VRAJ

Vraj Iron and Steel Limited

Sponge Iron producer in Raipur, Chhattisgarh industrial belt

Commodities›Metals & Mining›Ferrous Metals›Sponge Iron

vrajtmt.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹124.78
Market cap
412 Cr
Stock P/E
11.5
P/B
0.96
ROE (FY26)
7.4%
ROCE (FY26)
9.6%
Operating margin (FY26)
5.8%
Debt / equity (FY26)
0.10
OCF / EBITDA (FY26)
54.9%
OCF / EBITDA (3Y)
32.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Vraj Iron and Steel manufactures steel products at works in Chhattisgarh, and in July 2026 approved a new integrated plant in Bastar to add sponge iron, steel billet and power capacity.

Company snapshot

3rdBy market cap

Ranked among 4 companies in Sponge Iron.

What we see

Positives
  • ✓Debt-to-equity of 0.10x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Only 33% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricMar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales119 Cr115 Cr88 Cr120 Cr153 Cr138 Cr133 Cr146 Cr170 Cr194 Cr
Operating expenses (approx.)101 Cr94 Cr74 Cr109 Cr137 Cr125 Cr120 Cr141 Cr145 Cr174 Cr
EBITDA18 Cr21 Cr14 Cr11 Cr16 Cr13 Cr13 Cr5 Cr25 Cr20 Cr
OPM %15.1%18.4%15.5%9.3%10.7%9.6%10.1%3.5%14.6%10.3%
Other income0.93 Cr0.47 Cr1 Cr1 Cr1 Cr2 Cr2 Cr2 Cr2 Cr2 Cr
Interest0.49 Cr0.50 Cr0.34 Cr0.39 Cr0.32 Cr0.24 Cr0.38 Cr0.68 Cr0.82 Cr0.99 Cr
Depreciation1 Cr1 Cr1 Cr2 Cr4 Cr5 Cr5 Cr5 Cr7 Cr7 Cr
Profit before tax17 Cr21 Cr14 Cr11 Cr14 Cr10 Cr10 Cr1 Cr21 Cr15 Cr
Tax %25.1%24.3%24.7%25.6%26.1%24.5%25.2%18.7%26.3%22.2%
Net profit13 Cr16 Cr10 Cr8 Cr10 Cr8 Cr8 Cr1 Cr16 Cr12 Cr
EPS (₹)₹5.19₹6.29₹3.57₹2.72₹3.24₹2.30₹2.35₹0.33₹4.72₹3.49

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales291 Cr414 Cr516 Cr420 Cr475 Cr588 CrSign in free for the trailing twelve months
Operating expenses (approx.)263 Cr366 Cr439 Cr343 Cr413 Cr531 CrSign in free for the trailing twelve months
EBITDA27 Cr48 Cr77 Cr76 Cr62 Cr57 CrSign in free for the trailing twelve months
OPM %9.4%11.6%14.9%18.2%13.1%9.6%Sign in free for the trailing twelve months
Other income0.23 Cr0.34 Cr2 Cr4 Cr4 Cr9 CrSign in free for the trailing twelve months
Interest6 Cr4 Cr3 Cr2 Cr2 Cr2 CrSign in free for the trailing twelve months
Depreciation7 Cr7 Cr6 Cr6 Cr8 Cr23 CrSign in free for the trailing twelve months
Profit before tax16 Cr39 Cr72 Cr76 Cr59 Cr43 CrSign in free for the trailing twelve months
Tax %30.7%25.5%24.9%24.4%25.0%25.4%Sign in free for the trailing twelve months
Net profit11 Cr29 Cr54 Cr57 Cr44 Cr32 CrSign in free for the trailing twelve months
EPS (₹)₹4.44₹11.61₹21.84₹23.22₹14.28₹9.70Sign in free for the trailing twelve months
Dividend payout %———0.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital5 Cr5 Cr5 Cr25 Cr33 Cr33 Cr
Reserves53 Cr82 Cr136 Cr176 Cr364 Cr397 Cr
Borrowings46 Cr43 Cr23 Cr62 Cr0.87 Cr41 Cr
Other liabilities23 Cr21 Cr28 Cr18 Cr20 Cr25 Cr
Total liabilities126 Cr151 Cr192 Cr281 Cr417 Cr496 Cr
Fixed assets (net)60 Cr55 Cr50 Cr48 Cr195 Cr270 Cr
CWIP0.16 Cr0.19 Cr0.19 Cr64 Cr3 Cr7 Cr
Investments13 Cr15 Cr18 Cr23 Cr38 Cr41 Cr
Loans & advances———0.03 Cr0.02 Cr0.02 Cr
Inventories22 Cr32 Cr32 Cr42 Cr51 Cr68 Cr
Trade receivables7 Cr12 Cr13 Cr12 Cr21 Cr33 Cr
Cash & bank0.11 Cr0.28 Cr0.26 Cr0.25 Cr1 Cr0.35 Cr
Other assets23 Cr37 Cr79 Cr92 Cr108 Cr76 Cr
Total assets126 Cr151 Cr192 Cr281 Cr417 Cr496 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity22 Cr9 Cr63 Cr19 Cr14 Cr31 Cr
Cash from investing-6 Cr-1 Cr-40 Cr-56 Cr-103 Cr-70 Cr
Cash from financing-16 Cr-7 Cr-23 Cr36 Cr90 Cr38 Cr
Net cash flow0.06 Cr0.17 Cr-0.01 Cr-0.01 Cr0.85 Cr-0.75 Cr
Free cash flow (OCF − Capex)18 Cr7 Cr61 Cr19 Cr9 Cr23 Cr

Ratios

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %21.1%32.8%45.7%29.9%15.2%9.6%
ROE %19.0%32.9%38.3%28.7%11.1%7.4%
Debtor days9109101620
Inventory days383731545453
Days payable209131399
Cash conversion cycle273827516164
OCF / EBITDA %81.0%18.2%82.0%25.1%21.9%54.9%
OCF / EBITDA % (3 years)——61.7%45.2%44.4%32.7%
Debt / equity0.790.490.160.310.00220.10
Current ratio1.221.732.884.5910.627.15
Net debt / EBITDA1.670.880.300.80-0.00370.72