Is Vraj Iron & Steel Ltd (VRAJ) a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Vraj Iron & Steel Ltd is a good quality company .

Is Vraj Iron & Steel Ltd (VRAJ) undervalued or overvalued?

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 .

What is Vraj Iron & Steel Ltd (VRAJ) share price return in the past 10 years?

Data is not available for this company

Is Vraj Iron & Steel Ltd (VRAJ) a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Vraj Iron & Steel Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

What is the share price of Vraj Iron & Steel Ltd (VRAJ)?

Company share prices are keep on changing according to the market conditions. The current trading price of Vraj Iron & Steel Ltd (VRAJ) on 07-May-2026 16:01:00 at 16:01 is 133.00.

What is the P/E ratio of Vraj Iron & Steel?

The latest standalone P/E ratio of Vraj Iron & Steel as of 07-May-2026 is 17.21.

What is the P/B ratio of Vraj Iron & Steel Ltd (VRAJ)?

The latest standalone P/B ratio of Vraj Iron & Steel Ltd (VRAJ) as of 07-May-2026 is 1.09.

What is the 52-week high and low of Vraj Iron & Steel Ltd (VRAJ)?

The 52-week high of Vraj Iron & Steel Ltd (VRAJ) is Rs. 193.30 and the 52-week low is Rs. 93.05.

Vraj Iron & Steel Ltd (VRAJ) Share Analysis – Quality, Valuation Zone & Price Trend & DeciZen Rating

Name: Vraj Iron & Steel Ltd (VRAJ)
Brand: Vraj Iron & Steel

Vraj Iron & Steel Ltd (VRAJ) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Vraj Iron & Steel Ltd (VRAJ)

BSE: 544204 NSE: VRAJ

Key Metrics

Market Cap

₹437 Cr.

P/E Ratio

17.21

Price to Book (P/B)

1.09

Price to Sales (P/S)

0.77

EV/EBITDA

7.75

Return on Capital Employed (ROCE)

18.46%

Current Price

₹133

Return on Equity (ROE)

14.61%

Return on Assets (ROA)

11.91%

Operating Profit Margin

13.2%

Net Profit Margin

8.81%

Gross Profit Margin

13.6%

Book Value per Share

₹121.5

Sales Growth (YoY)

13.14%

Sales Growth (3 Years)

5.72%

Operating Profit Growth (1 Year)

-18.49%

Operating Profit Growth (3 Years)

9.01%

Net Profit Growth (1 Year)

-22.71%

52-Week Low / High

₹93 / 193

Net Profit Growth (3 Years)

-46.62%

Dividend Yield

0.00%

Promoter Holding

74.95%

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

0.00%

Check Before You Invest

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 -10.11% based on the current price.

Q.1 Which industry/sub-sector does Vraj Iron & Steel Ltd belong to?

Vraj Iron & Steel Ltd belongs to the Metals & Mining sector, operating specifically within the Steel/Sponge Iron/Pig Iron segment.

Q.1 Return on capital employed (ROCE) of Vraj Iron & Steel Ltd?

Vraj Iron & Steel Ltd Return on capital employed is 18.46% for FY-2025, which is below its 5-year historical median of 36.68%. The current ROCE is above its estimated weighted average cost of capital (WACC) of 14%, indicating value creation.

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 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 7.94%, indicating slower growth and losing its market share.

DeciZen - make an informed investing decision on Vraj Iron & Steel

Based on:

Data

Overall Rating ⓘ
Login to view analysis. M-Cap below 500cr. High Risk from low Liquidity

1. Quality

2. Valuation

3. Price Trend

Vraj Iron & Steel stock performance

Key Ratios

Is Vraj Iron & Steel 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'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	20.4%	36.7%	51.2%	37.1%	18.5%	-
Value Creation Index ⓘ	0.5	1.6	2.7	1.7	0.3	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	284	402	516	420	475	571
Sales YoY Gr.	-	41.7%	28.3%	-18.6%	13.1%	-
Adj EPS ⓘ	3.9	11.1	20.7	21.8	12.7	7.7
YoY Gr.	-	182.5%	85.7%	5.3%	-41.8%	-
BVPS (₹) ⓘ	22.5	33.6	54.5	76.2	116.5	121.5
Adj Net Profit ⓘ	9.7	27.5	51.1	53.8	41.8	25
Cash Flow from Ops. ⓘ	23.8	7.4	62.9	19.2	13.6	-
Debt/CF from Ops. ⓘ	1.9	5.7	0.4	3.2	0.1	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	NA	NA	5.7%	13.1%
Adj EPS ⓘ	NA	NA	4.4%	-41.8%
BVPSⓘ	NA	NA	51.4%	53%
Share Price	-	-	-	-10.3%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	17.5	39.6	46.9	33.3	14.6	6.5
Op. Profit Mgn % ⓘ	9.8	12	15	18.3	13.2	8.4
Net Profit Mgn % ⓘ	3.4	6.8	9.9	12.8	8.8	4.5
Debt to Equity ⓘ	0.8	0.5	0.2	0.3	0	-
Working Cap Days ⓘ	0	55	71	108	106	46
Cash Conv. Cycle ⓘ	0	23	22	30	40	37

