Vardhman Special Steels Ltd

BSE: VSSL534392ISIN INE050M01012

Industrials
Iron & Steel Products
BSE 1000

Share price

₹356.90+7.35 (+2.10%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹427.35
52W low: ₹205.65
Off 52W high: -16.49%
1M return: -7.56%
3M return: +7.99%
6M return: +27.88%
1Y return: +20.94%
20D avg volume: 11,120
50 DMA: ₹372.62
200 DMA: ₹297.63

Key ratios Consolidated

Market cap: ₹3,454 Cr
Current price: ₹356.90
52W high / low: ₹427.35 / ₹205.65
Face value: ₹10.00
P/E: 0.00
P/B: —
EPS (TTM): ₹0.00
Book value / share: —
ROE: —
ROCE: 17.50%
Operating margin: —
Net margin: —
Debt / equity: 0.15
Net debt: ₹108.97 Cr
Interest cover: 7.71
Dividend yield: 0.98%
Dividend / share (TTM): ₹3.50
Payout: —
Cash conversion cycle: 94.6 days

Financials

Metric	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24
Income statement
	428.04	426.77	494.82	414.78	—
	7.18	6.97	9.29	5.67	—
	435.22	433.74	504.11	420.45	—
	408.37	405.27	469.42	385.40	—
	220.40	305.26	265.62	302.40	—
	0.00	—	—	—	—
	26.47	25.21	26.50	25.21	—
	3.47	5.09	5.37	4.70	—
	8.29	8.49	8.40	8.29	—
	100.30	—	—	—	—
	26.86	28.47	34.69	35.05	—
	0.00	0.00	0.00	0.00	—
	26.86	28.47	34.69	35.05	—
	7.12	7.01	8.86	8.97	—
	19.73	21.46	25.82	26.08	—
	2.42	2.63	3.17	3.20	—
Key metrics
	38.62	42.05	48.46	48.04	—
	9.00%	9.90%	9.80%	11.60%	—
	4.60%	5.00%	5.20%	6.30%	—
	3.70%	—	—	—	—

