Vardhman Special Steels Ltd

About [ edit ]

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 [ edit ]
  • Market Cap 781 Cr.
  • Current Price 193
  • High / Low 218 / 41.8
  • Stock P/E 36.5
  • Book Value 101
  • Dividend Yield 0.00 %
  • ROCE 3.20 %
  • ROE 0.51 %
  • Face Value 10.0

Pros

  • Promoter holding has increased by 0.95% over last quarter.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 5.17% over past five years.
  • Company has a low return on equity of 4.66% for last 3 years.
  • Promoter holding has decreased over last 3 years: -5.02%

Peer comparison

Sector: Steel Industry: Steel - Medium / Small

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Quarterly Results

Figures in Rs. Crores

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
231 270 295 313 243 241 212 188 206 68 247 288
214 252 280 291 233 225 209 182 190 77 226 248
Operating Profit 17 18 15 22 11 15 3 6 16 -9 21 39
OPM % 7% 7% 5% 7% 4% 6% 1% 3% 8% -14% 9% 14%
Other Income 2 2 1 0 1 1 5 2 1 2 6 3
Interest 6 5 6 7 7 8 7 6 5 5 5 5
Depreciation 6 6 6 6 6 6 6 7 7 7 7 7
Profit before tax 7 9 5 10 -2 2 -5 -5 6 -20 15 31
Tax % 1% 0% -43% 36% 90% 37% 36% 137% 37% 35% 41% 30%
Net Profit 7 9 7 6 -0 1 -3 2 4 -13 9 22
EPS in Rs 2.02 2.54 1.98 1.74 -0.04 0.32 -0.88 0.45 0.88 -3.16 2.21 5.36

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
112 520 440 367 658 653 674 859 1,121 846 808
100 470 423 572 646 610 614 797 1,053 806 741
Operating Profit 13 50 18 -205 12 43 60 62 68 40 67
OPM % 11% 10% 4% -56% 2% 7% 9% 7% 6% 5% 8%
Other Income 0 2 6 209 7 2 6 6 2 9 12
Interest 1 7 11 12 20 23 28 21 24 26 20
Depreciation 1 4 4 6 14 17 18 22 24 26 27
Profit before tax 11 42 8 -13 -15 4 19 25 22 -2 32
Tax % 35% 38% 42% 28% -0% 0% 0% 0% -0% 244%
Net Profit 7 26 5 -9 -15 4 19 25 22 3 21
EPS in Rs 8.38 1.57 -3.05 -4.90 1.37 6.19 7.01 6.21 0.83 5.29
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:%
5 Years:5%
3 Years:8%
TTM:-9%
Compounded Profit Growth
10 Years:%
5 Years:16%
3 Years:-53%
TTM:6044%
Stock Price CAGR
10 Years:%
5 Years:35%
3 Years:11%
1 Year:330%
Return on Equity
10 Years:%
5 Years:5%
3 Years:5%
Last Year:1%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
6 19 19 19 19 19 19 36 36 40 40
Reserves 146 172 177 167 151 161 180 304 326 373 369
Borrowings 59 244 307 295 350 338 316 228 334 266 286
46 36 81 83 94 97 99 109 194 90 99
Total Liabilities 257 471 583 564 615 614 613 677 889 770 794
32 43 41 210 230 251 265 250 280 310 299
CWIP 0 9 131 30 21 2 1 7 33 12 13
Investments 20 99 122 32 14 14 1 8 0 5 0
205 320 289 292 350 347 346 412 577 443 481
Total Assets 257 471 583 564 615 614 613 677 889 770 794

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-8 17 55 -36 -33 46 68 11 -19 135
-22 -111 -154 52 -4 -16 -16 -16 -70 -88
31 176 42 -33 31 -35 -50 7 82 -45
Net Cash Flow 1 82 -57 -16 -5 -5 2 2 -7 2

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 15% 4% -3% -0% 5% 9% 8% 7% 3%
Debtor Days 285 74 85 122 99 109 102 83 61 78
Inventory Turnover 3.82 3.09 3.87 4.05 3.86 4.11 4.32 3.41 2.72

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
66.10 66.39 66.59 66.48 66.48 66.61 58.97 59.18 59.18 59.34 59.78 60.73
0.04 0.04 0.04 0.04 0.04 0.04 0.00 0.00 0.00 0.00 0.00 0.00
10.23 10.19 10.14 10.12 10.23 10.15 9.00 9.20 9.20 9.19 9.32 6.86
23.63 23.38 23.23 23.37 23.25 23.20 32.02 31.62 31.62 31.47 30.90 32.42

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