---
title: "Vraj Iron & Steel Ltd (VRAJ) — Share Price, Financials & Analysis"
symbol: "VRAJ"
company: "Vraj Iron & Steel Ltd"
canonical: "https://tapetide.com/stocks/VRAJ"
isin: "INE0S2V01010"
nse_symbol: "VRAJ"
bse_code: "544204"
sector: "Commodities"
industry: "Ferrous Metals"
market_cap_cr: 412.28
generated_at: "2026-09-13T19:20:34.280Z"
---

# Vraj Iron & Steel Ltd (VRAJ)

Canonical page: https://tapetide.com/stocks/VRAJ

## Company

- **NSE Symbol:** VRAJ
- **BSE Code:** 544204
- **ISIN:** INE0S2V01010
- **Sector:** Commodities
- **Industry:** Ferrous Metals
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Listed Since:** 2024-07-03
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** vrajtmt.in

## About

Incorporated in June 2004, Vraj Iron and Steel Limited manufactures Sponge Iron, M.S. Billets, and TMT bars under the brand -''Vraj''[1]

## Latest Price

- **Price:** ₹125.5
- **Change:** -0.81 (-0.64%)
- **Open:** ₹125.3
- **Day High:** ₹126.5
- **Day Low:** ₹124
- **Previous Close:** ₹126.31
- **Volume:** 31941
- **As Of:** 2026-09-11T09:59:35+00:00

## Key Fundamentals

Observed at 2026-09-11T04:37:33.348579Z.

- **Market Cap:** ₹412.28 Cr
- **Classification:** Microcap
- **P/E (reported):** 11.6
- **P/E (TTM):** 11.52
- **EPS (TTM):** ₹10.89
- **EPS (reported):** ₹17.16
- **Book Value:** ₹130.31
- **Price to Book:** 0.97
- **Dividend Yield:** 0%
- **ROE:** 7.45%
- **ROCE:** 9.47%
- **Debt to Equity:** 0.1
- **Revenue (yearly):** ₹596.6 Cr
- **Net Income:** ₹32 Cr
- **EBITDA:** ₹65.4 Cr
- **52-Week High:** ₹159.99
- **52-Week Low:** ₹93
- **RSI (14):** 56.6

