Vibhor Steel Tubes targets ₹1,700 cr revenue by FY28
Management is shifting its product mix toward high-margin transmission towers. This move targets a 50% revenue jump over three years.
— 2 earlier stories on Vibhor Steel Tubes Ltd. →What's new
- Revenue guidance set at ₹1,300-1,400 cr for FY27 and ₹1,700 cr for FY28.
- FY27 capex doubled to ₹10 cr to boost high-mast pole and tower capacity.
- Transmission towers expected to reach 25-30% of revenue by year-end.
Why this matters
Vibhor is betting that moving into transmission towers will lift EBITDA margins above 5%. The company's ability to hit these targets depends on the Jharsuguda galvanizing tank and securing CPRI certification for its monopole business. Execution is everything.
What we're watching
- Operational status of the Jharsuguda galvanizing tank in 1.5 months.
- Progress on CPRI certification for monopoles by Q2 FY27.
- Actual margin growth as the product mix shifts toward higher-margin towers.
The full read
Vibhor Steel Tubes is pivoting toward higher-margin products to drive a 50% revenue increase by FY28. Management expects to reach ₹1,700 crore in revenue by that time, though the interim goal of ₹1,300-1,400 crore for FY27 remains contingent on steel prices.
To support this, the company doubled its FY27 capex to ₹10 crore. It is funding this entirely through internal accruals to expand capacity for transmission towers and high-mast poles. These products generate more than double the margins of traditional pipes. Management expects them to account for 25-30% of revenue by year-end, which should push EBITDA margins to 5%+.
Execution is everything. The company also expects the second galvanizing tank at its Jharsuguda plant to be operational within 1.5 months. Success in winning metro tenders depends on securing CPRI certification for its monopole business, which is targeted for Q2 FY27.
Questions answered
- What is the revenue growth target for Vibhor Steel Tubes?
- Management targets revenue of ₹1,300-1,400 crore for FY27 and ₹1,700 crore for FY28. This represents a 50% upside from current levels.
- How does the company plan to improve its EBITDA margins?
- The company expects margins to rise by at least 1 percentage point to 5%+. This follows the shift toward transmission towers which provide double the margin of conventional pipes.
- What is the status of the Jharsuguda facility?
- The second galvanizing tank at the Jharsuguda plant is now expected to be operational within 1.5 months. It will support order fulfillment for towers and guardrails.
- How much is the company spending on capital expenditure?
- Vibhor has doubled its FY27 capex projection to ₹10 crore. It plans to fund this entirely through internal accruals.
Story so far
All notes on VSTL →- 26 May 2026 · 4:19 PM IST Vibhor Steel Tubes targets ₹1,700 cr revenue by FY28
- today Vibhor Steel Tubes targets ₹1,300 cr to ₹1,400 cr revenue for FY27
- 7d ago Vibhor Steel revenue up 16%, but net profit dives 42% on Odisha plant costs