Vardhman SPC Steel Ltd
NSE: VSSL · Iron & Steel Products · sector
₹343.75NSE close 2026-10-26
Key numbers
Market cap₹3,324 cr
Price₹343.75
52w high / low₹428 / ₹206
P/E23.1xSector median 15.5x
P/B2.6xSector median 1.7x
Book value₹132.1
Dividend yield0.87%Sector median 0.60%
ROE13.8%Sector median 11.1%
ROCE14.9%Sector median 11.9%
OPM10.7%Sector median 6.7%
Debt / equity0.07xSector median 0.21x
EV/EBITDA16.6xSector median 11.8x
Interest cover17.5x
Current ratio2.90x
Sales growth 3y+0.4%Sector median +2.1%
Profit growth 3y+6.7%Sector median +13.0%
PEG–
Last 12 months to Jun 2026, Standalone. "Sector median" = middle value of 118 companies in Iron & Steel Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹213 cr vs borrowings ₹93 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 17.5x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 3 of the last 5 years (FY26, FY23, FY22).
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Other income was 31% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹343.75 on 2026-10-26: -19.7% from the 52-week high, +66.5% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹406.05 · low ₹187.07
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 495 | 427 | 428 | 434 | 432 | 431 | 458 | 486 |
| EBITDA | 39 | 35 | 31 | 32 | 45 | 43 | 46 | 58 |
| OPM % | 7.9% | 8.2% | 7.3% | 7.3% | 10.5% | 10.1% | 10.1% | 12.0% |
| Other income | 9 | 7 | 7 | 8 | 11 | 13 | 10 | 10 |
| Net profit | 26 | 21 | 20 | 20 | 35 | 34 | 34 | 41 |
| EPS (₹) | 3.17 | 2.63 | 2.42 | 2.43 | 3.61 | 3.48 | 3.52 | 4.26 |
| Revenue YoY | -12.6% | +0.9% | +7.0% | +12.1% | ||||
| Profit YoY | +33.8% | +56.5% | +72.2% | +107.0% |
Standalone figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,368 | 1,735 | 1,661 | 1,764 | 1,754 | 1,807 |
| EBITDA | 174 | 141 | 142 | 148 | 166 | 193 |
| Net profit | 101 | 100 | 92 | 93 | 122 | 143 |
| EPS (₹) | 24.87 | 24.76 | 11.26 | 11.40 | 13.15 | 14.87 |
| Revenue growth | +26.8% | -4.2% | +6.2% | -0.6% | +1.3% | |
| Profit growth | -0.3% | -8.8% | +1.6% | +31.1% | +64.9% | |
| Dividend / share (₹) | 1.50 | 3.50 | 2.00 | 2.00 | 3.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +0.4% | +13.4% | +1.3% |
| Net profit | +6.7% | +22.5% | +64.9% |
| EPS | -19.0% | +3.7% | – |
| Share price | – | +15.7% (2y) | +20.1% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 642 | 719 | 798 | 1,277 |
| Borrowings | – | 143 | 83 | 120 | 93 |
| Cash & equivalents | – | 30 | 8 | 21 | 213 |
| Total assets | – | 1,031 | 1,040 | 1,136 | 1,633 |
| Fixed assets | – | 294 | 325 | 309 | 585 |
| Capital work in progress | – | 12 | 1 | 117 | 26 |
| Investments | – | 0 | 0 | 8 | 3 |
| Receivables | – | 262 | 262 | 261 | 278 |
| Inventory | – | 363 | 356 | 335 | 350 |
| Payables | – | 186 | 174 | 139 | 184 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 59 | 74 | 142 | 127 | 106 |
| Cash from investing | -9 | -15 | -50 | -127 | -427 |
| Cash from financing | -52 | -49 | -94 | 3 | 317 |
| Capex | 35 | 29 | 68 | 119 | 243 |
| Free cash flow | 24 | 45 | 74 | 8 | -137 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 15.6% | 12.7% | 11.7% | 9.6% |
| ROCE % | – | 19.4% | 17.6% | 15.7% | 12.8% |
| Debtor days | – | 55 | 58 | 54 | 58 |
| Inventory days | – | 119 | 129 | 113 | 123 |
| Payable days | – | 61 | 63 | 47 | 65 |
| Cash conversion cycle (days) | – | 113 | 124 | 120 | 116 |
| Working capital days | – | 79 | 86 | 72 | 130 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 51.18% |
| FIIs | 0.57% |
| DIIs | 2.52% |
