MarketFriction

Vardhman Special Steels Ltd

NSE VSSL · BSE 534392 · Iron & Steel Products
₹383.30 -4.43%
NSE close2026-10-01
52 week range206.40 - 428.25
Market cap₹3,930 Cr.
P/E27.4
Price band 20% Delivery 51.2%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales415397439415495427428434432431458486
Expenses384364391372456392397402387387412428
Operating Profit313349423935313245434658
OPM %8%8%11%10%8%8%7%7%10%10%10%12%
Other Income6896977811131010
Interest555555342433
Depreciation7798888988810
Profit before tax252944353528272746454655
Tax %26%25%25%26%26%25%27%26%26%25%26%26%
Net Profit182233262621202035343441
EPS in Rs2.272.684.033.203.172.632.412.433.583.483.514.26
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales6536748591,1218469371,3681,7351,6611,7641,7541,807
Expenses6106127971,0538068301,1951,5941,5191,6161,5881,614
Operating Profit4362626840107174141142148166193
OPM %7%9%7%6%4.7%11%13%8%9%8%9%11%
Other Income146299293930294245
Interest232821242620171818191212
Depreciation171822242630272831333333
Profit before tax4192522-266158134123125164193
Tax %0%0%0%-0%-244%33%36%25%25%26%26%
Net Profit41925223441011009293122143
EPS in Rs0.683.103.513.110.415.4612.4212.3611.2511.3912.6214.83
Dividend Payout %0%0%0%0%0%14%14%8%18%26%28%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth10%13%0%1%
Compounded Profit Growth37%21%6%65%
Stock Price CAGR31%28%26%43%
Return on Equity12%14%12%12%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital191919363640414141818297
Reserves1511611803043263734195146026387161,181
Borrowings3503383162283342661911621448412093
Other Liabilities94979910919490153204244237218263
Total Liabilities6156146136778897708039211,0311,0401,1361,633
Fixed Assets230251265250280310283289294325309585
CWIP212173312131312111726
Investments1414180501520018158
Other Assets350347346412577443507603705714693863
Total Assets6156146136778897708039211,0311,0401,1361,633
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-33466811-19135875974142127106
Cash from Investing Activity-4-16-16-16-70-887-9-15-50-127-427
Cash from Financing Activity31-35-50782-45-94-52-49-943317
Net Cash Flow-5-522-720-29-23-4
Free Cash Flow-612736-1-98101782445769-135
CFO/OP-283%108%110%18%-19%342%90%47%79%122%108%87%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days99109102836178855955585458
Inventory Days119110122123170103134139119129113123
Days Payable464236478942906861634765
Cash Conversion Cycle172176188159142139128131113123120116
Working Capital Days-51417585047788173846886
ROCE %-0%5%9%8%7%3%13%26%20%18%17%15%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters60.71%60.67%60.55%60.55%60.53%60.49%60.37%60.37%51.13%51.10%51.06%51.06%
FIIs0.96%0.75%0.49%0.64%0.60%0.58%0.64%0.58%0.54%0.54%0.55%0.55%
DIIs2.42%2.50%2.63%3.14%3.84%4.51%4.17%4.17%3.63%3.30%3.34%3.27%
Public35.91%36.08%36.33%35.67%35.01%34.42%34.82%34.88%44.70%45.02%45.04%45.12%
No. of Shareholders31,90633,71532,86634,68335,22936,34836,28735,85636,44338,07936,85436,365

