VSSL

@) | 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:JUL:2026-27 Dated: 22.07.2026 BSE Limited, Th e 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-4c0 051 Scrip Code: 534392 Scrip Code: VSSL SUB: COMPLIANCE OF REGULATION 30 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIRMENTS)R EGULATIONS, 2015. Dear Sir, Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Investor Presentation on the Un-audited financial results of the Company for the quarter ended 30" June, 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. VARDH MAN. COM This presentation has been prepared by Vardhman Special Steels Limited (the “Company”) solely for information purposes and does not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering documentcontaining detailed information aboutthe Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may considermaterial. Anyliability in respect ofthe contentsof,or anyomissionfrom,this Presentation is expresslyexcluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world- wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Companyand the Companyis not responsiblefor such third party statementsand projections. Result Update Presentation Q1 FY27 Disclaimer This presentation has been prepared by Vardhman Special Steels Limited (the “Company”) solely for information purposes and does not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering documentcontaining detailed information aboutthe Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may considermaterial. Anyliability in respect ofthe contentsof,or anyomissionfrom,this Presentation is expresslyexcluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world- wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Companyand the Companyis not responsiblefor such third party statementsand projections. Table of C onte nts 01 02 03 04 Financial Company Business Way Highlights Overview Overview Ahead Management’s Message “ “We have commenced FY27 on a strong note, delivering healthy growth in production, revenues and profitability. Our performance during the quarter was driven by sustained demand across key customer segments, improved operating efficiencies and better realizations following price hikes received from OEMs. Coupled with economies of scale, these factors enabled us to deliver a healthy improvementin EBITDA and profitability. The strategic investments undertaken over the past year continue to translate into tangible operational benefits. The commissioning of Kocks Block and new reheating furnace in the last financial year have started strengthening our manufacturing capabilities, improving product quality and operational efficiency while expanding our finished rolling capacity to 2.7 Lacs MTPA. In addition, the commissioning of our solar power plant is contributing to lower energy costs and supporting our long-termsustainability objectives. Looking ahead, we remain focused on executing our long-term growth strategy, including the development of the 5 Lacs MTPA Greenfield special steel facility and the forging and machining plant in collaboration with Aichi Steel Corporation. These initiatives, along with our continued focus on operational excellence and business diversification, position us well to create sustainable value forall ourstakeholders." ” SACHIT JAIN Chairman & Managing Director, VSSL Financial Highlights Q1 FY27 INR Crore Q1 FY27 Q1 FY26 Y-o-Y % Q4 FY26 Revenue From Operations 486.01 433.70 12.06% 457.92 • Volumes for Q1 FY27 stood at 59,103 Other Income 9.86 7.50 10.46 tonnes as against 55,574 tonnes in Q1 FY26 Total Income 495.86 441.20 12.39% 468.37 Cost of Materials Consumed 293.22 228.88 241.37 • Revenue increased 12.06% YoY mainly due Purchases of Stocks 0.00 0.00 0.00 to the increase in sales volume and higher Changes In Inventory (14.89) 41.27 28.46 realizations Raw Material Expenses 278.34 270.15 269.83 Employee Expenses 32.15 26.20 29.74 • Increase in EBITDA on account of increase Power & Fuel 