Metric	TTM	FY25	FY24
Income statement
	1,764	1,764	—
	29.11	29.11	—
	1,794	1,794	—
	1,668	1,668	—
	1,094	1,094	—
	—	0.00	—
	103.39	103.39	—
	18.63	18.63	—
	33.47	33.47	—
	—	430.05	—
	125.07	125.06	—
	0.00	0.00	—
	125.07	125.06	—
	31.96	31.97	—
	93.09	93.09	—
	11.42	11.40	—
Key metrics
	177.17	177.16	—
	10.04%	10.00%	—
	5.28%	5.30%	—
	—	17.50%	—
	—	8.08	—
	—	1.36	—
	—	0.15	—
	—	108.97	—
	—	94.6	—
Balance sheet
	—	1,136	—
	—	661.15	—
	—	10.76	—
	—	261.30	—
	—	334.97	—
	—	7.33	—
	—	308.69	—
	—	139.30	—
	—	313.22	—
	—	119.73	—
	—	116.43	—
	—	3.30	—
	—	797.92	—
Cash flow
	—	126.91	—
	—	-126.83	—
	—	3.03	—
	—	118.83	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	600.05	486.01	457.92	430.55	432.27	433.70	428.04	426.77	494.82	414.78	439.42	397.40
	14.74	9.86	10.46	13.17	11.22	7.50	7.18	6.97	9.29	5.67	8.71	8.25
	614.79	495.86	468.37	443.72	443.49	441.20	435.22	433.74	504.11	420.45	448.12	405.65
	544.23	440.46	422.38	398.93	396.99	414.43	408.37	405.27	469.42	385.40	404.23	376.49
	318.89	293.22	241.37	243.41	260.73	228.88	220.40	305.26	265.62	302.40	277.29	234.36
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	0.00	1.15
	39.26	32.15	29.74	29.19	29.15	26.20	26.47	25.21	26.50	25.21	27.72	24.11
	3.68	3.31	2.76	3.69	1.90	3.56	3.47	5.09	5.37	4.70	4.66	4.91
	9.62	9.57	7.80	7.99	8.08	9.00	8.29	8.49	8.40	8.29	8.99	7.43
	136.39	117.09	112.26	110.81	109.03	105.52	100.30	—	—	—	—	—
	70.56	55.40	45.99	44.79	46.50	26.77	26.86	28.47	34.69	35.05	43.89	29.16
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	70.56	55.40	45.99	44.79	46.50	26.77	26.86	28.47	34.69	35.05	43.89	29.16
	18.06	14.21	12.01	11.21	11.94	6.87	7.12	7.01	8.86	8.97	11.10	7.36
	52.49	41.19	33.98	33.59	34.56	19.90	19.73	21.46	25.82	26.08	32.79	21.81
	5.43	4.26	3.52	3.48	3.61	2.43	2.42	2.63	3.17	3.20	4.02	2.68
Key metrics
	83.86	68.28	56.55	56.47	56.48	39.33	38.62	42.05	48.46	48.04	57.54	41.50
