Vardhman Special Steels Limited
NSE: VSSLIron & Steel Products
Share price
₹376.15
-4.47% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
53
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹3,649 Cr
P/E ratio
25.3
P/B ratio
2.8
ROCE
15.3%
ROE
11.8%
Dividend yield
0.9%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 1.3% over the past year, and 10.8% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 11.3% to 10.5% over the last four years.
Whether it grew faster than its sector
It grew 10.8% a year against a sector median of 10.6% — 0.2 percentage points faster.
Room to re-rate, or risk of de-rating
At 25.3× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 30.3×, across 5 companies. It is against its own five-year median of 22.1×, the 64th percentile of its own range.
Whether growth justifies the valuation
Priced at 4.2 times its growth rate, on earnings growth of 6%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Vardhman Special Steels Limited — this one | 6%/yr | 25.3× | ₹4.2 |
| Welspun Corp Limited | 119%/yr | 30.3× | — |
| APL Apollo Tubes Limited | 23%/yr | 46.5× | ₹2.0 |
| Shyam Metalics and Energy Limited | 9%/yr | 26.4× | ₹2.9 |
| Ratnamani Metals & Tubes Limited | -1%/yr | 39.9× | — |
| Jindal Saw Limited | 14%/yr | 26.5× | ₹1.9 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Iron & Steel Products), it ranks 28 of 70 on returns, 34 of 68 on growth, 36 of 70 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A narrow advantage: it earns 15.3% on capital, ahead of 60% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Roughly — Over the last five years it made ₹508 crore of cash from the business and spent about as much on plant and equipment. And the profit is real: of every 100 rupees it reported over 12 years, about 132 arrived as cash (before interest, which is why it can exceed the profit). Its cash comes back more slowly than it used to: it went from being waiting 81 days for its cash to waiting 86 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 9 checks clear · 89%
Latest result
What the last results showed. Whether management kept its word is in Pro.
Results are expected soon.
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹3,649 Cr
- Prev close
- ₹376.15
- 52w High
- ₹428
- 52w Low
- ₹206
- Enterprise value
- ₹3,528 Cr
- Beta
- 1.1
- Price CAGR 1y
- 36.0%
- Price CAGR 3y
- 24.0%
- Price CAGR 5y
- 27.0%
- Price CAGR 10y
- 30.0%
Ratios
- Return on assets
- 7.5%
- PEG ratio
- 4.2
- P/E ratio
- 25.3
- P/B ratio
- 2.8
- EV / EBITDA
- 18.4
- Industry P/E
- 24.9
- ROCE
- 15.3%
- ROCE 5y average
- 19.2%
- ROE
- 11.8%
- Debt / Equity
- 0.1
- Interest coverage
- 14.7
- Dividend yield
- 0.9%
- ROE 3y average
- 12.0%
- ROE last year
- 12.0%
Annual P&L
- Annual revenue
- ₹1,754 Cr
- Annual profit
- ₹122 Cr
- Operating margin
- 9.0%
- Net profit margin
- 7.0%
- EBITDA margin
- 9.5%
- Sales growth 3y
