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Vardhman Special Steels Ltd

VSSL·NSE
₹407.90-0.71%Tue, 22 Sept '26 15:22
Industry:Steel Products
Indices:

Vardhman Special Steels Ltd

VSSL
NSE
₹407.90
-0.71%
|Tue, 22 Sept '26 15:22
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Financials
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Shareholdings
Corporate Actions
Segments
Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
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Mkt Cap
Market Capitalization
₹3,939Cr
Close
Close Price
₹407.35
Industry
Industry
Steel Products
PE
Price To Earnings
27.39
PS
Price To Sales
2.18
Revenue
Revenue
₹1,807Cr
Rev Gr TTM
Revenue Growth TTM
1.31%
PAT Gr TTM
PAT Growth TTM
64.91%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
415397439415495427428434432431458486
Growth YoY
Revenue Growth YoY%
-6.3-0.84.11.319.27.4-2.64.6-12.60.97.012.1
Expenses
ExpensesCr
384364391372456392397402387387412428
Operating Profit
Operating ProfitCr
313349423935313245434658
OPM
OPM%
7.58.411.110.27.98.27.37.310.510.110.112.0
Other Income
Other IncomeCr
6896977811131010
Interest Expense
Interest ExpenseCr
555555342433
Depreciation
DepreciationCr
7798888988810
PBT
PBTCr
252944353528272747454655
Tax
TaxCr
67119977712111214
PAT
PATCr
182233262621202035343441
Growth YoY
PAT Growth YoY%
-34.1-23.4139.740.439.9-1.6-39.8-23.733.956.572.2107.0
NPM
NPM%
4.55.57.56.35.25.04.64.68.07.87.48.5
EPS
EPS₹
2.32.74.03.23.22.62.42.43.63.53.54.3
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
415397439415495427428434432431458486
Growth YoY
Revenue Growth YoY%
-6.3-0.84.11.319.27.4-2.64.6-12.60.97.012.1
Expenses
ExpensesCr
384364391372456392397402387387412428
Operating Profit
Operating ProfitCr
313349423935313245434658
OPM
OPM%
7.58.411.110.27.98.27.37.310.510.110.112.0
Other Income
Other IncomeCr
6896977811131010
Interest Expense
Interest ExpenseCr
555555342433
Depreciation
DepreciationCr
7798888988810
PBT
PBTCr
252944353528272747454655
Tax
TaxCr
67119977712111214
PAT
PATCr
182233262621202035343441
Growth YoY
PAT Growth YoY%
-34.1-23.4139.740.439.9-1.6-39.8-23.733.956.572.2107.0
NPM
NPM%
4.55.57.56.35.25.04.64.68.07.87.48.5
EPS
EPS₹
2.32.74.03.23.22.62.42.43.63.53.54.3

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
6536748591,1218469371,3681,7351,6611,7641,7541,807
Growth
Revenue Growth%
-1.33.227.530.5-24.510.746.026.8-4.26.2-0.61.3
Expenses
ExpensesCr
6116147971,0538068341,1951,5941,5191,6161,5881,614
Operating Profit
Operating ProfitCr
4260626840103174141142148166193
OPM
OPM%
6.48.97.26.04.711.012.78.28.68.49.510.7
Other Income
Other IncomeCr
3662913293930294245
Interest Expense
Interest ExpenseCr
232821242620171818191212
Depreciation
DepreciationCr
171822242630272831333333
PBT
PBTCr
4192522-266158134123125164193
Tax
TaxCr
0000-622583431324249
PAT
PATCr
41925223441011009293122143
Growth
PAT Growth%
127.9353.930.8-11.3-85.01,223.2128.0-0.3-8.81.631.164.9
NPM
NPM%
0.72.82.92.00.44.77.45.85.55.37.07.9
EPS
EPS₹
0.83.84.03.10.55.512.412.411.311.413.214.9
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
6536748591,1218469371,3681,7351,6611,7641,7541,807
Growth
Revenue Growth%
-1.33.227.530.5-24.510.746.026.8-4.26.2-0.61.3
Expenses
ExpensesCr
6116147971,0538068341,1951,5941,5191,6161,5881,614
Operating Profit
Operating ProfitCr
4260626840103174141142148166193
OPM
OPM%
6.48.97.26.04.711.012.78.28.68.49.510.7
Other Income
Other IncomeCr
3662913293930294245
Interest Expense
Interest ExpenseCr
232821242620171818191212
Depreciation
DepreciationCr
171822242630272831333333
PBT
PBTCr
4192522-266158134123125164193
Tax
TaxCr
0000-622583431324249
PAT
PATCr
41925223441011009293122143
Growth
PAT Growth%
127.9353.930.8-11.3-85.01,223.2128.0-0.3-8.81.631.164.9
NPM
NPM%
0.72.82.92.00.44.77.45.85.55.37.07.9
EPS
EPS₹
0.83.84.03.10.55.512.412.411.311.413.214.9

