Vraj Iron revenue rises 41% as September profit gains 36%

Vraj Iron and Steel Limited reported consolidated revenue from operations of Rs 187.106 crore for the quarter ended September 30, 2026, up 41% from a year earlier, while profit after tax rose 36% to Rs 10.50 crore. Profit was nevertheless below Rs 11.512 crore in the immediately preceding June 2026 quarter.

How did Vraj Iron perform in the September 2026 quarter?

Vraj Iron recorded higher quarterly sales and earnings year on year in the quarter ended September 30, 2026. Revenue from operations rose by Rs 54.126 crore from Rs 132.980 crore in the September 2025 quarter to Rs 187.106 crore, while total income increased to Rs 188.853 crore from Rs 134.971 crore. Other income declined to Rs 1.747 crore from Rs 1.997 crore.

Profit after tax, or PAT, was Rs 10.50 crore, compared with Rs 7.749 crore in the year-earlier quarter. Profit before tax increased to Rs 13.857 crore from Rs 10.359 crore. Total tax expense was Rs 3.357 crore, versus Rs 2.610 crore a year earlier, comprising Rs 2.010 crore of current tax and Rs 1.347 crore of deferred tax in the latest quarter.

Vraj Iron reported total comprehensive income of Rs 10.910 crore for the September 2026 quarter, against Rs 8.474 crore a year before. This included Rs 0.410 crore of other comprehensive income net of tax, compared with Rs 0.725 crore in the September 2025 quarter. Basic and diluted earnings per share were each Rs 3.18, up from Rs 2.35 in the comparable quarter.

Why did Vraj Iron's profit fall from the June quarter?

Vraj Iron's September-quarter PAT declined 9% sequentially to Rs 10.50 crore from Rs 11.512 crore in the quarter ended June 30, 2026. Revenue from operations was Rs 187.106 crore, lower by Rs 6.723 crore than the June-quarter level of Rs 193.829 crore, while total income fell to Rs 188.853 crore from Rs 195.417 crore.

The sequential movement was accompanied by changes in expenses and associate earnings disclosed in the consolidated statement. Cost of materials consumed increased to Rs 150.570 crore from Rs 149.132 crore, while other expenses rose to Rs 20.406 crore from Rs 16.190 crore. Vraj Iron reported a Rs 7.879 crore reduction in inventories of finished goods, work in progress and stock in trade, compared with a Rs 4.620 crore increase in the June quarter.

Share of profit from associates was Rs 1.075 crore in the September quarter, lower than Rs 1.782 crore in the preceding quarter. Finance costs increased to Rs 1.198 crore from Rs 0.994 crore, and depreciation and amortisation rose to Rs 7.582 crore from Rs 7.459 crore. Profit before tax was Rs 13.857 crore, compared with Rs 14.791 crore in June 2026.

What were Vraj Iron's half-year results?

Vraj Iron reported consolidated revenue from operations of Rs 380.936 crore for the half year ended September 30, 2026, up 40% from Rs 271.288 crore in the corresponding 2025 half year. Total income rose to Rs 384.271 crore from Rs 275.309 crore, while PAT increased 44% to Rs 22.011 crore from Rs 15.340 crore.

Materials consumed reached Rs 299.703 crore in the first half, compared with Rs 223.904 crore a year earlier. Employee benefit expense increased to Rs 8.118 crore from Rs 6.855 crore, depreciation and amortisation rose to Rs 15.041 crore from Rs 10.466 crore, and finance costs increased to Rs 2.192 crore from Rs 0.620 crore. Total expenses were Rs 358.480 crore, against Rs 255.732 crore in the previous corresponding half year.

The share of profit of associates was Rs 2.850 crore for the six months, versus Rs 0.833 crore a year earlier. Profit before tax rose to Rs 28.641 crore from Rs 20.416 crore, while total tax expense increased to Rs 6.636 crore from Rs 5.076 crore. Half-year basic and diluted earnings per share were each Rs 6.67, compared with Rs 4.64 in the previous corresponding period.

What do the cash flow and balance sheet show?

Vraj Iron generated net cash from operating activities of Rs 13.036 crore during the half year ended September 30, 2026, compared with Rs 0.350 crore in the corresponding period of 2025. Cash generated from operations was Rs 17.388 crore, versus Rs 5.092 crore, and income taxes paid were Rs 4.352 crore, compared with Rs 4.742 crore.

Investing activities used Rs 26.221 crore, compared with an outflow of Rs 24.726 crore a year earlier. Payments for property, plant and equipment were Rs 14.941 crore and payments for projects under work in progress were Rs 11.314 crore. Financing activities provided Rs 13.259 crore, including Rs 13.994 crore of long-term borrowings and Rs 1.457 crore of net short-term borrowings, partly offset by Rs 2.113 crore of interest paid.

Consolidated total assets stood at Rs 547.154 crore on September 30, 2026, compared with Rs 495.521 crore on March 31, 2026. Capital work in progress rose to Rs 18.059 crore from Rs 7.413 crore, while non-current borrowings increased to Rs 47.986 crore from Rs 33.991 crore. Current borrowings were Rs 8.532 crore, compared with Rs 7.076 crore at the March year-end.

How were Vraj Iron's results prepared and reviewed?

Vraj Iron's consolidated results for the half year ended September 30, 2026 were reviewed by its Audit Committee and approved by its board on November 14, 2026. The statutory auditors performed a limited review of the consolidated statement and issued an unmodified report, according to the filing.

The results were prepared under Indian Accounting Standards, or Ind AS, notified under Section 133 of the Companies Act, 2013. Vraj Iron said it manufactures steel products and has one reportable operating segment under Ind AS 108, so segment-wise reporting was not required. Its associate has been consolidated using the equity method prescribed under Ind AS 28.

Vraj Iron said the September 2026 quarterly numbers are balancing figures derived from unaudited half-year results and the reviewed published June 2026 quarterly results. The equivalent September 2025 figures were derived in the same way. The filing therefore presents quarterly and half-year columns alongside the audited year ended March 31, 2026.

Conclusion

Vraj Iron's September 2026 consolidated results show year-on-year growth in revenue, pre-tax profit and PAT, with quarterly revenue up 41% to Rs 187.106 crore and PAT up 36% to Rs 10.50 crore. The immediate-quarter comparison differed, as revenue, associate profit and PAT were all below the June 2026 quarter.

The next disclosed items to watch are the effect of Rs 18.059 crore of capital work in progress and the rise in non-current borrowings to Rs 47.986 crore as of September 30, 2026. The filing does not set an output, revenue or profit target, so subsequent quarterly disclosures will be needed to assess how these balance-sheet movements develop.