- 0.4%
- Sales growth 5y
- 13.4%
- Profit growth 3y
- 6.0%
- Profit growth 5y
- 21.0%
- EPS
- ₹12.6
- Sales growth TTM
- 1.0%
- Profit growth TTM
- 65.0%
- Dividend payout
- 28.0%
Quarter P&L
- Sales latest quarter
- ₹486 Cr
- Profit latest quarter
- ₹41 Cr
- YoY quarterly sales growth
- 12.0%
- YoY quarterly profit growth
- 105.0%
- OPM latest quarter
- 12.0%
Balance Sheet
- Book Value
- ₹132
- Face Value
- ₹10.0
- Total debt
- ₹93 Cr
- Total cash
- ₹59 Cr
- Borrowings
- ₹93 Cr
- Reserves / Equity
- 12.2
Cash Flow
- Operating cash flow
- ₹106 Cr
- Free cash flow
- -₹135 Cr
- FCF yield
- -4.0%
- Net cash flow
- -₹4 Cr
Shareholding
- Promoter holding
- 51.1%
- FII holding
- 0.6%
- DII holding
- 3.3%
- Public holding
- 45.1%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Welspun Corp | 2,649.05 | 30.3 | 69,879 | 0.18 | 1,047.9 | 198.6 | 4,081.1 | 14.9 | 22.9 |
| APL Apollo Tubes | 2,061.05 | 46.5 | 57,227 | 0.40 | 263.1 | 10.9 | 5,606.7 | 8.4 | 31.8 |
| Shyam Metalics | 1,068.00 | 26.6 | 29,811 | 0.42 | 350.7 | 18.1 | 5,455.1 | 23.4 | 13.0 |
| Ratnamani Metals | 2,485.50 | 39.6 | 17,421 | 0.40 | 107.0 | -37.7 | 971.6 | -15.6 | 17.9 |
| Jindal Saw | 271.50 | 26.6 | 17,363 | 0.71 | 90.8 | -75.4 | 4,452.3 | 9.0 | 10.4 |
| Usha Martin | 504.75 | 28.3 | 15,382 | 0.73 | 142.0 | 40.7 | 1,033.0 | 16.4 | 19.5 |
| Godawari Power | 205.50 | 16.9 | 13,835 | 0.47 | 222.4 | 2.7 | 1,750.5 | 32.3 | 20.5 |
| Vardhman Special | 377.00 | 25.5 | 3,649 | 0.91 | 41.2 | 107.0 | 486.0 | 12.1 | 15.3 |
| Median | 167.20 | 22.6 | 962 | 0.00 | 14.3 | 28.3 | 213.2 | 16.6 | 13.0 |
Competes with: APL Apollo Tubes Limited, Behari Lal Engineering Limited, Gallantt Ispat Limited, Godawari Power And Ispat limited, Jindal Saw Limited, Ratnamani Metals & Tubes Limited, Shyam Metalics and Energy Limited, Usha Martin Limited, Welspun Corp Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 409 | 415 | 397 | 439 | 415 | 495 | 427 | 428 | 434 | 432 | 431 | 458 | 486 |
| Expenses | 380 | 384 | 364 | 391 | 372 | 456 | 392 | 397 | 402 | 387 | 387 | 412 | 428 |
| Material Cost | 220 | 229 | 261 | 243 | 241 | 293 | |||||||
| Change in Inventories | 49 | 41 | -12 | 3.83 | 28 | -15 | |||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Employee Cost | 26 | 26 | 29 | 29 | 30 | 32 | |||||||
| Other Expenses | 100 | 106 | 109 | 111 | 112 | 117 | |||||||
| Operating Profit | 29 | 31 | 33 | 49 | 42 | 39 | 35 | 31 | 32 | 45 | 43 | 46 | 58 |
| OPM % | 7.14 | 7.50 | 8.37 | 11 | 10 | 7.91 | 8.22 | 7.35 | 7 | 10 | 10 | 10 | 12 |
| Other Income | 7 | 6 | 8 | 9 | 6 | 9 | 7 | 7 | 8 | 11 | 13 | 10 | 10 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Interest | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 3 | 4 | 2 | 4 | 3 | 3 |
| Depreciation | 7 | 7 | 7 | 9 | 8 | 8 | 8 | 8 | 9 | 8 | 8 | 8 | 10 |
| Profit before tax | 25 | 25 | 29 | 44 | 35 | 35 | 28 | 27 | 27 | 46 | 45 | 46 | 55 |
