Vardhman Special Steels Limited share price

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.Read more

Website NSE हिंदी में BSE

Basic MaterialsSteelNSE: VSSLISIN INE050M01012

16 Oct 2026, 3:29 PM IST₹380.50▲ 8.20 (2.20%)

Market Cap₹ 3,679 Cr.
Current Price₹ 380.50
High / Low₹ 428 / 206
Stock P/E25.7
Book Value₹ 132
Dividend Yield0.94 %
ROCE13.4 %
ROE11.80 %
Face Value₹ 10.0

More figures (10)

EPS (TTM)₹ 14.83
Price / Book2.88
OPM9.3 %
Debt / Equity0.07
Sales growth (5Y)13.4 %
Profit growth (5Y)22.5 %
Promoter holding77.9 %
EV / EBITDA15.0
Beta0.45
All-time high₹ 428

Price chart

Price on NSE 50 DMA 200 DMA Volume

Returns	1M	3M	6M	YTD	1Y	3Y CAGR	5Y CAGR
VSSL	-6.25%	+27.94%	+48.12%	+33.81%	+36.55%	+23.30%	+23.45%
Nifty 50	-0.31%	-3.85%	-4.34%	-11.42%	-9.53%	+5.46%	+4.76%

Price returns only (dividends not included). Prices from NSE via Yahoo Finance; may be delayed.

Quick take

Vardhman Special Steels Limited is in the Steel industry (Basic Materials), with a market value of ₹3,679 crore.
It trades at 25.7 times its last 12 months' earnings and 2.9 times book value.
Revenue grew 13.4% a year over the last 5 years, profit 22.5% a year.
Return on equity was 11.8% and return on capital employed 13.4% in the latest year.
Debt was 0.07 times shareholders' equity.
The share price is 11.2% below its 52-week high and up 36.6% over one year.
Promoters and insiders hold about 77.9%; institutions about 3.6%.

Pros

Company is almost debt-free (debt is 0.07 times equity).
Profit has grown 22.5% a year over the last 5 years.
Latest quarter (Jun 2026): sales up 12% and profit up 107% from a year ago.

Cons

Promoter holding has fallen by 9.49 points over 3 years, to 51.18%.

Pros and cons are generated automatically from the reported figures. They are observations, not a recommendation to buy or sell.

AI analysis

Plenitude AI reads the figures on this page and explains them in plain language. It does not say whether to buy or sell.

About Vardhman Special Steels Limited

Employees: 1,400
Head office: Ludhiana

Basic MaterialsSteel

S.No.	Company	CMP ₹	P/E	Mar Cap ₹ Cr	Div Yld %	NP Qtr ₹ Cr	Qtr Profit Var %	Sales Qtr ₹ Cr	Qtr Sales Var %	ROCE %	ROE %	P/B	OPM %	Debt / Eq	Prom. Hold. %	Sales ₹ Cr	Sales Var 3Yrs %
1.	Vardhman Special Steels	380.50	25.7	3,679	0.94	41	107.01	486	12.06	13.4	11.8	2.88	9.3	0.07	77.90	1,754	13.4
2.	JSW Steel	1,216.30	12.1	2,96,896	0.59	4,696	112.58	47,364	9.77	18.7	24.9	2.97	12.8	1.19	63.60	1,85,470	3.6
3.	Tata Steel	175.50	19.8	2,18,924	2.27	2,318	11.58	60,412	14.54	11.3	11.2	2.14	9.7	0.90	35.40	2,30,293	-1.6
4.	Jindal Steel	1,045.20	39.1	1,06,348	0.19	845	—	15,553	16.99	7.5	6.9	2.09	13.8	0.44	63.86	43,561	-13.1
5.	Lloyds Metals and Energy	1,851.70	21.3	1,04,208	0.06	1,727	164.87	7,289	206.63	19.4	36.2	7.51	33.8	1.49	77.69	16,822	71.4
6.	Steel Authority of India	170.95	16.5	70,611	1.38	1,644	120.80	26,246	1.25	7.2	5.7	1.17	6.1	0.53	65.10	1,10,811	2.0
7.	Welspun Corp	2,571.50	29.4	67,811	0.20	1,046	49.86	4,081	3.98	19.5	19.4	7.41	12.3	0.26	49.85	16,209	19.5
8.	NMDC	71.69	8.4	63,029	2.82	1,976	0.44	6,795	0.84	28.4	23.4	1.85	27.4	0.19	60.80	32,071	22.0
9.	Jindal Stainless	736.55	18.7	60,688	0.55	769	7.73	11,279	10.50	17.8	17.5	3.07	10.4	0.38	64.66	42,839	6.4
10.	APL Apollo Tubes	2,152.70	48.1	59,772	0.40	263	-10.24	5,438	2.14	28.0	25.3	11.29	7.1	0.09	36.91	22,385	12.6
	Median: 47 Co.	890.88	24.8	6,598	0.06	1,345	49.86	9,284	10.14	18.3	11.7	2.58	8.9	0.41	63.73	37,455	4.1

