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About
Vraj Iron & Steel Ltd (VRAJ)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544204 NSE: VRAJ Steel/Sponge Iron/Pig Iron | Small Cap | Vraj Iron & Steel Share Price
₹125.60 0.50 (0.40%)
As on 30-Sep'26 16:59
Vraj Iron & Steel Ltd (VRAJ)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544204 NSE: VRAJ Steel/Sponge Iron/Pig Iron | Small Cap | Vraj Iron & Steel Share Price
₹125.60 0.50 (0.40%)
As on 30-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹413 Cr.
Current Price
₹125.6
52-Week Low / High
₹93 / 159
TTM EPS
₹10.9
TTM Sales
₹643 Cr.
Book Value per Share
₹133.3
P/E Ratio
11.49
Lower than its 5-year historical median
Industry PE
33.7
Price to Book (P/B)
0.94
Lower than its 5-year historical median
Price to Sales (P/S)
0.64
Lower than its 5-year historical median
EV/EBITDA
6.26
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
7.74%
Outperforms industry median
Return on Capital Employed (ROCE)
10.52%
Underperforms industry median
Return on Assets (ROA)
6.87%
Operating Profit Margin
9.8%
Net Profit Margin
5.44%
Gross Profit Margin
10.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
23.76%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
-8.44%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-27.4%
Asset Quality
Promoter Holding
74.95%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹407 Cr.
Equity
₹33 Cr.
Face Value
₹10
All Time Low / High
₹93.05 / 296.15
Check Before You Invest
Quality
Very GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Vraj Iron & Steel Ltd a good quality company?
Vraj Iron & Steel Ltd is a good quality company, based on a consistently good 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 Vraj Iron & Steel Ltd performance compare with that of its Peers?
Revenue growth of Vraj Iron & Steel Ltd vs industry peers?
Vraj Iron & Steel Ltd revenue CAGR is 15.13%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Vraj Iron & Steel Ltd?
Promoters hold 74.95% of the Vraj Iron & Steel Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Vraj Iron & Steel Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -12.38% 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.
Vraj Iron & Steel Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 20.4% | 36.7% | 51.2% | 37.1% | 18.5% | 10.3% | - |
| Value Creation Index ⓘ | 0.5 | 1.6 | 2.7 | 1.7 | 0.3 | -0.3 | - |
Growth Parameters ⓘ |
|||||||
| Sales ⓘ | 284 | 402 | 516 | 420 | 475 | 588 | 643 |
| Sales YoY Gr. | - | 41.7% | 28.3% | -18.6% | 13.1% | 23.8% | - |
| Adj EPS ⓘ | 3.9 | 11.1 | 20.7 | 21.8 | 12.7 | 9 | 9.7 |
| YoY Gr. | - | 182.5% | 85.7% | 5.3% | -41.8% | -29.3% | - |
| BVPS (₹) ⓘ | 22.5 | 33.6 | 54.5 | 76.2 | 116.5 | 125.7 | 128.7 |
| Adj Net Profit ⓘ | 9.7 | 27.5 | 51.1 | 53.8 | 41.8 | 29.5 | 32 |
| Cash Flow from Ops. ⓘ | 23.8 | 7.4 | 62.9 | 19.2 | 13.6 | 31.1 | - |
| Debt/CF from Ops. ⓘ | 1.9 | 5.7 | 0.4 | 3.2 | 0.1 | 1.3 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 15.7% | 4.5% | 23.8% | ||||
| Adj EPS ⓘ | NA | 17.9% | -24.3% | -29.3% | ||||
