Vaswani Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Iron & Steel: 94.8% • Power: 5.2%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Promoters have been increasing their shareholding - up 3.7pp over 2 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 4.02x)
- Working capital cycle has improved - days down from 65 to 49
- Company generates healthy free cash flow
- Attractively priced for its growth - PEG of 0.5
CONS
- Recent results are weak - TTM profit is down 100.5% versus prior year
- Company has a low return on equity of 7.1% over last 3 years
- Total debt has risen sharply - up 375.2% year on year
- Company has delivered a poor sales growth of 3.2% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JINDALSTEL | 1118.30 | 41.97 | 114076.45 | 0.18 | 843.80 | -43.60 | 15482.13 | 25.93 | 8.92 | 17.18 |
| LLOYDSME | 1798.45 | 21.24 | 101236.00 | 0.06 | 1733.89 | 170.25 | 7354.40 | 209.39 | 27.59 | 38.26 |
| JAIBALAJI | 65.17 | 20.30 | 5945.14 | 0.00 | 26.48 | -82.71 | 1353.35 | -13.06 | 9.63 | 5.31 |
| RSL | 189.90 | 31.86 | 1586.95 | 0.26 | 20.20 | 144.24 | 306.54 | 23.65 | 31.72 | 9.37 |
| STEELXIND | 12.13 | 398.57 | 1547.20 | 0.00 | 150.26 | — | 2697.14 | — | 11.97 | 12.70 |
| SALSTEEL | 74.64 | 86.93 | 1080.54 | 0.00 | 30.90 | 419.21 | 873.70 | 584.99 | 4.89 | 15.51 |
| VRAJ | 125.90 | 11.56 | 415.25 | 0.00 | 11.51 | 51.65 | 193.83 | 40.14 | 10.52 | 11.17 |
| VASWANI | 45.00 | 0.00 | 148.26 | 0.00 | 2.52 | — | 91.74 | — | 9.77 | 5.72 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 94 | 87 | 118 | 90 | 92 | 102 | 102 | 115 | 114 | 85 | 124 | 144 | 118 | |
| 87 | 83 | 112 | 84 | 86 | 96 | 97 | 106 | 105 | 79 | 121 | 123 | 114 | |
| Operating Profit | 6 | 4 | 6 | 7 | 5 | 6 | 6 | 10 | 10 | 6 | 3 | 21 | 4 |
| OPM % | 6.49% | 4.16% | 4.93% | 7.32% | 5.73% | 5.83% | 5.50% | 8.55% | 8.49% | 7.35% | 2.80% | 14.38% | 3.33% |
| 0 | 0 | 0 | 1 | 0 | 0 | 0 | -2 | 0 | 0 | 0 | 0 | 1 | |
| Interest | 2 | 2 | 2 | 2 | 1 | 1 | 2 | 4 | 3 | 3 | 4 | 7 | 6 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 4 |
| Profit before Tax | 3 | 1 | 3 | 5 | 4 | 4 | 3 | 3 | 5 | 2 | -3 | 10 | 5 |
| Tax % | 16.11% | 27.97% | 27.95% | 32.97% | 29.30% | 41.46% | 29.76% | 36.22% | -2.05% | 17.79% | -176.39% | 45.56% | 74.32% |
| Net Profit | 3 | 1 | 2 | 3 | 3 | 2 | 2 | 2 | 5 | 1 | -8 | 5 | 1 |
| 0.92 | 0.28 | 0.77 | 1.03 | 0.84 | 0.78 | 0.58 | 0.65 | 1.75 | 0.42 | -2.48 | 1.67 | 0.35 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 238 | 256 | 237 | 319 | 352 | 314 | 374 | 392 | 389 | 412 | 471 | |
| 222 | 239 | 221 | 302 | 339 | 296 | 355 | 371 | 367 | 385 | 437 | |
| Operating Profit | 16 | 16 | 16 | 17 | 14 | 18 | 19 | 21 | 22 | 27 | 34 |
| OPM % | 6.67% | 6.33% | 6.76% | 5.48% | 3.89% | 5.86% | 5.07% | 5.44% | 5.68% | 6.49% | 7.29% |
| 1 | 0 | 1 | 1 | 2 | 0 | 1 | 2 | 2 | -1 | 1 | |
| Interest | 9 | 9 | 9 | 10 | 10 | 9 | 9 | 9 | 8 | 8 | 21 |
| Depreciation | 6 | 6 | 5 | 5 | 5 | 4 | 4 | 4 | 4 | 4 | 12 |
| Profit before Tax | 1 | 2 | 3 | 3 | 0 | 5 | 7 | 11 | 12 | 13 | 13 |
| Tax % | 15.26% | -7.03% | -78.18% | 64.84% | 1639.14% | 21.02% | 38.76% | 44.07% | 26.71% | 34.66% | 100.49% |
| Net Profit | 1 | 2 | 5 | 1 | -3 | 4 | 4 | 6 | 9 | 9 | -0 |
| EPS | 0.40 | 0.59 | 1.50 | 0.39 | -0.84 | 1.35 | 1.47 | 2.00 | 3.01 | 2.74 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 3%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 22%
- 5 Years:
- —
- 3 Years:
- 25%
STOCK PRICE CAGR
- 10 Years:
- 18%
- 5 Years:
- 31%
- 3 Years:
- 21%
- 1 Year:
- -23%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 6%
- 3 Years:
- 7%
- Last Year:
- 7%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 29 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 31 |
| 55 | 56 | 57 | 63 | 68 | 72 | 77 | 83 | 92 | 106 | |
| 42 | 42 | 48 | 51 | 53 | 40 | 51 | 34 | 31 | 159 | |
| Trade Payables | 25 | 26 | 25 | 42 | 29 | 34 | 38 | 35 | 19 | 42 |
| 13 | 5 | 11 | 13 | 17 | 20 | 22 | 20 | 17 | 24 | |
| Total Liabilities | 163 | 160 | 171 | 198 | 196 | 197 | 217 | 201 | 189 | 362 |
| 67 | 62 | 57 | 54 | 59 | 56 | 54 | 51 | 52 | 112 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 67 |
| 7 | 7 | 2 | 7 | 7 | 7 | 7 | 7 | 7 | 2 | |
| 37 | 32 | 31 | 51 | 37 | 45 | 39 | 49 | 46 | 66 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18 | 8 | |
| Cash & Bank | 5 | -0 | -0 | 0 | 1 | 8 | 8 | 12 | 23 | 45 |
| 46 | 59 | 80 | 85 | 91 | 80 | 108 | 82 | 39 | 61 | |
| Total Assets | 163 | 160 | 171 | 198 | 196 | 197 | 217 | 201 | 189 | 362 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 18 | 4 | 4 | 9 | 10 | 29 | -0 | 30 | 31 | 34 | |
| Cash from Investing | -8 | -0 | -1 | -2 | -1 | -1 | -2 | -1 | -9 | -134 |
| Cash from Financing | -10 | -9 | -3 | -7 | -8 | -21 | 2 | -26 | -11 | 122 |
| 1 | -5 | -0 | 1 | 1 | 7 | 1 | 4 | 11 | 22 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Vaswani Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-07 - Vaswani Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-09-03 - Vaswani Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on September 03, 2026.
2026-08-18 - Vaswani Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Vaswani Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-05 - Vaswani Industries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-07-22 - Vaswani Industries Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-09 - Vaswani Industries Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot
2026-06-27 - Vaswani Industries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
Recent coverage and analyst commentary for VASWANI
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