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Vardhman Special Steels Limited

Vardhman Special Steels Limited

VSSL.NS
Vardhman Special Steels LimitedIN flagNational Stock Exchange of India
271.90
INR
+0.05
- -
26.29BMarket Cap
Vardhman Special Steels Limited
VSSL.NS
(National Stock Exchange of India)

Recent

price

271.90

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
70.61
104.75
87.27
72.61
129.72
192.02
99.78
134.93
150.89
111.5
114.9
167.19
211.65
203.8
216.08
189.07
144.28
Revenue per Share
4.35
5.15
0.95
-1.84
-2.97
1.24
2.84
3.95
3.11
0.44
5.47
12.43
12.35
11.24
11.4
13.15
9.54
Basic EPS, GAAP
-6.18
-3.19
-16.6
-18.29
-11.98
7.6
5.24
-0.28
-13.79
13.23
7.15
2.91
5.51
9.13
0.99
-14.74
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
0.75
1.74
1.99
1.99
3.11
- -
Dividend per Share
7.99
10.22
11.03
9.18
7.1
11.89
8.84
15.96
17.23
17.31
21.69
33.35
43.82
57.98
10.01
10.42
10.55
Book Value per Share
102.69
37.84
38.26
36.39
34.33
52.6
29.33
53.53
50.62
54.9
56.81
68.47
78.98
88.24
97.71
137.65
139.38
Tangible Book Value per Share
16
50
51
51
51
34
67
63
71
75
81
81
81
82
82
93
92
Basic Weighted Avg Shares
1,131
5,269
4,452
3,706
6,616
6,527
6,724
8,545
10,781
8,396
9,287
13,548
17,208
16,614
17,644
17,544
13,222
Sales/Revenue/Turnover
10.41
9.01
3.36
-1.63
0.81
5.65
7.79
5.49
4.24
2.43
9.05
12.83
8.45
8.19
6.49
7.62
7.29
Operating Margin (%)
10
41
40
57
139
170
181
215
239
257
302
270
281
310
335
329
248
Depreciation Expense
70
259
48
-94
-151
42
191
250
222
33
442
1,008
1,004
916
931
1,220
875
Net Income, GAAP
35.09
37.66
42.26
- -
- -
- -
- -
0.24
- -
- -
33.42
36.37
25.21
25.42
25.57
25.62
25.6
Effective Tax Rate (%)
6.16
4.92
1.09
-2.54
-2.29
0.65
2.85
2.93
2.06
0.4
4.76
7.44
5.84
5.52
5.28
6.96
6.61
Profit Margin (%)
1,135
1,373
700
221
31
424
369
1,531
1,550
1,152
2,518
3,338
3,778
3,911
3,479
6,255
6,255
Working Capital
- -
885
926
998
1,044
1,290
1,155
1,015
1,351
1,093
1,106
798
448
147
37
1
1
LT Debt
1,644
1,903
1,952
1,858
1,751
1,792
1,981
3,393
3,620
4,136
4,594
5,550
6,422
7,194
7,979
12,773
12,773
Total Equity
- -
8.99
1.85
- -
- -
7.42
- -
8.68
- -
- -
8.51
16.23
14.46
12.83
9.95
8.7
6.28
Return on Invested Capital (%)
- -
14.1
1.47
- -
- -
7.27
- -
12.79
- -
- -
14.84
27.88
24.2
19.95
28.21
66.82
22.09
Return on Capital (%)
- -
80.68
9
-18.26
-36.42
11
38.27
31.17
19.81
2.64
28.92
45.23
32.07
22.11
33.58
136.78
27.07
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
- -
- -
929
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
1
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
- -
- -
97
Market Capitalization
24,165
24,636
19,098

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
- -
- -
9,554
Cash, Cash Equivalents & STI
- -
- -
2,531
Accounts Receivable, Net
- -
- -
2,778
Inventories
- -
- -
3,502
Total Current Liabilities
- -
- -
3,299
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
929
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
23.34%
23.91%
60.08%
Free Cash Flow
345.35%
-356.93%
-1,792.44%
Net Income, GAAP
166.32%
30.31%
31.08%
Sales/Revenue/Turnover
11.98%
15.01%
-0.57%
Total Cash Common Dividend
- -
- -
77.8%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
4,094
4,152
3,974
4,280
16,614
2025
4,148
4,948
4,268
4,280
17,644
2026
4,337
- -
4,305
4,579
17,544

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2.29
2.27
2.68
- -
11.24
2025
3.2
3.17
2.63
2.42
11.4
2026
2.43
- -
3.48
3.52
13.15

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1.99
2025
- -
- -
- -
- -
1.99
2026
- -
- -
- -
- -
3.11
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Business
Vardhman Special Steels Limited stands as a leading Indian producer within the specialized steel sector, crafting an extensive array of billets, rolled bars, and bright bars. These high-grade steel products address critical requirements across various industries, prominently serving the automotive segment, as well as engineering, tractor, and bearing manufacturers, for both domestic and international distribution. Building upon a steel business heritage established in 1973, the company was separately incorporated in 2010 and is based in Ludhiana, India. A strategic technical partnership with Japan's Aichi Steel Corporation, a key Toyota Group supplier, has been significantly reinforced by an increased equity investment from Aichi Steel, further solidifying Vardhman's market position and its global automotive supply chain initiatives. The company is actively expanding its capacity and is dedicated to sustainable production methods, employing environmentally friendly Electric Arc Furnace technology.