50.91 43.61 46.82 in sales volume, higher realizations, Other Expenses 66.18 61.90 65.44 improvement in operational efficiencies and cost savings due to solar power Total Expenditure 427.58 401.87 411.83 EBITDA 68.29 39.33 73.63% 56.54 Depreciation 9.57 9.00 7.80 • EBITDA per Ton for the quarter was Rs. 10,764 excluding the non-operational Interest / Finance Cost 3.32 3.56 2.76 Income to the extent of Income on PBT 55.40 26.77 106.96% 45.99 unutilized funds invested by ASC and Tax 14.22 6.87 12.01 interest on advance deposit with PSPCL PAT 41.19 19.90 107.01% 33.98 Basic EPS in Rs. 4.26 2.43 75.31% 3.52 Financial Highlights FY26 INR Crore FY26 FY25 Y-o-Y % Volumes for FY26 stood at 2,25,620 Revenue From Operations 1,754.43 1,764.41 (0.57)% tonnes as against 2,15,843 (only rolled Other Income 42.35 29.11 products) tonnes in FY25 Total Income 1,796.78 1,793.52 0.18% Cost of Materials Consumed 974.39 1093.68 Decline in Revenue by 0.57% mainly due to decline in prices Purchases of Stocks 0.00 0.00 Changes In Inventory 61.66 (10.75) EBITDA per Ton for FY26 was Rs. Raw Material Expenses 1,036.06 1082.93 9,255. Excluding the non-operational Employee Expenses 114.28 103.39 Income to the extent of Income on Power & Fuel 190.48 177.37 unutilized funds invested by ASC and Other Expenses 247.14 252.67 interest on advance deposit with Total Expenditure 1,587.96 1,616.37 PSPCL, EBITDA per ton for FY26 was Rs. 8,598 EBITDA 208.82 177.16 17.87% Depreciation 32.87 33.47 The Board has recommended a Interest / Finance Cost 11.91 18.63 dividend of Rs. 3.50 per share on fully PBT 164.05 125.06 31.18% paid-up equity shares, subject to Tax 42.03 31.97 approval in the Annual General PAT 122.02 93.09 31.08% Meeting Basic EPS in Rs. 13.15 11.40 15.35% #EBITDA is including Other Income Balance Sheet Highlights INR Crore As on 31st Mar’26 As on 31st Mar’25 INR Crore As on 31st Mar’26 As on 31st Mar’25 Equity 1,277.32 797.91 Non-Current Assets 677.73 474.76 Equity Share Capital 96.69 81.73 Property Plant & Equipment 584.76 308.29 Other Equity 1,180.63 716.18 Capital work in progress 26.47 117.03 Non-current Liabilities 25.86 24.78 Other Intangible Assets 0.01 0.02 Right of Use Asset 0.23 0.39 Financial Liabilities Financial Assets Borrowing 0.00 3.29 Long Term Investments 3.35 7.66 Lease Liability 0.10 0.36 Long Term Loans 2.31 2.92 Other Financial Liabilities 0.65 0.15 Other Financial Assets 2.92 2.94 Provisions 2.09 2.16 Deferred Tax Assets (Net) 0.00 0.00 Deferred Tax Liabilities (net) 22.69 18.43 Other Tax Assets (Net) 0.47 0.01 Other Non-Current Liabilities 0.33 0.39 Other Non-Current Assets 57.21 35.50 Current Liabilities 329.93 313.22 Current Assets 955.38 661.15 Financial Liabilities Inventories 350.24 334.97 Borrowings 92.65 116.43 Financial Assets Lease Liabilities 0.25 0.22 Investments 154.80 10.00 Trade Payables Trade Receivables 277.84 261.30 Total O/s dues of Micro, Small Ent 9.41 5.82 Cash & Cash Equivalents 6.27 10.76 Total O/s other Than Above 174.80 133.49 Other Bank Balance 52.29 0.56 Other Financial Liabilities 34.89 38.54 Loans 2.34 2.13 Provisions 1.32 1.95 Other Financial Assets 39.72 34.09 Other Current Liabilities 16.61 16.39 Assets Held for Sale 0.00 0.00 Current Tax Liability (Net) 0.00 0.39 Other Current Assets 71.87 7.33 Total Equity & Liabilities 1,633.12 1,135.91 Total Assets 1,633.12 1,135.91 About Us Specialized Product offerings – 200+ Reputed and long-term customers Strong Domestic & International ▪ Steel Bars and Rods and Bright Bars ▪ Toyota, Hero Moto Corp, Caterpillar, Hino Customer Base for forging applications of various categories of Special & Motors, Maruti, Bajaj and Hyundai, among ▪ Thailand, Taiwan, Turkey, Russia, Germany Alloy Steels others and Spain Amongst India’s Leading Steel Bar Producers Experienced Management Team State-of-art manufacturing facilities Quality Standards, Assurance & for Automotive Applications ▪ Significant experience in Steel Industry ▪ Cutting-edge manufacturing technology