VSSL

Vardhman Special Steels Limited

Specialty steel producer with automotive forgings and long products

Industrials›Capital Goods›Industrial Products›Iron & Steel Products

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

Price as of 2026-10-16

Stock price
₹380.50
Market cap
3,679 Cr
Stock P/E
25.7
P/B
2.88
Dividend yield
0.8%
ROE (FY25)
11.7%
ROCE (FY25)
15.7%
Operating margin (FY25)
6.5%
Debt / equity (FY25)
0.15
OCF / EBITDA (FY26)
63.6%
OCF / EBITDA (3Y)
82.1%

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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Compare with peers

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What you need to know

VSSL (Vardhman Special Steels) makes special steel bars for vehicle makers and their component suppliers, selling to more than 200 long-term customers across cars, two-wheelers, commercial vehicles, tractors and off-highway vehicles (July 2026 presentation).

Company snapshot

22ndBy market cap

Ranked among 64 companies in Iron & Steel Products.

What we see

Positives
  • ✓Debt-to-equity of 0.15x — the company is largely funded by its own money, not borrowed funds.

Statement tables · Standalone

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

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales415 Cr397 Cr439 Cr415 Cr495 Cr427 Cr428 Cr434 Cr432 Cr431 Cr458 Cr486 Cr
Operating expenses (approx.)384 Cr364 Cr391 Cr372 Cr456 Cr392 Cr397 Cr402 Cr387 Cr387 Cr412 Cr428 Cr
EBITDA31 Cr33 Cr49 Cr42 Cr39 Cr35 Cr31 Cr32 Cr45 Cr43 Cr46 Cr58 Cr
OPM %7.5%8.4%11.1%10.2%7.9%8.2%7.3%7.3%10.5%10.1%10.1%12.0%
Other income6 Cr8 Cr9 Cr6 Cr9 Cr7 Cr7 Cr7 Cr11 Cr13 Cr10 Cr10 Cr
Interest5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr3 Cr4 Cr2 Cr4 Cr3 Cr3 Cr
Depreciation7 Cr7 Cr9 Cr8 Cr8 Cr8 Cr8 Cr9 Cr8 Cr8 Cr8 Cr10 Cr
Profit before tax25 Cr29 Cr44 Cr35 Cr35 Cr28 Cr27 Cr27 Cr47 Cr45 Cr46 Cr55 Cr
Tax %25.6%25.2%25.3%25.6%25.6%24.6%26.5%25.7%25.7%25.0%26.1%25.7%
Net profit18 Cr22 Cr33 Cr26 Cr26 Cr21 Cr20 Cr20 Cr35 Cr34 Cr34 Cr41 Cr
EPS (₹)₹2.27₹2.68₹4.02₹3.20₹3.17₹2.63₹2.42₹2.43₹3.61₹3.48₹3.52₹4.26

Profit & loss (annual)