Fundamentals

Market Cap₹ 3,930 Cr.
Current Price₹ 406
Stock P/E27.4
Book Value₹ 132
ROCE15.3 %
ROE11.6 %
Dividend Yield0.86 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)1%
Compounded Profit Growth (TTM)65%
Standalone figures.
Valuation
Market capRs 3,706 Cr
Enterprise valueRs 3,740 Cr
P/E (TTM)25.86x
Price to book2.90x
Price to sales2.05x
EV / EBITDA15.73x
EV / EBIT18.30x
EV / sales2.07x
Price to cash flow35.00x
Earnings yield3.87%
Dividend yield0.91%
P/E, 3-year average17.64x
P/B, 3-year average2.01x
P/E, 5-year average13.11x
P/B, 5-year average1.62x
Profitability
Operating margin (excl. other income)9.49%
Operating margin (incl. other income)11.90%
EBITDA margin13.16%
Pre-tax margin10.66%
Net profit margin7.93%
Net margin, latest quarter8.48%
ROE11.76%
ROCE15.38%
ROA8.81%
ROE, 3-year average12.50%
ROCE, 3-year average16.62%
ROA, 3-year average8.74%
ROE, 5-year average14.83%
ROCE, 5-year average19.15%
ROA, 5-year average9.64%
ROIC (approx.)11.59%
Tax rate25.62%
Other income / net worth3.32%
Growth
Sales growth (latest year)-0.57%
Profit growth (latest year)31.08%
Sales CAGR, 3 years0.37%
Sales CAGR, 5 years13.36%
Profit CAGR, 3 years6.70%
Profit CAGR, 5 years22.52%
Sales growth QoQ6.13%
Profit growth QoQ21.22%
Sales growth YoY (latest quarter)12.06%
Profit growth YoY (latest quarter)106.98%
Per share
EPS (TTM)Rs 14.82
EPS (latest year)Rs 12.62
EPS (latest quarter)Rs 4.26
EPS, 3-year averageRs 11.75
EPS, 5-year averageRs 16.96
Book value per shareRs 132.11
Sales per shareRs 186.87
Cash flow per shareRs 10.95
Free cash flow per shareRs -13.96
Dividend per share (latest year)Rs 3.50
Dividend per share, 3-year averageRs 2.83
Dividend per share, 5-year averageRs 2.80
Dividends
Dividend payout27.73%
Dividend payout, 3-year average23.95%
Dividend payout, 5-year average18.81%
Efficiency
Asset turnover1.07x
Fixed asset turnover3.00x
Inventory turnover3.99x
Inventory days92 days
Debtor days58 days
Debtors turnover6.31x
Creditor days65 days
Cash conversion cycle116 days
Working capital days86 days
Leverage
Total debtRs 93 Cr
Cash and bankRs 59 Cr
Net debtRs 34 Cr
Debt to equity0.07x
Net debt / EBITDA0.14x
Interest coverage17.51x
Current ratio (filing 2026-03-31)2.90x
Quick ratio (filing 2026-03-31)1.83x
Trade payables (filing 2026-03-31)Rs 184 Cr
Owners' fund to total sources78.21%
Debt to assets5.70%
Cash flow
Cash from Operating Activity (latest year)Rs 106 Cr
Cash from Investing Activity (latest year)Rs -427 Cr
Cash from Financing Activity (latest year)Rs 317 Cr
Net Cash Flow (latest year)Rs -4 Cr
Free cash flow (latest year)Rs -135 Cr
FCFE (approx.: FCF + change in debt)Rs -162 Cr
Cash from ops / profit, 5 years1.00x
Sales to cash flow16.57x
Statement figures
Net sales (TTM)Rs 1,807 Cr
Net sales (latest year)Rs 1,754 Cr
Sales (latest quarter)Rs 486 Cr
Operating profit excl. other income (latest year)Rs 166 Cr
Operating profit (latest quarter)Rs 58 Cr
Other income (TTM)Rs 45 Cr
EBITDA (TTM)Rs 238 Cr
PBDT (TTM)Rs 226 Cr
Profit before tax (TTM)Rs 193 Cr
Tax (latest year)Rs 42 Cr
Net profit (TTM)Rs 143 Cr
Net profit (latest year)Rs 122 Cr
Net profit (latest quarter)Rs 41 Cr
Depreciation (TTM)Rs 33 Cr
Depreciation (latest quarter)Rs 10 Cr
Interest (TTM)Rs 12 Cr
Cost of goods sold (latest year)Rs 1,397 Cr
Total expenditure (latest year)Rs 1,588 Cr
Total income (latest year)Rs 1,797 Cr
Share capitalRs 97 Cr
ReservesRs 1,181 Cr
Shareholders' fundsRs 1,277 Cr
Total assetsRs 1,633 Cr
Net blockRs 585 Cr
Capital work in progressRs 26 Cr
InvestmentsRs 158 Cr
ReceivablesRs 278 Cr
InventoryRs 350 Cr
Other liabilitiesRs 263 Cr
Shares outstanding (crore)9.67
Ownership
Promoter holding51.06% (-9.31 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 25.9 is at the 55th percentile of its own 9.4-year range (median 24.9, low 9.0, high 295.7).
P/B 2.90 is at the 58th percentile (median 2.70).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodVSSLNifty 50Difference
1 week-5.4%-2.8% -2.6 pts
1 month+8.0%-6.8% +14.8 pts
3 months+39.7%-7.6% +47.3 pts
6 months+83.9%+0.4% +83.5 pts
1 year+42.8%-9.9% +52.7 pts
2 years+35.2%-13.6% +48.7 pts
3 years+86.7%+14.2% +72.5 pts
5 years+216.0%+27.9% +188.2 pts
4 mutual fund schemes hold about ₹118 Cr. Over three months 0 bought more and 3 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Tata Small Cap Fund0.65%85 -13%
ICICI Pru Small Cap Fund0.17%17 -45%
ICICI Pru Small Cap Fund0.17%16 -45%
Motilal Oswal BSE 1000 Index Fund0.00%0