	14.00%	14.00%	12.30%	13.10%	13.10%	9.10%	9.00%	9.90%	9.80%	11.60%	13.10%	10.40%
	8.70%	8.50%	7.40%	7.80%	8.00%	4.60%	4.60%	5.00%	5.20%	6.30%	7.50%	5.50%
	5.40%	—	3.70%	—	3.90%	—	3.70%	—	—	—	—	—
	38.80%	12.10%	7.00%	0.90%	-12.60%	4.60%	-2.60%	7.40%	—	—	—	—
	51.90%	107.00%	72.20%	56.50%	33.80%	-23.70%	-39.80%	-1.60%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	1,975	1,754	1,764	1,661	1,735	1,368
	48.23	42.35	29.11	29.82	38.75	28.89
	2,023	1,797	1,794	1,691	1,774	1,397
	1,806	1,633	1,668	1,568	1,639	1,239
	1,097	974.39	1,094	1,031	1,146	896.52
	0.00	0.00	0.00	1.41	—	0.62
	130.34	114.28	103.39	96.21	89.95	80.99
	13.44	11.91	18.63	18.42	17.65	17.28
	34.98	32.87	33.47	30.98	28.12	26.96
	476.55	437.62	430.04	—	—	—
	216.74	164.05	125.06	122.86	134.31	158.34
	0.00	0.00	0.00	—	—	—
	216.74	164.05	125.06	122.86	134.31	158.34
	55.49	42.03	31.97	31.23	33.86	57.59
	161.25	122.02	93.09	91.63	100.45	100.75
	16.69	13.15	11.40	11.26	24.76	24.87
Key metrics
	265.16	208.83	177.16	172.26	180.08	202.58
	13.43%	11.90%	10.00%	10.40%	10.40%	14.80%
	8.17%	7.00%	5.30%	5.50%	5.80%	7.40%
	—	13.50%	17.50%	—	—	—
	14.75%	-0.60%	6.20%	-4.20%	26.80%	—
	68.58%	31.10%	1.60%	-8.80%	-0.30%	—
	—	-136.74	8.08	—	—	—
	—	0.87	1.36	—	—	—
	—	0.07	0.15	—	—	—
	—	86.38	108.97	—	—	—
	—	92.4	94.6	—	—	—
Balance sheet
	—	1,633	1,136	—	—	—
	—	955.38	661.15	—	—	—
	—	6.27	10.76	—	—	—
	—	277.84	261.30	—	—	—
	—	350.24	334.97	—	—	—
	—	71.87	7.33	—	—	—
	—	585.00	308.69	—	—	—
	—	184.21	139.30	—	—	—
	—	329.93	313.22	—	—	—
	—	92.65	119.73	—	—	—
	—	92.65	116.43	—	—	—
	—	0.00	3.30	—	—	—
	—	1,277	797.92	—	—	—
Cash flow
	—	105.88	126.91	—	—	—
	—	-427.23	-126.83	—	—	—
	—	316.87	3.03	—	—	—
	—	242.62	118.83	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +0.37%
Sales CAGR 5Y: —
Profit CAGR 3Y: +6.70%
Profit CAGR 5Y: —
Sales YoY (TTM): +14.75%
Profit YoY (TTM): +68.58%