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
1919363640414141818297
Reserves
ReservesCr
1611803043263734195146026387161,181
Current Liabilities
Current LiabilitiesCr
305298235391246231263321283313330
Non Current Liabilities
Non Current LiabilitiesCr
13011610213711111310367372526
Total Liabilities
Total LiabilitiesCr
6146136778897708039211,0311,0401,1361,633
Current Assets
Current AssetsCr
347335388546361482597699674661955
Non Current Assets
Non Current AssetsCr
267278289344409320324332365475678
Total Assets
Total AssetsCr
6146136778897708039211,0311,0401,1361,633
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
1919363640414141818297
Reserves
ReservesCr
1611803043263734195146026387161,181
Current Liabilities
Current LiabilitiesCr
305298235391246231263321283313330
Non Current Liabilities
Non Current LiabilitiesCr
13011610213711111310367372526
Total Liabilities
Total LiabilitiesCr
6146136778897708039211,0311,0401,1361,633
Current Assets
Current AssetsCr
347335388546361482597699674661955
Non Current Assets
Non Current AssetsCr
267278289344409320324332365475678
Total Assets
Total AssetsCr
6146136778897708039211,0311,0401,1361,633

Cash Flow

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
466811-19135875974142127106
Investing Cash Flow
Investing Cash FlowCr
-16-16-16-70-887-9-15-50-127-427
Financing Cash Flow
Financing Cash FlowCr
-35-50782-45-94-52-49-943317
Net Cash Flow
Net Cash FlowCr
-522-720-29-23-4
Free Cash Flow
Free Cash FlowCr
2736-1-98101782445769-135
CFO To PAT
CFO To PAT%
1,100.0355.544.8-84.94,054.9197.458.473.3155.4136.386.8
CFO To EBITDA
CFO To EBITDA%
111.5113.718.1-27.8340.984.433.952.1100.085.763.6
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
466811-19135875974142127106
Investing Cash Flow
Investing Cash FlowCr
-16-16-16-70-887-9-15-50-127-427
Financing Cash Flow
Financing Cash FlowCr
-35-50782-45-94-52-49-943317
Net Cash Flow
Net Cash FlowCr
-522-720-29-23-4
Free Cash Flow
Free Cash FlowCr
2736-1-98101782445769-135
CFO To PAT
CFO To PAT%
1,100.0355.544.8-84.94,054.9197.458.473.3155.4136.386.8
CFO To EBITDA
CFO To EBITDA%
111.5113.718.1-27.8340.984.433.952.1100.085.763.6

