Vibhor Steel Tubes Ltd(VSTL)

NSE: VSTLBSE: 544124

₹ 91.25-3.18%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 173 crWebsite: www.vstlindia.comUpdated: 24 Oct 2026

About

Vibhor Steel Tubes makes ERW and hot-dipped galvanized steel pipes, hollow sections, crash barriers, transmission line towers and poles at plants in Maharashtra, Telangana and Odisha. Its total installed capacity was 3,77,000 MTPA as on 31-12-2025, and it reported revenue of Rs 1149.35 Cr in FY26. It sells all its finished product under the "Jindal Star" brand to Jindal Pipes Limited and its approved customers.^[1][2][3]

Revenue mix

Revenue split in Q1 FY27 was 83% pipe, 12% crash barrier and 5% other products.^[4]
In FY26 the revenue mix was 85% pipe, 12% crash barrier and 3% poles and transmission line towers.^[5]
Management targets moving the product mix from about 90:10 to 75:25 (pipe to value-added products) by FY28.^[4]

Products and brands

Products are ERW pipes, hot-dipped galvanized pipes, square and rectangular hollow sections, primer-painted pipes, crash barriers, transmission line towers, high mast lighting poles, octagonal poles and monopoles (FY26).^[1]
For Jindal Pipes it makes pipes from 0.5 inch to 12 inch under the brand "Jindal Star" (FY26).^[1]
Transmission line towers are designed for voltage classes up to 765 kV and are made at Unit III in Odisha (FY26).^[1]
Monopole press brake installation at Jharsuguda was completed in Q3 FY26; management called it the biggest-capacity machine of its kind in India.^[2]
An RSJ pole is being tested with a ~500 MT job work order and is planned as a listed product in Q3-Q4 FY27.^[4]

Plants and capacity

Total installed capacity was 3,77,000 MTPA as on 31-12-2025.^[2]
The Jharsuguda (Odisha) plant has installed capacity of 1,56,000 MTPA per the Q1 FY27 call; its capex was Rs 120 Cr per the Q1 FY26 call.^[4][6]
Pole installed capacity was 300 MT/month in Q1 FY27, up from 150 MT/month in Q4 FY26.^[4][5]
Crash barrier capacity was about 1,000 tons each at Hyderabad and Jharsuguda in Q3 FY26, and both were fully utilised.^[2]
Galvanizing tanks in Maharashtra and Telangana ran at maximum capacity in Q1 FY27, so some export, hollow section and pipe orders were turned away.^[4]
A warehouse in Hisar, Haryana with storage capacity of ~300 MT serves North India (FY26).^[1]

Production and utilisation

Production in Q1 FY27 was 20,205 MT at Unit I (Maharashtra), 14,769 MT at Unit II (Telangana) and 7,355 MT at Unit III (Odisha).^[4]
Production in FY26 was 92,933 MT at Unit I, 64,420 MT at Unit II and 18,603 MT at Unit III.^[5]
Capacity utilisation in FY26 was 74% at Unit I (Maharashtra) and 67% at Unit II (Telangana).^[5]
Jharsuguda utilisation was ~18% overall and 12% for pipe in Q1 FY27, compared with 21% in December 2025.^[4][2]
Indicative galvanised pipe realisation was ~₹75,000-76,000/MT and EBITDA ~₹3,000-4,000/MT in Q4 FY26; for transmission line towers, EBITDA was ~₹10,000/MT.^[5]

Order book

Pipe order book in Q1 FY27 was 6,500 MT in Maharashtra, 2,000 MT in Hyderabad and 1,800 MT at Jharsuguda.^[4]
Transmission line tower orders were ~2,000 MT in Q1 FY27, compared with 2,400 MT in Q4 FY26.^[4][5]
Octagonal and high-mast pole orders were 250 MT in Q1 FY27, compared with 300 MT in Q4 FY26.^[4][5]
Crash barrier orders were 2,000 MT in Q4 FY26.^[5]

Customers, suppliers and markets

Jindal Pipes accounted for around 80-82% of revenue in Q1 FY27; management targets reducing this to 70%.^[4]
The supply agreement with Jindal Pipes runs from April 2023 to March 2029 with a minimum annual offtake of 1 lakh MT (Q4 FY26 call).^[5]
The company states it has 10000+ customers (FY26).^[1]
Exports were 3-5% of revenue in 9M FY26. All exports come from Maharashtra Unit I, and the company had exported to around 8 countries as on March 31, 2026.^[2][1]
Hot rolled coils are bought from SAIL, JSW and others, and zinc is bought from dealers of Hindustan Zinc (FY26).^[1]
Tower customers in Q1 FY27 were in Madhya Pradesh, Chhattisgarh, Maharashtra, Sikkim and Chennai.^[4]

Expansion and capex

A second galvanizing tank at Jharsuguda was expected to be operating by September 1, 2026, adding ~1,000-1,500 MT of galvanizing capacity.^[4]
A new galvanizing line for crash barriers is being installed at the Hyderabad Unit II, where crash barrier orders were twice production capacity (Q4 FY26).^[5]
FY27 capex of ~₹10 Cr is planned for added capacity in poles and crash barriers (Q4 FY26 call).^[5]
Monopole CPRI certification is now expected in Q3 FY27, later than the earlier Q2 target. PGCIL approval for towers was expected about 2 months from August 2026.^[4]
Management targets Jharsuguda pipe utilisation of 60% in 1.5-2 years from about 12% (Q4 FY26 call).^[5]

Recent developments

In Q1 FY27 the company set up a wholly-owned subsidiary, Viyom Steel Infra Pvt Ltd, for a north India plant. The plant will make crash barriers first, then poles and towers; land purchase is under negotiation.^[4]
CRISIL assigned a BBB+/Stable long-term rating, up from BBB, and an A2 short-term rating to bank facilities of ₹370 Cr (reported in the Q4 FY26 call).^[5]
FY26 included a one-time ₹132.00 lakh write-off of a capital advance paid to PNB for a property e-auction.^[1]

Market Cap

₹173 Cr

High / Low

₹152 / 91

Stock P/E

22.8

Price / Book

0.9

Book Value

₹104

EPS

₹4.6

No. of Shares

1.9 Cr

ROCE

7.9%

ROE

4.6%

OPM

2.6%

Debt / Equity

0.98

Sales

₹1,149 Cr

Net Profit

₹9 Cr

Promoter holding

74.7%

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