Vardhman Special Steels Limited (VSSL)

Loading page…

Vardhman Special Steels Limited (VSSL) · mywealthgrid

About

Makes specialty iron & steel products. ₹3,416 Cr market cap, recent quarterly revenue ₹430–486 Cr. Niche player in industrials, competes on specialty grades rather than commodity volumes.

Face value: ₹10

Market cap

₹3,707 Cr

P/E

39.8×

P/B

4.6×

Dividend yield

1.7%

ROE

11.7%

ROCE

17.5%

Debt / equity

0.15

OPM

8.4%

EPS (TTM)

₹9.6

Book value

₹82.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE 36.71 prices in sustained growth—verify if 75% YoY EPS expansion (₹2.43→₹4.26 Jun 2025 to Jun 2026) can persist
Operating margin doubled from 7.34% (Jun 2025) to 12.02% (Jun 2026)—confirm drivers (pricing, cost control, volume leverage) and whether gains stick or reverse
Minimal institutional interest (FII 0.55%, DII 3.27%)—thin liquidity, sparse analyst coverage, higher stock-price sensitivity to retail flows
Specialty-steel demand is cyclical, tied to industrial capex—verify resilience if India's capital-expenditure growth slows

Generated analysis · source review pending

Growth drivers

Revenue up 12% YoY to ₹486.01 Cr (Jun 2026 from ₹433.7 Cr Jun 2025)—verify if driven by volume, pricing, or product mix
OPM expanded 7.34%→12.02% YoY; if sustained, profit grows faster than revenue—confirm sustainability and source
Net profit doubled to ₹41.19 Cr (Jun 2026 from ₹19.9 Cr Jun 2025) via margin leverage—assess capex needs to sustain
Dividend payouts (most recent Sep 2025) signal cash generation—verify reinvestment rate and capacity to fund growth

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹383.3-5.6%1Y

Quick read

rule-based

Pros

+Dividend payout of 67.5% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

41/100

Business quality: 44
Valuation: 38

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

Loading peers…

Financials

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

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2025
Revenue	1,764
COGS	1,083
Gross profit	681
	533
	148
OPM %	8.4%
Depreciation	33
Interest	19
	29
Profit before tax	125
Tax	32
Tax %	25.6%
PAT	93
PAT margin %	5.3%
EPS (₹)	11.4
EPS adjusted (₹)	11.4
	26.3%
Annual report	Annual report for Mar 2025

₹ Cr	Mar 2025
Equity capital	82
Reserves	716
Minority interest	0
	120
	218
Total equity & liabilities	1,136
	309
CWIP	117
Investments	18
	693
Total assets	1,136

₹ Cr	Mar 2025
	127
	-127
	3
Net cash flow	3
Free cash flow	8
CFO / Operating profit %	85.7%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: 12%

Loading financials…

Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2025
Margins
Gross margin %	38.6%
EBITDA margin %	8.4%
EBIT margin %	6.5%
PAT margin %	5.3%
Working capital
Receivable days	54
Inventory days	113
Payable days	47
NWC days	120
Leverage
Current ratio	2.11
Debt to EBITDA	0.81
Debt to equity	0.15
Interest coverage	7.7
Asset turnover	1.55
Return ratios
Return on assets %	8.2%
Return on capital employed %	17.5%
Return on equity %	11.7%

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.

Loading ratios…

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
	60.71%	60.67%	60.56%	60.56%	60.53%	60.49%	60.37%	51.13%	51.13%	51.1%	51.06%	51.06%
	0.97%	0.75%	0.49%	0.64%	0.6%	0.58%	0.65%	0.5%	0.55%	0.54%	0.55%	0.55%
	2.43%	2.5%	2.63%	3.15%	3.85%	4.51%	4.17%	3.54%	3.64%	3.31%	3.34%	3.27%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	35.89%	36.08%	36.32%	35.65%	35.02%	34.42%	34.81%	44.83%	44.68%	45.05%	45.05%	45.12%
No. of shareholders	—	—	—	—	—	—	—	—	36,443	38,079	36,854	36,365

Promoter holding down 9.65 percentage points since Sep 2023.