Certifications ▪ Incorporated in May 2010 ▪ Long term vision and proven ability to ▪ Manufacturing Capacity ▪ ISO 14001 (2015); ISO 45001 (2018); ▪ Headquartered in Ludhiana, Punjab achieve long term goals for Company ➢ Billets - 3,00,000 MTPA ISO 9001 (2015); IATF 16949 (2016) ▪ Caters to sectors such as Engineering, Automotive, ▪ Strategic alliance with Aichi Steel Corporation ➢ Rolled Bars –2,70,000 MTPA & ISO 17025 (2017) Tractor, Bearing and Allied Industries Journey So Far… • 1973 –Started as OswalSteels -50,000 • 1995 –Installed modern Steel Melting • 2001-Strengthened product portfolio 1973- 2011 TPA capacity of special & alloy steels Shop with Electromagnetic Stirrer –added Bright Bar Facility • 1986-Acquired MohtaAlloys • 2000 –Commissioned • 2010-Independent identity with capacity of 1,00,000 TPA Vacuum Degassing System under Vardhman Group • 2012- Listed on BSE & NSE • July 2015 –Installed Fume Extraction system 2012 - 2015 • 2013 –Installed fully automatic rolling mill with capacity of • Aug 2015 –Increased Bright bars capacity to 1,50,000 TPA & Magnaflux leakage testing system (Dr. Foerster 36,000 TPA & 1,80,000 TPA for Hot Rolled Germany), and Ultrasonic Testing from (Olympus, Canada) • Dec 2016 –Upgraded transformer & allied • Oct 2017 –Purchased ~8 • June 2018 –CRISIL equipment to reduce melting time & resulting in acres of adjoining land for upgraded credit rating 2016 - 2018 SMS capacity to 1,65,000 TPA Rs. 36 Cr. • Aug 2018–Change in Statutory • April 2017 –Rights Issue of Rs 67.85 Cr. • Feb 2018 –QIP of Rs 50 Cr. Auditors to M/s B. S. R. & Co. LLP • Feb 2019 –Fortified Board of Directors • July 2021–Received environmental • Dec 2025 - Approved a ₹475 crore clearance for capacity expansion -one Independent Woman Director and investment for a new steel forging and one Additional Director appointed • Mar 2023 –Joins hands with ASC to start machining facility in Ludhiana 2019 – Till • Sept 2019 –Replacement of electric mass production • April 2025 –Commissioned New Kocks arc furnace and other related activities • May 2023 –Issued Bonus Share in ratio 1:1 Block in Rolling Mill Date • Nov 2019 –Signs Technical Assistance • Apr 2025 - Approved Rs. 2000 cr. in greenfield • Mar 2026 –Commissioned new Agreement with Aichi Steel Corporation (ASC) - steel plant & reheating furnace expanding capacity to ▪ Appointed Additional Director as • Jun 2025 –Aichi Steel Corporation raises its 2.7L MTPA representative of Aichi Steel Corporation equity stake to 24.90% .... Transforming into one of India’s leading steel bar producers Strong Experienced Board of Directors Mr. Sachit Jain Mrs. Suchita Jain Chairman & MD Non-Executive Director • B. Tech (Electrical) -IIT, New Delhi, MBA (Gold medallist) -IIM, • Master’s degree in Commerce from Punjab University, Chandigarh Ahmedabad and Owner/President Management Program –Harvard - • Over 33 years of rich experience in textile industry Experience of over 36 years in Textile & Steel • Representative of Vardhman Group • Former Chairman of CII, Northern Region Mr. Rajendar Kumar Rewari Mr. Rajinder Kumar Jain Executive Director • B. Sc. from Punjabi University, Patiala and LLB & Post Graduation Non-Executive Director diploma from KurukshetraUniversity • Chartered Mechanical Engineer from Institute of Mechanical Engineers London • More than 43 years of experience in manufacturing sector • Retired as General Manager from Indian Railways after 35 years of service • More than 10 years of experience as Managing Director of Morarjee Textiles Limited • He has long track record at VardhmanGroup in various key positions Mrs. Soumya Jain Mr. Toshio Ito Executive Director Non-ExecutiveNon-Independent Director • Graduation in B.Sc. Economics from University of Bristol, UK • Mechanical Engineer, graduated from Nagoya University, Japan • MBA in family business from Indian School of Business • Managing Executive Officer at Aichi Steel Corporation since 2020 • 5 years of exp. in VardhmanTextiles in