| Tax % | 26 | 26 | 25 | 25 | 26 | 26 | 25 | 27 | 26 | 26 | 25 | 26 | 26 |
| Net Profit | 19 | 18 | 22 | 33 | 26 | 26 | 21 | 20 | 20 | 35 | 34 | 34 | 41 |
| EPS in Rs | 2.29 | 2.27 | 2.68 | 4.03 | 3.20 | 3.17 | 2.63 | 2.41 | 2.43 | 3.58 | 3.48 | 3.51 | 4.26 |
| Diluted EPS in Rs | 2.41 | 2.43 | 3.60 | 3.47 | 3.51 | 4.25 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 658 | 653 | 674 | 859 | 1,121 | 846 | 937 | 1,368 | 1,735 | 1,661 | 1,764 | 1,754 | 1,807 |
| Expenses | 646 | 610 | 612 | 797 | 1,053 | 806 | 830 | 1,195 | 1,594 | 1,519 | 1,616 | 1,588 | 1,614 |
| Material Cost | 1,094 | 974 | |||||||||||
| Change in Inventories | -11 | 62 | |||||||||||
| Purchases of Stock-in-Trade | 0 | 0 | |||||||||||
| Employee Cost | 103 | 114 | |||||||||||
| Other Expenses | 430 | 438 | |||||||||||
| Operating Profit | 12 | 43 | 62 | 62 | 68 | 40 | 107 | 174 | 141 | 142 | 148 | 166 | 193 |
| OPM % | 1.80 | 7 | 9 | 7 | 6 | 4.70 | 11 | 13 | 8 | 9 | 8 | 9 | 11 |
| Other Income | 7 | 1 | 4 | 6 | 2 | 9 | 9 | 29 | 39 | 30 | 29 | 42 | 45 |
| Exceptional items (within Other Income) | 0 | 0 | |||||||||||
| Interest | 20 | 23 | 28 | 21 | 24 | 26 | 20 | 17 | 18 | 18 | 19 | 12 | 12 |
| Depreciation | 14 | 17 | 18 | 22 | 24 | 26 | 30 | 27 | 28 | 31 | 33 | 33 | 33 |
| Profit before tax | -15 | 4 | 19 | 25 | 22 | -2 | 66 | 158 | 134 | 123 | 125 | 164 | 193 |
| Tax % | 0 | 0 | 0 | 0 | -0 | -244 | 33 | 36 | 25 | 25 | 26 | 26 | |
| Net Profit | -15 | 4 | 19 | 25 | 22 | 3 | 44 | 101 | 100 | 92 | 93 | 122 | 143 |
| EPS in Rs | -2.45 | 0.68 | 3.10 | 3.51 | 3.11 | 0.41 | 5.46 | 12 | 12 | 11 | 11 | 13 | 15 |
| Diluted EPS in Rs | 11 | 13 | |||||||||||
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 14 | 14 | 8 | 18 | 26 | 28 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 10%
- 5 years
- 13%
- 3 years
- 0%
- TTM
- 1%
Compounded profit growth
- 10 years
- 37%
- 5 years
- 21%
- 3 years
- 6%
- TTM
- 65%
Stock price CAGR
- 10 years
- 30%
- 5 years
- 27%
- 3 years
- 24%
- 1 year
- 36%
Return on equity
- 10 years
- 12%
- 5 years
- 14%
- 3 years
- 12%
- Last year
- 12%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 19 | 19 | 19 | 36 | 36 | 40 | 41 | 41 | 41 | 81 | 82 | 97 |
| Reserves | 151 | 161 | 180 | 304 | 326 | 373 | 419 | 514 | 602 | 638 | 716 | 1,181 |
| Borrowings | 350 | 338 | 316 | 228 | 334 | 266 | 191 | 162 | 144 | 84 | 120 | 93 |
| Other Liabilities | 94 | 97 | 99 | 109 | 194 | 90 | 153 | 204 | 244 | 237 | 218 | 263 |
| Total Liabilities | 615 | 614 | 613 | 677 | 889 | 770 | 803 | 921 | 1,031 | 1,040 | 1,136 | 1,633 |
| Fixed Assets | 230 | 251 | 265 | 250 | 280 | 310 | 283 | 289 | 294 | 325 | 309 | 585 |
| CWIP | 21 | 2 | 1 | 7 | 33 | 12 | 13 | 13 | 12 | 1 | 117 | 26 |
| Investments | 14 | 14 | 1 | 8 | 0 | 5 | 0 | 15 | 20 | 0 | 18 | 158 |
| Other Assets | 350 | 347 | 346 | 412 | 577 | 443 | 507 | 603 | 705 | 714 | 693 | 863 |