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

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales753 Cr878 Cr1,121 Cr846 Cr937 Cr1,368 Cr1,735 Cr1,661 Cr1,764 Cr1,754 CrSign in free for the trailing twelve months
Operating expenses (approx.)693 Cr816 Cr1,053 Cr806 Cr834 Cr1,195 Cr1,594 Cr1,519 Cr1,616 Cr1,588 CrSign in free for the trailing twelve months
EBITDA60 Cr62 Cr68 Cr40 Cr103 Cr174 Cr141 Cr142 Cr148 Cr166 CrSign in free for the trailing twelve months
OPM %7.9%7.1%6.1%4.7%11.0%12.7%8.1%8.6%8.4%9.5%Sign in free for the trailing twelve months
Other income6 Cr6 Cr2 Cr9 Cr13 Cr29 Cr39 Cr30 Cr29 Cr42 CrSign in free for the trailing twelve months
Interest28 Cr21 Cr24 Cr26 Cr20 Cr17 Cr18 Cr18 Cr19 Cr12 CrSign in free for the trailing twelve months
Depreciation18 Cr22 Cr24 Cr26 Cr30 Cr27 Cr28 Cr31 Cr33 Cr33 CrSign in free for the trailing twelve months
Profit before tax19 Cr25 Cr22 Cr-2 Cr66 Cr158 Cr134 Cr123 Cr125 Cr164 CrSign in free for the trailing twelve months
Tax %-0.0%0.2%-0.3%244.2%33.4%36.4%25.2%25.4%25.6%25.6%Sign in free for the trailing twelve months
Net profit19 Cr25 Cr22 Cr3 Cr44 Cr101 Cr100 Cr92 Cr93 Cr122 CrSign in free for the trailing twelve months
EPS (₹)₹10.31₹7.91₹6.22₹0.89₹10.94₹24.87₹24.76₹11.26₹11.40₹13.15Sign in free for the trailing twelve months
Dividend payout %————0.0%6.0%14.1%17.7%17.5%23.7%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 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital19 Cr36 Cr36 Cr40 Cr41 Cr41 Cr41 Cr81 Cr82 Cr97 Cr
Reserves180 Cr304 Cr326 Cr373 Cr419 Cr514 Cr602 Cr638 Cr716 Cr1,181 Cr
Borrowings254 Cr220 Cr322 Cr256 Cr170 Cr161 Cr143 Cr83 Cr120 Cr93 Cr
Other liabilities160 Cr117 Cr205 Cr100 Cr174 Cr205 Cr245 Cr237 Cr218 Cr263 Cr
Total liabilities613 Cr677 Cr889 Cr770 Cr803 Cr921 Cr1,031 Cr1,040 Cr1,136 Cr1,633 Cr
Fixed assets (net)264 Cr249 Cr280 Cr308 Cr282 Cr289 Cr294 Cr325 Cr309 Cr585 Cr
CWIP1 Cr7 Cr33 Cr12 Cr13 Cr13 Cr12 Cr0.99 Cr117 Cr26 Cr
Investments0.98 Cr8 Cr0.01 Cr5 Cr0 Cr15 Cr20 Cr0 Cr18 Cr158 Cr
Loans & advances——1 Cr—0.99 Cr2 Cr2 Cr2 Cr2 Cr2 Cr
Inventories118 Cr159 Cr313 Cr152 Cr192 Cr304 Cr363 Cr356 Cr335 Cr350 Cr
Trade receivables189 Cr195 Cr187 Cr180 Cr218 Cr222 Cr262 Cr262 Cr261 Cr278 Cr
Cash & bank6 Cr7 Cr0.28 Cr2 Cr2 Cr0.27 Cr10 Cr8 Cr11 Cr6 Cr
Other assets34 Cr52 Cr75 Cr111 Cr94 Cr76 Cr70 Cr86 Cr83 Cr227 Cr
Total assets613 Cr677 Cr889 Cr770 Cr803 Cr921 Cr1,031 Cr1,040 Cr1,136 Cr1,633 Cr

Cash flows

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

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity68 Cr11 Cr-19 Cr135 Cr87 Cr59 Cr74 Cr142 Cr127 Cr106 Cr
Cash from investing-16 Cr-16 Cr-70 Cr-88 Cr7 Cr-9 Cr-15 Cr-50 Cr-127 Cr-427 Cr
Cash from financing-50 Cr7 Cr82 Cr-45 Cr-94 Cr-52 Cr-49 Cr-94 Cr3 Cr317 Cr
Net cash flow2 Cr2 Cr-7 Cr2 Cr0.04 Cr-2 Cr9 Cr-2 Cr3 Cr-4 Cr
Free cash flow (OCF − Capex)35 Cr-2 Cr-99 Cr100 Cr78 Cr24 Cr45 Cr74 Cr8 Cr-137 Cr

Ratios

MetricMar 2025
ROCE %15.7%
ROE %11.7%
Debtor days54
Inventory days111
Days payable46
Cash conversion cycle119
OCF / EBITDA %85.7%
Debt / equity0.15
Current ratio2.11
Net debt / EBITDA0.74