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	7.7	8
TTM Sales (₹ Cr.)	571	571
BVPS (₹) ⓘ	121.5	125.5
Reserves (₹ Cr.) ⓘ	368	381
P/BV ⓘ	1.09	1.06
PE ⓘ	17.21	16.53

From the Market
52 Week Low / High (₹)	93.05 / 193.30
All Time Low / High (₹)	93.05 / 296.15
Market Cap (₹ Cr.)	437
Equity (₹ Cr.)	33
Face Value (₹)	10
Industry PE ⓘ	36.5

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

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

Valuation of Vraj Iron & Steel - 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'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	284	402	516	420	475
Operating Expenses ⓘ +	256	354	439	343	412
Manufacturing Costs	74	86	45	46	52
Material Costs	173	253	383	283	343
Employee Cost	4	6	7	9	11
Other Costs ⓘ	4	9	4	6	6
Operating Profit ⓘ	28	48	77	77	63
Operating Profit Margin (%)	9.8%	12.0%	15.0%	18.3%	13.2%
Other Income ⓘ +	0	0	2	4	4
Exceptional Items ⓘ	0	0	0	0	0
Interest ⓘ	6	4	3	3	2
Depreciation ⓘ	7	7	6	6	8
Profit Before Tax ⓘ	15	37	69	73	57
Tax ⓘ	5	10	18	18	15
Profit After Tax	10	28	51	54	42
PAT Margin (%)	3.4%	6.8%	9.9%	12.9%	8.8%
Adjusted EPS (₹)	3.9	11.1	20.7	21.9	12.7
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	56	83	135	188	384
Share Capital ⓘ	5	5	5	25	33
Reserves ⓘ	51	78	130	164	351
Debt +	38	34	14	61	1
Long Term Debt	28	17	8	51	0
Short Term Debt	10	17	6	10	1
Minority Interest	0	0	0	0	0
Trade Payables	12	8	13	10	8
Others Liabilities ⓘ	17	21	38	27	23
Total Liabilities ⓘ	123	146	200	286	417
Fixed Assets
Net Fixed Assets ⓘ +	62	56	53	48	195
Gross Block	93	95	97	98	253
Accumulated Depreciation	31	38	44	50	58
CWIP ⓘ	0	0	0	64	3
Investments ⓘ	11	11	12	11	25
Inventories	22	32	32	42	51
Trade Receivables	7	12	13	12	21
Cash Equivalents	3	4	9	40	40
Others Assets ⓘ	17	30	81	70	81
Total Assets ⓘ	123	146	200	286	417

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	24	7	63	19	14
PBT ⓘ	15	37	69	73	57
Adjustment ⓘ	6	0	8	4	6
Changes in Working Capital ⓘ	3	-30	4	-37	-36
Tax Paid ⓘ	0	0	-18	-21	-13
Cash Flow From Investing Activity ⓘ +	-6	-1	-40	-56	-103
Capex	-4	-1	-2	-1	-5
Net Investments	-0	0	-5	-30	-11
Others ⓘ	-2	1	-34	-24	-87
Cash Flow From Financing Activity ⓘ +	-16	-6	-23	36	90
Net Proceeds from Shares ⓘ	0	0	0	0	153
Net Proceeds from Borrowing ⓘ	-14	-11	-9	43	-51
Interest Paid ⓘ	-3	-3	-3	-2	-1
Dividend Paid ⓘ	0	0	0	0	0
Others ⓘ	1	8	-11	-5	-10
Net Cash Flow ⓘ	2	1	-0	-0	1

Finance Ratio

PARTICULARS	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	17.52	39.68	46.97	33.51	14.61
ROCE (%)	20.41	36.68	51.2	37.05	18.46
Asset Turnover Ratio	2.3	2.99	2.99	1.73	1.35
PAT to CFO Conversion(x)	2.4	0.25	1.24	0.35	0.33
Working Capital Days
Receivable Days	9	8.50	8.80	10.60	12.60
Inventory Days	28.90	24.70	22.50	32	35.60
Payable Days	25.20	14.30	10.20	15.30	9.70

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Announcements

Vraj Iron & Steel Ltd FAQs

The current trading price of Vraj Iron & Steel on 07-May-2026 16:01 is ₹133.0.

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 06-May-2026 the market cap of Vraj Iron & Steel stood at ₹437.2 Cr

The latest P/E ratio of Vraj Iron & Steel as of 06-May-2026 is 17.21.

The latest P/B ratio of Vraj Iron & Steel as of 06-May-2026 is 1.09.

The 52-week high of Vraj Iron & Steel is ₹193.3 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 ₹571 ( Cr.) .

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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Vraj Iron & Steel Ltd (VRAJ) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Vraj Iron & Steel Share Price