Vaswani Industries Limited (VASWANI)

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Vaswani Industries Limited (VASWANI) · mywealthgrid

About

Vaswani Industries is a sponge iron producer in the Materials sector with a market capitalization of ₹157.79 Cr. The company operates at a scale of ₹85–144 Cr quarterly revenue, with recent periods showing high volatility in both output and profitability, typical of ferrous-metals commodity producers.

Face value: ₹10

Market cap

₹146 Cr

P/E

—

P/B

1.0×

Dividend yield

ROE

2.9%

ROCE

9.6%

Debt / equity

1.85

OPM

8.6%

EPS (TTM)

₹-0.0

Book value

₹45.6

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

High debt-to-equity ratio of 1.85 constrains financial flexibility; Dec 2025 loss of ₹7.96 Cr demonstrates leverage amplifies margin compression.
Operating margins swung from 2.81% (Dec 2025) to 14.38% (Mar 2026), indicating commodity exposure; verify raw-material costs, pricing power, and capacity utilization drivers.
ROE of 2.95% is poor; most quarters yield net profit under ₹2–3 Cr despite ₹100+ Cr revenue, suggesting thin margins and weak capital returns.
Minimal institutional participation (FII 0.13%, DII 0%) limits market depth and refinancing flexibility.

Generated analysis · source review pending

Growth drivers

Revenue expanded from ₹85.01 Cr (Sep 2025) to ₹143.89 Cr (Mar 2026); verify sustainability of higher volumes and underlying demand drivers.
Operating margin reached 14.38% in Mar 2026 from 5.5% in Dec 2024; verify whether improvement reflects operational gains or is driven by cyclical commodity conditions.
Jun 2026 revenue at ₹117.79 Cr held above Sep 2025 lows, suggesting near-term stabilization; verify against seasonal and broader sector trends.

Generated analysis · source review pending

2,526 historical price candles were omitted because the exchange source has not been verified.

₹44.4-0.3%1Y

Quick read

rule-based

Pros

+High promoter holding of 62.1% with no pledge

Cons

−Low return on equity of 5.8% (3-yr avg)
−Modest revenue growth of 8.3% a year over the last 5 years
−Heavily leveraged (debt/equity 1.8)
−Weak interest coverage of 1.8×

Research score

Structured signal from quality, growth, valuation and momentum.

38/100

Business quality: 8
Growth: 13
Valuation

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	238	61	61	319	352	314	374	392	389	412	467
COGS	—	48	48	249	299	253	310	316	312	328	342
Gross profit	—	14	14	70	54	62	64	76	78	84	126
	226	9	9	52	40	43	45	55	56	57	85
	11	5	5	18	14	18	19	21	22	27	40
OPM %	4.8%	7.6%	7.6%	5.5%	3.9%	5.9%	5.1%	5.4%	5.7%	6.5%	8.6%
Depreciation	—	1	1	5	5	4	4	4	4	4	9
Interest	9	2	2	10	10	9	9	9	8	8	18
	1	0	0	1	2	0	1	2	2	-1	1
Profit before tax	1	1	1	3	0	5	7	11	12	13	14
Tax	0	-0	-0	2	3	1	3	5	3	5	10
Tax %	14.7%	-1.1%	-1.1%	64.9%	1,681.3%	21%	38.8%	44.1%	26.7%	34.6%	69.7%
	1	1	1	1	-3	4	4	6	9	9	4
PAT margin %	0.5%	1.6%	1.6%	0.4%	-0.7%	1.3%	1.2%	1.5%	2.3%	2.1%	0.9%
EPS (₹)	0.4	0.3	0.3	0.8	1.7	1.4	1.5	2	3	2.8	1.3
EPS adjusted (₹)	—	—	—	—	—	1.4	1.5	2	3	2.7	1.3
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	30	30	30	30	31	33
Reserves	72	77	83	92	106	117
	40	51	36	33	156	277
	55	60	53	34	68	81
Total equity & liabilities	197	217	201	189	362	508
	56	54	51	52	112	335
CWIP	—	—	0	4	67	9
Investments	7	7	7	7	2	3
	133	156	143	126	180	162
Total assets	197	217	201	189	362	508