Companies in the same industry; the median covers every company in it that we hold figures for. Tap a heading to sort. Sorting and comparing are ways to explore data, not recommendations.

Quarterly Results

Standalone figures in ₹ crore

₹ Cr	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	409	415	397	439	415	495	427	428	434	432	431	458	486
YOY Sales Growth %	-12.75%	-6.31%	-0.81%	4.12%	1.32%	19.18%	7.39%	-2.59%	4.56%	-12.64%	0.88%	6.98%	12.06%
	380	384	364	391	372	456	392	397	402	387	387	412	428
Material Cost %	62%	63%	61%	58%	58%	65%	59%	63%	62%	58%	57%	59%	57%
Employee Cost %	5%	5%	6%	6%	6%	5%	6%	6%	6%	7%	7%	6%	7%
Other Expenses %	26%	24%	25%	25%	26%	22%	27%	23%	24%	25%	26%	25%	24%
Operating Profit	29	31	33	49	42	39	35	31	32	45	43	46	58
OPM %	7%	7%	8%	11%	10%	8%	8%	7%	7%	10%	10%	10%	12%
Other Income	7	6	8	9	6	9	7	7	7	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
Profit before tax	25	25	29	44	35	35	28	27	27	47	45	46	55
	26%	26%	25%	25%	26%	26%	25%	27%	26%	26%	25%	26%	26%
Current tax	7	6	7	11	9	9	8	8	6	11	11	10	12
Deferred tax	-0	-0	0	-0	0	0	-1	-0	1	1	0	2	2
	19	18	22	33	26	26	21	20	20	35	34	34	41
YOY Profit Growth %	-38.70%	-34.10%	-23.39%	139.77%	40.43%	39.88%	-1.60%	-39.83%	-23.71%	33.86%	56.53%	72.20%	107.01%
EPS in Rs	2.29	2.27	2.68	4.02	3.20	3.17	2.63	2.42	2.43	3.61	3.48	3.52	4.26
Raw filing

Source: the company's results filed with NSE, as reported. EPS restated for bonus issues and splits. Tap a row marked + for its breakdown. Latest quarter on the right.

Profit & Loss

Standalone figures in ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,121	846	937	1,368	1,735	1,661	1,764	1,754	1,807
YOY Sales Growth %		-24.50%	10.74%	46.03%	26.78%	-4.24%	6.20%	-0.57%
	1,053	806	834	1,195	1,594	1,519	1,616	1,588	1,614
Material Cost %	60%	64%	56%	58%	64%	61%	61%	59%	58%
Employee Cost %	5%	6%	6%	6%	5%	6%	6%	7%	7%
Other Expenses %	29%	26%	27%	23%	23%	25%	24%	25%	25%
Operating Profit	68	40	103	174	141	142	148	166	193
OPM %	6%	5%	11%	13%	8%	9%	8%	9%	11%
Other Income	2	9	13	29	39	30	29	42	45
Interest	24	26	20	17	18	18	19	12	12
Depreciation	24	26	30	27	28	31	33	33	33
Profit before tax	22	-2	66	158	134	123	125	164	193
	0%		33%	36%	25%	25%	26%	26%	26%
Current tax			12	27	35	32	33	38
Deferred tax	-0	-6	10	31	-1	-0	-1	4
	22	3	44	101	100	92	93	122	143
YOY Profit Growth %		-84.96%	1,223.24%	127.97%	-0.30%	-8.78%	1.59%	31.08%
EPS in Rs	3.11	0.45	5.47	12.44	12.38	11.26	11.40	13.15	14.87
Dividend Payout %					14%	18%	17%	24%

