VMS TMT Ltd(VMSTMT)

NSE: VMSTMTBSE: 544521

₹ 43.33+1.26%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 215 crWebsite: www.vmstmt.comUpdated: 24 Oct 2026

About

VMS TMT Ltd makes TMT bars in Gujarat and sells them under the Kamdhenu brand licence, mainly in Tier II and Tier III towns. It also makes its own billets. It has 2,00,000 MT p.a. of TMT bar capacity and 2,16,000 MT p.a. of billet capacity, and FY26 revenue was Rs 838.56 crore.^[1][2][3]

Products and brand

The company makes TMT bars and sells them under the Kamdhenu brand licence, mainly in Tier II and Tier III towns in Gujarat (as of Q3 FY26).^[2]
It added higher-value products such as Fe550D to its range (said on the Q1 FY27 call).^[1]
It is looking at MS pipes and other steel lines, starting with job work and building its own capacity only once scale is proven (Q1 FY27).^[1][2]

Manufacturing capacity

TMT bar installed capacity: 2,00,000 MT p.a. (FY27).^[1]
Billet installed capacity: 2,16,000 MT p.a. (FY27). The billet plant (continuous casting) was commissioned in September 2024 at an investment of Rs 117.11 crore and makes billets from scrap.^[1][2]
Scrap is the main raw material, and about 50%-60% of it is imported (Q1 FY27).^[1]
Captive solar: 12 MW of a 15 MW plant in Banaskantha, Gujarat has been running since August 7, 2026. The full plant is expected to cover about 30% of the company's power needs.^[1]

Key operating numbers

TMT bar production: 34,400 MT in Q1 FY27.^[1]
TMT capacity utilisation: 71% in FY26, up from 63% in FY25.^[1]
TMT bar production: 1,26,065 MT in FY25 (63.03% utilisation), down from 1,60,321 MT in FY24 (80.16%).^[2]
Billet production: 50,337 MT in FY25.^[2]
EBITDA margin: 4.92% in Q1 FY27, down from 9.71% in Q1 FY26. Management linked the fall to higher imported scrap prices and a stronger dollar.^[1]
Inventory: Rs 228.35 crore as of FY26. Management expects it to fall below Rs 200 crore after Diwali.^[1]

Customers and distribution

Sales go through 227 dealers and 3 distributors on a non-exclusive basis, across Gujarat excluding Saurashtra and Kutch (Q1 FY27).^[1][2]
The company stays out of the institutional and builder segment and focuses on taluka-level retail. It runs its own dedicated transport fleet (Q1 FY27).^[1]
Management says the company charges a premium of about Rs 1,500 per MT over local competitors (Q1 FY27).^[1]

Expansion and capex

The 15 MW Banaskantha solar plant (Rs 4,640 lakh project) is due for completion by about end-September 2026. Management expects it to save about Rs 10 crore a year after debt servicing.^[1][2]
The company plans to add solar capacity beyond 15 MW from next year, aiming for 40 MW over time to meet all of its own energy needs.^[1]
It aims to grow its dealer network by 10-15% a year (Q1 FY27).^[1]

Recent developments

A plan to merge Aditya Ultra Steel (1 lakh MT TMT capacity, covering Saurashtra and Kutch) into VMS TMT has been approved and awaits regulatory approval. Combined capacity would be 3 lakh MT (Q1 FY27).^[1]
Total income was Rs 247.88 crore in Q1 FY27, up 16.16% from Rs 213.39 crore in Q1 FY26. Management linked the rise to higher TMT volumes and prices.^[1]

Market Cap

₹215 Cr

High / Low

₹76 / 34

Stock P/E

13.5

Price / Book

1.0

Book Value

₹46

EPS

₹4.2

No. of Shares

4.96 Cr

ROCE

11.4%

ROE

9.2%

OPM

6.2%

Debt / Equity

1.00

Sales

₹839 Cr

Net Profit

₹21 Cr

Promoter holding

67.2%

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