Ratios

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
982725143491645589241,6201,7281,6262,0033,939
Price To Earnings
Price To Earnings
23.114.220.615.748.912.69.216.118.917.516.427.4
Price To Sales
Price To Sales
0.10.40.60.30.20.60.70.91.00.91.12.2
Price To Book
Price To Book
0.51.41.51.00.41.21.72.52.42.01.63.1
EV To EBITDA
EV To EBITDA
9.48.711.79.910.66.56.212.412.711.712.220.4
Profitability Ratios
Profitability Ratios
GPM
GPM%
17.921.218.114.515.322.722.617.018.218.220.420.4
OPM
OPM%
6.48.97.26.04.711.012.78.28.68.49.510.7
NPM
NPM%
0.72.82.92.00.44.77.45.85.55.37.07.9
ROCE
ROCE%
5.710.58.36.73.513.724.519.317.615.712.812.8
ROE
ROE%
2.49.77.46.10.89.618.115.612.711.79.69.6
ROA
ROA%
0.73.13.72.50.45.510.99.88.88.27.57.5
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
982725143491645589241,6201,7281,6262,0033,939
Price To Earnings
Price To Earnings
23.114.220.615.748.912.69.216.118.917.516.427.4
Price To Sales
Price To Sales
0.10.40.60.30.20.60.70.91.00.91.12.2
Price To Book
Price To Book
0.51.41.51.00.41.21.72.52.42.01.63.1
EV To EBITDA
EV To EBITDA
9.48.711.79.910.66.56.212.412.711.712.220.4
Profitability Ratios
Profitability Ratios
GPM
GPM%
17.921.218.114.515.322.722.617.018.218.220.420.4
OPM
OPM%
6.48.97.26.04.711.012.78.28.68.49.510.7
NPM
NPM%
0.72.82.92.00.44.77.45.85.55.37.07.9
ROCE
ROCE%
5.710.58.36.73.513.724.519.317.615.712.812.8
ROE
ROE%
2.49.77.46.10.89.618.115.612.711.79.69.6
ROA
ROA%
0.73.13.72.50.45.510.99.88.88.27.57.5
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Vardhman Special Steels began in 1973 as a small alloy-steel maker in Ludhiana and, after a 2010 demerger from its textile parent, transformed into a specialised supplier of engineered steel for the world’s largest carmakers - a shift sealed in 2019 when Toyota’s main steel supplier, Aichi Steel of Japan, bought a stake and embedded its quality culture on the shop floor. The company now operates as a “supermarket of special steels,” making hundreds of custom grades for the moving parts inside passenger vehicles and two-wheelers, and it is extending that same recipe - Japanese process discipline layered onto electric-arc-furnace manufacturing - into a new forging division and a greenfield steel plant that will push it beyond automotive. # Business segments A single engine today - special-steel bars and bright bars for automotive - with a forging division under construction and a non-automotive steel division being carved out, all built on the same Aichi-backed manufacturing backbone. ## 1. Special steel manufacturing: the automotive-grade steel supermarket **The company makes roughly 200 grades of engineered steel bars, rods and bright bars that go into the moving parts of cars and motorcycles - a business where switching suppliers is slow and expensive, so approvals act as a durable moat.** - **One plant, three shops** - a single Ludhiana site houses a steel melting shop (300,000 tonnes per year of billet capacity), a rolling mill (200,000 tonnes per year of finished product) and a bright-bar facility (48,000 tonnes per year), all fed by an electric arc furnace that melts scrap and sponge iron rather than virgin ore. - **Two casting routes for different jobs** - continuous casting supplies the high-volume automotive grades, while ingot casting handles higher alloys and larger diameters sold directly to forging companies without rolling, letting the company serve both mass-market and niche orders from the same furnace. - **Approvals are the real barrier** - product qualification for a new automotive component costs at least a million dollars per specification, so once the company’s steel is approved for a part like a connecting rod or CV joint, the customer rarely switches; the Aichi partnership has unlocked 22 approved variants and opened doors at Toyota, Maruti Suzuki and a European auto major now in the qualification pipeline. - **Green steel as a differentiator** - the electric-arc-furnace route gives it a carbon footprint of 0.7 tonnes per tonne of steel (heading toward 0.45 with solar power), against 2.5-3.0 tonnes for blast-furnace competitors, which matters as global automakers tighten their supply-chain emissions targets. - **Domestic-first, with a Thai export bridge** - about 75% of revenue is tied to passenger vehicles and two-wheelers in India, serving over 200 customers including Maruti Suzuki, Toyota, Hero and Bajaj; exports are only 6-7% of turnover, with more than 70% of that going to Thailand, much of it to Aichi’s own forging affiliate. # Group structure and partners **A standalone company with no subsidiaries, anchored by a 24% Japanese strategic shareholder that supplies technology, shop-floor personnel and customer access.** - **A captive solar associate, not a subsidiary** - the company holds a 26% stake in Sone Solar Private Limited, a special-purpose vehicle that built a 55 MW DC solar plant in Punjab whose entire output is supplied exclusively to VSSL under a long-term arrangement, with a mechanism that adjusts power tariffs against any dividends received. - **Part of the wider Vardhman Group** - the steel business was demerged from Vardhman Textiles in 2010 and now sits alongside listed group entities in yarns, fabrics, acrylics and holdings, but operates with its own balance sheet, credit rating (AA/Stable from CRISIL) and independent management.