various fields like production, marketing, • Experience as Plant Manager at steelmaking, rolling mill and forging plants of exports, HR, R&D, Capital investments, etc. Aichi Steel • Joined VardhmanSteel in 2021 with involvement in various departments Mr. Koichiro Hayashida Mr. Randhir Singh Kalsi Non-Executive Non-independent Director Independent Director • Master’s degree from Kumamoto University, Japan • Mechanical Engineer, from Delhi College of Engineering • Currently serves as an Executive Officer of HaganeCompany (Specialty Steel) and • Worked for 40+ years with MarutiSuzuki India Ltd. across different functions as General Manager of the Specialty Steel Business Management Division • Area of expertise includes –Leadership & Change Management, Business Strategy & • Servedas the President of Aichi Forge, Thailand from 2021 to 2024 Innovation, Startup & New Business Ventures, Aftermarket Parts & Logistics, Contd...​ Operations Management and Digital Transformation Strong Experienced Board of Directors Mrs. Vidya Shah Mr. Rakesh Jain Independent Director Independent Director • MBA from Indian Institute of Management, Ahmedabad • Ph.D. in Polymers from University of Akron • 11 years of career in investment banking -ICICI, Peregrine and NM • Worked in Advanced Technology Group at GE Electro-materials Division Rothschild (EMD) in Coshocton, OH,USA & Aditya Birla Group (ABG) as MD of Indo • Non-Executive Director of Edelweiss Financial Services Ltd. and Executive Gulf Fertilizers Ltd Chairperson of EdelGiveFoundation • Recognised as India’s Top 100 Women in Finance by Association of International Wealth Management of India (AIWMI) 2019 Mr. Suman Chatterjee Mr. Hemant Bharat Ram Independent Director Independent Director • Graduation in B.Sc. Economics from Presidency College, Kolkata • Master's degree in Industrial Administration (MBA) & Bachelor’s degree in • Holds post graduate diploma in Business Management from Indian Mathematics and Computer Science, both from Carnegie Mellon University, Institute of Management, Ahmedabad Pittsburgh, PA, USA • Over 30 years of experience in Multiple Leadership roles -worked in • Started his career in 1991 with DCM Data Systems & thereafter he looked after sales & marketing and has led businesses for Levi Strauss and SC various businesses of DCM Group Johnson in India • Managing Director of DCM Nouvelle Limited since 2019 & prior to that led the Textile Business of DCM Limited for over 9 years Mr. Dinkar Gupta Mr. Nishant Arya Independent Director Independent Director • Commerce graduate with a Master’s degree in Police Administration • Vice Chairman & MD of global Indian conglomerate JBM Group and Chairman of • 1987 batch IPS officer from the Punjab cadre has over 30 years of Linde WiemannGmbH, Germany. experience in national security • Represents India at key global platforms including COP27–29, World Economic • Served as Director General of the National Investigation Agency (NIA) Forum–Davos, actively promoting sustainable mobility and clean energy in and as Director General of Police (DGP), Punjab, leading major counter- collaboration with global institutions such as ADB, AIIB, IFC, and EDB Singapore. terrorism and law enforcement initiatives Wide Range of Rolled & Bright Bar Products Hot Rolled Bars Bright Bars ▪ Diameter Size : ▪ Size : 14.66 to 78 Increased from 25- mm (Peeled), 18 70 MM in 2012 to to 55.25 mm 16-120 MM (Drawn) Diverse Applications of Our Products Axle Gears Stabilizer Bar Knuckle Spindle Piston Connecting Rod Camshaft CenterVelocity Joint Crankshaft Differential Gears Transmission Gear Drive-Shaft Tie-Rod Bearings Companion-flange Axle Shaft Piston-Pin Steering-Yoke Steering Shaft State of Art Manufacturing Facilities Steel Melting Shop Rolling Mill Bright Bars Annual Capacity : 3,00,000 TPA Annual Capacity : 2,70,000 TPA Annual Capacity : 48,000 TPA • 35 MT Ultra High Power (UHP) • Rolling Mill installed in 2013-14 ▪ Bar Peeling & Centreless Grinding Eccentric