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	-0	30	31	34	18
	1	-2	-1	-9	-134	-158
	-21	2	-26	-11	122	111
Net cash flow	-18	1	4	11	22	-29
Free cash flow	2	-0	29	26	-31	-156
CFO / Operating profit %	11.6%	-0.5%	140.5%	138.7%	128.6%	45.7%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Iran & Steel (Including other Income)	427.88	8.14	216.31	158.08	58.23	13.98
Power (Including Other Income)	40.32	23.45

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	21.9%	15.2%	19.6%	17.1%	19.5%	20%	20.4%	26.9%
EBITDA margin %	5.5%	3.9%	5.9%	5.1%	5.4%	5.7%	6.5%	8.6%
EBIT margin %	3.9%	2.4%	4.5%	4.1%	4.5%	4.7%	5.4%	6.6%
PAT margin %	0.4%	-0.7%	1.3%	1.2%	1.5%	2.3%	2.1%	0.9%
Working capital
Receivable days	—	—	62	49	46	17	7	12
Inventory days	—	—	65	46	57	54	73	88
Payable days	—	—	49	45	41	23	47	51
NWC days	—	—	78	50	62	49	34	48
Leverage
Current ratio	—	—	1.56	1.46	1.82	2.63	1.53	1.37
Debt to EBITDA	—	—	2.15	2.66	1.68	1.49	5.85	6.91
Debt to equity	—	—	0.39	0.47	0.32	0.27	1.14	1.85
Interest coverage	1.3	1	1.5	1.8	2.3	2.6	3.1	1.8
Asset turnover	—	—	1.6	1.73	1.95	2.06	1.14	0.92
Return ratios
Return on assets %	—	—	2.1%	2%	3%	4.8%	2.4%	0.8%
Return on capital employed %	—	—	12.4%	13%	14.7%	14.4%	12.2%	9.6%
Return on equity %	—	—	4%	4.1%	5.3%	7.4%	6.3%	2.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.33%	58.33%	58.33%	58.33%	58.33%	60.12%	60.12%	60.12%	62.06%	62.06%	62.06%	62.06%
	0%	0%	0.01%	0%	0.15%	0%	0.12%	0.01%	0.02%	0.11%	0%	0.13%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	41.67%	41.67%	41.66%	41.67%	41.52%	39.88%	39.76%	39.87%	37.92%	37.83%	37.94%	37.81%
No. of shareholders	—	—	—	—	—	—	—	—	15,689	15,161	14,567	14,030

Promoter holding up 3.73 percentage points since Sep 2023.

52 deals · 14 Oct 2021 – 20 Nov 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Nov 2025	VIJAY KUMAR PAHWA	Bulk	NSE	Buy	1,59,500	₹58.33	₹0.93 Cr
4 Jul 2025	INDRA KIRAN VENTURES	Bulk	NSE	Sell	1,70,000	₹53.22	₹0.90 Cr
4 Jul 2025	INDRA KIRAN VENTURES	Bulk	NSE	Buy	1,70,000	₹53.00	₹0.90 Cr
23 Apr 2025	MUDUPULAVEMULA SURENDRANADHA REDDY	Bulk	NSE	Sell	2,23,700	₹49.04	₹1.10 Cr
23 Apr 2025	MUDUPULAVEMULA SURENDRANADHA REDDY	Bulk	NSE	Buy	2,23,700	₹48.51	₹1.09 Cr
30 Sept 2024	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED	Bulk	NSE	Buy	2,32,946	₹68.10	₹1.59 Cr
30 Sept 2024	QE SECURITIES LLP	Bulk	NSE	Sell	1,52,167	₹64.35	₹0.98 Cr
30 Sept 2024	QE SECURITIES LLP	Bulk	NSE	Buy	1,48,063	₹63.63	₹0.94 Cr
30 Sept 2024	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED	Bulk	NSE	Sell	1,32,946	₹68.31	₹0.91 Cr
27 Sept 2024	QE SECURITIES LLP	Bulk	NSE	Sell	1,56,304	₹58.68	₹0.92 Cr

1–10 of 52

1 / 6

Mr. RITURAJ PESWANINon-Executive - Independent Director-Chairperson
Mr. YASHWANT VASWANIExecutive Director
Mr. CHITTARANJAN PARIDANon-Executive - Independent Director
Mr. PAWAN KUMAR JHAExecutive Director
Mrs. SUPRIYA GOYALNon-Executive - Independent Director
Mr. DEVENDRA KUMAR JAINNon-Executive - Independent Director
Mr. SATYA NARAYAN GUPTANon-Executive - Non Independent Director
Mr. Kushal VaswaniChief Financial Officer
Ms. Sakshi AgrawalCompany Secretary & Compliane Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Vaswani Industries Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

