Vardhman Special Steels

Industrial Products

VSSL NSE

NSE: VSSL BSE: 534392 Iron & Steel Products

₹356.90 +6.85 (+1.96%)

P/E: 24.07

View as Markdown

MCP

Close 4 Nov 2026 ₹356.90 +71.65 +25.1% 1Y

Start ₹285.25

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods

Price-based figures as of 04 Nov 2026, 15:31 IST · EPS basis: Standalone · TTM

ROCE: 15.30%
Debt to Equity: 0.07
EPS (TTM): ₹14.83
Book Value: ₹138.30

Market Cap: —
P/E (TTM): 24.07
P/B: 2.58
ROE: 11.60%
Dividend Yield: 1.00%
EBITDA: ₹177 Cr
52W High: ₹428.25
52W Low: ₹206.40
Day Range: ₹342.60 – ₹359.00
Volume: 1,07,918

Peer Comparison

Industrials › Industrial Products › Iron & Steel Products

Vardhman Special Steels peer comparison

Welspun Corp	₹2,400.00	27.41	₹60,980 Cr	5.96	0.22%	19.40%	22.90%	₹17,300 Cr	₹2,319 Cr
APL Apollo Tubes	₹2,199.80	49.69	₹60,246 Cr	10.64	0.39%	25.40%	31.80%	₹23,065 Cr	₹1,229 Cr
Shyam Metalics & Energy	₹1,231.40	30.60	₹34,478 Cr	2.78	0.15%	9.70%	13.00%	₹19,584 Cr	₹1,121 Cr
Ratnamani Metals & Tubes	₹2,449.40	39.67	₹17,025 Cr	4.18	0.42%	12.60%	17.90%	₹4,314 Cr	₹514 Cr
Jindal SAW	₹253.22	29.51	₹15,754 Cr	1.28	0.81%	8.20%	10.40%	₹18,501 Cr	₹498 Cr
Usha Martin	₹486.00	29.21	₹14,245 Cr	4.49	0.81%	15.10%	19.50%	₹3,837 Cr	₹508 Cr
Gallantt Ispat	₹529.15	29.28	₹12,939 Cr	3.66	0.38%	15.60%	18.20%	₹4,437 Cr	₹436 Cr
Vardhman Special Steels (this company)	₹356.90	24.07	₹3,365 Cr	2.58	1.00%	11.60%	15.30%	₹1,807 Cr	₹144 Cr
Median 8 companies	₹880.28	29.40	₹16,390 Cr	3.92	0.41%	13.85%	18.05%	₹10,869 Cr	₹511 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of 4 Nov 2026. How it works →

Overall score

49 Average

Data confidence 100/100

Category scores

Quality: 47; Average; Returns, margins, earnings quality 22% weight
Valuation: 55; Good; Cheap vs sector & own history 24% weight
Growth: 24; Poor; Sales & profit trajectory 9% weight
Financial Health: 71; Strong; Solvency, leverage, coverage 9% weight
Momentum: 67; Strong; Trend strength, vol-adjusted 12% weight
Ownership: 37; Poor; FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

Company has reduced debt.
Company is almost debt free.
Company has been maintaining a healthy dividend payout of 24.0%

Weaknesses

Company has a low return on equity of 12.2% over last 3 years.
Promoter holding has decreased over last 3 years: -9.53%

Technical Indicators

Technical signals: verdict and indicator counts
Group	Signal	Bearish	Neutral	Bullish
Overall	Bullish	6	6	7
Oscillators	Bearish	3	6	0
Moving Averages	Strong Bullish	3	0	7

Oscillators

Bearish

Neutral

Bullish

Overall

Bullish

Bearish

Neutral

Bullish

Moving Averages

Strong Bullish

Bearish

Neutral

Bullish

Key readings

RSI (14): 48.83; Neutral
MACD (12,26,9): −9.85; Bearish
SMA (50): 372.51; Bearish
SMA (200): 297.55; Bullish

As of 4 Nov 2026

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y	+10.39%
5Y	+13.36%
3Y	+0.36%
1Y	−0.57%
TTM	+1.29%

