Is Vardhman Special Steels Ltd (VSSL) a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Vardhman Special Steels Ltd is a average quality company .

Is Vardhman Special Steels Ltd (VSSL) undervalued or overvalued?

The key valuation ratios of Vardhman Special Steels Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone .

What is Vardhman Special Steels Ltd (VSSL) share price return in the past 10 years?

Vardhman Special Steels Ltd share price has appreciated 28.8% annually (CAGR) over the past ten years.

Is Vardhman Special Steels Ltd (VSSL) a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Vardhman Special Steels Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

What is the share price of Vardhman Special Steels Ltd (VSSL)?

Company share prices are keep on changing according to the market conditions. The current trading price of Vardhman Special Steels Ltd (VSSL) on 17-Apr-2026 16:59:59 at 16:59 is 257.60.

What is the P/E ratio of Vardhman Special Steels?

The latest standalone P/E ratio of Vardhman Special Steels as of 17-Apr-2026 is 23.12.

What is the P/B ratio of Vardhman Special Steels Ltd (VSSL)?

The latest standalone P/B ratio of Vardhman Special Steels Ltd (VSSL) as of 17-Apr-2026 is 2.01.

What is the 52-week high and low of Vardhman Special Steels Ltd (VSSL)?

The 52-week high of Vardhman Special Steels Ltd (VSSL) is Rs. 322.35 and the 52-week low is Rs. 202.00.

Vardhman Special Steels Ltd (VSSL) Share Analysis – Quality, Valuation Zone & Price Trend & DeciZen Rating

Name: Vardhman Special Steels Ltd (VSSL)
Brand: Vardhman Special Steels

Vardhman Special Steels Ltd (VSSL) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Vardhman Special Steels Ltd (VSSL)

BSE: 534392 NSE: VSSL

Key Metrics

Market Cap

₹2,492 Cr.

P/E Ratio

23.12

Price to Book (P/B)

2.01

Price to Sales (P/S)

1.44

EV/EBITDA

12.14

Return on Capital Employed (ROCE)

16.71%

Current Price

₹257.6

Return on Equity (ROE)

12.30%

Return on Assets (ROA)

8.56%

Operating Profit Margin

8.4%

Net Profit Margin

5.28%

Gross Profit Margin

Book Value per Share

₹128.4

Sales Growth (YoY)

6.2%

Sales Growth (3 Years)

8.84%

Operating Profit Growth (1 Year)

Operating Profit Growth (3 Years)

-4.31%

Net Profit Growth (1 Year)

1.59%

52-Week Low / High

₹202 / 322

Net Profit Growth (3 Years)

-2.6%

Dividend Yield

1.51%

Promoter Holding

51.06%

Pledged shares (%)
of Promoter's holding (%)

0.00%

Check Before You Invest

Q.1 Revenue growth of Vardhman Special Steels Ltd?

Vardhman Special Steels Ltd revenue growth is 6.2% for FY-2025 , which is below its 5 year CAGR of 15.8% , indicating slower growth.

Q.1 Promoter shareholding and pledge status of Vardhman Special Steels Ltd?

Promoters hold 51.06% of the Vardhman Special Steels Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Q.1 Revenue growth of Vardhman Special Steels Ltd vs industry peers?

Vardhman Special Steels Ltd revenue CAGR is 15.83% , compared to the industry median CAGR of 7.41% , indicating faster growth and gaining its market share.

Q.1 Which industry/sub-sector does Vardhman Special Steels Ltd belong to?

Vardhman Special Steels Ltd belongs to the Metals & Mining sector, operating specifically within the Steel & Iron Products segment.

Q.1 Stock return of Vardhman Special Steels Ltd over the last decade?

Over the last 9 year(s), the stock has delivered a CAGR of 28.8% based on the current price.

DeciZen - make an informed investing decision on Vardhman Special

Based on:

Data

Overall Rating ⓘ
Login to view analysis.

1. Quality

2. Valuation ⓘ

3. Price Trend

Vardhman Special Steels stock performance

Key Ratios

Is Vardhman Special Steels Ltd an attractive stock to invest in?