| of which Mutual funds | 2.46% |
| Public (non-institutions) | 45.73% |
| Quarter | Mar 2025 | Jun 2025 | Jul 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 60.37% | 60.37% | 51.13% | 51.13% | 51.10% | 51.06% | 51.06% | 51.18% |
| Promoter group | % |
|---|---|
| Vardhman Textiles Limited | 20.21% |
| Sachit Jain | 11.64% |
| Vardhman Holdings Limited | 10.79% |
| Devakar Investment and Trading Company Private Limited | 4.58% |
| Mahavir Shares Trust (Deepak Jain, Trustee) | 1.10% |
| VTL Investments Limited | 0.78% |
| Shri Paul Oswal | 0.46% |
| Flamingo Finance and Investment Company Limited | 0.41% |
| Santon Finance and Investment Company Limited | 0.35% |
| Ramaniya Finance and Investment Company Limited | 0.32% |
| Suchita Jain | 0.19% |
| Shakun Oswal | 0.11% |
| Shri Paul Oswal, Partner, Amber Syndicate | 0.06% |
| Shri Paul Oswal, Partner, Northern Trading Company | 0.06% |
| Shri Paul Oswal, Partner, Paras Syndicate | 0.06% |
| Public holders above 1% | % |
|---|---|
| Aichi Steel Corporation | 24.85% |
| Tata Mutual Fund - Tata Small CAP Fund | 2.46% |
| Deep J Master | 2.07% |
| Catamaran Ventures LLP | 1.02% |
37,253 shareholders. Pledged: 0.00% of promoter shares.
Peers in Iron & Steel Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WELCORP | ₹61,798 cr | 26.7x | 6.8x | 27.8% | 19.2% | 13.9% | +19.8% | 0.21% |
| APLAPOLLO | ₹57,703 cr | 46.9x | 10.9x | 25.9% | 30.1% | 8.0% | +12.6% | 0.28% |
| SHYAMMETL | ₹31,351 cr | 28.0x | 2.7x | 7.8% | 14.2% | 12.9% | +13.7% | 0.36% |
| RATNAMANI | ₹16,345 cr | 37.8x | 4.0x | 11.2% | 15.7% | 16.7% | +0.1% | 0.60% |
| JINDALSAW | ₹14,824 cr | 26.9x | 1.2x | 4.4% | 7.2% | 9.5% | +0.1% | 0.86% |
| USHAMART | ₹14,192 cr | 27.9x | 4.3x | 16.8% | 20.1% | 19.6% | +4.1% | 0.64% |
| GALLANTT | ₹12,989 cr | 31.9x | 3.7x | 12.4% | 14.2% | 13.8% | +3.1% | 0.08% |
| GPIL | ₹11,769 cr | 14.6x | 2.0x | 15.1% | 18.7% | 21.4% | -2.2% | 0.54% |
| JAYNECOIND | ₹8,607 cr | 12.5x | 2.6x | 23.4% | 25.6% | 18.9% | +4.0% | – |
| VSSL | ₹3,324 cr | 23.1x | 2.6x | 13.8% | 14.9% | 10.7% | +0.4% | 0.87% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-08-28 | Dividend | Dividend - Rs 3.50 Per Share |
| 2025-09-12 | Dividend | Dividend - Rs 3 Per Share |
| 2024-09-06 | Dividend | Annual General Meeting/ Dividend - Rs 2 Per Share |
| 2023-09-15 | Dividend | Annual General Meeting/Dividend - Rs 2 Per Share |
| 2023-05-26 | Bonus | Bonus 1:1 |
| 2022-09-16 | Dividend | Annual General Meeting/Dividend - Rs 3.50 Per Share |
| 2021-09-02 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2020-09-11 | Other | Annual General Meeting |
| 2019-09-05 | Other | Annual General Meeting |
| 2018-09-12 | Other | Annual General Meeting |
| 2017-09-07 | Other | Annual General Meeting |
| 2017-04-07 | Rights | Rights 2:3 @ Premium Rs 40/- |
| 2016-09-19 | Other | Annual Book Closure |
| 2015-08-05 | Other | Annual General Meeting (Book Closure Date Revised) |
| 2014-09-03 | Other | Annual Book Closure / Annual General Meeting |
| 2013-08-14 | Other | Annual Book Closure |
| 2012-08-16 | Other | Annual Book Closure |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Manufacturing of Steel Products
| Sector | Industrials |
| Industry | Iron & Steel Products |
| Sub-industry | Iron & Steel Products |
| Symbol | VSSL |
| BSE code | 534392 |
| ISIN | INE050M01012 |
| Face value | ₹10.0 |
| Incorporated | 2010-05-14 |
| Website | www.vardhmansteel.com |
| Plants (India / abroad) | 1 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.