Vardhman Special Steels 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 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
| 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 |
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 | |
|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Vardhman Special Steels Limited has informed the Exchange about Outcome of Analysts/ Investors Meet
2026-09-09 - Vardhman Special Steels Limited has informed the Exchange regarding 'Demat Report for the month ended August, 2026'.
2026-09-04 - Vardhman Special Steels Limited has informed the Exchange about Schedule of meet.
2026-08-26 - Vardhman Special Steels Limited has informed the Exchange about dispatch of letter to the Members of the Company.
2026-08-26 - Vardhman Special Steels Limited has informed the Exchange about Copy of Newspaper Publication.
2026-08-25 - Vardhman Special Steels Limited has informed the Exchange regarding 'BRSR for the FY 2025-26'.
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 - Vardhman Special Steels Limited has informed the Exchange about Copy of Newspaper Publication.
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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