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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

₹124.90 0.00 (0.00%)

As on 04-Jun'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

₹124.90 0.00 (0.00%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹412 Cr.
Current Price
₹124.9
52-Week Low / High
₹93 / 188
TTM EPS
₹9
TTM Sales
₹588 Cr.
Book Value per Share
₹125.7
P/E Ratio
13.95
In line with its 5-year historical median
Industry PE
35.6
Price to Book (P/B)
0.99
Lower than its 5-year historical median
Price to Sales (P/S)
0.70
Lower than its 5-year historical median
EV/EBITDA
6.84
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
14.61%
Outperforms industry median
Return on Capital Employed (ROCE)
18.46%
Outperforms industry median
Return on Assets (ROA)
11.91%
Operating Profit Margin
13.2%
Net Profit Margin
8.81%
Gross Profit Margin
13.6%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
13.14%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-18.49%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-22.71%
Asset Quality
Promoter Holding
74.95%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹382 Cr.
Equity
₹33 Cr.
Face Value
₹10
All Time Low / High
₹93.05 / 296.15

Vraj Iron & Steel stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 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.

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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.

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How does Vraj Iron & Steel Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Vraj Iron & Steel Ltd vs industry peers?
Vraj Iron & Steel Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 7.65%, indicating slower growth and losing its market share.
Q.1 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.
Q.1 Stock return of Vraj Iron & Steel Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -30.56% based on the current price.
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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)

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 end.

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'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ20.4%36.7%51.2%37.1%18.5%-
Value Creation
Index ⓘ		0.51.62.71.70.3-

Growth Parameters ⓘ
Sales ⓘ284402516420475588
Sales YoY Gr.-41.7%28.3%-18.6%13.1%-
Adj EPS ⓘ3.911.120.721.812.79
YoY Gr.-182.5%85.7%5.3%-41.8%-
BVPS (₹) ⓘ22.533.654.576.2116.5125.7
Adj Net
Profit ⓘ		9.727.551.153.841.830
Cash Flow from Ops. ⓘ23.87.462.919.213.6-
Debt/CF from Ops. ⓘ1.95.70.43.20.1-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNANA5.7%13.1%
Adj EPS ⓘNANA4.4%-41.8%
BVPSⓘNANA51.4%53%
Share Price - - - -30.1%

Key Financial Parameters ⓘ

Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		17.539.646.933.314.67.4
Op. Profit
Mgn % ⓘ		9.8121518.313.29.7
Net Profit
Mgn % ⓘ		3.46.89.912.88.85
Debt to
Equity ⓘ		0.80.50.20.300.1
Working Cap
Days ⓘ		0557110810644
Cash Conv.
Cycle ⓘ		02322304035

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Sales284402516420475
Operating Expenses ⓘ + 256354439343412
Manufacturing Costs7486454652
Material Costs173253383283343
Employee Cost 467911
Other Costs ⓘ 49466
Operating Profit ⓘ 2848777763
Operating Profit Margin (%) 9.8%12.0%15.0%18.3%13.2%
Other Income ⓘ + 00244
Exceptional Items ⓘ 00000
Interest ⓘ 64332
Depreciation ⓘ 77668
Profit Before Tax ⓘ 1537697357
Tax ⓘ 510181815
Profit After Tax 1028515442
PAT Margin (%) 3.4%6.8%9.9%12.9%8.8%
Adjusted EPS (₹)3.911.120.721.912.7
Dividend Payout Ratio (%)0%0%0%0%0%

Valuation of Vraj Iron & Steel - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 5683135188384
Share Capital ⓘ 5552533
Reserves ⓘ 5178130164351
Debt +383414611
Long Term Debt28178510
Short Term Debt10176101
Minority Interest00000
Trade Payables12813108
Others Liabilities ⓘ 1721382723
Total Liabilities ⓘ 123146200286417

Fixed Assets

Net Fixed Assets ⓘ +62565348195
Gross Block93959798253
Accumulated Depreciation3138445058
CWIP ⓘ 000643
Investments ⓘ 1111121125
Inventories2232324251
Trade Receivables712131221
Cash Equivalents 3494040
Others Assets ⓘ 1730817081
Total Assets ⓘ 123146200286417

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + 247631914
PBT ⓘ 1537697357
Adjustment ⓘ 60846
Changes in Working Capital ⓘ 3-304-37-36
Tax Paid ⓘ 00-18-21-13
Cash Flow From Investing Activity ⓘ + -6-1-40-56-103
Capex -4-1-2-1-5
Net Investments -00-5-30-11
Others ⓘ -21-34-24-87
Cash Flow From Financing Activity ⓘ + -16-6-233690
Net Proceeds from Shares ⓘ 0000153
Net Proceeds from Borrowing ⓘ -14-11-943-51
Interest Paid ⓘ -3-3-3-2-1
Dividend Paid ⓘ 00000
Others ⓘ 18-11-5-10
Net Cash Flow ⓘ 21-0-01

Financial Ratio

PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)17.5239.6846.9733.5114.61
ROCE (%)20.4136.6851.237.0518.46
Asset Turnover Ratio2.32.992.991.731.35
PAT to CFO Conversion(x)2.40.251.240.350.33
Working Capital Days
Receivable Days98.508.8010.6012.60
Inventory Days28.9024.7022.503235.60
Payable Days25.2014.3010.2015.309.70

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Vraj Iron & Steel Ltd FAQs

The current trading price of Vraj Iron & Steel on 04-Jun-2026 16:59 is ₹124.9.

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 03-Jun-2026 the market cap of Vraj Iron & Steel stood at ₹411.9 Cr

The latest P/E ratio of Vraj Iron & Steel as of 03-Jun-2026 is 13.95.

The latest P/B ratio of Vraj Iron & Steel as of 03-Jun-2026 is 0.99.

The 52-week high of Vraj Iron & Steel is ₹188.0 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 ₹588 ( 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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