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Vardhman Special Steels Ltd (VSSL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 534392 NSE: VSSL Steel & Iron Products | Small Cap | Vardhman Spl. Steel Share Price
₹415.50 2.10 (0.51%)
As on 24-Sep'26 10:25
Vardhman Special Steels Ltd (VSSL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 534392 NSE: VSSL Steel & Iron Products | Small Cap | Vardhman Spl. Steel Share Price
₹415.50 2.10 (0.51%)
As on 24-Sep'26 10:25
Key Metrics
Valuation Multiples
Market Cap
₹3,998 Cr.
Current Price
₹415.5
52-Week Low / High
₹206 / 427
TTM EPS
₹9.6
TTM Sales
₹1,764 Cr.
Book Value per Share
₹83.9
P/E Ratio
42.94
Higher than its 5-year historical median
Industry PE
25.4
Price to Book (P/B)
4.93
Higher than its 5-year historical median
Price to Sales (P/S)
2.27
Higher than its 5-year historical median
EV/EBITDA
23.18
Higher than its 5-year historical median
Dividend Yield
0.72%
Profitability Efficiency
Return on Equity (ROE)
12.30%
Outperforms industry median
Return on Capital Employed (ROCE)
16.71%
Outperforms industry median
Return on Assets (ROA)
8.56%
Operating Profit Margin
8.4%
Net Profit Margin
5.28%
Gross Profit Margin
9%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-0.57%
Operating Profit Growth (1 Year)
-
4%
Net Profit Growth (1 Year)
-
1.59%
Asset Quality
Promoter Holding
51.06%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹714 Cr.
Equity
₹96.7 Cr.
Face Value
₹10
All Time Low / High
₹4.24 / 427.35
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is Vardhman Special Steels Ltd a good quality company?
Vardhman Special Steels Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Vardhman Special Steels Ltd performance compare with that of its Peers?
Revenue growth of Vardhman Special Steels Ltd vs industry peers?
Vardhman Special Steels Ltd revenue CAGR is %, compared to the industry median CAGR of 0%, indicating stable growth and maintaining its market share.
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.
Stock return of Vardhman Special Steels Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 30.9% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Vardhman Special Steels Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 9.2% | 8.6% | 7.3% | 3.4% | 13% | 25.7% | 20.3% | 17.8% | 16.7% | 15.4% | - |
| Value Creation Index ⓘ | -0.3 | -0.4 | -0.5 | -0.8 | -0.1 | 0.8 | 0.5 | 0.3 | 0.2 | 0.1 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 674 | 859 | 1,121 | 846 | 937 | 1,368 | 1,735 | 1,661 | 1,764 | 1,754 | 1,807 |
| Sales YoY Gr. | - | 27.5% | 30.5% | -24.5% | 10.7% | 46% | 26.8% | -4.2% | 6.2% | -0.6% | - |
| Adj EPS ⓘ | 4.6 | 3.8 | 3.2 | 0.3 | 5.6 | 12.5 | 12 | 11.2 | 11.3 | 12.6 | 14.8 |
| YoY Gr. | - | -18.1% | -13.6% | -89.8% | 1606.1% | 121.9% | -4% | -7% | 1.2% | 12.1% | - |
| BVPS (₹) ⓘ | 38.9 | 47.5 | 50.5 | 51.1 | 56.6 | 68.3 | 78.9 | 88.1 | 97.4 | 131.9 | 136.1 |
| Adj Net Profit ⓘ | 23.4 | 26.8 | 23.2 | 2.6 | 45.6 | 101 | 97.4 | 90.8 | 92.2 | 122 | 143 |
| Cash Flow from Ops. ⓘ | 68 | 11.2 | -18.9 | 135 | 67.3 | 58.9 | 73.6 | 142 | 127 | 106 | - |
| Debt/CF from Ops. ⓘ | 4.6 | 20.4 | -17.7 | 2 | 2.8 | 2.7 | 1.9 | 0.6 | 0.9 | 0.9 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 11.2% | 13.4% | 0.4% | -0.6% | ||||
| Adj EPS ⓘ | 11.9% | 17.6% | 1.8% | 12.1% | ||||
| BVPSⓘ | 14.6% | 18.4% | 18.7% | 35.4% | ||||