2

Board meeting to consider results14 Aug 2026
Board meeting to consider results13 Aug 2026

1

Bonus 1:429 Sept 2011 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

15 announcementsExport CSV

18 Aug 2026, 11:56 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

14 Aug 2026, 7:12 pmBoard Meeting

Board Meeting Outcome for Un-Audited Financial Results For The Quarter Ended June 30, 2026

Outcome of Board Meeting PDF

14 Aug 2026, 6:49 pmResult

Un-Audited Financial Results For The Quarter Ended June 30, 2026

Financial Results PDF

13 Aug 2026, 7:56 pmCompany Update

Update on board meeting

Board Meeting Rescheduled PDF

13 Aug 2026, 6:31 pmCompany Update

Board Meeting Intimation for Adjournment Of Board Meeting Originally Scheduled To Be Held On 13.08.2026

Board Meeting Rescheduled PDF

22 Jul 2026, 4:17 pmCompany Update

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 PDF

9 Jul 2026, 7:46 pmAGM/EGM

Vaswani Industries Ltd - 533576 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report

Postal Ballot PDF

Date	Category	Subject	Filing
18 Aug 2026, 11:56 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
14 Aug 2026, 7:12 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Un-Audited Financial Results For The Quarter Ended June 30, 2026

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	21.9%	15.2%	19.6%	17.1%	19.5%	20%	20.4%	26.9%
EBITDA margin %	5.5%	3.9%	5.9%	5.1%	5.4%	5.7%	6.5%	8.6%
EBIT margin %	3.9%	2.4%	4.5%	4.1%	4.5%	4.7%	5.4%	6.6%
PAT margin %	0.4%	-0.7%	1.3%	1.2%	1.5%	2.3%	2.1%	0.9%
Working capital
Receivable days	—	—	62	49	46	17	7	12
Inventory days	—	—	65	46	57	54	73	88
Payable days	—	—	49	45	41	23	47	51
NWC days	—	—	78	50	62	49	34	48
Leverage
Current ratio	—	—	1.56	1.46	1.82	2.63	1.53	1.37
Debt to EBITDA	—	—	2.15	2.66	1.68	1.49	5.85	6.91
Debt to equity	—	—	0.39	0.47	0.32	0.27	1.14	1.85
Interest coverage	1.3	1	1.5	1.8	2.3	2.6	3.1	1.8
Asset turnover	—	—	1.6	1.73	1.95	2.06	1.14	0.92
Return ratios
Return on assets %	—	—	2.1%	2%	3%	4.8%	2.4%	0.8%
Return on capital employed %	—	—	12.4%	13%	14.7%	14.4%	12.2%	9.6%
Return on equity %	—	—	4%	4.1%	5.3%	7.4%	6.3%	2.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Kiocl LimitedKIOCLKIOCL	₹19,684 Cr	₹19,684 Cr	₹681 Cr	₹-6 Cr	-4.8%	₹39 Cr	2.7%	1.3%	1%	1,644
S.a.l. Steel LimitedSALSTEELSALSTEEL	₹1,432 Cr	₹1,782 Cr	₹167 Cr	₹34 Cr	7%	₹12 Cr	-0.2%	1.1%	-0.4%	488
Vraj Iron And Steel LimitedVRAJVRAJ	₹402 Cr	₹443 Cr	₹643 Cr	₹63 Cr	9.7%	₹36 Cr	5.4%	9.7%	7.7%	66
Vaswani Industries LimitedVASWANIVASWANI	₹146 Cr	₹423 Cr	₹471 Cr	₹44 Cr	8.6%	₹-0 Cr	0.9%	9.6%	2.9%	48
Bihar Sponge Iron LtdBIHSPONGBIHSPONG	₹110 Cr	₹222 Cr	₹22 Cr	₹6 Cr	-5%	₹4 Cr	4.6%	23.1%	—	48

Vaswani Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

2

1

Announcements

2

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

AGRI PRODUCTS · revenue

Vaswani Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Board meetings2

Bonus issues1

Announcements

Board meetings2

Bonus issues1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Segment results

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

AGRI PRODUCTS · revenue

2

1

2

1