Compounded Sales Growth

5 Years:: 13%
3 Years:: 0%
TTM:: 1%

Compounded Profit Growth

5 Years:: 23%
3 Years:: 7%
TTM:: 65%

Stock Price CAGR

5 Years:: 23%
3 Years:: 23%
1 Year:: 37%

Return on Equity

4 Years:: 13%
Last Year:: 12%

Financial years ending March; TTM = the last four quarters. Source: the company's results filed with NSE, as reported. EPS restated for bonus issues and splits. Tap a row marked + for its breakdown. Dividend payout = dividends paid in the year ÷ net profit.

Balance Sheet

Consolidated figures in ₹ crore, as at 31 March

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	41	81	82	97
Reserves	602	638	716	1,181
	144	84	120	93
Long term borrowings	44	14	3
Short term borrowings	99	69	116	93
	244	237	218	263
Trade payables	186	174	139	184
Current liabilities	321	283	313	330
Total Liabilities	1,031	1,040	1,136	1,633
	310	342	426	641
Gross block	498	559	693	912
Accumulated depreciation	188	217	251	270
Goodwill & intangibles	0	0	0	0
CWIP	16	17	117	56
	704	681	593	936
Inventories	363	356	335	350
Trade receivables	262	262	261	278
Cash & equivalents	10	8	11	6
Current assets	699	674	661	955
Total Assets	1,031	1,040	1,136	1,633

Source: Yahoo Finance (compiled from the annual reports). Tap a row marked + for its breakdown.

Cash Flows

Consolidated figures in ₹ crore, financial years ending March

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	74	142	127	106
Profit for the year	100	92	93	122
Working capital changes	-66	3	-15	-52
Direct taxes paid	-38	-32	-33	-39
	-15	-50	-127	-427
Fixed assets purchased	-29	-68	-119	-243
Fixed assets sold	1	1	0	1
Investments purchased	-5	-384	-220	-617
Investments sold	16	406	204	472
	-49	-94	3	317
Repayment of borrowings	-45	-28	-23	-14
Interest paid	-18	-18	-18	-12
Dividends paid	-14	-16	-16	-29
Net Cash Flow	9	-2	3	-4
Free Cash Flow	45	74	8	-137

Free cash flow = cash from operations − capital expenditure. Source: Yahoo Finance.

Ratios

Ratio	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROE	—	15.6%	13.5%	12.3%	11.8%
ROCE	—	21.3%	18.7%	17.4%	13.4%
Operating margin	—	8.5%	8.2%	8.0%	9.3%
Net margin	—	5.8%	5.5%	5.3%	7.0%
Debt / equity	—	0.22	0.12	0.15	0.07
Current ratio	—	2.18	2.38	2.11	2.90
Debtor days	—	55	58	54	58
Inventory days	—	94	99	88	95
Days payable	—	48	49	37	50
Cash conversion cycle	—	101	108	105	103
Working capital days	—	80	86	72	131

Computed from the reported statements: ROE on average equity; ROCE = EBIT / (total assets − current liabilities). Debtor days = receivables ÷ sales × 365; inventory and payable days use cost of goods sold; cash conversion cycle = debtor + inventory − payable days; working capital days = (current assets − current liabilities) ÷ sales × 365.