## Tapetide Score

- **Score:** 60 / 100
- **Score date:** 2026-09-04
- **Archetype:** Quality at a Reasonable Price
- **What it means:** Financial strength is not being paid for with a demanding multiple. The question worth asking is whether the quality is durable or reflects a good patch — check the consistency of returns over several years rather than the latest quarter.
- **Pillar profile:** Quality: Good · Valuation: Fair · Momentum: Rising
- **Percentile:** 87.9 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 82.78 | 9% |
| growth | 72.8 | 9% |
| momentum | 62.82 | 12% |
| ownership | 50.84 | 24% |
| quality | 60.51 | 22% |
| valuation | 56.65 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Stock is trading at 0.96 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | 128.23% | 61.97% | 256.18% |
| ebitda margin growth | -19.72% | -20.52% | -42.53% | -6% |
| net income growth | -26.28% | -27.44% | -16% | 24% |
| revenue growth | 13.2% | 24.58% | 4% | 15% |
| roce | -28.08% | -36.57% | -68.99% | 28.59% |
| roe | -26.08% | -32.94% | 15.74% | -77.49% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 115 | 81 | 119 | 115 | 88 | 120 | 153 | 138 | 133 | 146 | 170 | 194 |
| Expenses | 89 | 70 | 101 | 94 | 74 | 109 | 137 | 125 | 120 | 141 | 145 | 174 |
| Operating Profit | 26 | 11 | 18 | 21 | 14 | 11 | 16 | 13 | 13 | 5 | 25 | 20 |
| OPM % | 23 | 13 | 15 | 18 | 16 | 9 | 11 | 10 | 10 | 3.5 | 15 | 10 |
| Other Income | 2 | 3 | 1 | 1 | 2 | 2 | 1 | 2 | 3 | 2 | 4 | 3 |
| Interest | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 5 | 5 | 5 | 7 | 7 |
| Profit before tax | 26 | 11 | 17 | 21 | 14 | 11 | 14 | 10 | 10 | 1 | 21 | 15 |
| Tax % | 24 | 23 | 25 | 24 | 25 | 26 | 26 | 25 | 25 | 19 | 26 | 22 |
| Net Profit | 20 | 9 | 13 | 16 | 10 | 8 | 10 | 8 | 8 | 1 | 16 | 12 |
| EPS in Rs | 7.96 | 3.46 | 5.19 | 6.29 | 3.12 | 2.5 | 3.03 | 2.3 | 2.35 | 0.33 | 4.72 | 3.49 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 291 | 414 | 516 | 420 | 475 | 588 | 643 |
| Expenses | 263 | 366 | 438 | 343 | 412 | 530 | 580 |
| Operating Profit | 28 | 48 | 77 | 77 | 63 | 57 | 63 |
| OPM % | 10 | 12 | 15 | 18 | 13 | 10 | 10 |
| Other Income | 2 | 2 | 5 | 8 | 6 | 11 | 12 |
| Interest | 6 | 4 | 3 | 3 | 2 | 3 | 3 |
| Depreciation | 7 | 7 | 6 | 6 | 8 | 23 | 25 |
| Profit before tax | 16 | 39 | 72 | 76 | 59 | 43 | 48 |
| Tax % | 31 | 26 | 25 | 24 | 25 | 25 | — |
| Net Profit | 11 | 29 | 54 | 57 | 44 | 32 | 36 |
| EPS in Rs | 22.23 | 58.05 | 109.21 | 23.22 | 13.37 | 9.71 | 10.89 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 5 | 5 | 5 | 25 | 33 | 33 |
| Reserves | 52 | 82 | 136 | 176 | 364 | 397 |
| Borrowings | 47 | 44 | 25 | 63 | 2 | 43 |
| Other Liabilities | 21 | 20 | 26 | 17 | 18 | 23 |
| Total Liabilities | 126 | 150 | 192 | 281 | 417 | 496 |
| Fixed Assets | 64 | 58 | 53 | 48 | 195 | 273 |
| CWIP | 0 | 0 | 0 | 64 | 3 | 8 |
| Investments | 13 | 15 | 18 | 23 | 38 | 41 |
| Other Assets | 49 | 77 | 120 | 146 | 181 | 174 |
| Total Assets | 126 | 150 | 192 | 281 | 417 | 496 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 22 | 9 | 63 | 19 | 14 | 31 |
| Cash from Investing Activity | -6 | -1 | -40 | -56 | -103 | -70 |
| Cash from Financing Activity | -16 | -7 | -23 | 36 | 90 | 38 |
| Net Cash Flow | 0 | 0 | 0 | 0 | 1 | -1 |
| Free Cash Flow | 18 | 7 | 61 | -45 | -81 | -74 |
| CFO/OP | 92 | 31 | 104 | 52 | 43 | 68 |

### Ratios

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 9 | 10 | 9 | 10 | 16 | 20 |
| Inventory Days | 38 | 37 | 30 | 54 | 54 | 54 |
| Days Payable | 20 | 9 | 13 | 13 | 9 | 9 |
| Cash Conversion Cycle | 26 | 38 | 26 | 51 | 62 | 66 |
| Working Capital Days | 6 | 24 | 44 | 40 | 66 | 74 |
| ROCE % | — | 36 | 51 | 37 | 18 | 10 |

## Shareholding Pattern

### Quarterly

| Category | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 100% | 100% | 74.95% | 74.96% | 74.96% | 74.95% | 74.95% | 74.95% | 74.95% | 74.95% |
| FIIs | 0% | 0% | 0.94% | 0.51% | 0.52% | 0.51% | 0.23% | 0.22% | 0.18% | 0.19% |
| DIIs | 0% | 0% | 4.49% | 3.66% | 3.66% | 3.66% | 3.66% | 3.66% | 3.66% | 3.69% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 0% | 0% | 17.16% | 18.71% | 17.85% | 17.94% | 18.16% | 17.96% | 17.79% | 17.45% |
| Others | 0% | 0% | 2.45% | 2.16% | 3.01% | 2.94% | 3% | 3.21% | 3.42% | 3.73% |
| No. of Shareholders | 7 | 7 | 39880 | 41020 | 40080 | 39424 | 38258 | 36786 | 35095 | 34320 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 11 / 7 / 1