Red flags

F-score 4 of 8
lookShare dilution Share count up 18% in a year, 19% in three
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹486 Cr +12.0% vs Jun 2025. Net profit ₹41 Cr +105.0%.
Against our estimate for Jun 2026: sales +7.7%, profit +18.7% beat. Our estimate for Sep 2026: sales Rs 473 Cr, profit Rs 38 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-28Dividend - Rs 3.50 Per Share
2025-09-12Dividend - Rs 3 Per Share
2024-09-06Annual General Meeting/ Dividend - Rs 2 Per Share
2023-09-15Annual General Meeting/Dividend - Rs 2 Per Share
2023-05-26Bonus 1:10.5000
2022-09-16Annual General Meeting/Dividend - Rs 3.50 Per Share
2021-09-02 Annual General Meeting/Dividend - Rs 1.50 Per Share
2020-09-11 Annual General Meeting
2019-09-05 Annual General Meeting
2018-09-12 Annual General Meeting
2017-09-07 Annual General Meeting
2017-04-07 Rights 2:3 @ Premium Rs 40/-
2016-09-19 Annual Book Closure
2015-08-05Annual General Meeting (Book Closure Date Revised)
2014-09-03Annual Book Closure / Annual General Meeting
2013-08-14Annual Book Closure
2012-08-16Annual Book Closure
DateTypeWhat it says
2026-09-30ResignationResignation of Director/KMP/SMP
2026-09-30AppointmentAppointment of Mr Koichiro Hayashida as Senior Management Personnel of the Company, designated as the President (Forging Division) w.e.f. October 01, ...
2026-09-30CessationCessation of Mr. Koichiro Hayashida as Non- Executive Director of the company w.e.f. October 01, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
High low price variation greater than 100perc in previous 6 months

Quick answers

What is the market cap of Vardhman Special Steels Ltd?

Vardhman Special Steels Ltd (VSSL) has a market capitalisation of Rs 3,930 Cr. at the 2026-10-01 close.

What is the P/E ratio of Vardhman Special Steels Ltd?

Vardhman Special Steels Ltd trades at a P/E of 27.4 on trailing twelve-month profit, at the 2026-10-01 close.

What were Vardhman Special Steels Ltd's latest quarterly results?

In the Jun 2026 quarter, Vardhman Special Steels Ltd sales was Rs 486 Cr (+12.0% vs Jun 2025) and net profit was Rs 41 Cr.

What is the 52-week high and low of Vardhman Special Steels Ltd?

The 52-week high is Rs 428.25 and the 52-week low is Rs 206.40.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03