Vardhman Special Steels
- Market cap
- ₹ 3,325 Cr.
- P/E
- 35.7x
- P/B
- 2.64x
- 52-week range
- 206.4 – 428.25
- ROE
- 12%
- ROCE
- 15%
- Dividend yield
- 1%
- Debt / equity
- 0.07
- Sector
- Industrial Products
- Industry
- Iron & Steel Products
- Listed on
- NSE, BSE
About
Vardhman Special Steels Limited is an India-based company engaged in the business that consists of manufacturing of billets, steel bars and bright bars of various categories of special and alloy steels. The Company’s end product supply condition is bright bars and hot-rolled bars. The Company supplies its end products to automobile manufacturers, such as Off Highway Vehicles, Tractors, Cars, and Two wheelers. It has a single segment, namely Manufacturing of Steel products and operations. It produces a variety of steels in terms of type and size. The Company offers products, such as hot rolled, round corner square, peeled and reeled bars, peeled and ground bars, drawn and ground bars, and heat treatment bars. The Company also offers Case Hardening Steel, Through Hardening Steel, Boron Steel, Micro Alloyed Steel, Boron Steel, Plain Carbon Steel, Ball Bearing Steel, Free/Semi Free Cutting Steel, and Spring Steel.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Iron & Steel Products: 148 companies →Vardhman Special Steels against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)35.7 against a typical 18.6: pricier than most peers (1st = cheapest).113th of 146
- Sales growth+12% against a typical +13.1% from a year earlier.60th of 117
- Profit growth+105% against a typical +26.2% from a year earlier.21st of 105
- Share price, 3 months+18.6% against a typical −3.1%.18th of 135
- Size₹ 3,325 Cr. market value against a typical ₹ 156.5 Cr. (1st = largest).17th of 135
Latest announcements
Exchange filings and their impact on the company.
- Very strong Q2 and H1 with ~39% sales growth and ~52% profit growth signals materially higher full-year earnings.
Vardhman Special Steels reported unaudited results for the quarter and half-year ended 30 September 2026. Q2 revenue was Rs 600.05 crore versus Rs 432.27 crore a year ago, and net profit was Rs 52.49 crore versus Rs 34.56 crore. For H1, revenue was Rs 1086.06 crore and net profit Rs 93.68 crore, up 25% and 72% year-on-year. The strong growth and margin improvement point to materially higher sales and earnings for the full year.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
High safety
Rated AA by CRISIL- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| CRISIL | Crisil AA | Stable | 30 Apr 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 30 Apr 2026 | Reaffirmed | Crisil AA | — | CRISIL | ₹ 726.52 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 27 Oct 2026 | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 22 Jul 2026 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2026. |
| 28 Apr 2026 | Financial Results/Dividend | To consider and approve the audited financial results for the period ended March 31, 2026 and recommendation of dividend, if any. |
| 20 Jan 2026 | Financial Results | To consider and approve the un-audited financial results for the period ended December 31, 2025. |
| 28 Oct 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
| 25 Jul 2025 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2025 |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 415 | 397 | 439 | 415 | 495 | 427 | 428 | 434 | 432 | 431 | 458 | 486 |
| Expenses | 384 | 364 | 391 | 372 | 456 | 392 | 397 | 402 | 387 | 387 | 412 | 428 |
| Operating Profit | 31 | 33 | 49 | 42 | 39 | 35 | 31 | 32 | 45 | 43 | 46 | 58 |
| OPM % | 8% | 8% | 11% | 10% | 8% | 8% | 7% | 7% | 10% | 10% | 10% | 12% |
| Other Income | 6 | 8 | 9 | 6 | 9 | 7 | 7 | 8 | 11 | 13 | 10 | 10 |
| Interest | 5 | 5 | 5 | 5 | 5 | 5 | 3 | 4 | 2 | 4 | 3 | 3 |
| Depreciation | 7 | 7 | 9 | 8 | 8 | 8 | 8 | 9 | 8 | 8 | 8 | 10 |
| Profit before tax | 25 | 29 | 44 | 35 | 35 | 28 | 27 | 27 | 46 | 45 | 46 | 55 |
| Tax % | 26% | 25% | 25% | 26% | 26% | 25% | 27% | 26% | 26% | 25% | 26% | 26% |
| Net Profit | 18 | 22 | 33 | 26 | 26 | 21 | 20 | 20 | 35 | 34 | 34 | 41 |
| EPS in Rs | 2.27 | 2.68 | 4.03 | 3.2 | 3.17 | 2.63 | 2.41 | 2.43 | 3.58 | 3.48 | 3.51 | 4.26 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 10%
- 5 Years
- 13%
- 3 Years
- 0%
- TTM
- 1%
- 10 Years
- 37%
- 5 Years
- 21%
- 3 Years
- 7%
- TTM
- 65%
- 10 Years
- 29%
- 5 Years
- 24%
- 3 Years
- 17%
- TTM
- —
- 10 Years
- 12%
- 5 Years
- 14%
- 3 Years
- 12%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Vardhman Special Steels | ₹ 327.55 | ₹ 3,325 Cr. | 35.7x | 2.6x | 12% | — |
| JSW Steel | ₹ 1,187.00 | ₹ 2,90,275 Cr. | 41.6x | 3x | — | 14.8% |
| Lloyds Metals And Energy | ₹ 1,780.40 | ₹ 1,00,195 Cr. | 27.8x | 7.6x | 36.2% | 22.4% |
| Jindal Steel | ₹ 1,012.00 | ₹ 1,04,634 Cr. | 25.9x | 2.1x | 6.9% | 6.3% |
| Jindal Stainless | ₹ 684.00 | ₹ 56,394 Cr. | 18.8x | 3.1x | 17.5% | 7.4% |
| Welspun Corp | ₹ 2,402.00 | ₹ 63,363 Cr. | 25.9x | 4.6x | 19.4% | 9.7% |
Management
- Sachit Jain
- Vice Chairman of the Board, Managing Director
- Sanjeev Singla
- Chief Financial Officer
- Sonam Dhingra
- Compliance Officer, Company Secretary
- Soumya Jain
- Executive Director
- Rajendar Kumar Rewari
- Executive Director
Prices are delayed and for information only. Nothing on this page is investment advice.