Net profit

Net profit growth by window
10Y	+40.74%
5Y	+22.63%
3Y	+6.85%
1Y	+31.18%
TTM	+65.52%

Operating cash flow

Operating cash flow growth by window
10Y	+8.71%
5Y	+4.03%
3Y	+12.73%
1Y	−16.54%
TTM	—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y	+2.88 pp
5Y	−1.96 pp
3Y	+1.33 pp
1Y	+1.07 pp
TTM	+2.95 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017	₹674 Cr
Mar 2018	₹859 Cr
Mar 2019	₹1,121 Cr
Mar 2020	₹846 Cr
Mar 2021	₹937 Cr
Mar 2022	₹1,368 Cr
Mar 2023	₹1,735 Cr
Mar 2024	₹1,661 Cr
Mar 2025	₹1,764 Cr
Mar 2026	₹1,754 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017	₹19.00 Cr
Mar 2018	₹25.00 Cr
Mar 2019	₹22.00 Cr
Mar 2020	₹3.00 Cr
Mar 2021	₹44.00 Cr
Mar 2022	₹101 Cr
Mar 2023	₹100 Cr
Mar 2024	₹92.00 Cr
Mar 2025	₹93.00 Cr
Mar 2026	₹122 Cr

Quarterly Results

₹ Cr

VSSL quarterly results, ₹ crore
Particulars	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	Sep 2026
Sales	409	415	397	439	415	495	427	428	434	432	431	458	486	600
Expenses	380	384	364	391	372	456	392	397	402	387	387	412	428	531
Operating Profit	29	31	33	49	42	39	35	31	32	45	43	46	58	69
OPM %	7%	8%	8%	11%	10%	8%	8%	7%	7%	10%	10%	10%	12%	12%
Other Income	7	6	8	9	6	9	7	7	8	11	13	10	10	15
Interest	4	5	5	5	5	5	5	3	4	2	4	3	3	4
Depreciation	7	7	7	9	8	8	8	8	9	8	8	8	10	10
PBT	25	25	29	44	35	35	28	27	27	46	45	46	55	71
Tax %	26%	26%	25%	25%	26%	26%	25%	27%	26%	26%	25%	26%	26%	26%
Net Profit	19	18	22	33	26	26	21	20	20	35	34	34	41	52
EPS (₹)	2.29	2.27	2.68	4.03	3.2	3.17	2.63	2.41	2.43	3.58	3.48	3.51	4.26	—

Sep 2026: from the results filed on 27 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr

VSSL profit and loss, annual, ₹ crore
Particulars	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	658	653	674	859	1,121	846	937	1,368	1,735	1,661	1,764	1,754	1,807
Expenses	646	610	612	797	1,053	806	830	1,195	1,594	1,519	1,616	1,588	1,614
Operating Profit	12	43	62	62	68	40	107	174	141	142	148	166	193
OPM %	1.8%	7%	9%	7%	6%	4.7%	11%	13%	8%	9%	8%	9%	11%
Other Income	7	1	4	6	2	9	9	29	39	30	29	42	45
Interest	20	23	28	21	24	26	20	17	18	18	19	12	12
Depreciation	14	17	18	22	24	26	30	27	28	31	33	33	33
PBT	−15	4	19	25	22	−2	66	158	134	123	125	164	193
Tax %	0%	0%	0%	0%	0%	−244%	33%	36%	25%	25%	26%	26%	—
Net Profit	−15	4	19	25	22	3	44	101	100	92	93	122	143
EPS (₹)	−2.45	0.68	3.1	3.51	3.11	0.41	5.46	12.42	12.36	11.25	11.39	12.62	14.83
Div. Payout %	0%	0%	0%	0%	0%	0%	14%	14%	8%	18%	26%	28%	—