| Share Price | 30.9% | 28.2% | 27.5% | 51.8% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 12.4 | 10 | 6.6 | 0.7 | 10.4 | 20 | 16.3 | 13.3 | 12.2 | 11.8 | 11.1 |
| Op. Profit Mgn % ⓘ | 10.1 | 7.8 | 6.2 | 4.8 | 11.3 | 12.4 | 8.1 | 8.6 | 8.4 | 9.6 | 10.7 |
| Net Profit Mgn % ⓘ | 3.5 | 3.1 | 2.1 | 0.3 | 4.9 | 7.4 | 5.6 | 5.5 | 5.2 | 7 | 7.9 |
| Debt to Equity ⓘ | 1.6 | 0.7 | 0.9 | 0.6 | 0.4 | 0.3 | 0.2 | 0.1 | 0.2 | 0.1 | - |
| Working Cap Days ⓘ | 165 | 159 | 164 | 220 | 178 | 149 | 150 | 163 | 142 | 154 | 98 |
| Cash Conv. Cycle ⓘ | 124 | 116 | 106 | 127 | 104 | 87 | 84 | 93 | 91 | 87 | 64 |
Valuation of Vardhman Spl. Steel - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'24 | Mar'25 |
|---|---|---|
| Sales | 1,661 | 1,764 |
| Operating Expenses ⓘ + | 1,519 | 1,616 |
| Operating Profit ⓘ | 142 | 148 |
| Operating Profit Margin (%) | 8.6% | 8.4% |
| Other Income ⓘ + | 30 | 29 |
| Interest ⓘ | 18 | 19 |
| Depreciation ⓘ | 31 | 33 |
| Profit Before Tax ⓘ | 123 | 125 |
| Tax ⓘ | 31 | 32 |
| Profit After Tax | 92 | 93 |
| PAT Margin (%) | 5.5% | 5.3% |
| Adjusted EPS (₹) | 11.3 | 11.4 |
| Dividend Payout Ratio (%) | 17.80% | 26.30% |
| PARTICULARS | Mar'24 | Mar'25 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 718 | 796 | |||||||||
| Debt + | 60 | 109 | |||||||||
| Minority Interest | 0 | 0 | |||||||||
| Trade Payables | 174 | 139 | |||||||||
| Others Liabilities ⓘ | 88 | 92 | |||||||||
| Total Liabilities ⓘ | 1,040 | 1,136 | |||||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 325 | 309 | |||||||||
| CWIP ⓘ | 1 | 117 | |||||||||
| Investments ⓘ | 0 | 18 | |||||||||
| Inventories | 356 | 335 | |||||||||
| Trade Receivables | 262 | 261 | |||||||||
| Cash Equivalents | 8 | 11 | |||||||||
| Others Assets ⓘ | 88 | 85 | |||||||||
| Total Assets ⓘ | 1,040 | 1,136 | |||||||||
| PARTICULARS | Mar'24 | Mar'25 |
|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 142 | 127 |
| Cash Flow From Investing Activity ⓘ + | -50 | -127 |
| Cash Flow From Financing Activity ⓘ + | -94 | 3 |
| Net Cash Flow ⓘ | -2 | 3 |
| PARTICULARS | Mar'24 | Mar'25 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 12.77 | 12.3 | ||||||||
| ROCE (%) | 17.61 | 16.71 | ||||||||
| Asset Turnover Ratio | 1.6 | 1.63 | ||||||||
| PAT to CFO Conversion(x) | 1.54 | 1.37 | ||||||||
| Working Capital Days | ||||||||||
| Receivable Days | 57.40 | 53.90 | ||||||||
| Inventory Days | 77.90 | 71.20 | ||||||||
| Payable Days | 63 | 52.90 | ||||||||
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Vardhman Special Steels Ltd FAQs
The current trading price of Vardhman Spl. Steel on 24-Sep-2026 10:25 is ₹415.5.
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 23-Sep-2026 the market cap of Vardhman Spl. Steel stood at ₹3,997.6 Cr
The latest P/E ratio of Vardhman Spl. Steel as of 23-Sep-2026 is 27.89.
The latest P/B ratio of Vardhman Spl. Steel as of 23-Sep-2026 is 3.04.
The 52-week high of Vardhman Spl. Steel is ₹427.4 and the 52-week low is ₹205.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Vardhman Spl. Steel is ₹1,807 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Vardhman Special Steels Ltd is a below average quality company.
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.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Vardhman Special Steels Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Vardhman Special Steels Ltd
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