Vraj Iron & Steel Ltd.

•

vrajtmt.inBSE: 544204NSE: VRAJ

Market Cap₹ 412 Cr.

Current Price

High / Low₹ 160 / 93

Stock P/E11.5

Book Value₹ 133

Price to Book0.72

Dividend Yield0.00 %

ROCE10.5 %

ROE7.7 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Metals & Mining

Hold

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.

Confidence

61%

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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

Metals & MiningIron & SteelSteel/Sponge Iron/Pig Iron

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	JINDALSTEL	1147.50	43.06	117055.11	0.17	843.80	-43.60	15482.13	25.93	8.92	17.18
2.	LLOYDSME	1807.60	21.35	101751.06	0.06	1733.89	170.25	7354.40	209.39	27.59	38.26
3.	JAIBALAJI	68.67	21.39	6264.43	0.00	26.48	-82.71	1353.35	-13.06	9.63	5.31
4.	RSL	189.50	31.79	1583.61	0.26	20.20	144.24	306.54	23.65	31.72	9.37
5.	STEELXIND	12.03	395.28	1534.45	0.00	150.26	—	2697.14	—	11.97	12.70
6.	SALSTEEL	80.19	93.39	1160.88	0.00	30.90	419.21	873.70	584.99	4.89	15.51
7.	VRAJ	124.80	11.46	411.62	0.00	11.51	51.65	193.83	40.14	10.52	11.17
8.	VASWANI	45.16	0.00	148.78	0.00	2.52	—	91.74	—	9.77	5.72

Detailed Comparison with:

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:: -17%

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

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.95	74.96	74.96	74.95	74.95	74.95	74.95	74.95
	0.94	0.51	0.53	0.51	0.23	0.22	0.18	0.19
	3.66	3.66	3.66	3.66	3.66	3.66	3.66	3.69
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	20.44	20.87	20.86	20.88	21.15	21.17	21.20	21.17

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-31

Granting/withdrawal/surrender/cancellation/suspension of key licenses/ regulatory approvals

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

Updates

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

Copy of Newspaper Publication

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

Copy of Newspaper Publication

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

Shareholders meeting

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

Agreements

2026-08-13 - Vraj Iron and Steel Limited has informed the Exchange about Execution of Loan Agreements on 13/08/2026

2026-08-13

Copy of Newspaper Publication

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

Change in Management

2026-08-12 - Vraj Iron and Steel Limited has informed the Exchange about change in Management

2026-08-12

Outcome of Board Meeting

2026-08-12 - Vraj Iron and Steel Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

News

Recent coverage and analyst commentary for VRAJ

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Vraj Iron & Steel Ltd.

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Free 5nance Account

Name

JINDALSTEL

1147.50

43.06

117055.11

0.17

843.80

-43.60

15482.13

25.93

8.92

17.18

LLOYDSME

1807.60

21.35

101751.06

0.06

1733.89

170.25

7354.40

209.39

27.59

38.26

JAIBALAJI

68.67

21.39

6264.43

0.00

26.48

-82.71

1353.35

-13.06

9.63

5.31

RSL

189.50

31.79

1583.61

0.26

20.20

144.24

306.54

23.65

31.72

9.37

STEELXIND

12.03

395.28

1534.45

0.00

150.26

—

2697.14

—

11.97

12.70

SALSTEEL

80.19

93.39

1160.88

0.00

30.90

419.21

873.70

584.99

4.89

15.51

VRAJ

124.80

11.46

411.62

0.00

11.51

51.65

193.83

40.14

10.52

11.17

VASWANI

45.16

0.00

148.78

0.00

2.52

—

91.74

—

9.77

5.72

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

119

115

120

153

138

133

146

170

194

101

109

137

125

120

141

145

182

Operating Profit

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%

Interest

Depreciation

Profit before Tax

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

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

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

OPM %

9.51%

11.70%

14.96%

18.33%

13.20%

9.77%

8.54%

Interest

Depreciation

Profit before Tax

Tax %

30.70%

25.50%

24.88%

24.37%

25.05%

25.38%

25.74%

Net Profit

EPS

22.22

58.05

21.84

23.22

13.37

9.70

—

Dividend Payout %

0.00%

—

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

136

176

364

397

Trade Payables

Total Liabilities

128

158

206

298

429

502

195

273

Capital Work in Progress

Cash & Bank

Total Assets

128

158

206

298

429

502

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Cash from Investing

-6

-1

-40

-56

-103

-70

Cash from Financing

-16

-7

-23

-0

-1

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

74.95

74.96

74.95

0.94

0.51

0.53

0.51

0.23

0.22

0.18

0.19

3.66

3.69

Government

0.00

Public

20.44

20.87

20.86

20.88

21.15

21.17

21.20

21.17

Vraj Iron & Steel Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Vraj Iron & Steel Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI