Vardhman Special Steels logo

Vardhman Special Steels

VSSL NSE
₹328.70 35.40 (9.72%)
Market Cap
₹3,179 Cr
P/E
22.16

Vardhman Special Steels (VSSL) share price was ₹328.70 at the 28 Oct 2026 close; market capitalisation ₹3,179 Cr; P/E (TTM) 22.16; sector Industrial Products. The share price rose 9.6% over the year to 28 Oct 2026 (adjusted for splits and bonuses). In the Jun 2026 quarter, revenue rose 12.1% year on year to ₹486.0 Cr and net profit rose 107.0% year on year to ₹41.2 Cr (compared with Jun 2025). Promoters held 51.18% of Vardhman Special Steels in Sep 2026, up 0.12 percentage points from Jun 2026. Its Tapetide Score is 50/100 (Average) as of 28 Oct 2026.

Close 28 Oct 2026 ₹328.70 +28.85 +9.62% 1Y

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods
Market Cap
₹3,179 Cr
P/E (TTM)
22.16
EBITDA
₹177 Cr
Return on Equity
11.67%
Debt to Equity
0.07
Book Value
₹138.30
EPS (TTM)
₹14.83
52W High
₹428.25
52W Low
₹206.40

Price-based figures as of 28 Oct 2026, 15:55 IST · EPS basis: Standalone · TTM

Peer Comparison

Industrials › Industrial Products › Iron & Steel Products

Welspun Corp
₹2,564.3029.2967,644 Cr7.390.20%17.23%19.52%18,378 Cr2,319 Cr
APL Apollo Tubes
₹2,165.3048.9160,121 Cr10.470.38%22.71%28.21%24,268 Cr1,229 Cr
Shyam Metalics & Energy
₹1,144.7028.4531,952 Cr2.770.16%8.58%12.95%19,781 Cr1,121 Cr
Ratnamani Metals & Tubes
₹2,310.0037.4116,191 Cr3.940.43%12.70%16.32%4,431 Cr514 Cr
Jindal SAW
₹241.0528.0915,415 Cr1.220.82%7.53%10.94%18,622 Cr498 Cr
Usha Martin
₹464.1027.8914,143 Cr4.280.78%14.88%18.75%3,918 Cr508 Cr
Gallantt Ispat
₹537.2029.7312,962 Cr3.720.37%14.60%17.99%4,646 Cr436 Cr
Vardhman Special Steels (this company)
₹328.7022.163,179 Cr2.380.96%11.67%17.47%1,793 Cr144 Cr
Median 8 companies₹840.9528.8715,803 Cr3.830.41%13.65%17.73%11,512 Cr511 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100. How it works →

As of 2026-10-28
v2.0.0
50 Average
Overall score
Data confidence 100/100

Category scores

Quality Average 47
Returns, margins, earnings quality 22%
Valuation Good 57
Cheap vs sector & own history 24%
Growth Poor 24
Sales & profit trajectory 9%
Financial Health Strong 72
Solvency, leverage, coverage 9%
Momentum Good 55
Trend strength, vol-adjusted 12%
Ownership Poor 37
FII/DII/promoter flows 24%

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 24.0%

Weaknesses

2
  • Company has a low return on equity of 12.2% over last 3 years.
  • Promoter holding has decreased over last 3 years: -9.53%

