VMS TMT LimitedQ1 FY27 Results & Financial Update
VMS TMT Limited: Q1 FY27 standalone results and company financials – revenue ₹247.76 Cr, PAT ₹4.47 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore VMS TMT Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
VMS TMT Limited delivered a positive start to FY27, reporting revenue from operations of ₹247.76 crore for Q1 FY27, marking an increase compared to both the previous quarter and the corresponding period last year.
Total income for the quarter stood at ₹247.88 crore, reflecting robust business activity driven by steady demand for construction materials in regional markets.
Profit after tax (PAT) for Q1 FY27 was recorded at ₹4.47 crore, translating to basic and diluted earnings per share (EPS) of ₹0.90.
The company's financial performance reflects the ongoing benefits of its backward integration into in-house billet manufacturing, which provides better control over raw material sourcing and conversion efficiency.
Operational efficiencies were supported by established distribution channels, maintaining deep market penetration across Tier II and Tier III towns in Gujarat under the Kamdhenu brand framework.
Management highlighted that continuous focus on product quality, BIS compliance, and manufacturing excellence positions the company well to capture structural growth in infrastructure and real estate demand.
01 · Business model
What does VMS TMT do?
VMS TMT Limited is a Gujarat-based steel manufacturing company headquartered and operating at Bhayla Village, Ahmedabad, specializing in the production of Thermo Mechanically Treated (TMT) bars, billets, and binding wires.
The company operates an integrated manufacturing setup that converts raw materials like scrap, sponge iron, and dolomite into finished steel products through a 30-ton induction furnace, continuous casting machine (CCM), and rolling mills.
Products are marketed extensively across Gujarat under the Kamdhenu brand through a retail licensing agreement, serving the infrastructure, construction, and real estate sectors.
The operational footprint includes backward integration via an in-house billet manufacturing facility commissioned to secure raw material supply, optimize costs, and reduce reliance on external suppliers.
02 · Historical context
What shaped the business before this quarter
VMS TMT was incorporated as a private limited company in 2013 before subsequently converting to a public limited company.
In 2021, the company established its core manufacturing facility at Bhayla Village, Ahmedabad, to produce TMT bars.
In November 2022, the company entered into an exclusive retail license agreement with Kamdhenu Limited to market TMT bars under the Kamdhenu brand across Gujarat, excluding Saurashtra and Kutch.
In September 2024, the company completed the setup of its Continuous Casting Machine (CCM) division, enabling in-house production of iron billets directly from scrap and reducing external dependency.
The company successfully completed its public listing on the BSE and NSE platforms during 2025.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹247.76 Cr | ₹212.26 Cr | ₹241.11 Cr |
| Total income | ₹247.88 Cr | ₹213.39 Cr | ₹241.35 Cr |
| Profit before tax | ₹5.68 Cr | ₹11.48 Cr | ₹3.19 Cr |
| Profit after tax | ₹4.47 Cr | ₹8.58 Cr | ₹2.29 Cr |
| EPS | ₹0.90 | ₹2.48 | ₹0.46 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 1.8% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 2.3% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹0.12 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
TMT bars serve as the primary revenue generator, catering to construction and infrastructure projects across Gujarat.
Revenue is supplemented by sales of binding wire, excess billets, and segregated steel scrap generated as a byproduct of manufacturing operations.
Sales are driven through a structured distribution network comprising 3 regional distributors and 227 dealers.
What drove margins
In-house billet manufacturing from scrap via the 30-ton induction furnace improves raw material security and optimizes melting and conversion costs.
Power consumption represents a major operational cost component, with operations requiring substantial energy sourced primarily from regional utility suppliers.
05 · Demand, customers & order book
Where demand is coming from
The company maintains a diversified customer base spanning retail buyers through dealer networks and institutional clients in the construction sector.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company's business activities fall within a single primary business segment, specifically M.S. TMT Bars, making separate Ind AS 108 segment reporting inapplicable.
Geography and market mix
Products are distributed and marketed extensively across the State of Gujarat, with a particular focus on expanding presence in Tier II and Tier III towns.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The manufacturing facility features an annual installed capacity of 2,00,000 MT for TMT bars and 2,16,000 MT for billets.
The TMT unit spans 54,000 sq. ft. while the billet unit spans 58,000 sq. ft. at Bhayla Village, Ahmedabad.
Projects, capex and execution
The company has initiated the development of a 15 MW captive solar power plant in Gujarat, involving an estimated outlay of ₹4,640 lakh through a Memorandum of Understanding with Prozeal Green Energy Limited to optimize long-term power costs and support sustainability goals.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The proposed amalgamation of Aditya Ultra Steel Limited with VMS TMT Limited has been approved by the board, subject to regulatory approvals, aiming to strengthen manufacturing capabilities and market presence.
09 · Reported developments
What changed operationally
Delivered top-line growth with quarterly revenue reaching ₹247.76 crore, reflecting solid demand in regional construction markets.
10 · Key Q&A
The quarter, answered directly
What does VMS TMT do?
VMS TMT Limited is a Gujarat-based steel manufacturing company headquartered and operating at Bhayla Village, Ahmedabad, specializing in the production of Thermo Mechanically Treated (TMT) bars, billets, and binding wires.
What is the clearest takeaway from Q1 FY27?
VMS TMT Limited delivered a positive start to FY27, reporting revenue from operations of ₹247.76 crore for Q1 FY27, marking an increase compared to both the previous quarter and the corresponding period last year.
What drove revenue or demand?
TMT bars serve as the primary revenue generator, catering to construction and infrastructure projects across Gujarat.
What mattered most for margins or profitability?
In-house billet manufacturing from scrap via the 30-ton induction furnace improves raw material security and optimizes melting and conversion costs.
What changed operationally beyond the headline numbers?
The manufacturing facility features an annual installed capacity of 2,00,000 MT for TMT bars and 2,16,000 MT for billets.
What should the next disclosure help confirm?
Monitor the execution and commissioning milestones of the 15 MW captive solar power plant project.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Solar Project Progress: Monitor the execution and commissioning milestones of the 15 MW captive solar power plant project.
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