| BVPSⓘ | NA | 41.1% | 32.2% | 7.9% | ||||
| Share Price | - | - | - | -13.6% | ||||
Key Financial Parameters ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 17.5 | 39.6 | 46.9 | 33.3 | 14.6 | 7.4 | 7.6 |
| Op. Profit Mgn % ⓘ | 9.8 | 12 | 15 | 18.3 | 13.2 | 9.8 | 9.9 |
| Net Profit Mgn % ⓘ | 3.4 | 6.8 | 9.9 | 12.8 | 8.8 | 5 | 5 |
| Debt to Equity ⓘ | 0.8 | 0.5 | 0.2 | 0.3 | 0 | 0.1 | - |
| Working Cap Days ⓘ | 0 | 55 | 71 | 108 | 106 | 102 | 44 |
| Cash Conv. Cycle ⓘ | 0 | 23 | 22 | 30 | 40 | 47 | 35 |
Valuation of Vraj Iron & 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 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Sales | 291 | 414 | 516 | 420 | 475 | 588 |
| Operating Expenses ⓘ + | 263 | 366 | 439 | 343 | 412 | 531 |
| Operating Profit ⓘ | 28 | 48 | 77 | 77 | 63 | 57 |
| Operating Profit Margin (%) | 9.5% | 11.7% | 15.0% | 18.3% | 13.2% | 9.8% |
| Other Income ⓘ + | 0 | 0 | 2 | 4 | 4 | 9 |
| Interest ⓘ | 6 | 4 | 3 | 3 | 2 | 3 |
| Depreciation ⓘ | 7 | 7 | 6 | 6 | 8 | 23 |
| Profit Before Tax ⓘ | 16 | 39 | 72 | 76 | 59 | 43 |
| Tax ⓘ | 5 | 10 | 18 | 18 | 15 | 11 |
| Profit After Tax | 11 | 29 | 54 | 57 | 44 | 32 |
| PAT Margin (%) | 3.8% | 6.9% | 10.5% | 13.7% | 9.3% | 5.4% |
| Adjusted EPS (₹) | 4.4 | 11.6 | 21.8 | 23.2 | 13.4 | 9.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 57 | 87 | 141 | 200 | 397 | 430 | |||||
| Debt + | 38 | 34 | 14 | 61 | 1 | 39 | |||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Trade Payables | 12 | 8 | 13 | 10 | 8 | 11 | |||||
| Others Liabilities ⓘ | 21 | 29 | 37 | 27 | 23 | 22 | |||||
| Total Liabilities ⓘ | 128 | 158 | 206 | 298 | 429 | 502 | |||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 64 | 58 | 53 | 48 | 195 | 273 | |||||
| CWIP ⓘ | 0 | 0 | 0 | 64 | 3 | 8 | |||||
| Investments ⓘ | 13 | 15 | 18 | 23 | 38 | 41 | |||||
| Inventories | 22 | 32 | 32 | 42 | 51 | 68 | |||||
| Trade Receivables | 7 | 12 | 13 | 12 | 21 | 33 | |||||
| Cash Equivalents | 3 | 4 | 9 | 40 | 40 | 6 | |||||
| Others Assets ⓘ | 19 | 37 | 81 | 70 | 81 | 74 | |||||
| Total Assets ⓘ | 128 | 158 | 206 | 298 | 429 | 502 | |||||
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 22 | 9 | 63 | 19 | 14 | 31 |
| Cash Flow From Investing Activity ⓘ + | -6 | -1 | -40 | -56 | -103 | -70 |
| Cash Flow From Financing Activity ⓘ + | -16 | -7 | -23 | 36 | 90 | 38 |
| Net Cash Flow ⓘ | 0 | 0 | -0 | -0 | 1 | -1 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 19.14 | 39.83 | 47.44 | 33.65 | 14.76 | 7.74 | ||||
| ROCE (%) | 21.38 | 36.94 | 51.42 | 37 | 18.45 | 10.52 | ||||
| Asset Turnover Ratio | 2.26 | 2.9 | 2.84 | 1.67 | 1.31 | 1.26 | ||||
| PAT to CFO Conversion(x) | 2 | 0.31 | 1.17 | 0.33 | 0.32 | 0.97 | ||||
| Working Capital Days | ||||||||||
| Receivable Days | 8.80 | 8.30 | 8.80 | 10.60 | 12.60 | 16.70 | ||||
| Inventory Days | 28.20 | 24 | 22.50 | 32 | 35.60 | 36.70 | ||||
| Payable Days | 20 | 11.40 | 10.20 | 15.30 | 9.70 | 7.70 | ||||
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Vraj Iron & Steel Ltd FAQs
The current trading price of Vraj Iron & Steel on 30-Sep-2026 16:59 is ₹125.6.
