Vraj Iron & Steel Ltd.
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ABOUT
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
- Company has delivered good profit growth of 23.8% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.0%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 51.7% YoY, showing strong momentum
- Company has delivered good sales growth of 15.1% CAGR over last 5 years
CONS
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.48x)
- Equity base is being diluted - shares outstanding up 567.1%
- Free cash flow has been persistently negative
- Operating margins have contracted to 9.8% from 15.3%
* 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
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 106 | 115 | 81 | 119 | 115 | 88 | 120 | 153 | 138 | 133 | 146 | 170 | 194 | |
| 84 | 89 | 70 | 101 | 94 | 74 | 109 | 137 | 125 | 120 | 141 | 145 | 182 | |
| Operating Profit | 22 | 26 | 11 | 18 | 21 | 14 | 11 | 16 | 13 | 13 | 5 | 25 | 11 |
| OPM % | 20.60% | 22.64% | 13.33% | 15.13% | 18.39% | 15.51% | 9.34% | 10.70% | 9.57% | 10.09% | 3.54% | 14.63% | 5.89% |
| 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | |
| Interest | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 5 | 5 | 5 | 7 | 7 |
| Profit before Tax | 21 | 25 | 10 | 17 | 20 | 13 | 10 | 13 | 10 | 10 | 1 | 20 | 15 |
| Tax % | 25.82% | 24.98% | 26.07% | 25.44% | 25.22% | 25.98% | 27.40% | 26.34% | 25.23% | 26.66% | 20.00% | 28.35% | 22.17% |
| Net Profit | 0 | 0 | 0 | 0 | 16 | 10 | 8 | 10 | 8 | 8 | 1 | 16 | 12 |
| 6.61 | 7.96 | 3.46 | 5.19 | 6.29 | 3.57 | 2.72 | 3.24 | 2.30 | 2.35 | 0.33 | 4.72 | 3.49 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| 291 | 414 | 516 | 420 | 475 | 588 | 643 | |
| 263 | 366 | 439 | 343 | 412 | 531 | 589 | |
| Operating Profit | 28 | 48 | 77 | 77 | 63 | 57 | 55 |
| OPM % | 9.51% | 11.70% | 14.96% | 18.33% | 13.20% | 9.77% | 8.54% |
| 0 | 0 | 2 | 4 | 4 | 9 | 8 | |
| Interest | 6 | 4 | 3 | 3 | 2 | 3 | 3 |
| Depreciation | 7 | 7 | 6 | 6 | 8 | 23 | 25 |
| Profit before Tax | 16 | 39 | 72 | 76 | 59 | 43 | 45 |
| Tax % | 30.70% | 25.50% | 24.88% | 24.37% | 25.05% | 25.38% | 25.74% |
| Net Profit | 11 | 29 | 54 | 57 | 44 | 32 | 34 |
| EPS | 22.22 | 58.05 | 21.84 | 23.22 | 13.37 | 9.70 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 15%
- 3 Years:
- 4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 24%
- 3 Years:
- -16%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -18%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 29%
- 3 Years:
- 19%
- Last Year:
- 8%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 25 | 33 | 33 |
| 52 | 82 | 136 | 176 | 364 | 397 | |
| 47 | 44 | 24 | 62 | 2 | 40 | |
| Trade Payables | 12 | 8 | 13 | 10 | 8 | 11 |
| 12 | 19 | 27 | 25 | 22 | 21 | |
| Total Liabilities | 128 | 158 | 206 | 298 | 429 | 502 |
| 64 | 58 | 53 | 48 | 195 | 273 | |
| Capital Work in Progress | 0 | 0 | 0 | 64 | 3 | 7 |
| 13 | 15 | 18 | 23 | 38 | 41 | |
| 22 | 32 | 32 | 42 | 51 | 68 | |
| 0 | 0 | 0 | 12 | 21 | 33 | |
| Cash & Bank | 3 | 4 | 9 | 40 | 40 | 6 |
| 26 | 48 | 94 | 70 | 81 | 74 | |
| Total Assets | 128 | 158 | 206 | 298 | 429 | 502 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 26 | 15 | 80 | 19 | 14 | 31 | |
| Cash from Investing | -6 | -1 | -40 | -56 | -103 | -70 |
| Cash from Financing | -16 | -7 | -23 | 36 | 90 | 38 |
| 0 | 0 | -0 | -0 | 1 | -1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-12 - Vraj Iron and Steel Limited has informed the Exchange regarding Proceedings of 22nd Annual General Meeting held on September 12, 2026
2026-08-31 - Vraj Iron and Steel Limited has informed the Exchange about receiving of Transfer Of Environment Clearance From MoEF&CC, For The Greenfield Project Of The Company
2026-08-24 - Vraj Iron and Steel Limited has informed the Exchange regarding 'Letter Sent To Shareholders Pursuant to Regulation 36(1)(B) Of SEBI(LODR) Regulations, 2015'.
2026-08-24 - Vraj Iron and Steel Limited has informed the Exchange about Corrigendum of Copy of Newspaper Publication of Notice of 22nd Annual General Meeting.
2026-08-22 - Vraj Iron and Steel Limited has informed the Exchange about Copy of Newspaper Publication of Notice of 22nd Annual General Meeting to be held on September 12, 2026.
2026-08-21 - Vraj Iron and Steel Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 12, 2026
2026-08-13 - Vraj Iron and Steel Limited has informed the Exchange about Execution of Loan Agreements on 13/08/2026
2026-08-13 - Vraj Iron and Steel Limited has informed the Exchange about Copy of Newspaper Publication of the unaudited financial results of the company for the quarter ended June 30, 2026.
2026-08-12 - Vraj Iron and Steel Limited has informed the Exchange about change in Management
News
Recent coverage and analyst commentary for VRAJ
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