Technical Indicators

Oscillators

BearishNeutralBullish

Neutral

Bearish
2
Neutral
5
Bullish
2

Overall

BearishNeutralBullish

Bearish

Bearish
10
Neutral
5
Bullish
4

Moving Averages

BearishNeutralBullish

Bearish

Bearish
8
Neutral
0
Bullish
2

Growth Rate

Revenue Growth
6.05% higher than 3Y

change over 1 year

Net Income Growth
1.64% lower than 3Y

change over 1 year

Cash Flow Change
-10.88%

change over 1 year

EBITDA Margin Change
-3.04%

change over 1 year Operating margin 12% · Jun 2026

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
409
415
397
439
415
495
427
428
434
432
431
458
486
Expenses
380
384
364
391
372
456
392
397
402
387
387
412
428
Operating Profit
29
31
33
49
42
39
35
31
32
45
43
46
58
OPM %
7%
8%
8%
11%
10%
8%
8%
7%
7%
10%
10%
10%
12%
Other Income
7
6
8
9
6
9
7
7
8
11
13
10
10
Interest
4
5
5
5
5
5
5
3
4
2
4
3
3
Depreciation
7
7
7
9
8
8
8
8
9
8
8
8
10
PBT
25
25
29
44
35
35
28
27
27
46
45
46
55
Tax %
26%
26%
25%
25%
26%
26%
25%
27%
26%
26%
25%
26%
26%
Net Profit
19
18
22
33
26
26
21
20
20
35
34
34
41
EPS (₹)
2.29
2.27
2.68
4.03
3.2
3.17
2.63
2.41
2.43
3.58
3.48
3.51
4.26
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
658
653
674
859
1,121
846
937
1,368
1,735
1,661
1,764
1,754
1,807
Expenses
646
610
612
797
1,053
806
830
1,195
1,594
1,519
1,616
1,588
1,614
Operating Profit
12
43
62
62
68
40
107
174
141
142
148
166
193
OPM %
1.8%
7%
9%
7%
6%
4.7%
11%
13%
8%
9%
8%
9%
11%
Other Income
7
1
4
6
2
9
9
29
39
30
29
42
45
Interest
20
23
28
21
24
26
20
17
18
18
19
12
12
Depreciation
14
17
18
22
24
26
30
27
28
31
33
33
33
PBT
-15
4
19
25
22
-2
66
158
134
123
125
164
193
Tax %
0%
0%
0%
0%
0%
-244%
33%
36%
25%
25%
26%
26%
—
Net Profit
-15
4
19
25
22
3
44
101
100
92
93
122
143
EPS (₹)
-2.45
0.68
3.1
3.51
3.11
0.41
5.46
12.42
12.36
11.25
11.39
12.62
14.83
Div. Payout %
0%
0%
0%
0%
0%
0%
14%
14%
8%
18%
26%
28%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
19
19
19
36
36
40
41
41
41
81
82
97
Reserves
151
161
180
304
326
373
419
514
602
638
716
1,181
Borrowings
350
338
316
228
334
266
191
162
144
84
120
93
Other Liabilities
94
97
99
109
194
90
153
204
244
237
218
263
Total Liabilities
615
614
613
677
889
770
803
921
1,031
1,040
1,136
1,633
Fixed Assets
230
251
265
250
280
310
283
289
294
325
309
585
CWIP
21
2
1
7
33
12
13
13
12
1
117
26
Investments
14
14
1
8
0
5
0
15
20
0
18
158
Other Assets
350
347
346
412
577
443
507
603
705
714
693
863
Total Assets
615
614
613
677
889
770
803
921
1,031
1,040
1,136
1,633
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-33
46
68
11
-19
135
87
59
74
142
127
106
Investing
-4
-16
-16
-16
-70
-88
7
-9
-15
-50
-127
-427
Financing
31
-35
-50
7
82
-45
-94
-52
-49
-94
3
317
Net Cash Flow
-5
-5
2
2
-7
2
0
-2
9
-2
3
-4
Free Cash Flow
-61
27
36
-1
-98
101
78
24
45
76
9
-135
CFO/OP
-283
108
110
18
-19
342
90
47
79
122
108
87
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
99
109
102
83
61
78
85
59
55
58
54
58
Inventory Days
119
110
122
123
170
103
134
139
119
129
113
123
Days Payable
46
42
36
47
89
42
90
68
61
63
47
65
Cash Conversion Cycle
172
176
188
159
142
139
128
131
113
123
120
116
Working Capital Days
-5
14
17
58
50
47
78
81
73
84
68
86
ROCE %
0%
5%
9%
8%
7%
3%
13%
26%
20%
18%
17%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Vardhman Special Steels insights

62 extracted metrics + investor summaries across FY10–FY27.

Shareholding Pattern

FIIs0.57%Promot.51.18%DIIs2.52%Public17.00%Others28.73%As ofSep 2026

Documents

Frequently Asked Questions about Vardhman Special Steels

What does Vardhman Special Steels Ltd do?
Vardhman Special Steels is engaged in manufacturing of Billets, Steel bars & Rods and Bright Bars of various categories of special and alloy steels.
Where is Vardhman Special Steels Ltd (VSSL) listed?
Vardhman Special Steels Ltd trades as VSSL on the NSE and under code 534392 on the BSE.
Which sector does Vardhman Special Steels Ltd belong to?
Vardhman Special Steels Ltd is classified under the Industrial Products sector, in the Iron & Steel Products industry.
What is the market capitalisation of Vardhman Special Steels Ltd?
Vardhman Special Steels Ltd has a market capitalisation of ₹3,179 Cr as of 28 Oct 2026, which places it in the Small Cap band.
What is the PE ratio of Vardhman Special Steels Ltd?
Vardhman Special Steels Ltd trades at a PE ratio of 22.16 as of 28 Oct 2026, on earnings per share of ₹14.83, against a book value of ₹138.3 per share.
What is the 52-week high and low of Vardhman Special Steels Ltd?
Over the last 52 weeks Vardhman Special Steels Ltd has traded between ₹206.4 and ₹428.25 as of 28 Oct 2026.
Does Vardhman Special Steels Ltd pay dividends?
Vardhman Special Steels Ltd has a dividend yield of 0.96%.
What is the Return on Equity (ROE) of Vardhman Special Steels Ltd?
Vardhman Special Steels Ltd reported a return on equity of 11.67%. Its debt-to-equity ratio is 0.07.

Company Information

Vardhman Special Steels is engaged in manufacturing of Billets, Steel bars & Rods and Bright Bars of various categories of special and alloy steels.

Website vardhmansteel.com
CEO Mr. Sachit Jain B.Tech.
Employees 1,363
Listed 2012-05-17
Face Value ₹ 10
Shares Outstanding 9,67,01,178

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