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Vardhman Special Steels (VSSL) had a P/E of 21.7× on 6 Nov 2026, above the industry P/E of 19.9×, and the shares are 15% below their 52-week high. It earns ROCE of 13% and ROE of 13%, and sales and net profit grew 0.5% and 6.7% a year over 3 years. Its dividend yield is 1.0%, and debt is 0.12× equity. It is a small-cap company with a market cap of ₹3,502 Cr, ranked 35th of 150 Steel companies by market cap; the shares rose 22% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹362.50
Day high
₹364.35
Day low
₹350.50
Prev. close
₹360.90
Volume
77.4K

Health check

1 good · 4 fair · 1 to check
  • ReturnsIn line

    +22.2% over a year, better than 4 of 7 peers.

  • Price tagIn line

    P/E 21.7 vs industry 19.9.

  • GrowthSlow

    Sales +0.5%, profit +6.7% a year over 3 years.

  • ProfitabilityAverage

    ROCE 13.4% vs peer median 18.7%.

  • Balance sheetFair

    Debt 0.12× equity, interest covered 15.7×, Piotroski 4 of 9.

  • Red flagsNone found

    No warning signs in the headline numbers.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Steel

149 listed peers. Screen the industry

Small cap

₹3,502 Cr, #35 of 150 in its industry by size.

Defensive

Beta 0.50 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹1,975 Cr · profit ₹161 Cr
Market cap
₹3,502 Cr
Small cap
P/E
21.7
Industry 19.9
Price to book
2.62
Peers 2.28
Dividend yield
0.97%
ROE
12.7%
Peers 23.4%
ROCE
13.4%
Peers 18.7%
Debt to equity
0.12
Debt ₹163 Cr
EPS (TTM)
₹16.66
Face value ₹10
OPM (TTM)
11.0%
Net margin 8.2%
Sales growth
+38.8%
Latest quarter vs a year ago
Profit growth
+50.6%
Latest quarter vs a year ago
Price to sales
1.77
EV/EBITDA 13.9

Strengths and risks

Strengths

  • Quarterly profit up 50.6% on a year ago.
  • Quarterly sales up 38.8% on a year ago.
  • Positive operating cash flow in each of the last 4 years.

No obvious red flags in the headline numbers.

Derived automatically from reported figures. Not a recommendation.

About Vardhman Special Steels

Vardhman Special Steels Limited engages in the manufacture and sale of billets, steel bars, and bright bars of various categories of special and alloy steels in India and internationally. Its customers include passenger vehicles, two wheelers, commercial vehicles, tractors, off-highway vehicles,and railways, as well as engineering, bearing, and allied industries. The company was founded in 1973 and is headquartered in Ludhiana, India.

Headquarters
Ludhiana
Employees
1,400
Sector
Basic Materials
ISIN
INE050M01012
Website
vardhmansteel.com

Price range

52 weeks

₹206.40₹428.25

Today

₹350.50₹364.35
Avg volume (3M)
3.1 L
1-year return
plus 22.2%
From 52-week high
minus 15.4%

Peers · Steel

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
JSWSTEELJSW Steel1,357.10plus 0.11%3,31,26511.712.218.7%17.7%0.623.6%plus 14.7%
TATASTEELTata Steel186.30plus 2.36%2,32,39721.19.111.3%15.2%0.89−1.6%plus 1.5%
JINDALSTELJindal Steel1,165.00plus 1.31%1,18,59441.514.97.5%15.9%0.42−13.1%plus 6.4%
LLOYDSMELloyds Metals And Energy1,785.50minus 1.38%1,00,48219.118.819.4%37.4%1.2371.3%plus 37.4%
SAILSteel Authority of India171.60minus 0.41%70,88012.68.17.2%12.9%0.502.0%plus 24.7%
NMDCNMDC70.40minus 0.01%61,8948.36.228.4%30.0%0.1922.0%minus 5.2%
APLAPOLLOAPL Apollo Tubes2,185.30minus 0.41%60,67746.332.728.0%8.2%0.1712.6%plus 23.3%
VSSLVardhman Special Steels362.25plus 0.37%3,50221.717.413.4%11.0%0.120.5%plus 22.2%
Median of 7 peers–−0.01%1,00,48219.112.218.7%15.9%0.503.6%14.7%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
434431458486600
402387412428531
31.843.346.158.469.1
7.3%10.1%10.1%12.0%11.5%
7.513.210.59.914.7
3.63.72.83.33.7
987.89.69.6
26.844.84655.470.6
25.7%25.0%26.1%25.7%25.6%
19.933.63441.252.5
2.433.473.514.255.42

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+0.5%
Profit CAGR 3Y
+6.7%
EPS CAGR 3Y
+2.2%
ROE
12.7%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1,7211,6611,7541,746
–minus 3.5%+5.6%minus 0.4%
1,5471,4941,5811,552
174167173195
10.1%10.1%9.9%11.1%
5.43.51.911.2
16.518.417.811.2
28.13133.532.9
−0.11.712.2
134123125164
25.2%25.4%25.6%25.6%
10091.693.1122
–minus 8.8%+1.6%+31.1%
12.3111.1811.3713.13

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
40.681.581.796.7
6026387161,181
14483.712093
244237218263
1,0311,0401,1361,633
310342426641
16.316.911756.2
2.72.87.73.4
29.57.655.4213
672671530719
1,0311,0401,1361,633

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
73.6142127106
−14.8−50.1−127−427
−49.5−94.23317
9.3−1.93.1−4.5
−28.8−68−119−243
44.874.48.1−137
−14.1−16.2−16.2−28.9

Shareholding pattern

Source: NSE filings
51.2%
promoters
  • Promoters51.18%
  • Public48.82%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202651.18%48.82%plus 0.12
30 Jun 202651.06%48.94%0.00
31 Mar 202651.06%48.94%minus 0.04
31 Dec 202551.10%48.90%minus 0.03
30 Sep 202551.13%48.87%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you