Balance Sheet

₹ Cr

VSSL balance sheet, annual, ₹ crore
Particulars	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	19	19	19	36	36	40	41	41	41	81	82	97
Reserves	151	161	180	304	326	373	419	514	602	638	716	1,181
Borrowings	350	338	316	228	334	266	191	162	144	84	120	93
Other Liabilities	94	97	99	109	194	90	153	204	244	237	218	263
Total Liabilities	615	614	613	677	889	770	803	921	1,031	1,040	1,136	1,633
Fixed Assets	230	251	265	250	280	310	283	289	294	325	309	585
CWIP	21	2	1	7	33	12	13	13	12	1	117	26
Investments	14	14	1	8	0	5	0	15	20	0	18	158
Other Assets	350	347	346	412	577	443	507	603	705	714	693	863
Total Assets	615	614	613	677	889	770	803	921	1,031	1,040	1,136	1,633

Cash Flow

₹ Cr

VSSL cash flow, annual, ₹ crore
Particulars	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating	−33	46	68	11	−19	135	87	59	74	142	127	106
Investing	−4	−16	−16	−16	−70	−88	7	−9	−15	−50	−127	−427
Financing	31	−35	−50	7	82	−45	−94	−52	−49	−94	3	317
Net Cash Flow	−5	−5	2	2	−7	2	0	−2	9	−2	3	−4
Free Cash Flow	−61	27	36	−1	−98	101	78	24	45	76	9	−135
CFO/OP	−283	108	110	18	−19	342	90	47	79	122	108	87

Ratios

VSSL financial ratios, annual
Particulars	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	99	109	102	83	61	78	85	59	55	58	54	58
Inventory Days	119	110	122	123	170	103	134	139	119	129	113	123
Days Payable	46	42	36	47	89	42	90	68	61	63	47	65
Cash Conversion Cycle	172	176	188	159	142	139	128	131	113	123	120	116
Working Capital Days	−5	14	17	58	50	47	78	81	73	84	68	86
ROCE %	0%	5%	9%	8%	7%	3%	13%	26%	20%	18%	17%	15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

62 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

Promoters 51.18%
Others 28.73%
Public 17.00%
DIIs 2.52%
FIIs 0.57%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Q1 FY27 concall · Jul 2026
Transcript PPT Recording
Concall · May 2026
Transcript PPT
Concall · Apr 2026
PPT
Q3 FY26 concall · Jan 2026
Transcript PPT Recording
Q2 FY26 concall · Nov 2025
Transcript PPT Recording

Frequently Asked Questions about Vardhman Special Steels

What does Vardhman Special Steels Ltd do?

Vardhman Special Steels is engaged in manufacturing of Billets, Steel bars & Rods and Bright Bars of various categories of special and alloy steels.

Where is Vardhman Special Steels Ltd (VSSL) listed?

Vardhman Special Steels Ltd trades as VSSL on the NSE and under code 534392 on the BSE.

Which sector does Vardhman Special Steels Ltd belong to?

Vardhman Special Steels Ltd is classified under the Industrial Products sector, in the Iron & Steel Products industry.

What is the PE ratio of Vardhman Special Steels Ltd?

Vardhman Special Steels Ltd trades at a PE ratio of 24.07 as of 4 Nov 2026, on earnings per share of ₹14.83, against a book value of ₹138.3 per share.

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

Over the last 52 weeks Vardhman Special Steels Ltd has traded between ₹206.4 and ₹428.25 as of 4 Nov 2026.

Does Vardhman Special Steels Ltd pay dividends?

Vardhman Special Steels Ltd has a dividend yield of 1.00%.

What is the Return on Equity (ROE) of Vardhman Special Steels Ltd?

Vardhman Special Steels Ltd reported a return on equity of 11.60%. Its debt-to-equity ratio is 0.07.

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Vardhman Special Steels

Key Fundamentals

Peer Comparison

Overall score

Category scores

Key Insights

Strengths

Weaknesses

Technical Indicators

Oscillators

Overall

Moving Averages

Key readings

Growth Rate

Revenue

Net profit

Operating cash flow

Operating margin· change in pp

Revenue by year

Net profit by year

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Insights

Shareholding Pattern

Documents

Frequently Asked Questions about Vardhman Special Steels

Company Information

For AI agents and developers

Explore More