Vardhman Special Steels Ltd

Vardhman Special Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Vardhman Special Steels Ltd

₹ 287 -2.27%
31 Oct - close price
vardhmansteel.com BSE: 534392 NSE: VSSL
About

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

Key Points

Background
Vardhman Group ventured into the Steel business way back in 1973. In 2010, Vardhman Textiles Limited demerged the steel business into a separate legal entity Vardhman Special Steels Limited. [1]

Website BSE NSE
  • Market Cap ₹ 2,770 Cr.
  • Current Price ₹ 287
  • High / Low ₹ 324 / 178
  • Stock P/E 29.0
  • Book Value ₹ 125
  • Dividend Yield 1.05 %
  • ROCE 16.5 %
  • ROE 12.1 %
  • Face Value ₹ 10.0
Edit ratios

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 17.4%

Cons

  • Company has a low return on equity of 13.9% over last 3 years.
  • Promoter holding has decreased over last 3 years: -9.68%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Iron & Steel Products

Part of BSE SmallCap BSE Allcap BSE Industrials

Edit Columns
Loading peers table ...

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
443 401 422 409 415 397 439 415 495 427 428 434 432
408 364 398 380 384 364 391 372 456 392 397 402 387
Operating Profit 35 36 24 29 31 33 49 42 39 35 31 32 45
OPM % 8% 9% 6% 7% 8% 8% 11% 10% 8% 8% 7% 7% 10%
14 13 5 7 6 8 9 6 9 7 7 8 11
Interest 4 5 5 4 5 5 5 5 5 5 3 4 2
Depreciation 7 7 7 7 7 7 9 8 8 8 8 9 8
Profit before tax 38 38 18 25 25 29 44 35 35 28 27 27 46
Tax % 25% 25% 24% 26% 26% 25% 25% 26% 26% 25% 27% 26% 26%
28 28 14 19 18 22 33 26 26 21 20 20 35
EPS in Rs 3.45 3.51 1.68 2.29 2.27 2.68 4.03 3.20 3.17 2.63 2.41 2.43 3.58
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
367 658 653 674 859 1,121 846 937 1,368 1,735 1,661 1,764 1,721
572 646 610 612 797 1,053 806 834 1,195 1,594 1,519 1,616 1,577
Operating Profit -205 12 43 62 62 68 40 104 174 141 142 148 144
OPM % -56% 2% 7% 9% 7% 6% 5% 11% 13% 8% 9% 8% 8%
209 7 1 4 6 2 9 13 29 39 30 29 33
Interest 12 20 23 28 21 24 26 20 17 18 18 19 14
Depreciation 6 14 17 18 22 24 26 30 27 28 31 33 34
Profit before tax -13 -15 4 19 25 22 -2 66 158 134 123 125 129
Tax % -28% 0% 0% 0% 0% -0% -244% 33% 36% 25% 25% 26%
-9 -15 4 19 25 22 3 44 101 100 92 93 96
EPS in Rs -1.52 -2.45 0.68 3.10 3.51 3.11 0.41 5.46 12.42 12.36 11.25 11.39 11.05
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 14% 14% 8% 18% 26%
Compounded Sales Growth
10 Years: 10%
5 Years: 16%
3 Years: 9%
TTM: -1%
Compounded Profit Growth
10 Years: 21%
5 Years: 116%
3 Years: -3%
TTM: -10%
Stock Price CAGR
10 Years: 36%
5 Years: 52%
3 Years: 31%
1 Year: 5%
Return on Equity
10 Years: 11%
5 Years: 14%
3 Years: 14%
Last Year: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 19 19 19 19 36 36 40 41 41 41 81 82 96
Reserves 167 151 161 180 304 326 373 419 514 602 638 716 1,112
295 350 338 316 228 334 266 191 162 144 84 120 77
83 94 97 99 109 194 90 153 204 244 237 218 274
Total Liabilities 564 615 614 613 677 889 770 803 921 1,031 1,040 1,136 1,559
210 230 251 265 250 280 310 283 289 294 325 309 472
CWIP 30 21 2 1 7 33 12 13 13 12 1 117 57
Investments 32 14 14 1 8 0 5 0 15 20 0 18 26
292 350 347 346 412 577 443 507 603 705 714 693 1,004
Total Assets 564 615 614 613 677 889 770 803 921 1,031 1,040 1,136 1,559

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
-36 -33 46 68 11 -19 135 67 59 74 142 127
52 -4 -16 -16 -16 -70 -88 7 -9 -15 -50 -127
-33 31 -35 -50 7 82 -45 -74 -52 -49 -94 3
Net Cash Flow -16 -5 -5 2 2 -7 2 0 -2 9 -2 3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 122 99 109 102 83 61 78 87 59 55 58 54
Inventory Days 116 119 110 122 123 170 103 134 139 119 129 113
Days Payable 41 46 42 36 47 89 42 90 68 61 63 47
Cash Conversion Cycle 197 172 176 188 159 142 139 131 131 113 123 120
Working Capital Days -7 -5 14 17 58 50 47 78 81 73 84 68
ROCE % -3% -0% 5% 9% 8% 7% 3% 13% 26% 20% 18% 17%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
60.81% 60.71% 60.71% 60.71% 60.67% 60.55% 60.55% 60.53% 60.49% 60.37% 60.37% 51.13%
0.54% 1.14% 1.22% 0.96% 0.75% 0.49% 0.64% 0.60% 0.58% 0.64% 0.58% 0.54%
0.79% 1.03% 1.06% 2.42% 2.50% 2.63% 3.14% 3.84% 4.51% 4.17% 4.17% 3.63%
37.86% 37.13% 37.03% 35.91% 36.08% 36.33% 35.67% 35.01% 34.42% 34.82% 34.88% 44.70%
No. of Shareholders 31,93430,12431,95131,90633,71532,86634,68335,22936,34836,28735,85636,443

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

Announcements

Annual reports

Right Issue

Credit ratings

Concalls