Vardhman Special Steels Limited

Capital Goods · Industrial Products

NSE: VSSL BSE: 534392

₹401.05

Sept. 30, 2026 · NSE · nse_bhavcopy

Peers in Industrial Products

The largest companies in the same industry by market cap. This company ranks #68 of 335. PE, ROE, 1Y return and scores come from the daily/weekly precomputed snapshot.

Company	Market cap (₹ Cr)	PE (TTM)	ROE	1Y return	Div. yield	Quality	Valuation	Momentum
Cummins India Limited	131,947	57.8	27.9%	23.7%	1.39%	84	0	27
Polycab India Limited	120,900	43.0	22.3%	9.2%	0.59%	83	27	61
Welspun Corp Limited	71,672	81.9	17.2%	217.6%	0.18%	71	0	53
APL Apollo Tubes Limited	60,810	105.9	22.7%	26.5%	—	68	0	51
Supreme Industries Limited	43,837	46.5	15.5%	-17.6%	—	76	0	49
KEI Industries Limited	42,590	42.7	13.8%	10.4%	0.10%	70	29	61
Astral Limited	36,816	56.6	13.2%	-0.4%	—	76	12	12
AIA Engineering Limited	36,106	27.9	15.8%	19.1%	0.41%	71	29	61
Vardhman Special Steels Limited (this stock)	3,878	27.0	7.2%	35.6%	0.87%	65	27	54

Valuation multiples

Current only. Market cap is the whole company's; sales/EBITDA are trailing-twelve-month standalone; debt and cash come from the latest filed standalone balance sheet (March 31, 2026). EBITDA = PBT + interest + depreciation.

Enterprise value

₹3,964 Cr

EV / EBITDA

16.7x

EV / Sales

2.19x

Market cap / Sales

2.15x

Earnings yield

3.71%

Quarterly Financials

Download CSV

Standalone Consolidated

↑ Positive

Quarterly Revenue

Jun 2026 quarterly revenue is Rs 496 Cr, up 12.4% YoY.

↑ Positive

Quarterly Net Profit

Jun 2026 quarterly net profit is Rs 41 Cr, up 107.0% YoY.

Period end	Revenue (₹ Cr)	PBT (₹ Cr)	Net profit (₹ Cr)	Basic EPS
June 30, 2026	486	55	41	₹4.2600
March 31, 2026	458	46	34	₹3.5200
Dec. 31, 2025	431	45	34	₹3.4800
Sept. 30, 2025	432	47	35	₹3.6100
June 30, 2025	434	27	20	₹2.4300
March 31, 2025	428	27	20	₹2.4200
Dec. 31, 2024	427	28	21	₹
Sept. 30, 2024	495	35	26	₹3.1700
June 30, 2024	415	35	26	₹3.2000
March 31, 2024	439	44	33	₹4.0200
Dec. 31, 2023	397	29	22	₹
Sept. 30, 2023	415	25	18	₹2.2700
June 30, 2023	409	25	19	₹2.2900

Quarterly income statement (standalone, ₹ Cr)

Indicator	Jun 26	Mar 26	Dec 25	Sep 25	Jun 25	Mar 25	Sep 24	Jun 24	Mar 24	Sep 23	Jun 23	Mar 23	Dec 22
Total income (before exceptional items)	496	468	444	443	441	435	504	420	448	421	417	427	414
Operating revenue	486	458	431	432	434	428	495	415	439	415	409	422	401
Other income	10	10	13	11	7	7	9	6	9	6	7	5	13
Operating expenses	428	412	387	387	402	397	456	372	391	384	380	398	364
Operating profit	58	46	43	45	32	31	39	42	49	31	29	24	36
Operating profit margin	12.0%	10.1%	10.1%	10.5%	7.3%	7.3%	7.9%	10.2%	11.1%	7.5%	7.1%	5.8%	9.1%
Depreciation	10	8	8	8	9	8	8	8	9	7	7	7	7
Interest	3	3	4	2	4	3	5	5	5	5	4	5	5
Exceptional items, gain / (loss)	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit before tax	55	46	45	47	27	27	35	35	44	25	25	18	38
Tax	14	12	11	12	7	7	9	9	11	6	6	4	10
Net profit	41	—	—	—	20	20	26	26	33	18	19	14	28
EPS	4.26	3.52	3.48	3.61	2.43	2.42	3.17	3.20	4.02	2.27	2.29	3.37	7.02
Net profit (TTM)	—	—	—	—	92	104	103	96	83	79	89	100	116
EPS (TTM)	14.87	13.04	11.94	11.63	11.22	12.81	12.66	11.78	11.95	14.95	19.58	24.76	28.59

Total income excludes exceptional items, which are shown on their own row. Trendlyne and Screener fold exceptional items into revenue or other income, so their totals differ from this table by exactly that row.