Bottom Tapping (EBT Type) • Mill with complete automation • Straightening • Fully automated continuous feeding • 33 TPH “Walking” Hearth Type Reheating • Peeling system for DRI & other raw materials Furnace • Cold drawing • Automatic lance manipulator for • Reversible 2 high shift able stand with Bar • Polishing oxygen and coke injection Manipulator • Centreless grinding • Electrode regulation system -Melt • 10 Continuous Stands in Horizontal & • Full length bar Magnetic Particle Controller Vertical configuration Inspection • CELOX for active oxygen measurement • Online Dimensional Measurements • High Speed Band Saws (Electronite) • Rack Type Cooling bed designed for better • Circular Saw -Cut to Length Steel straightness & Hardness levels • Abrasive Cutter Steel Melt Shop Electric Arc Furnace Two Ladle Refining Furnace Continuous Casting Machine Vacuum Degassing Rolling Mill & Bright Bars Re-Heating Furnace Spherodizing & Annealing Machines Rolling Mill Bright Bar Shop Automatic Line of Bar Inspection NDT Line Straightening Chamfering MFLT Shot UST Straightness : Bar ends free from Acceptance Criteria: Blasting Acceptance Criteria: 2mm / meter Burr 0.2x10mm SDH - 0.8x10mm, FBH - 0.8 & 1.2mm Best in Class R&D Facility ▪ Spectrometer: ARL 4460:1454 for Chemical Analysis. Can check 32 different elements ▪ CS -230 : Analyzer for Carbon & Sulfur content in steel ▪ LECO gas analyzer:TC 600 H , N , O Analyzer 2 2 2 ▪ Mobile Spectro and XRF for Mix up Testing of Bars ▪ Mechanical and Metallurgical Testing Lab: ▪ Rockwell Hardness Tester ▪ Impact Testing Machine (Material Toughness) ▪ Metallurgical Microscope with Image Analyzer: ▪ Carl Zeismicroscope with maximum magnification of 1000x ▪ Olympus microscope with maximum magnification of 2000x ▪ RADLAB-1 GAMMA RAY Spectrometer: ▪ For Testing Steel Samples for Radiological Content ▪ Can identify different types of Isotopes present in Steel Sample and show Results in Bq/gm ▪ Samples Radiological content can be certified with 300 Second scan in RadLab''Well‘’ ▪ XRF Spectrometer: Higher range & All input/ output material can be checked and chemically analysed ▪ Scanning Electron Microscopy and Energy Dispersive X-ray Spectroscopy (SEM-EDS):For material surface analysis, material rejection, contaminant identification, solder joint analysis etc. ▪ Digital Optical Microscope With Elemental Analyzer:For observation, analysis and elemental analysis, allowing the status and composition of the target to be checked from its outer appearance …ensuring highest levels of quality and compliance Strategically Located Warehousing Facilities Bilaspur One Owned Warehouse Rudrapur ▪ Bilaspur Haryana Five Leased Warehouses in India ▪ Bangalore Aurangabad ▪ Chennai ▪ Rudrapur ▪ Pune Pune ▪ Aurangabad Chennai Bangalore Key Strengths Rich Management Experience State of Art Manufacturing Facilities Diversified Product offerings and advanced R&D Capabilities ▪ Dynamic & rich experience in special steel ▪ Manufactures diverse range of products sector ▪ Well equipped with latest upgraded with wide applications across sectors ▪ Diverse team with right mix of operational Technology Machines ▪ Further expanding product offerings to & technical expertise increase wallet share with existing along with dedicated and skilled employee customers and adding new clients base Quality Standards & Assurance Brand Image ▪ Adherence to quality standards across all ▪ Continuous brand building stages of manufacturing exercise by providing excellent ▪ Checked for dimensional accuracy & services to satisfy our customers temper at every stage ▪ Well equipped modern testing facilities to check for physical, mechanical & chemical properties 200+ Reputed & Long Term Customers....