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	5.3%	9.2%	8.6%	7.3%	3.4%	13%	25.7%	20.3%	17.8%	16.7%	-
Value Creation Index ⓘ	-0.6	-0.3	-0.4	-0.5	-0.8	-0.1	0.8	0.5	0.3	0.2	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	653	674	859	1,121	846	937	1,368	1,735	1,661	1,764	1,725
Sales YoY Gr.	-	3.2%	27.5%	30.5%	-24.5%	10.7%	46%	26.8%	-4.2%	6.2%	-
Adj EPS ⓘ	2.4	4.6	3.8	3.2	0.3	5.6	12.5	12	11.2	11.3	11.2
YoY Gr.	-	94.1%	-18.1%	-13.6%	-89.8%	1606.1%	121.9%	-4%	-7%	1.2%	-
BVPS (₹) ⓘ	35.1	38.9	47.5	50.5	51.1	56.6	68.3	78.9	88.1	97.4	128.4
Adj Net Profit ⓘ	12	23.4	26.8	23.2	2.6	45.6	101	97.4	90.8	92.2	108
Cash Flow from Ops. ⓘ	46.4	68	11.2	-18.9	135	67.3	58.9	73.6	142	127	-
Debt/CF from Ops. ⓘ	7.3	4.6	20.4	-17.7	2	2.8	2.7	1.9	0.6	0.9	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	11.7%	15.8%	8.8%	6.2%
Adj EPS ⓘ	19%	102.7%	-3.3%	1.2%
BVPSⓘ	12%	13.8%	12.5%	10.6%
Share Price	28.8%	25.3%	8.5%	23.8%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	6.9	12.4	10	6.6	0.7	10.4	20	16.3	13.3	12.2	9.9
Op. Profit Mgn % ⓘ	8.1	10.1	7.8	6.2	4.8	11.3	12.4	8.1	8.6	8.4	8.8
Net Profit Mgn % ⓘ	1.8	3.5	3.1	2.1	0.3	4.9	7.4	5.6	5.5	5.2	6.3
Debt to Equity ⓘ	1.9	1.6	0.7	0.9	0.6	0.4	0.3	0.2	0.1	0.2	-
Working Cap Days ⓘ	171	165	159	164	220	178	149	150	163	142	86
Cash Conv. Cycle ⓘ	124	124	116	106	127	104	87	84	93	91	52

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	11.2	9.6
TTM Sales (₹ Cr.)	1,725	1,764
BVPS (₹) ⓘ	128.4	83.9
Reserves (₹ Cr.) ⓘ	1,145	714
P/BV ⓘ	2.01	3.07
PE ⓘ	23.12	26.77

From the Market
52 Week Low / High (₹)	202.00 / 322.35
All Time Low / High (₹)	4.24 / 345.25
Market Cap (₹ Cr.)	2,492
Equity (₹ Cr.)	96.7
Face Value (₹)	10
Industry PE ⓘ	26.5

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Valuation of Vardhman Special - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	653	674	859	1,121	846	937	1,368	1,735	1,661	1,764
Operating Expenses ⓘ +	611	614	797	1,053	806	834	1,199	1,594	1,519	1,616
Manufacturing Costs	182	179	236	288	183	209	274	345	361	374
Material Costs	355	353	470	672	538	525	797	1,109	1,012	1,083
Employee Cost	34	40	47	51	48	60	81	90	96	103
Other Costs ⓘ	40	42	45	42	37	40	48	50	50	56
Operating Profit ⓘ	42	60	62	68	40	103	169	141	142	148
Operating Profit Margin (%)	6.4%	8.9%	7.2%	6.1%	4.7%	11.0%	12.3%	8.1%	8.6%	8.4%
Other Income ⓘ +	3	6	6	2	9	13	34	39	30	29
Exceptional Items ⓘ	0	0	0	0	0	0	0	0	0	0
Interest ⓘ	23	28	21	24	26	20	17	18	18	19
Depreciation ⓘ	17	18	22	24	26	30	27	28	31	33
Profit Before Tax ⓘ	4	19	25	22	-2	66	158	134	123	125
Tax ⓘ	0	-0	0	-0	-6	22	58	34	31	32
Profit After Tax	4	19	25	22	3	44	101	100	92	93
PAT Margin (%)	0.7%	2.8%	2.9%	2.0%	0.4%	4.7%	7.4%	5.8%	5.5%	5.3%
Adjusted EPS (₹)	0.8	3.8	3.5	3.1	0.4	5.5	12.4	12.4	11.3	11.4
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%	14%	14%	8%	18%	26%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	179	198	339	361	413	459	554	641	718	796
Share Capital ⓘ	19	19	36	36	40	41	41	41	81	82
Reserves ⓘ	161	180	303	326	373	418	514	600	636	714
Debt +	296	254	220	322	256	170	130	122	60	109
Long Term Debt	129	115	101	135	108	110	79	44	14	3
Short Term Debt	167	139	118	187	149	60	51	78	46	106
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	41	35	61	163	62	130	147	186	174	139
Others Liabilities ⓘ	98	126	77	47	38	65	143	174	88	92
Total Liabilities ⓘ	614	613	696	894	769	824	975	1,123	1,040	1,136
Fixed Assets
Net Fixed Assets ⓘ +	251	265	250	280	310	283	289	294	325	309
Gross Block	331	362	305	360	416	417	450	482	542	559
Accumulated Depreciation	81	98	56	80	106	134	160	188	217	250
CWIP ⓘ	2	1	7	33	12	13	13	12	1	117
Investments ⓘ	15	1	8	0	5	0	15	20	0	18
Inventories	107	118	159	313	152	192	304	363	356	335
Trade Receivables	194	189	195	187	180	224	222	262	262	261
Cash Equivalents	4	6	7	0	2	52	16	10	8	11
Others Assets ⓘ	42	33	71	81	108	60	115	163	88	85
Total Assets ⓘ	614	613	696	894	769	824	975	1,123	1,040	1,136