Documents — Vardhman Special Steels Ltd

  • Q1 FY2027 Earnings Call Transcript (Jun 2026, PDF): https://www.stockscans.in/document/wsjztqdt9ah1h967cjqwa3uz.pdf
  • Q4 FY2026 Earnings Call Transcript (Mar 2026, PDF): https://www.stockscans.in/document/7bfc15uclely6w9x46fz3ctb.pdf
  • Q3 FY2026 Earnings Call Transcript (Dec 2025, PDF): https://www.stockscans.in/document/0lslk28fk0iamv6gx483v7fi.pdf
  • Q2 FY2026 Earnings Call Transcript (Sep 2025, PDF): https://www.stockscans.in/document/aw0q8frigj4o2koahexrduiw.pdf
  • Q1 FY2026 Earnings Call Transcript (Jun 2025, PDF): https://www.stockscans.in/document/dwbf93v92wbri9wxt6smk7sz.pdf
  • Q4 FY2025 Earnings Call Transcript (Mar 2025, PDF): https://www.stockscans.in/document/bym34l04byhz5vkt4daixecy.pdf
  • Q3 FY2025 Earnings Call Transcript (Dec 2024, PDF): https://www.stockscans.in/document/w9yi9xlfdazhifjlj49iba7s.pdf
  • Q2 FY2025 Earnings Call Transcript (Sep 2024, PDF): https://www.stockscans.in/document/owi327bdxecji1gkfrfup65a.pdf
  • Q1 FY2027 Quarterly Result (Jun 2026, PDF): https://www.stockscans.in/document/kpurfqdgbsmvo6fth0zwo7xe.pdf
  • Q4 FY2026 Quarterly Result (Mar 2026, PDF): https://www.stockscans.in/document/h4tj2bhxuv0s72vdt4eoddsh.pdf
  • Q3 FY2026 Quarterly Result (Dec 2025, PDF): https://www.stockscans.in/document/o2r3cceujjh1eb8xsbn1u1na.pdf
  • Q4 FY2025 Quarterly Result (Mar 2025, PDF): https://www.stockscans.in/document/ywskv1xnr81hino8c2c2ftx0.pdf
  • Q3 FY2025 Quarterly Result (Dec 2024, PDF): https://www.stockscans.in/document/z2jt4aqcixiorypkaosyihh9.pdf
  • Q2 FY2025 Quarterly Result (Sep 2024, PDF): https://www.stockscans.in/document/id0c103gx2tf91ma3rmj6bxr.pdf
  • Q1 FY2025 Quarterly Result (Jun 2024, PDF): https://www.stockscans.in/document/81jn27q9ykuvajqtpg5gfsh2.pdf
  • Q4 FY2024 Quarterly Result (Mar 2024, PDF): https://www.stockscans.in/document/nedsjnbhb2pc7kiws7ogb4p6.pdf
  • Q1 FY2027 Investor Presentation (Jun 2026, PDF): https://www.stockscans.in/document/be5u1kmuycn17m7rpmj7fc2j.pdf
  • Q4 FY2026 Investor Presentation (Mar 2026, PDF): https://www.stockscans.in/document/49yj2vrjhy8fzqyrmuww95bf.pdf
  • Q3 FY2026 Investor Presentation (Dec 2025, PDF): https://www.stockscans.in/document/67ria6aw2tw0uxkbgpmaonwa.pdf
  • Q2 FY2026 Investor Presentation (Sep 2025, PDF): https://www.stockscans.in/document/mse3a2spzss6c6il1xc49lf6.pdf
  • Q1 FY2026 Investor Presentation (Jun 2025, PDF): https://www.stockscans.in/document/gk6dju8rgrussopr0g5mapm0.pdf
  • Q4 FY2025 Investor Presentation (Mar 2025, PDF): https://www.stockscans.in/document/ehp12kpfvhm1qlwzhla0l3tv.pdf
  • Q3 FY2025 Investor Presentation (Dec 2024, PDF): https://www.stockscans.in/document/yc2lkkjeu7v98is5y87y4k0z.pdf
  • Q2 FY2025 Investor Presentation (Sep 2024, PDF): https://www.stockscans.in/document/377nl9szke7pvtv7e0v6xjfi.pdf
  • FY2026 Annual Report (PDF): https://www.stockscans.in/document/nf72ofvaymh9b6fmh14o32nm.pdf
  • FY2025 Annual Report (PDF): https://www.stockscans.in/document/a3k16ba2pqdfoajabyibeird.pdf
  • FY2024 Annual Report (PDF): https://www.stockscans.in/document/ap65wa6eqeud6onwpb5r78g8.pdf
  • FY2023 Annual Report (PDF): https://www.stockscans.in/document/596dqp50a7f1vvmbg6tc511e.pdf
  • FY2022 Annual Report (PDF): https://www.stockscans.in/document/okqukw3652s4k1exfgs722vo.pdf
  • FY2021 Annual Report (PDF): https://www.stockscans.in/document/1d6vrcnnk8xgl1nlu0f60t3x.pdf
  • FY2020 Annual Report (PDF): https://www.stockscans.in/document/ikxrsic11mjltoh1thskwa2g.pdf