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 29-Sep-2026 the market cap of Vraj Iron & Steel stood at ₹412.6 Cr
The latest P/E ratio of Vraj Iron & Steel as of 29-Sep-2026 is 12.92.
The latest P/B ratio of Vraj Iron & Steel as of 29-Sep-2026 is 0.97.
The 52-week high of Vraj Iron & Steel is ₹158.8 and the 52-week low is ₹93.05.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Vraj Iron & Steel is ₹643 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Vraj Iron & Steel Ltd is a good quality company.
The key valuation ratios of Vraj Iron & Steel Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Vraj Iron & Steel Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Vraj Iron & Steel Ltd
The company was originally incorporated as “Phil Ispat Private Limited” as a private limited company under the provisions of the Companies Act, 1956, pursuant to a certificate of incorporation dated June 16, 2004 issued by the Registrar of Companies, Madhya Pradesh and Chhattisgarh. Pursuant to special resolution passed by the shareholders of the company at the extraordinary general meeting held on September 29, 2023, the name of the company was changed to “Vraj Iron & Steel Private Limited” and a fresh certificate of incorporation pursuant to change of name dated October 30, 2023 was issued by Registrar of Companies, Chhattisgarh. Thereafter, the company was converted to a public limited company, pursuant to a special resolution passed by the shareholders of the company at the extraordinary general meeting held on October 31, 2023 and the name of the company was changed to “Vraj Iron & Steel Limited” and a fresh certificate of incorporation consequent upon conversion to a public limited company dated November 10, 2023 was issued to the company by the Registrar of Companies, Chhattisgarh.
The company is engaged in manufacturing of Sponge Iron, M.S. Billets, and TMT bars under the brand Vraj. It currently operates through two manufacturing plants which are located at Raipur and Bilaspur in Chhattisgarh spread across 52.93 acres. The company is in the process of increasing the capacities of its existing manufacturing plants and captive power plant, which is expected to increase its aggregate installed capacity (comprising of intermediate and final products) from 2,31,600 TPA to 5,00,100 TPA and captive power plants aggregate installed capacity from 5 MW to 20 MW. The company’s product offerings such as Sponge Iron, TMT Bar, MS Billets and by-products Dolochar, Pellet and Pig Iron cater to a mix of customers that consist of industrial customers and end-users. It sells its products directly as well as through brokers / dealers. As part of its initiatives towards continual improvement, it has obtained the Environment Management System Certification under the new standard of ISO 14001: 2015 for Raipur Plant.
Business area of the company
The company manufactures Sponge Iron, M.S. Billets, and TMT bars under the brand Vraj.
Major events and milestones
- 2004: The company was incorporated as a Private Limited Company under the name of Phil Ispat Private Limited.
- 2004: Installation of factory and commencement of production of Sponge Iron at Bilaspur Plant.
- 2012: Change in management of the company due to acquisition of Equity Shares by the company’s Promoters viz. Gopal Sponge & Power Private. Ltd. and Ram Gopal Jhanwar from erstwhile promoters of the company.
- 2018: The company achieved a revenue of Rs 1,000 million.
- 2020: The company acquired a plant for manufacturing of Sponge Iron, MS Billets and TMT Bars at Raipur, as a going concern on slump sale basis.
- 2022: The company achieved a revenue of Rs 4,000 million.
- 2023: The company achieved a revenue of Rs 5,000 million.
- 2023: Change in name of the company from Phil Ispat Private Limited to Vraj Iron and Steel Private Limited.
- 2023: Conversion of the Company from Private Limited Company i.e. Vraj Iron and Steel Private Limited to a Public Limited Company i.e. Vraj Iron and Steel Limited.
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