Vardhman Special Steels Ltd.

•

vardhmansteel.comBSE: 534392NSE: VSSL

Market Cap₹ 3,848 Cr.

Current Price

High / Low₹ 424 / 206

Stock P/E41.3

Book Value₹ 84

Price to Book2.04

Dividend Yield0.88 %

ROCE16.7 %

ROE12.3 %

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%

View full sector analysis →

PROS

Company comfortably covers its interest (7.7x coverage)
Company maintains a comfortable, low leverage position
Company converts assets efficiently - asset turnover of 1.6x

CONS

Promoter holding has decreased over last 2 years: -9.5pp
Total debt has risen sharply - up 44.4% year on year

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products

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

S.No.	Name
1.	JSWSTEEL	1267.50	12.51	309961.29	0.56	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	182.85	20.69	228259.99	2.19	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	179.00	17.31	73936.40	1.31	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2676.25	30.57	70596.97	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	755.20	19.16	62260.17	0.53	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2153.00	48.64	59779.85	0.39	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1074.35	26.70	29988.53	0.42	350.73	20.66	5455.09	23.45	13.88	14.03
8.	JINDALSAW	311.85	30.52	19943.06	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2808.15	45.47	19682.88	0.36	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	524.75	16.37	18491.21	0.38	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	244.50	20.41	16460.69	0.41	222.37	2.75	1750.47	32.29	20.20	19.36
12.	VSSL	397.95	41.34	3848.22	0.88	19.73	—	428.04	-2.59	15.38	7.34

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
	409	415	397	439	415	495	427	428
	380	384	364	391	372	456	392	397
Operating Profit	29	31	33	49	42	39	35	31
OPM %	7.14%	7.50%	8.37%	11.11%	10.21%	7.91%	8.22%	7.35%
	7	6	8	9	6	9	7	7
Interest	4	5	5	5	5	5	5	3
Depreciation	7	7	7	9	8	8	8	8
Profit before Tax	25	25	29	44	35	35	28	27
Tax %	25.75%	25.57%	25.23%	25.29%	25.59%	25.55%	24.62%	26.52%
Net Profit	0	0	0	0	26	26	21	20
	2.29	2.27	2.68	4.00	3.20	3.17	2.63	2.42

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Mar 2025	TTM
	1,661	1,764	1,764
	1,519	1,616	1,616
Operating Profit	142	148	148
OPM %	8.57%	8.39%	8.39%
	30	29	29
Interest	18	19	19
Depreciation	31	33	33
Profit before Tax	123	125	125
Tax %	25.42%	25.57%	25.56%
Net Profit	92	93	93
EPS	11.25	11.39	—
Dividend Payout %	17.78%	26.34%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: 31%
5 Years:: 24%
3 Years:: 24%
1 Year:: 45%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: —
Last Year:: 12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Mar 2025
Equity Capital	81	82
	636	714
	61	110
Trade Payables	174	139
	86	91
Total Liabilities	1,040	1,136
	325	309
Capital Work in Progress	1	117
	0	18
	356	335
	262	261
Cash & Bank	8	11
	88	85
Total Assets	1,040	1,136

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Mar 2025
	142	127
Cash from Investing	-50	-127
Cash from Financing	-94	3
	-2	3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	60.56	60.53	60.49	60.37	60.37	51.13	51.10	51.06	51.06
	0.64	0.61	0.58	0.64	0.58	0.54	0.54	0.55	0.55
	3.14	3.84	4.51	4.17	4.17	3.63	3.31	3.34	3.27
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	35.65	35.02	34.42	34.81	34.87	44.69	45.04	45.05	45.12

Documents

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

2026-09-09

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-09 - Vardhman Special Steels Limited has informed the Exchange about Outcome of Analysts/ Investors Meet

2026-09-09

Updates

2026-09-09 - Vardhman Special Steels Limited has informed the Exchange regarding 'Demat Report for the month ended August, 2026'.

2026-09-04

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-04 - Vardhman Special Steels Limited has informed the Exchange about Schedule of meet.