Concall Transcript Summaries — Vardhman Special Steels Ltd

  • Q1 FY2027 Concall Transcript Summary (Jun 2026): https://www.stockscans.in/company/NSE%3AVSSL/transcript-notes/202606/wsjztqdt9ah1h967cjqwa3uz.pdf
  • Q4 FY2026 Concall Transcript Summary (Mar 2026): https://www.stockscans.in/company/NSE%3AVSSL/transcript-notes/202603/7bfc15uclely6w9x46fz3ctb.pdf
  • Q3 FY2026 Concall Transcript Summary (Dec 2025): https://www.stockscans.in/company/NSE%3AVSSL/transcript-notes/202512/0lslk28fk0iamv6gx483v7fi.pdf
  • Q2 FY2026 Concall Transcript Summary (Sep 2025): https://www.stockscans.in/company/NSE%3AVSSL/transcript-notes/202509/aw0q8frigj4o2koahexrduiw.pdf
  • Q1 FY2026 Concall Transcript Summary (Jun 2025): https://www.stockscans.in/company/NSE%3AVSSL/transcript-notes/202506/dwbf93v92wbri9wxt6smk7sz.pdf
  • Q4 FY2025 Concall Transcript Summary (Mar 2025): https://www.stockscans.in/company/NSE%3AVSSL/transcript-notes/202503/bym34l04byhz5vkt4daixecy.pdf
  • Q3 FY2025 Concall Transcript Summary (Dec 2024): https://www.stockscans.in/company/NSE%3AVSSL/transcript-notes/202412/w9yi9xlfdazhifjlj49iba7s.pdf
  • Q2 FY2025 Concall Transcript Summary (Sep 2024): https://www.stockscans.in/company/NSE%3AVSSL/transcript-notes/202409/owi327bdxecji1gkfrfup65a.pdf

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