Annual Financials

Year ended	Revenue (₹ Cr)	PBT (₹ Cr)	Net profit (₹ Cr)
March 31, 2026	1,754	164	122
March 31, 2025	1,764	125	93
March 31, 2024	1,661	123	92
March 31, 2023	1,735	134	100

Annual income statement (standalone, ₹ Cr; CAGR to the latest year)

Indicator	CAGR 3Y	CAGR 5Y	Mar 26	Mar 25	Mar 24	Mar 23	Mar 21	Mar 20	Mar 19	Mar 18	Mar 17
Total income (before exceptional items)	0.4%	13.6%	1,797^†	—	—	1,774^†	950^†	856^†	1,125^†	884^†	399^†
Operating revenue	0.4%	13.4%	1,754	1,764	1,661	1,735	937^†	846^†	1,121^†	878^†	394^†
Other income	—	—	42^†	—	—	39^†	13^†	9^†	4^†	6^†	5^†
Operating expenses	—	—	1,588^†	—	—	1,594^†	834^†	806^†	1,055^†	816^†	—
Operating profit	5.6%	10.0%	166^†	—	—	141^†	103^†	40^†	66^†	62^†	—
Operating profit margin	—	—	9.5%^†	—	—	8.1%^†	11.0%^†	4.7%^†	5.9%^†	7.1%^†	—
Depreciation	—	—	33^†	—	—	28^†	30^†	26^†	24^†	22^†	—
Interest	—	—	12^†	—	—	18^†	20^†	26^†	24^†	21^†	28^†
Exceptional items, gain / (loss)	—	—	0^†	—	—	0^†	0^†	0^†	0^†	0^†	-2^†
Profit before tax	6.9%	19.8%	164	125	123	134	66^†	-2^†	22^†	25^†	19^†
Tax	—	—	42^†	—	—	34^†	22^†	-6^†	—	—	—
Net profit	6.7%	22.5%	122	93	92	100	44^†	3^†	22^†	25^†	19^†
EPS	-19.2%	3.6%	13.04^†	—	—	24.76^†	10.92^†	0.79^†	—	—	—

^† Derived: the sum of that fiscal year's four quarterly filings (a real annual filing is used wherever one exists). Checked against filed annual figures, the sum lands within 0.5% for about 94% of company-years.

Annual ratios (standalone)

Ratio	Mar 26	Mar 25	Mar 24	Mar 23	Mar 21	Mar 20	Mar 19	Mar 18	Mar 17
Operating margin	9.5%^†	—	—	8.1%^†	11.0%^†	4.7%^†	5.9%^†	7.1%^†	—
EBIT margin	10.0%^†	—	—	8.8%^†	9.2%^†	2.8%^†	4.1%^†	5.3%^†	12.0%^†
PBT margin	9.4%	7.1%	7.4%	7.7%	7.1%^†	-0.3%^†	2.0%^†	2.9%^†	4.9%^†
Net margin	7.0%	5.3%	5.5%	5.8%	4.7%^†	0.4%^†	2.0%^†	2.9%^†	4.9%^†
Interest coverage	14.78x^†	—	—	8.61x^†	4.37x^†	0.91x^†	1.94x^†	2.17x^†	1.68x^†
Dividend payout	23.0%^†	—	—	14.1%^†	0.0%^†	0.0%^†	—	—	—
Earnings retention	77.0%^†	—	—	85.9%^†	100.0%^†	100.0%^†	—	—	—
Current ratio	2.90x	2.11x	—	—	—	—	—	—	—
Quick ratio	1.83x	1.04x	—	—	—	—	—	—	—
Debt to equity	0.07x	0.15x	—	—	—	—	—	—	—
Return on equity	9.6%	11.7%	—	—	—	—	—	—	—
Return on assets	7.5%	8.2%	—	—	—	—	—	—	—
Return on capital employed	13.5%^†	—	—	—	—	—	—	—	—
Asset turnover	1.07x	1.55x	—	—	—	—	—	—	—

Margins and asset turnover use operating revenue (interest earned for banks, excluding other income), not total income. Liquidity, leverage and return ratios need a filed standalone balance sheet, which exists only for recent years; returns use year-end equity/assets. Dividend payout is shown only for companies with a dividend record. † = built from a summed fiscal year.

Revenue Mix

Data unavailable.

Cash Flow

Year ended	Operating (₹ Cr)	Investing (₹ Cr)	Financing (₹ Cr)	Capex (₹ Cr)	Free Cash Flow (₹ Cr)
March 31, 2026	106	-427	317	243	-137
March 31, 2025	127	-127	3	119	8
March 31, 2024	142	-50	-94	68	74
March 31, 2023	74	-15	-49	29	45
March 31, 2022	59	-9	-52	35	24

Balance Sheet (standalone)

Year ended	Total Assets (₹ Cr)	Total Equity (₹ Cr)	Reserves (₹ Cr)	Borrowings, Current (₹ Cr)	Borrowings, Non-current (₹ Cr)	Current Assets (₹ Cr)	Current Liabilities (₹ Cr)	Cash & Equivalents (₹ Cr)	Net Block (₹ Cr)	Inventory (₹ Cr)
March 31, 2026	1,633	1,277	1,181	93	0	955	330	6	585	350
March 31, 2025	1,136	798	716	116	3	661	313	11	309	335
March 31, 2024	—	—	—	—	—	—	—	—	—	—
March 31, 2023	—	—	—	—	—	—	—	—	—	—
March 31, 2022	—	—	—	—	—	—	—	—	—	—

Financial charts

Trend charts drawn from the standalone income-statement and ratio tables above (oldest year on the left); a gap means that period has no figure. Annual years marked † in the tables are derived from four quarters.