Vibhor Steel Tubes Ltd.

•

vstlindia.comBSE: 544124NSE: VSTL

Market Cap₹ 216 Cr.

Current Price

High / Low₹ 168 / 101

Stock P/E28.5

Book Value₹ 105

Price to Book0.98

Dividend Yield0.00 %

ROCE7.6 %

ROE4.6 %

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 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

Metals & MiningIron & SteelSteel & Iron Products

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

S.No.	Name
1.	JSWSTEEL	1309.00	12.92	320109.92	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	183.65	20.78	229258.67	2.18	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	196.00	18.95	80958.30	1.20	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2646.15	30.23	69802.96	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	737.80	18.72	60825.68	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2151.00	48.59	59724.32	0.40	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1081.75	26.88	30195.09	0.42	350.73	20.66	5455.09	23.45	13.88	14.03
8.	JINDALSAW	310.70	30.41	19869.52	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2666.75	43.18	18691.78	0.38	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	506.95	15.81	17863.97	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	239.75	20.01	16140.90	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	VSTL	113.05	28.47	215.79	0.00	19.29	—	2936.87	—	7.57	4.11

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
	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

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.48	73.48	73.66	73.66	73.66	73.66	74.62	74.74
	0.13	0.04	0.16	0.16	0.07	0.03	0.31	0.15
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	26.40	26.49	26.18	26.18	26.28	26.32	25.07	25.11

Documents

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

2026-08-25

Agreements

2026-08-25 - Vibhor Steel Tubes Limited has informed the Exchange about Agreements

2026-08-25

Agreements

2026-08-25 - Vibhor Steel Tubes Limited has informed the Exchange about Agreements

2026-08-25

Outcome of Board Meeting

2026-08-25 - Vibhor Steel Tubes Limited has informed the Exchange regarding Outcome of Board Meeting held on August 25, 2026.

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Vibhor Steel Tubes Limited has informed the Exchange about Transcript

2026-08-21

Copy of Newspaper Publication

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - Vibhor Steel Tubes Limited has informed the Exchange about Link of Recording

2026-08-20

Shareholders meeting

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

Investor Presentation

2026-08-19 - Vibhor Steel Tubes Limited has informed the Exchange about Investor Presentation

2026-08-12

Press Release

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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Vibhor Steel Tubes Ltd.

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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

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

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

Interest

Depreciation

Profit before Tax

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

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

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

OPM %

3.70%

3.59%

4.10%

4.54%

3.66%

3.78%

2.94%

Interest

Depreciation

Profit before Tax

Tax %

83.45%

26.24%

25.36%

26.46%

30.20%

28.99%

29.89%

Net Profit

EPS

0.49

7.99

14.85

9.34

6.21

4.64

—

Dividend Payout %

0.00%

—

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

159

169

178

124

150

135

160

181

Trade Payables

Total Liabilities

173

249

294

383

473

439

163

Capital Work in Progress

101

120

171

191

123

Cash & Bank

Total Assets

173

249

294

383

473

439

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-33

Cash from Investing

-1

-4

-16

-42

-58

-70

Cash from Financing

-36

-1

-5

-3

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

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

Inventory Days

Payable Days

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%

-37.09%

-33.57%

-25.29%

VALUATION

P/E (x)

0.00x

26.80x

23.81x

21.94x

P/B (x)

0.00x

2.67x

1.49x

0.98x

Dividend Yield %

0.00%

0.00x

11.72x

11.23x

7.96x

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

73.48

73.66

74.62

74.74

0.13

0.04

0.16

0.07

0.03

0.31

0.15

DIIs

0.00

Government

0.00

26.40

26.49

26.18

26.28

26.32

25.07

25.11

Vibhor Steel Tubes Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Vibhor Steel Tubes 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