| Total Assets | 615 | 614 | 613 | 677 | 889 | 770 | 803 | 921 | 1,031 | 1,040 | 1,136 | 1,633 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -33 | 46 | 68 | 11 | -19 | 135 | 87 | 59 | 74 | 142 | 127 | 106 |
| Cash from Investing Activity | -4 | -16 | -16 | -16 | -70 | -88 | 7 | -9 | -15 | -50 | -127 | -427 |
| Cash from Financing Activity | 31 | -35 | -50 | 7 | 82 | -45 | -94 | -52 | -49 | -94 | 3 | 317 |
| Net Cash Flow | -5 | -5 | 2 | 2 | -7 | 2 | 0 | -2 | 9 | -2 | 3 | -4 |
| Free Cash Flow | -61 | 27 | 36 | -1 | -98 | 101 | 78 | 24 | 45 | 76 | 8.61 | -135 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 99 | 109 | 102 | 83 | 61 | 78 | 85 | 59 | 55 | 58 | 54 | 58 |
| Inventory Days | 119 | 110 | 122 | 123 | 170 | 103 | 134 | 139 | 119 | 129 | 113 | 123 |
| Days Payable | 46 | 42 | 36 | 47 | 89 | 42 | 90 | 68 | 61 | 63 | 47 | 65 |
| Cash Conversion Cycle | 172 | 176 | 188 | 159 | 142 | 139 | 128 | 131 | 113 | 123 | 120 | 116 |
| Working Capital Days | -5 | 14 | 17 | 58 | 50 | 47 | 78 | 81 | 73 | 84 | 68 | 86 |
| ROCE % | -0 | 5 | 9 | 8 | 7 | 3 | 13 | 26 | 20 | 18 | 17 | 15 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
exports as % of revenue
8.00
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
-120inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
1,25,28,571inr
2026-03-31
volume growth %
6.50pct
2026-06-30
News
News and filings about Vardhman Special Steels Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- ferro alloys
- recycled steel scrap
Depends on the price of
- fuel
- steel
Sells to
- Bajaj Auto · Special & alloy steel bars for automotive/2W
- Bosch Limited · Special & alloy steel bars for auto components
- Hero MotoCorp · Special & alloy steel bars for automotive/2W
- Hyundai Motor India Limited · Special & alloy steel bars for automotive
- Maruti Suzuki India · Special & alloy steel bars for automotive
Buys from
- Sarthak Metals Limited · metallurgical cored wires, aluminium flipping coils
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Iron & Steel Products
- Classification
- Capital Goods › Iron & Steel Products
- ISIN
- INE050M01012
Plants
- Vardhman Special Steels integrated melt+rolling facility, Ludhiana
News impact
Big market events that reach Vardhman Special Steels Limited, and how the effect spreads.
No recent market events reach this company.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 28 Aug 2026 | unspecified | ₹3.5 |
|---|---|---|
| 12 Sep 2025 | unspecified | ₹3 |
| 6 Sep 2024 | unspecified | ₹2 |
| 15 Sep 2023 | unspecified | ₹2 |
| 26 May 2023 | bonus | ₹0 |
| 16 Sep 2022 | unspecified | ₹3.5 |
| 2 Sep 2021 | unspecified | ₹1.5 |
Splits, bonuses & buybacks
- daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2025-2625 Aug 2026
- Earnings call · Q1FY2723 Jul 2026
- Results presentation30 Jun 2026
- Annual report · 2024-252 Sep 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.