Vardhman Special Steels Ltd

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

Vardhman Special Steels Ltd

₹ 231 2.51%
18 Apr 10:14 a.m.
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 ₹ 1,878 Cr.
  • Current Price ₹ 231
  • High / Low ₹ 252 / 171
  • Stock P/E 25.9
  • Book Value ₹ 81.6
  • Dividend Yield 0.85 %
  • ROCE 20.2 %
  • ROE 16.8 %
  • Face Value ₹ 10.0
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Pros

  • Company has delivered good profit growth of 34.2% CAGR over last 5 years

Cons

* 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

Sector: Steel Industry: Steel - Medium / Small

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Quarterly Results

Figures in Rs. Crores

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
288 334 330 336 359 343 469 443 401 422 409 415 397
248 282 279 290 321 305 423 408 364 398 380 384 364
Operating Profit 39 52 51 46 39 38 46 35 36 24 29 31 33
OPM % 14% 16% 15% 14% 11% 11% 10% 8% 9% 6% 7% 8% 8%
3 2 3 3 2 22 6 14 13 5 7 6 8
Interest 5 5 4 5 5 4 4 4 5 5 4 5 5
Depreciation 7 10 7 7 7 7 7 7 7 7 7 7 7
Profit before tax 31 40 43 37 29 49 41 38 38 18 25 25 29
Tax % 30% 34% 35% 35% 34% 40% 25% 25% 25% 24% 26% 26% 25%
22 26 28 24 19 29 30 28 28 14 19 18 22
EPS in Rs 2.68 3.25 3.43 3.00 2.40 3.60 3.74 3.45 3.51 1.68 2.29 2.27 2.68
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Profit & Loss

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
520 440 367 658 653 674 859 1,121 846 937 1,368 1,735 1,644
470 423 572 646 610 612 797 1,053 806 834 1,195 1,594 1,526
Operating Profit 50 18 -205 12 43 62 62 68 40 104 174 141 118
OPM % 10% 4% -56% 2% 7% 9% 7% 6% 5% 11% 13% 8% 7%
2 6 209 7 1 4 6 2 9 13 29 39 26
Interest 7 11 12 20 23 28 21 24 26 20 17 18 18
Depreciation 4 4 6 14 17 18 22 24 26 30 27 28 29
Profit before tax 42 8 -13 -15 4 19 25 22 -2 66 158 134 97
Tax % 38% 42% 28% -0% 0% 0% 0% -0% 244% 33% 36% 25%
26 5 -9 -15 4 19 25 22 3 44 101 100 73
EPS in Rs 4.19 0.78 -1.52 -2.45 0.68 3.10 3.51 3.11 0.41 5.46 12.42 12.36 8.92
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 14% 14% 8%
Compounded Sales Growth
10 Years: 15%
5 Years: 15%
3 Years: 27%
TTM: -1%
Compounded Profit Growth
10 Years: 40%
5 Years: 34%
3 Years: 271%
TTM: -37%
Stock Price CAGR
10 Years: 37%
5 Years: 36%
3 Years: 40%
1 Year: 13%
Return on Equity
10 Years: 8%
5 Years: 12%
3 Years: 16%
Last Year: 17%

Balance Sheet

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 19 19 19 19 19 19 36 36 40 41 41 41 81
Reserves 172 177 167 151 161 180 304 326 373 419 514 602 582
244 307 295 350 338 316 228 334 266 191 162 144 170
36 81 83 94 97 99 109 194 90 153 204 244 252
Total Liabilities 471 583 564 615 614 613 677 889 770 803 921 1,031 1,085
43 41 210 230 251 265 250 280 310 283 289 294 305
CWIP 9 131 30 21 2 1 7 33 12 13 13 12 18
Investments 99 122 32 14 14 1 8 0 5 0 15 20 50
320 289 292 350 347 346 412 577 443 507 603 705 713
Total Assets 471 583 564 615 614 613 677 889 770 803 921 1,031 1,085

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
17 55 -36 -33 46 68 11 -19 135 67 59 74
-111 -154 52 -4 -16 -16 -16 -70 -88 7 -9 -15
176 42 -33 31 -35 -50 7 82 -45 -74 -52 -49
Net Cash Flow 82 -57 -16 -5 -5 2 2 -7 2 0 -2 9

Ratios

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 74 85 122 99 109 102 83 61 78 87 59 55
Inventory Days 115 163 116 119 110 122 123 170 103 134 139 119
Days Payable 13 47 41 46 42 36 47 89 42 90 68 61
Cash Conversion Cycle 176 200 197 172 176 188 159 142 139 131 131 113
Working Capital Days 132 134 187 128 108 92 109 111 111 109 103 94
ROCE % 15% 4% -3% -0% 5% 9% 8% 7% 3% 13% 26% 20%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
60.73% 60.87% 60.87% 60.87% 60.78% 60.81% 60.81% 60.81% 60.71% 60.71% 60.71% 60.67%
0.00% 0.74% 0.39% 0.39% 0.38% 0.31% 0.33% 0.54% 1.14% 1.22% 0.96% 0.75%
6.86% 0.69% 0.80% 1.05% 1.27% 1.27% 1.24% 0.79% 1.03% 1.06% 2.42% 2.50%
32.42% 37.71% 37.94% 37.70% 37.56% 37.61% 37.61% 37.86% 37.13% 37.03% 35.91% 36.08%
No. of Shareholders 18,21426,10431,57736,76536,34835,01333,56031,93430,12431,95131,90633,715

* 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.

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