Consolidated

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): —
Profit YoY (TTM): —

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 51.19%

Holder	Type	Holding	Previous	Change
AICHI STEEL CORPORATION	Public	24.85%	—	—
VARDHMAN TEXTILES LIMITED	Promoter	20.21%	—	—
SACHIT JAIN	Promoter Group	11.64%	—	—
VARDHMAN HOLDINGS LIMITED	Promoter Group	10.79%	—	—
DEVAKAR INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Promoter Group	4.58%	—	—
TATA MUTUAL FUND - TATA SMALL CAP FUND	Public	2.46%	—	—
DEEP J MASTER	Public	2.07%	—	—
MAHAVIR SHARES TRUST (DEEPAK JAIN, TRUSTEE)	Promoter Group	1.10%	—	—
CATAMARAN VENTURES LLP	Public	1.02%	—	—
VTL INVESTMENTS LIMITED	Promoter Group	0.78%	—	—
SHRI PAUL OSWAL	Promoter Group	0.46%	—	—
FLAMINGO FINANCE AND INVESTMENT COMPANY LIMITED	Promoter Group	0.41%	—	—
SANTON FINANCE AND INVESTMENT COMPANY LIMITED	Promoter Group	0.35%	—	—
RAMANIYA FINANCE AND INVESTMENT COMPANY LIMITED	Promoter Group	0.32%	—	—
SUCHITA JAIN	Promoter Group	0.19%	—	—

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Welspun Corp Limited	63,062	2,390.60	26.60	16.70%	+13.62% TTM	+9.55% TTM	+158.46%
APL Apollo Tubes Limited	61,038	2,198.30	46.60	28.20%	+15.83% TTM	+24.90% TTM	+23.52%
Shyam Metalics and Energy Limited S	34,361	1,231.00	58.56	12.00%	+6.12% TTM	+12.47% TTM	+38.81%
Ratnamani Metals & Tubes Ltd	17,199	2,453.80	33.44	16.30%	-16.31% TTM	-8.61% TTM	+0.53%
Jindal Saw Ltd.	16,202	253.35	32.58	10.80%	-0.73% TTM	-55.61% TTM	+48.64%
Usha Martin Ltd.	14,798	485.60	29.16	18.20%	+8.54% TTM	+25.85% TTM	+2.31%
GODAWARI POWER AND ISPAT LTD.	13,845	205.65	17.14	17.90%	+8.43% TTM	+8.78% TTM	-26.21%
GALLANTT ISPAT LIMITED	12,753	528.55	31.30	18.00%	+5.52% TTM	-17.31% TTM	-5.83%
Jayaswal Neco Industries Ltd S	8,906	91.72	12.94	24.20%	+18.34% TTM	+82.81% TTM	+21.19%
Aeroflex Industries Limited	7,504	567.10	83.87	16.50%	+55.03% TTM	+87.04% TTM	+210.65%
Maharashtra Seamless Ltd.	7,450	556.00	10.11	13.00%	-12.21% TTM	-16.12% TTM	-3.03%
Sunflag Iron & Steel Co. Ltd.	7,070	392.30	34.35	3.70%	+9.35% TTM	+4.58% TTM	+48.12%
Shivalik Bimetal Controls Ltd.	6,178	1,072.50	58.24	25.00%	+27.78% TTM	+33.44% TTM	+130.55%
Technocraft Industries (India) Ltd.	6,166	2,719.40	17.69	19.30%	+12.39% TTM	+33.31% TTM	+12.14%
Man Industries (India) Ltd	5,756	767.35	28.17	16.10%	+10.75% TTM	+26.33% TTM	+94.91%
Goodluck India Limited	5,412	542.70	24.86	19.40%	+18.76% TTM	+31.22% TTM	+32.51%
SAMBHV STEEL TUBES LIMITED	4,886	165.80	25.04	17.50%	—	—	+41.23%
Bansal Wire Industries Limited	4,681	59.80	5.97	16.20%	+20.27% TTM	+2.82% TTM	-2.99%
Surya Roshni Ltd.	4,492	206.40	14.41	15.00%	+11.69% TTM	+8.34% TTM	-31.93%
Electrosteel Castings Ltd.	4,241	68.60	35.12	5.10%	-15.69% TTM	-78.91% TTM	-23.36%
Venus Pipes & Tubes Limited S	3,813	1,840.60	40.76	22.80%	+21.73% TTM	+15.01% TTM	+45.10%
Kalyani Steels Ltd	3,774	864.65	13.40	16.20%	-1.11% TTM	+8.01% TTM	+1.58%
Kirloskar Industries Ltd	3,479	3,308.30	10.24	—	+3.82% TTM	-0.15% TTM	-12.15%
Vardhman Special Steels Ltd S	3,454	356.90	21.41	13.50%	+14.75% TTM	+68.58% TTM	+20.94%
Ratnaveer Precision Engineering Limited S	3,192	380.35	41.84	13.30%	+21.02% TTM	+45.53% TTM	—