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 123.83 | Buy |
| EMA (10) | 124.03 | Buy |
| SMA (20) | 123.2 | Buy |
| EMA (20) | 123.81 | Buy |
| SMA (50) | 124.66 | Buy |
| EMA (50) | 123.84 | Buy |
| SMA (100) | 124.35 | Buy |
| EMA (100) | 124.28 | Buy |
| SMA (200) | 124.47 | Buy |
| EMA (200) | 129.01 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 54.38 | Neutral |
| MACD (12,26,9) | 0.11 | Buy |
| Stochastic (14,3,3) | 59.47 | Neutral |
| ADX (14) | 11.69 | Neutral |
| Williams %R (14) | -39.9 | Neutral |
| ATR (14) | 3.98 | High Volatility |
| ROC (12) | 2.32 | Buy |
| Stoch RSI (14) | 70.69 | Neutral |
| UO (7,14,28) | 46.6 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9h - Received CTO; commenced commercial production of 153,000 TPA Bilaspur induction furnace effective March 27, 2026. | [Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015 9h - Received CTO; commenced commercial production of 153,000 TPA Bilaspur induction furnace effective March 27, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/59bf8982-3f0a-4c5a-9ae4-cc2fbfaea530.pdf) |
| 9h - March 2026: promoter merger approved; three entities merged into Gopal Sponge; GSPPL holds 2,35,38,400 (71.36%). | [Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015. 9h - March 2026: promoter merger approved; three entities merged into Gopal Sponge; GSPPL holds 2,35,38,400 (71.36%).](https://www.bseindia.com/xml-data/corpfiling/AttachLive/eab2bff6-5aa9-4392-b5f8-7f4bdf8a546e.pdf) |
| 8h - Inter-se transfer of 55,55,500 shares (16.84%) to Gopal Sponge; Gopal holds 2,35,38,400 (71.36%), effective 27 Mar 2026. | [Disclosure Under Regulation 7(2) Of The SEBI (Prohibition Of Insider Trading) Regulations, 2015 8h - Inter-se transfer of 55,55,500 shares (16.84%) to Gopal Sponge; Gopal holds 2,35,38,400 (71.36%), effective 27 Mar 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/7b57311f-09ea-4b02-86e3-4167605e7e94.pdf) |
| 5 May - Trading window closed until May 16, 2026; board meets May 14 for audited FY26 results. | [Closure of Trading Window 5 May - Trading window closed until May 16, 2026; board meets May 14 for audited FY26 results.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/48e5be17-ce42-41cf-822a-2eebfa2a5c94.pdf) |
| 5 May - Board meeting on May 14, 2026 to approve audited standalone and consolidated results for year ended March 31, 2026. | [Board Meeting Intimation for Approval Of Audited Financial Results For The Quarter And Year Ended 31St March, 2026. 5 May - Board meeting on May 14, 2026 to approve audited standalone and consolidated results for year ended March 31, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/6a852a5a-fecb-4f7c-9986-edf69197ae41.pdf) |
| 4 Apr - Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations 2018. | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 4 Apr - Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations 2018.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/28ddf6bd-f9d9-4561-add7-bfe89b24aee7.pdf) |
| 25 Feb - Board approved Rs.35 Crore rolling mill (150,000 TPA) at Bilaspur for FY2026-27. | [Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015. 25 Feb - Board approved Rs.35 Crore rolling mill (150,000 TPA) at Bilaspur for FY2026-27.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/01810996-ed4a-436d-9bb6-0dbd71c6999d.pdf) |
| 24 Feb - Board approved 150,000 TPA Bilaspur TMT mill; Rs.35 Crore capex, FY2026-27. | [Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015. 24 Feb - Board approved 150,000 TPA Bilaspur TMT mill; Rs.35 Crore capex, FY2026-27.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/79af4ff2-69e7-4741-b307-6ba61d6b6856.pdf) |
| 19 Feb - CARE A-; Stable assigned/reaffirmed for bank facilities totaling Rs128 crore; Rs50 crore LC/BG (Feb 19, 2026) | [Announcement under Regulation 30 (LODR)-Credit Rating 19 Feb - CARE A-; Stable assigned/reaffirmed for bank facilities totaling Rs128 crore; Rs50 crore LC/BG (Feb 19, 2026)](https://www.bseindia.com/xml-data/corpfiling/AttachHis/99d08ffb-4be1-45dd-84aa-13cefdeff83c.pdf) |
| 14 Mar - Executed LTOA for 10.85 MW solar (09/02/2026–08/02/2051) on 13/03/2026. | [Announcement Under Regulation 30 Of SEBI (LODR) 2015. 14 Mar - Executed LTOA for 10.85 MW solar (09/02/2026–08/02/2051) on 13/03/2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c19e1bfb-4dde-42a6-8bf1-993e4b4b00bf.pdf) |

