Vibhor Steel Tubes 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 sales growth of 17.6% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.69x)
- Working capital cycle has improved - days down from 32 to 15
- Company converts assets efficiently - asset turnover of 2.5x
CONS
- Recent results are weak - TTM profit is down 46.4% versus prior year
- Company has a low return on equity of 8.0% over last 3 years
- Company has a low return on capital employed of 10.3%
- Interest coverage is weak at 1.8x - earnings barely cover interest
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 33.7%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1309.00 | 12.92 | 320109.92 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 183.65 | 20.78 | 229258.67 | 2.18 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 196.00 | 18.95 | 80958.30 | 1.20 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2646.15 | 30.23 | 69802.96 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 737.80 | 18.72 | 60825.68 | 0.54 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2151.00 | 48.59 | 59724.32 | 0.40 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1081.75 | 26.88 | 30195.09 | 0.42 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| JINDALSAW | 310.70 | 30.41 | 19869.52 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2666.75 | 43.18 | 18691.78 | 0.38 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 506.95 | 15.81 | 17863.97 | 0.39 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 239.75 | 20.01 | 16140.90 | 0.42 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| VSTL | 113.05 | 28.47 | 215.79 | 0.00 | 19.29 | — | 2936.87 | — | 7.57 | 4.11 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 250 | 280 | 251 | 291 | 225 | 236 | 247 | 288 | 231 | 282 | 302 | 335 | 294 | |
| 242 | 266 | 238 | 278 | 216 | 229 | 238 | 277 | 221 | 273 | 293 | 320 | 291 | |
| Operating Profit | 9 | 14 | 13 | 13 | 9 | 7 | 10 | 11 | 10 | 9 | 9 | 15 | 2 |
| OPM % | 3.53% | 5.04% | 5.08% | 4.50% | 4.00% | 2.92% | 3.89% | 3.85% | 4.41% | 3.21% | 2.95% | 4.59% | 0.79% |
| 1 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 2 | -1 | 0 | |
| Interest | 3 | 6 | 5 | 5 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 |
| Depreciation | 2 | 2 | 2 | 3 | 2 | 3 | 3 | 3 | 2 | 4 | 5 | 6 | 6 |
| Profit before Tax | 4 | 7 | 6 | 7 | 4 | 2 | 4 | 7 | 4 | 2 | 2 | 4 | 3 |
| Tax % | 25.78% | 24.38% | 30.48% | 25.38% | 26.52% | 45.34% | 24.00% | 33.13% | 24.88% | 24.47% | 23.50% | 37.98% | 26.22% |
| Net Profit | 3 | 5 | 4 | 5 | 3 | 1 | 3 | 4 | 3 | 1 | 2 | 3 | 2 |
| 1.76 | 2.73 | 3.04 | 2.58 | 1.59 | 0.47 | 1.81 | 2.34 | 1.66 | 0.75 | 0.87 | 1.36 | 1.02 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| 510 | 818 | 1,113 | 1,073 | 996 | 1,149 | 1,212 | |
| 492 | 789 | 1,068 | 1,024 | 960 | 1,106 | 1,176 | |
| Operating Profit | 19 | 29 | 46 | 49 | 36 | 43 | 36 |
| OPM % | 3.70% | 3.59% | 4.10% | 4.54% | 3.66% | 3.78% | 2.94% |
| 1 | 1 | 1 | 2 | 2 | 2 | 2 | |
| Interest | 9 | 9 | 12 | 18 | 11 | 16 | 16 |
| Depreciation | 7 | 6 | 6 | 8 | 10 | 17 | 20 |
| Profit before Tax | 4 | 15 | 28 | 24 | 17 | 12 | 11 |
| Tax % | 83.45% | 26.24% | 25.36% | 26.46% | 30.20% | 28.99% | 29.89% |
| Net Profit | 1 | 11 | 21 | 18 | 12 | 9 | 8 |
| EPS | 0.49 | 7.99 | 14.85 | 9.34 | 6.21 | 4.64 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 18%
- 3 Years:
- 1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 66%
- 3 Years:
- -25%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -27%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 13%
- 3 Years:
- 8%
- Last Year:
- 5%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 19 | 19 | 19 |
| 46 | 58 | 79 | 159 | 169 | 178 | |
| 70 | 124 | 150 | 135 | 160 | 181 | |
| Trade Payables | 33 | 43 | 42 | 56 | 87 | 27 |
| 9 | 10 | 8 | 14 | 38 | 34 | |
| Total Liabilities | 173 | 249 | 294 | 383 | 473 | 439 |
| 52 | 50 | 54 | 69 | 69 | 163 | |
| Capital Work in Progress | 0 | 0 | 0 | 12 | 68 | 20 |
| 51 | 101 | 120 | 171 | 191 | 123 | |
| 0 | 0 | 0 | 51 | 72 | 55 | |
| Cash & Bank | 15 | 21 | 26 | 24 | 19 | 16 |
| 54 | 76 | 93 | 56 | 55 | 61 | |
| Total Assets | 173 | 249 | 294 | 383 | 473 | 439 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 48 | -33 | 11 | 6 | 36 | 61 | |
| Cash from Investing | -1 | -4 | -16 | -42 | -58 | -70 |
| Cash from Financing | -36 | 44 | 13 | 35 | 16 | 6 |
| 8 | 6 | 5 | -1 | -5 | -3 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| PER SHARE | ||||||
| EPS (₹) | 0.49 | 7.99 | 14.85 | 9.34 | 6.21 | 4.64 |
| Book Value (₹) | 42.65 | 50.75 | 65.71 | 93.76 | 99.21 | 103.89 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 5.13 | 12.30 | 19.34 | 13.72 | 11.70 | 13.48 |
| PROFITABILITY | ||||||
| Operating Margin % | 3.90% | 3.69% | 4.21% | 4.54% | 3.66% | 3.78% |
| Net Margin % | 0.13% | 1.39% | 1.89% | 1.65% | 1.18% | 0.77% |
| ROE % | 1.14% | 17.11% | 25.51% | 13.08% | 6.43% | 4.57% |
| ROCE % | 9.90% | 14.42% | 18.21% | 14.95% | 8.29% | 7.57% |
| 0.40% | 5.38% | 7.77% | 5.24% | 2.75% | 1.93% | |
| EFFICIENCY | ||||||
| Debtor Days | 28 | 19 | 16 | 18 | 22 | 20 |
| Inventory Days | 37 | 34 | 36 | 50 | 66 | 50 |
| Payable Days | 26 | 19 | 15 | 19 | 29 | 20 |
| 38 | 34 | 37 | 49 | 59 | 50 | |
| FINANCIAL HEALTH | ||||||
| Debt to Equity (x) | 1.23x | 1.77x | 1.64x | 0.79x | 0.91x | 0.98x |
| Interest Coverage (x) | 1.45x | 2.77x | 3.30x | 2.33x | 2.51x | 1.78x |
| 1.17x | 1.23x | 1.25x | 1.54x | 1.37x | 1.25x | |
| GROWTH | ||||||
| Revenue Growth % | 0.00% | 60.24% | 36.08% | -3.63% | -7.12% | 15.35% |
| Operating Profit Growth % | 0.00% | 51.53% | 55.21% | 7.72% | -23.74% | 20.59% |
| Net Profit Growth % | 0.00% | 1546.24% | 85.91% | -15.89% | -33.57% | -25.29% |
| 0.00% | 0.00% | 0.00% | -37.09% | -33.57% | -25.29% | |
| VALUATION | ||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 26.80x | 23.81x | 21.94x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 2.67x | 1.49x | 0.98x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 11.72x | 11.23x | 7.96x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-25 - Vibhor Steel Tubes Limited has informed the Exchange about Agreements
2026-08-25 - Vibhor Steel Tubes Limited has informed the Exchange about Agreements
2026-08-25 - Vibhor Steel Tubes Limited has informed the Exchange regarding Outcome of Board Meeting held on August 25, 2026.
2026-08-21 - Vibhor Steel Tubes Limited has informed the Exchange about Transcript
2026-08-21 - Vibhor Steel Tubes Limited has informed the Exchange about Copy of Newspaper Publication regarding Notice of 23rd AGM of the company.
2026-08-20 - Vibhor Steel Tubes Limited has informed the Exchange about Link of Recording
2026-08-20 - Vibhor Steel Tubes Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 16, 2026
2026-08-19 - Vibhor Steel Tubes Limited has informed the Exchange about Investor Presentation
2026-08-12 - Vibhor Steel Tubes Limited has informed the Exchange regarding a press release dated August 12, 2026, titled "Vibhor Steel Tubes posts 27% surge in revenue at Rs 293.69 crore in Q1FY2026-27 backed by strong demand and product diversification".
News
Recent coverage and analyst commentary for VSTL
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