the company's Kamdhenu-branded products.
Geopolitical Risks
Exposure is limited due to domestic focus, but global steel price fluctuations impact local raw material costs.
Regulatory & Governance
Industry Regulations
Subject to manufacturing standards for TMT bars and environmental norms for steel plants; the company recently upgraded to a coal automation plant which likely assists in operational efficiency and compliance.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of raw material prices and the cyclical nature of the steel industry, which can rapidly fluctuate the 4.71% EBITDA margin.
Geographic Concentration Risk
100% of revenue is concentrated in Gujarat, making the company highly vulnerable to regional economic or regulatory changes.
Third Party Dependencies
High dependency on Kamdhenu Limited for brand royalty and market positioning.
Technology Obsolescence Risk
The company has mitigated tech risk by installing a coal automation plant in FY2024 to stay competitive in manufacturing efficiency.
Credit & Counterparty Risk
Receivables management is strong with debtor days at only 5 days, indicating low counterparty credit risk and high collection efficiency.