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-08-31 | [Announcement Under Regulation 30 Of SEBI (LODR) Regulation 2015 Transfer Of Environment Clearance From Moef&CC For The Greenfield Project Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=58753e07-64f9-4359-8026-1c7430da22c5.pdf) |
| 2026-08-24 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4071b4b9-3bd6-46e1-ba98-372fd021042d.pdf) |
| 2026-08-24 | [Letter Sent To Shareholders Pursuant To Regulation 36(1)(B) Of SEBI(LODR) Regulations 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8c134b90-0b1f-4073-8b46-a18f2de80b10.pdf) |
| 2026-08-22 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4f4843f1-c5da-4b32-b63f-a6f0e07a3e95.pdf) |
| 2026-08-21 | [Notice Of 22 Annual General Meeting (AGM) To Be Held On Saturday September 12 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bb945137-2eec-43f9-9c4a-8482d1c6b2f9.pdf) |
| 2026-08-21 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b2af93dc-fcc1-4239-a4b9-0c1c31665d7c.pdf) |
| 2026-08-13 | [Announcement Under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=faa19406-e950-4d4e-b062-7915c257c047.pdf) |
| 2026-08-13 | [Announcement Under Regulation 30 For Execution Of Loan Agreement](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c67ca14d-62e1-419e-85dc-174401e5e83a.pdf) |
| 2026-08-12 | [Board Meeting Outcome for Outcome Of Board Meeting For Submission Of Financial Results For The Quarter Ended June 30 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cd8dc8c5-229b-4e89-b109-e7e2369b7277.pdf) |
| 2026-08-12 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4998e1eb-4e65-4852-a783-5c87bdadda80.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-08-12 | [Financial Results For The Quarter Ended June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4f8f7d71-0492-48cc-93f4-fc508cb8efa4.pdf) |
| 2026-05-28 | [Submission Of Financial Results For The Quarter And Year Ended March 31 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=95bfcf20-6039-457e-a9d2-1554a95de211.pdf) |
| 2026-02-12 | [Submission Of Financial Results For The Quarter Ended December 31 2025.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8a055145-bf62-4cd0-9a0d-9320bd5fefcd.pdf) |
| 2025-11-12 | [Unaudited Finacial Result For The Quarter Ended September 30 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ed4d3b34-d34d-41b8-8299-ef5df1754cd4.pdf) |
| 2025-08-09 | [Unaudited Financial Result For The Quarter Ended June 30 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a720d3dd-3fb0-4ef8-a9d8-6f6d1454a75d.pdf) |
| 2025-05-27 | [Results For The Quarter And Financial Year Ended March 31 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4ce952a2-cea9-4b73-a33c-be7cbef8b09e.pdf) |
| 2025-02-12 | [Unaudited Financial Result (Standalone And Consolidated) For The Quarter And Nine Months Ended December 31 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8c316330-e14a-4898-8597-ccfcf2284821.pdf) |
| 2024-11-12 | [Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a8078bb3-f98d-47a6-af5c-c390b41a82c8.pdf) |
| 2024-08-10 | [Un Audited Standalone And Consolidated Financial Result For The Quarter Ended On 30Th June 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=86ba9415-1320-4527-8bee-8fe4c90bf164.pdf) |
| 2024-07-18 | [1. Approved The Audited Standalone And Consolidated Financial Results For The Quarter And Year Ended On 31St March, 2024 And Audited Standalone And Consolidated Financial Statements For The Financial Year Ended On 31St March, 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a671ba57-3bd3-402f-b92e-12679518ef2e.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8cdc3dc0-0fd7-462a-92f0-bee6a58d9e4b.pdf) |
| from bse | [Annual Report 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/061c65fe-447b-4ca7-b4c3-422641fa6d47.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:20:34.280Z.