Filings & corporate actions

Recent announcements

Please find enclosed herewith transcript of the Earnings Conference Call of the Company held on 28.10.2026.2 Nov 2026 · Company Update / Earnings Call Transcript
Please find enclosed herewith Monitoring Agency Report for the quarter ended 30th September, 2026.30 Oct 2026 · Company Update / Monitoring Agency Report
Please find enclosed herewith a copy of Newspaper Publication.28 Oct 2026 · Company Update / Newspaper Publication
Please find enclosed herewith link of Audio Recording of the Earnings Call of the Company held today.28 Oct 2026 · Company Update / General
Please find enclosed herewith a copy of Investor Presentation.27 Oct 2026 · Company Update / Investor Presentation
Please find enclosed herewith Media Release for the Q2 & FY 27 results.27 Oct 2026 · Company Update / Press Release / Media Release
Please find attached herewith intimation regarding appointment of Mr. Iwao Shimamoto as Non-Executive Non-Independent Director on the Board of the Company w.e.f. 27th October, 2026.27 Oct 2026 · Company Update / Change in Directorate
Please find enclosed herewith Un-Audited financial results for the quarter/ half year ended 30.09.2026.27 Oct 2026 · Board Meeting / Outcome of Board Meeting
Please find enclosed herewith Un-Audited financial results for the quarter/ half year ended 30.09.2026.27 Oct 2026 · Result / Financial Results
Please find enclosed herewith revised notice of the Earnings Conference Call of the Company scheduled to be held on 28.10.2026 at 11:30 a.m.26 Oct 2026 · Company Update / Analyst / Investor Meet
Please find enclosed herewith intimation regarding Earnings Conference Call of the Company scheduled to be held on 28.10.2026 at 12:00 p.m.22 Oct 2026 · Company Update / Analyst / Investor Meet
Vardhman Special Steels Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 27/10/2026 ,inter alia, to consider and approve the Un-Audited Financial ....16 Oct 2026 · Board Meeting / Board Meeting
Please find enclosed herewith a copy of Newspaper Publication.14 Oct 2026 · Company Update / Newspaper Publication
Please find enclosed herewith certificate under Regulation 74 (5) of the SEBI (DP) Regulations, 2018.6 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Please find enclosed herewith Demat Report for the month ended September, 2026.5 Oct 2026 · Company Update / General
Please find enclosed herewith intimation regarding allotment of shares under Vardhman Special Steels Limited Employee Stock Option Plans.5 Oct 2026 · Company Update / Allotment of ESOP / ESPS
Please find enclosed intimation regarding appointment of Mr. Koichiro Hayashida as the Senior Management Personnel of the Company, designated as the President (Forging Division) w.e.f. ....30 Sep 2026 · Company Update / Change in Management
Please find enclosed herewith intimation regarding cessation of Mr. Koichiro Hayashida as Non - Executive Director of the Company w.e.f. 1st October, 2026.30 Sep 2026 · Company Update / Cessation
Please find enclosed herewith intimation regarding Closure of Trading Window.29 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Please find enclosed herewith Voting Results in respect of 16th AGM of the Company.18 Sep 2026 · AGM/EGM / AGM
Please find enclosed herewith Scrutinizer''s Report in respect of 16th AGM of the Company.18 Sep 2026 · AGM/EGM / AGM
Please find enclosed herewith Summary of Proceedings of 16th Annual General Meeting of the Company.18 Sep 2026 · AGM/EGM / AGM
Please find enclosed herewith intimation regarding outcome of analysts/ investors meet.9 Sep 2026 · Company Update / General
Please find enclosed herewith Demat Report for the month ended August, 2026.9 Sep 2026 · Company Update / General
Please find enclosed herewith intimation regarding schedule of Analyst/ Investor Meet.4 Sep 2026 · Company Update / Analyst / Investor Meet
Please find enclosed herewith intimation regarding dispatch of Letters to the Members of the Company.26 Aug 2026 · Company Update / General
Please find enclosed herewith a copy of Newspaper Publication.26 Aug 2026 · Company Update / Newspaper Publication
Please find enclosed herewith BRSR for the FY 2025-26.25 Aug 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Please find enclosed herewith Annual Report of the Company for the FY 2025-26.25 Aug 2026 · Others / Reg. 34 (1) Annual Report
Please find enclosed herewith Notice of AGM of the Company scheduled to be held on 18-09-2026.25 Aug 2026 · AGM/EGM / AGM
Please find enclosed herewith a copy of Newspaper Publication.21 Aug 2026 · Company Update / Newspaper Publication
Please find enclosed herewith intimation regarding Record Date.20 Aug 2026 · Corp. Action / Record Date
Please find enclosed herewith a copy of Newspaper Publication.18 Aug 2026 · Company Update / Newspaper Publication
Please find enclosed herewith intimation regarding outcome of Analysts/Investors Meet.14 Aug 2026 · Company Update / General
Please find enclosed herewith intimation regarding schedule of Analyst/ Investor meet.11 Aug 2026 · Company Update / Analyst / Investor Meet
Please find enclosed herewith Demat Report for the month ended July, 2026.6 Aug 2026 · Company Update / General
Please find enclosed herewith Monitoring Agency Report for the quarter ended 30.06.2026.4 Aug 2026 · Company Update / Monitoring Agency Report
Please find enclosed herewith transcript of Earnings Conference Call of the Company held on 23.07.2026.29 Jul 2026 · Company Update / Earnings Call Transcript
Please find enclosed herewith Media Release on the foundation stone laying ceremony of the Forging Unit of the Company.27 Jul 2026 · Company Update / Press Release / Media Release
Please find enclosed herewith link of the Audio Recording of the Concall of the Company held today.23 Jul 2026 · Company Update / General

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 3.5000	28 Aug 2026	28 Aug 2026	—
Final Dividend - Rs. - 3.0000	12 Sep 2025	12 Sep 2025	—
Final Dividend - Rs. - 2.0000	6 Sep 2024	—	—

Board meetings

27 Oct 2026 Board Meeting - Financial Results
22 Jul 2026 Board Meeting - Financial Results