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	46	68	11	-19	135	67	59	74	142	127
PBT ⓘ	4	19	25	22	-2	66	158	134	123	125
Adjustment ⓘ	40	45	45	50	46	50	38	43	48	49
Changes in Working Capital ⓘ	2	4	-59	-85	92	-40	-115	-66	3	-15
Tax Paid ⓘ	0	0	0	-6	-1	-10	-22	-38	-32	-33
Cash Flow From Investing Activity ⓘ +	-16	-16	-16	-70	-88	7	-9	-15	-50	-127
Capex	-20	-32	-12	-79	-35	-9	-35	-28	-67	-118
Net Investments	3	15	-5	8	-54	5	-15	-4	22	-16
Others ⓘ	1	1	1	1	1	11	41	18	-6	8
Cash Flow From Financing Activity ⓘ +	-35	-50	7	82	-45	-74	-52	-49	-94	3
Net Proceeds from Shares ⓘ	0	0	116	0	49	1	0	0	1	1
Net Proceeds from Borrowing ⓘ	59	7	-68	37	-31	13	-20	-45	-28	-23
Interest Paid ⓘ	-23	-29	-21	-24	-25	-19	-17	-18	-18	-18
Dividend Paid ⓘ	0	0	0	0	0	0	-6	-14	-16	-16
Others ⓘ	-72	-28	-20	68	-38	-69	-9	27	-33	60
Net Cash Flow ⓘ	-5	2	2	-7	2	0	-2	9	-2	3

Finance Ratio

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	2.42	10.15	9.33	6.34	0.86	10.14	19.89	16.81	13.49	12.3
ROCE (%)	5.25	9.2	8.6	7.25	3.41	12.97	25.74	20.25	17.8	16.71
Asset Turnover Ratio	1.19	1.23	1.34	1.41	1.02	1.18	1.52	1.65	1.54	1.63
PAT to CFO Conversion(x)	11.5	3.58	0.44	-0.86	45	1.52	0.58	0.74	1.54	1.37
Working Capital Days
Receivable Days	93	92	80	62	79	79	60	51	57	54
Inventory Days	60	54	57	77	100	67	66	70	79	71
Payable Days	48	39	37	61	76	67	64	55	65	53

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Vardhman Special Steels Ltd FAQs

The current trading price of Vardhman Special on 17-Apr-2026 16:59 is ₹257.6.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 16-Apr-2026 the market cap of Vardhman Special stood at ₹2,491.6 Cr

The latest P/E ratio of Vardhman Special as of 16-Apr-2026 is 23.12.

The latest P/B ratio of Vardhman Special as of 16-Apr-2026 is 2.01.

The 52-week high of Vardhman Special is ₹322.4 and the 52-week low is ₹202.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Vardhman Special is ₹1,725 ( Cr.) .

About Vardhman Special Steels Ltd

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Vardhman Special Steels Ltd (VSSL) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Vardhman Special Share Price