Shareholding Pattern

Numbers in percentages · as filed with NSE each quarter

Promoters 51.18%
FIIs 0.57%
DIIs 2.52%
Public 45.73%

%	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters	60.67%	60.56%	60.56%	60.53%	60.49%	60.37%	60.37%	51.13%	51.10%	51.06%	51.06%	51.18%
	0.75%	0.49%	0.64%	0.60%	0.58%	0.65%	0.58%	0.55%	0.54%	0.55%	0.55%	0.57%
Foreign portfolio investors (Cat. I)	0.69%	0.49%	0.57%	0.60%	0.58%	0.64%	0.58%	0.54%	0.54%	0.55%	0.55%	0.52%
Foreign portfolio investors (Cat. II)	0.06%		0.07%									0.06%
	2.50%	2.63%	3.15%	3.85%	4.51%	4.17%	4.18%	3.64%	3.31%	3.34%	3.27%	2.52%
Mutual funds	2.42%	2.50%	2.89%	3.71%	4.49%	4.14%	4.14%	3.60%	3.27%	3.30%	3.23%	2.46%
Alternative investment funds	0.08%	0.13%	0.25%	0.13%	0.02%	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%	0.05%
	36.07%	36.32%	35.65%	35.02%	34.42%	34.81%	34.87%	44.69%	45.04%	45.05%	45.12%	45.73%
Retail (up to ₹2 lakh)	10.74%	10.54%	10.45%	10.61%	10.59%	10.73%	10.28%	8.67%	8.96%	8.87%	8.80%	8.93%
HNIs (above ₹2 lakh)	9.66%	9.69%	9.14%	9.28%	8.93%	9.10%	9.16%	7.66%	7.82%	7.89%	7.88%	8.07%
NRIs	0.61%	0.63%	0.67%	0.67%	0.66%	0.71%	0.66%	0.57%	0.54%	0.55%	0.54%	0.53%
Bodies corporate	2.54%	2.97%	2.93%	1.96%	1.09%	1.05%	1.06%	0.89%	0.86%	0.89%	0.95%	1.14%
No. of Shareholders	33,715	32,866	34,683	35,229	36,348	36,287	35,856	36,443	38,079	36,854	36,365	37,253

Source: shareholding patterns filed by the company with NSE. Public = non-institutional holders. Tap a row marked + for its breakdown.

Mutual funds & institutions holding Vardhman Special Steels

Holder (above 1%)	Stake
Tata Small Cap FundMutual fund	2.46%

As named in the shareholding pattern for Sep 2026 filed with NSE; mutual funds together hold 2.46% of the company. Shareholders below 1% are not named in the filing.

Documents

Announcements

All announcements on NSE →

Annual reports

Credit ratings

Concalls & investor meets

Filings made by the company with NSE; documents open on NSE's website.

Key dates

Ex-dividend date: 28 Aug 2026
Latest quarter: 30 Jun 2026
Financial year end: 31 Mar 2026

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Latest news

In the news

From the company (NSE)

Headlines from news publishers (via Google News) and the filings of the company with NSE; they open on the source website. Headlines with price targets or buy/sell calls are left out. News is for information only and is not a recommendation.

Questions about Vardhman Special Steels Limited

What is the share price of Vardhman Special Steels Limited today?

Vardhman Special Steels Limited (VSSL) last traded at ₹380.50 on NSE (16 Oct 2026, 3:29 PM IST). Prices may be delayed.

What is the market cap of Vardhman Special Steels Limited?

About ₹3,679 crore at the latest price.

What is the P/E ratio of Vardhman Special Steels Limited?

About 25.7 times its earnings over the last 12 months.

Is Vardhman Special Steels Limited a good investment?

We do not give views on individual shares. Whether any share suits you depends on your goals, time horizon and risk appetite; for long-term goals, a diversified mutual fund is often a simpler way to own shares. Investments in securities markets are subject to market risks.

How can I buy Vardhman Special Steels Limited shares?

You need a trading and demat account with a SEBI-registered stock broker. We can help you open one through Parshvanath Investments, an Authorised Person of Master Capital Services Ltd (SEBI Reg. INZ000210539). We provide execution and account service only, not tips or research.

Important. Prices from NSE via Yahoo Finance. Quarterly and annual results, shareholding and documents are taken from the filings the company made with NSE; balance sheet, cash flow and valuation figures are compiled by Yahoo Finance; ratios are computed by us from them. Figures may be delayed or revised. This page is for information only: it is not research, a recommendation or an offer to buy or sell any security. Investments in securities markets are subject to market risks; read all related documents carefully before investing. Plenitude Connect Private Limited is an AMFI-registered Mutual Fund Distributor (ARN-130934); share broking is offered through Parshvanath Investments, Authorised Person of Master Capital Services Ltd (SEBI Reg. INZ000210539).

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