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Swing Capital

Vardhman Special Steels Ltd

NSE: VSSL BSE: 534392Metal

Vardhman Special Steels is engaged in manufacturing of Billets, Steel bars & Rods and Bright Bars of various categories of special and alloy steels.

₹276
52W: ₹206 — ₹324
PE 21.9 · Book ₹132 · +109% vs book
Market Cap₹2,669 Cr
Stock P/E21.9Price to Earnings
ROCE15.4%Return on Capital
ROE11.8%Return on Equity
Div. Yield1.09%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 24.0%

Weaknesses

  • −Company has a low return on equity of 12.3% over last 3 years.
  • −Promoter holding has decreased over last 3 years: -9.65%

Shareholding Pattern

Promoters51.06%
FIIs0.55%
DIIs3.34%
Public45.04%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters60.55%60.53%▼0.060.49%▼0.060.37%▼0.160.37%51.13%▼9.251.1%▼0.051.06%▼0.0
FIIs0.64%0.6%▼0.00.58%▼0.00.64%▲0.10.58%▼0.10.54%▼0.00.54%0.55%▲0.0
DIIs3.14%3.84%▲0.74.51%▲0.74.17%▼0.34.17%3.63%▼0.53.3%▼0.33.34%▲0.0
Public35.67%35.01%▼0.734.42%▼0.634.82%▲0.434.88%▲0.144.7%▲9.845.02%▲0.345.04%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales397439415495427428434432431458
Expenses364391372456392397402387387412
Operating Profit33494239353132454346
OPM %8%11%10%8%8%7%7%10%10%10%
Net Profit22332626212020353434
EPS ₹2.684.033.23.172.632.412.433.583.483.51

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,754Cr, down 0.6% YoY. OPM at 9%.

Debt Position

Borrowings at ₹93Cr. Debt-to-equity ratio: 0.08x. Healthy balance sheet.

Capex Cycle

CWIP at ₹26Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 3.34% (+2.28pp change). FIIs: 0.55% (-0.67pp change). Promoters hold 51.06%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 15% (Mar 2026). Working capital days: 118.

Valuation

PE 21.9x with 15.4% ROCE. Price is 109% above book value of ₹132. Dividend yield: 1.09%.

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