Vardhman Special Steels Ltd.

•

vardhmansteel.comBSE: 534392NSE: VSSL

Market Cap₹ 3,848 Cr.

Current Price

High / Low₹ 424 / 206

Stock P/E26.9

Book Value₹ 136

Price to Book1.57

Dividend Yield0.88 %

ROCE15.4 %

ROE11.8 %

Face Value₹ 10

Add ratio to table

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 has delivered good profit growth of 22.5% CAGR over last 5 years
Company is almost debt free
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 107.0% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.22x)

CONS

Promoter holding has decreased over last 2 years: -9.5pp
A large part of profit comes from other income (25.8% of PBT)
Working capital days have increased from 72 to 130 days
Valuation is stretched - P/E of 26.9 is well above its own 5-year median (16.4)
Growth is decelerating - 3Y profit CAGR (6.7%) trails the 5Y trend (22.5%)
Expensive relative to growth - PEG of 4.0

* 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

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
	409	415	397	439	415	495	427	428	434	432	431	458	486
	380	384	364	391	372	456	392	397	402	387	387	412	440
Operating Profit	29	31	33	49	42	39	35	31	32	45	43	46	46
OPM %	7.14%	7.50%	8.37%	11.11%	10.21%	7.91%	8.22%	7.35%	7.34%	10.47%	10.06%	10.07%	9.37%
	7	6	8	9	6	9	7	7	8	11	13	10	10
Interest	4	5	5	5	5	5	5	3	4	2	4	3	3
Depreciation	7	7	7	9	8	8	8	8	9	8	8	8	10
Profit before Tax	25	25	29	44	35	35	28	27	27	46	45	46	55
Tax %	25.75%	25.57%	25.23%	25.29%	25.59%	25.55%	24.62%	26.52%	25.66%	25.68%	25.03%	26.11%	25.66%
Net Profit	19	18	22	33	26	26	21	20	20	35	34	34	41
	2.29	2.27	2.68	4.00	3.20	3.17	2.63	2.42	2.43	3.61	3.48	3.52	4.26

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	674	859	1,121	846	937	1,368	1,735	1,661	1,764	1,754	1,807
	614	797	1,053	806	834	1,199	1,594	1,519	1,616	1,588	1,627
Operating Profit	60	62	68	40	103	169	141	142	148	166	180
OPM %	8.88%	7.21%	6.05%	4.69%	11.03%	12.35%	8.14%	8.57%	8.39%	9.49%	9.97%
	6	6	2	9	13	34	39	30	29	42	45
Interest	28	21	24	26	20	17	18	18	19	12	12
Depreciation	18	22	24	26	30	27	28	31	33	33	33
Profit before Tax	19	25	22	-2	66	158	134	123	125	164	193
Tax %	-0.01%	0.24%	-0.30%	244.18%	33.42%	36.37%	25.21%	25.42%	25.57%	25.62%	25.63%
Net Profit	19	25	22	3	44	101	100	92	93	122	143
EPS	10.31	7.01	6.21	0.83	10.91	24.84	24.72	11.25	11.39	12.62	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	13.75%	14.09%	8.09%	17.78%	26.34%	27.73%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 13%
3 Years:: 0%

COMPOUNDED PROFIT GROWTH

10 Years:: 40%
5 Years:: 23%
3 Years:: 7%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 15%
3 Years:: 13%
Last Year:: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	19	36	36	40	41	41	41	81	82	97
	180	303	326	373	418	514	600	636	714	1,179
	254	220	322	258	171	132	124	61	110	94
Trade Payables	35	61	163	62	130	147	186	174	139	184
	125	77	47	36	64	141	173	86	91	80
Total Liabilities	613	696	894	769	824	975	1,123	1,040	1,136	1,633
	265	250	280	310	283	289	294	325	309	585
Capital Work in Progress	1	7	33	12	13	13	12	1	117	26
	1	8	0	5	0	15	20	0	18	158
	118	159	313	152	192	304	363	356	335	350
	189	195	187	180	224	222	262	262	261	278
Cash & Bank	6	7	0	2	52	16	10	8	11	59
	33	71	81	108	60	115	163	88	85	177
Total Assets	613	696	894	769	824	975	1,123	1,040	1,136	1,633

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	68	11	-19	135	67	59	74	142	127	106
Cash from Investing	-16	-16	-70	-88	7	-9	-15	-50	-127	-427
Cash from Financing	-50	7	82	-45	-74	-52	-49	-94	3	317
	2	2	-7	2	0	-2	9	-2	3	-4

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

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

Loading news…

🤖

AI Stock Analyst

Vardhman Special Steels Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account