​ Cars Two Wheelers HCL/LCVs Auto Components Tractors Off Highway Vehicles ....Across Globe With Customer Base​ 8%* of FY26 sales from Exports *Includes exports to Aichi Forge, Thailand, through its trading arm in India Beyond Automotive - Building a Supermarket of Special Steels A decade-long pivot from single-sector dependence to a diversified specialty steel franchise —enabled by new casting technologyand phased entry into non-automotive sectors. TRANSFORMATION JOURNEY Portfolio Mix —Revenue by End-Market STAGE 1 · TODAY (FY26) Automotive-Focused Steel TODAY ~100% automotive revenue 100% Automotive 270k T rolled capacity · EAF + continuous casting route 300 KT of Melting and Rolling capacity, planning to increase it to ~FY35 TARGET 360 KT ~70% Auto 25–30% Non-Auto ↓ Ingot casting pilot + greenfield build STAGE 2 · FY27–FY30 ENABLERS India specialty-steel mix today is ~40% non-auto (industry est.) —VSSL is narrowing the gap. Capacity + Technology Unlock Target Non-Automotive Sectors Ingot casting pilot (higher-alloy, larger diameter) ●NEAR-TO-MEDIUM TERM 500–600k TPA greenfield plant, commissioning FY30 Aichi Steel technology transfer & anchor demand Windmill/ Ship Railways Oil & Gas Bearing Tool & Die Steel Shafts ↓ Phased sector approvals, FY30–35 ■LONGER TERM · via dedicated JV partner STAGE 3 · FY35 TARGET Diversified Specialty Portfolio Defence Aerospace Nuclear ~70% auto / 25–30% non-auto revenue mix ~1M T steel capacity · entry across 8 target sectors Import Substitution Opportunity STRATEGIC FINANCIAL GUARDRAILS ~1M T 5 7 yrs ₹1,000 Cr – ~₹2,600 Cr ≤ 0.75x Specialty steel imports vs ~6M T Tool & die steel imports, per annum To meaningful P&L contribution from Committed capex, FY26–30 (steel + Peak debt / equity —discipline domestic demand non-auto forging, balanced debt/equity) preserved through the cycle Forging - The Next Value-Add Engine Forward integration from steel bars to finished automotive components, in partnership with Aichi Steel —a scalable, multi-line growth engine. FORWARD INTEGRATION VALUE CHAIN FORWARD INTEGRATION · commissioning Q3 FY28 Melting & Scrap Sourcing Steel Bar Forging Line 1 OEMs → Rolling → → → EAF route Current business Ring gears · new Aichi network Existing capacity KEY METRICS · LINE 1 · SCALING TO LINES 2 & 3 15 20% Lines 2 & 3 ₹475 Cr ~₹300 Cr – Planned FY29–32 at lower Budgeted capex Line 1 capex Revenue potential per line, at EBITDA margin guided range, incremental capex steady-state forging Customer Relationship —Before vs After BEFORE · STEEL ONLY AFTER · STEEL + FORGED COMPONENT VSSL sells steel bar → Tier-1 forges → OEM Bundled offering → deeper wallet share, direct to OEM VSSL (Steel + Forging) → OEM (direct) VSSL → Tier-1 Forger → OEM Margin uplift · upsell opportunity & incremental wallet share from exciting customers POSITIONING FOR LONG-TERM GROWTH ₹8–11k → ₹9–12k 11.3% → 24.9% 4–5 lines by FY35 Blended EBITDA / tonne re-rating, within 2 years Aichi stake —deeper technology & Toyota-linked demand Scale-up beyond Line 1, bundled franchise Investing in Our Real Assets Centre for Creative Leadership ‘Manav Vikas Kendra’ Leadership Training Program ▪ Special Training Program for Senior ▪ CCL - US based ▪ Training programs – Management Organisation –offers functional, attitudinal, ▪ Mr. Rohan Singal, Leadership Coach from leadership programs across 160 skill development, RejoissLearning LLP undertook a personal countries, FT top10 in executive quality –across all levels coaching assignment. education with 500K alumni of employees over 50 years ▪ Individual Coaching for Self Development ▪ Specialized & to build a synergy in Team working. ▪ Customized leadership customized training for 12 senior programs ▪ To Build up individual Leadership capability especially in view of management forthcoming Greenfield expansions and challenges. Thank You For further information, please contact ! 534392 VSSL VSSL IN VARM.BO Company Vardhman Special Steels Limited Mr. Sanjeev Singla sanjeevsingla@vardhman.com www.vardhmansteel.com Investor Relations Advisors Adfactors PR Pvt. Ltd. Mr. Mohit Upadhyay Mrs. Disha Shah +91 9664235903 +91 9699060134 mohit.upadhyay@adfactorspr.com disha.shah@adfactorspr.com www.adfactorspr.com www.adfactorspr.com