2026-08-26

General Updates

2026-08-26 - Vardhman Special Steels Limited has informed the Exchange about dispatch of letter to the Members of the Company.

2026-08-26

Copy of Newspaper Publication

2026-08-26 - Vardhman Special Steels Limited has informed the Exchange about Copy of Newspaper Publication.

2026-08-25

Updates

2026-08-25 - Vardhman Special Steels Limited has informed the Exchange regarding 'BRSR for the FY 2025-26'.

2026-08-25

Shareholders meeting

2026-08-25 - Vardhman Special Steels Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026.

2026-08-21

Copy of Newspaper Publication

2026-08-21 - Vardhman Special Steels Limited has informed the Exchange about Copy of Newspaper Publication.

2026-08-20

Record Date

2026-08-20 - Vardhman Special Steels Limited has informed the Exchange that Record date for the purpose of Dividend is 28-Aug-2026.

News

Recent coverage and analyst commentary for VSSL

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Vardhman Special Steels Ltd.

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Free 5nance Account

Name

JSWSTEEL

1267.50

12.51

309961.29

0.56

4696.00

112.58

47364.00

11.55

20.67

19.60

TATASTEEL

182.85

20.69

228259.99

2.19

2385.24

18.82

60794.29

15.26

12.70

15.40

SAIL

179.00

17.31

73936.40

1.31

1644.05

120.80

26245.67

1.25

7.08

15.92

WELCORP

2676.25

30.57

70596.97

0.19

1047.88

200.11

4081.12

14.91

23.94

32.17

JSL

755.20

19.16

62260.17

0.53

768.66

7.56

11278.54

10.50

19.19

12.09

APLAPOLLO

2153.00

48.64

59779.85

0.39

263.11

10.94

5606.71

12.07

31.83

7.34

SHYAMMETL

1074.35

26.70

29988.53

0.42

350.73

20.66

5455.09

23.45

13.88

14.03

JINDALSAW

311.85

30.52

19943.06

0.64

90.79

-78.15

4452.31

9.00

10.38

8.79

RATNAMANI

2808.15

45.47

19682.88

0.36

107.03

-15.82

971.63

-15.63

18.01

16.69

SARDAEN

524.75

16.37

18491.21

0.38

478.13

9.50

1608.04

-1.07

17.76

41.59

GPIL

244.50

20.41

16460.69

0.41

222.37

2.75

1750.47

32.29

20.20

19.36

VSSL

397.95

41.34

3848.22

0.88

19.73

—

428.04

-2.59

15.38

7.34

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

409

415

397

439

415

495

427

428

380

384

364

391

372

456

392

397

Operating Profit

OPM %

7.14%

7.50%

8.37%

11.11%

10.21%

7.91%

8.22%

7.35%

Interest

Depreciation

Profit before Tax

Tax %

25.75%

25.57%

25.23%

25.29%

25.59%

25.55%

24.62%

26.52%

Net Profit

2.29

2.27

2.68

4.00

3.20

3.17

2.63

2.42

Mar 2024

Mar 2025

TTM

1,661

1,764

1,519

1,616

Operating Profit

142

148

OPM %

8.57%

8.39%

Interest

Depreciation

Profit before Tax

123

125

Tax %

25.42%

25.57%

25.56%

Net Profit

EPS

11.25

11.39

—

Dividend Payout %

17.78%

26.34%

—

Mar 2024

Mar 2025

Equity Capital

636

714

110

Trade Payables

174

139

Total Liabilities

1,040

1,136

325

309

Capital Work in Progress

117

356

335

262

261

Cash & Bank

Total Assets

1,040

1,136

Mar 2024

Mar 2025

142

127

Cash from Investing

-50

-127

Cash from Financing

-94

-2

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

60.56

60.53

60.49

60.37

51.13

51.10

51.06

0.64

0.61

0.58

0.64

0.58

0.54

0.55

3.14

3.84

4.51

4.17

3.63

3.31

3.34

3.27

Government

0.00

35.65

35.02

34.42

34.81

34.87

44.69

45.04

45.05

45.12

Vardhman Special Steels 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

Vardhman Special Steels 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