VSTL
Vibhor Steel Tubes Limited
ERW steel pipes and tubes for construction and infrastructure
Industrials›Capital Goods›Industrial Products›Iron & Steel Products
vstlindia.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
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
VSTL (Vibhor Steel Tubes) makes black and galvanised steel pipes and is adding infrastructure steel products such as crash barriers, poles and transmission line towers, with about 80% of its revenue coming from Jindal Steel (August 2026 call).
Company snapshot
57thBy market cap
Ranked among 64 companies in Iron & Steel Products.
What we see
- ✗Net margin is very thin at 0.8% — little room for error if costs rise.
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
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 251 Cr | 291 Cr | 225 Cr | 236 Cr | 247 Cr | 288 Cr | 231 Cr | 282 Cr | 302 Cr | 335 Cr | 294 Cr |
| Operating expenses (approx.) | 238 Cr | 278 Cr | 216 Cr | 229 Cr | 238 Cr | 277 Cr | 221 Cr | 273 Cr | 293 Cr | 320 Cr | 282 Cr |
| EBITDA | 13 Cr | 13 Cr | 9 Cr | 7 Cr | 10 Cr | 11 Cr | 10 Cr | 9 Cr | 9 Cr | 15 Cr | 12 Cr |
| OPM % | 5.1% | 4.5% | 4.0% | 2.9% | 3.9% | 3.9% | 4.4% | 3.2% | 3.0% | 4.6% | 4.1% |
| Other income | 0.25 Cr | 0.68 Cr | 0.42 Cr | 0.22 Cr | 0.18 Cr | 1 Cr | 0.09 Cr | 0.37 Cr | 2 Cr | -0.04 Cr | 0.30 Cr |
| Interest | 5 Cr | 5 Cr | 3 Cr | 3 Cr | 3 Cr | 3 Cr | 4 Cr | 4 Cr | 4 Cr | 4 Cr | 4 Cr |
| Depreciation | 2 Cr | 3 Cr | 2 Cr | 3 Cr | 3 Cr | 3 Cr | 2 Cr | 4 Cr | 5 Cr | 6 Cr | 6 Cr |
| Profit before tax | 6 Cr | 7 Cr | 4 Cr | 2 Cr | 5 Cr | 7 Cr | 4 Cr | 2 Cr | 2 Cr | 4 Cr | 3 Cr |
| Tax % | 30.5% | 25.3% | 26.5% | 45.2% | 23.9% | 33.2% | 24.8% | 24.5% | 23.6% | 38.1% | 26.2% |
| Net profit | 4 Cr | 5 Cr | 3 Cr | 0.89 Cr | 3 Cr | 4 Cr | 3 Cr | 1 Cr | 2 Cr | 3 Cr | 2 Cr |
| EPS (₹) | ₹3.04 | ₹2.58 | ₹1.59 | ₹0.47 | ₹1.81 | ₹2.34 | ₹1.66 | ₹0.75 | ₹0.87 | ₹1.36 | ₹1.02 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 510 Cr | 818 Cr | 1,113 Cr | 1,073 Cr | 996 Cr | 1,149 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 492 Cr | 788 Cr | 1,068 Cr | 1,024 Cr | 960 Cr | 1,106 Cr | Sign in free for the trailing twelve months |
| EBITDA | 19 Cr | 30 Cr | 46 Cr | 49 Cr | 37 Cr | 43 Cr | Sign in free for the trailing twelve months |
| OPM % | 3.7% | 3.6% | 4.1% | 4.5% | 3.7% | 3.8% | Sign in free for the trailing twelve months |
| Other income | 1 Cr | 0.48 Cr | 1 Cr | 2 Cr | 2 Cr | 3 Cr | Sign in free for the trailing twelve months |
| Interest | 9 Cr | 9 Cr | 12 Cr | 18 Cr | 11 Cr | 16 Cr | Sign in free for the trailing twelve months |
| Depreciation | 7 Cr | 6 Cr | 6 Cr | 8 Cr | 10 Cr | 17 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 4 Cr | 15 Cr | 28 Cr | 24 Cr | 17 Cr | 12 Cr | Sign in free for the trailing twelve months |
| Tax % | 83.5% | 26.2% | 25.4% | 26.5% | 30.2% | 29.0% | Sign in free for the trailing twelve months |
| Net profit | 0.69 Cr | 11 Cr | 21 Cr | 18 Cr | 12 Cr | 9 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹0.49 | ₹7.99 | ₹14.85 | ₹9.34 | ₹6.21 | ₹4.64 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | 0.0% | 0.0% | 0.0% | 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
| Metric | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 14 Cr | 14 Cr | 14 Cr | 19 Cr | 19 Cr | 19 Cr |
| Reserves | 46 Cr | 58 Cr | 79 Cr | 159 Cr | 169 Cr | 178 Cr |
| Borrowings | 74 Cr | 127 Cr | 152 Cr | 142 Cr | 171 Cr | 192 Cr |
| Other liabilities | 38 Cr | 50 Cr | 48 Cr | 64 Cr | 115 Cr | 50 Cr |
| Total liabilities | 173 Cr | 249 Cr | 294 Cr | 383 Cr | 473 Cr | 439 Cr |
| Fixed assets (net) | 52 Cr | 50 Cr | 54 Cr | 69 Cr | 69 Cr | 161 Cr |
| CWIP | 0 Cr | 0 Cr | 0 Cr | 12 Cr | 68 Cr | 20 Cr |
| Investments | — | — | — | 0 Cr | 0 Cr | 0 Cr |
| Inventories | 51 Cr | 101 Cr | 120 Cr | 171 Cr | 191 Cr | 123 Cr |
| Trade receivables | 39 Cr | 45 Cr | 54 Cr | 51 Cr | 72 Cr | 55 Cr |
| Cash & bank | 6 Cr | 13 Cr | 9 Cr | 10 Cr | 3 Cr | 4 Cr |
| Other assets | 25 Cr | 40 Cr | 55 Cr | 71 Cr | 71 Cr | 75 Cr |
| Total assets | 173 Cr | 249 Cr | 294 Cr | 383 Cr | 473 Cr | 439 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operating activity | 45 Cr | -35 Cr | 7 Cr | 6 Cr | 36 Cr | 54 Cr |
| Cash from investing | -0.89 Cr | -4 Cr | -16 Cr | -44 Cr | -58 Cr | -63 Cr |
| Cash from financing | -36 Cr | 44 Cr | 13 Cr | 37 Cr | 16 Cr | 6 Cr |
| Net cash flow | 8 Cr | 6 Cr | 5 Cr | -1 Cr | -5 Cr | -3 Cr |
| Free cash flow (OCF − Capex) | 44 Cr | -39 Cr | -4 Cr | -28 Cr | -31 Cr | -10 Cr |
Ratios
No data for this view.