4 deals · 5 Aug 2021 – 19 Oct 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
19 Oct 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	4,92,979	₹222.58	₹10.97 Cr
19 Oct 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	4,92,979	₹222.45	₹10.97 Cr
5 Aug 2021	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,68,055	₹278.43	₹7.46 Cr
5 Aug 2021	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	2,68,055	₹278.15	₹7.46 Cr

1–4 of 4

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Sachit JainExecutive Director-Chairperson related to Promoter-MD
Mrs. Suchita JainNon-Executive - Non Independent Director
Mr. Rajinder Kumar JainNon-Executive - Non Independent Director
Sanjeev SinglaChief Financial Officer
Mrs. Soumya JainExecutive Director
Mr. Rakesh JainNon-Executive - Independent Director
Mr. Toshio ItoNon-Executive - Non Independent Director
Mr. Rajendar Kumar RewariExecutive Director
Mr. Suman ChatterjeeNon-Executive - Independent Director
Mrs. Vidya Rashesh ShahNon-Executive - Independent Director
Mr. Hemant Bharat RamNon-Executive - Independent Director

Loading shareholding…

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.

Loading f&o…

Fund holders

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

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

2.95%

of the company's equity

All mutual funds

3.23%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 3 fund houses

		Shares
SMALL CAP FUND	Tata Mutual Fund	23.79 L	84.71	0.65%	2.46%	-0
Small Cap FundNEW	ICICI Prudential Mutual Fund	4.7 L	16.73	0.17%	0.486%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	69	0	0%	0%	-0

Loading fund holders…

Documents

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

Announcements

Annual reports

Investor Presentation and earnings call

Jul 2026Transcript AI Summary PPTREC
May 2026Transcript AI Summary PPT

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

Loading documents…

Events

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

6

Final dividend28 Aug 2026 · ex-date₹3.5
Final dividend12 Sept 2025 · ex-date₹3
Final dividend6 Sept 2024 · ex-date₹2
Final dividend15 Sept 2023 · ex-date₹2
Final dividend16 Sept 2022 · ex-date₹3.5
Dividend dividend2 Sept 2021 · ex-date₹1.5

1

Board meeting to consider results22 Jul 2026

1

Bonus 1:126 May 2023 · ex-date

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

32 announcementsExport CSV

30 Sept 2026, 5:51 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management

Loading announcements…

Ratio	Mar 2025
Margins
Gross margin %	38.6%
EBITDA margin %	8.4%
EBIT margin %	6.5%
PAT margin %	5.3%
Working capital
Receivable days	54
Inventory days	113
Payable days	47
NWC days	120
Leverage
Current ratio	2.11
Debt to EBITDA	0.81
Debt to equity	0.15
Interest coverage	7.7
Asset turnover	1.55
Return ratios
Return on assets %	8.2%
Return on capital employed %	17.5%
Return on equity %	11.7%

Date	Category	Subject	Filing
30 Sept 2026, 5:51 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
30 Sept 2026, 5:43 pm	Company Update Cessation	Announcement under Regulation 30 (LODR)-Cessation	PDF
29 Sept 2026, 10:40 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
18 Sept 2026, 6:11 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
18 Sept 2026, 6:05 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
18 Sept 2026, 12:55 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
9 Sept 2026, 5:17 pm	Company Update General	Outcome Of Analysts/Investors Meet	PDF
9 Sept 2026, 10:58 am	Company Update General	Demat Report For The Month Ended August, 2026.	PDF

Vardhman Special Steels Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Dividends6

Board meetings1

Bonus issues1

Announcements

Dividends6

Board meetings1

Bonus issues1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Return on equity

6

1

1

6

1

1