Vardhman Special Steels LimitedVSSLCorporate

Steel - Medium / Small Latest results: Dec 2025 10 quarters of data

₹380.50

MCap ₹3,679 Cr

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AI-assisted data: figures and text on this page are extracted from public quarterly filings with AI assistance, checked automatically and overseen by our editorial team (human in the loop). They may still contain errors or omissions. Verify critical numbers against official company / SEBI / NSE / BSE filings before making any decision. Educational information only, not financial advice.

₹431 Cr

Sales · Dec 2025

+0.9% YoY

₹43 Cr

Operating Profit · Dec 2025

+23.4% YoY

10.1%

OPM % · Dec 2025

+23.2% YoY

₹34 Cr

Net Profit · Dec 2025

+56.5% YoY

₹3.48

EPS · Dec 2025

+32.3% YoY

📝 Vardhman Special Steels Limited — results explained

Quarter ended December 2025 (Q3 FY26)

Vardhman Special Steels Limited reported revenue of ₹431 crore for the quarter ended December 2025 (Q3 FY26), up 0.9% from ₹427 crore in the same quarter last year.

Net profit rose 56.5% year-on-year to ₹34 crore, from ₹21 crore. Earnings per share (EPS) came in at ₹3.48.

Operating profit stood at ₹43 crore — an operating margin (OPM) of 10.1%, compared with 8.2% in the year-ago quarter.

Full year and trailing twelve months

For the full year FY25, Vardhman Special Steels Limited posted revenue of ₹1,765 crore, a growth of 6.3% over FY24, with a net profit of ₹93 crore (up 1.4% year-on-year).

Valuation snapshot

At the current price of ₹380.50, VSSL has a market capitalisation of ₹3,679 crore.

Within the Steel - Medium / Small industry, it is the 12th-largest of the 56 companies we track by market value.

Shareholding pattern

As of Sep 2026, promoters held 51.18%, foreign institutional investors (FIIs) 0.57%, domestic institutional investors (DIIs) 2.52%, public shareholders 45.73% of Vardhman Special Steels Limited.

Promoter holding rose from 51.06% to 51.18% over the latest period.

📈 Share price & events

📊 Quarterly trend

₹ crore · OPM % on right axis

🎯 Key metrics

price-linked ratios use the latest close

Valuation

Market Cap ?

₹3,679 Cr

Current Price ?

₹380.5

P/E ?

N/A

Industry P/E ?

20.50

P/B ?

4.61

P/S ?

N/A

P/FCF ?

408.77

Enterprise Value ?

₹3,799 Cr

EV/EBITDA ?

N/A

PEG ?

N/A

Earnings Yield ?

N/A

Dividend Yield ?

0.79%

Profitability & Returns

Sales (TTM) ?

N/A

OPM ?

N/A

Profit after tax (TTM) ?

N/A

EPS (TTM) ?

N/A

ROCE ?

17.0%

ROE ?

N/A

ROA ?

N/A

Growth

Sales — latest qtr ?

₹431 Cr

PAT — latest qtr ?

₹34 Cr

YoY qtr sales growth ?

0.9%

YoY qtr profit growth ?

56.5%

Sales growth (3y) ?

N/A

Sales growth (5y) ?

N/A

Profit growth (3y) ?

N/A

Profit growth (5y) ?

N/A

Financial Health

Debt ?

₹120 Cr

Debt to Equity ?

0.15

Interest Coverage ?

6.3

Current Ratio ?

N/A

Ownership

Promoter holding ?

51.18%

Change in promoter holding ?

-9.19%

Pledged percentage ?

N/A

Market

Return 3 months ?

27.5%

Return 6 months ?

48.3%

🗓️ Quarterly results (10 quarters · ₹ Cr)

same fiscal quarter as Dec bestweakest per row · for costs (interest, NPAs) low is best Highlight

Metric	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Dec 2025	YoY %	QoQ %
Sales	409	415	397	439	415	495	427	428	434	431	+0.9%	—
Operating Profit	29	31	33	49	42	39	35	31	32	43	+23.4%	—
Other Income	7	6	8	9	6	9	7	7	7	13	+89.1%	—
Interest	4	5	5	5	5	5	5	3	4	4	-27.6%	—
Depreciation	7	7	7	9	8	8	8	8	9	8	-5.9%	—
Profit Before Tax	25	25	29	44	35	35	28	27	27	45	+57.3%	—
Net Profit	19	18	22	33	26	26	21	20	20	34	+56.5%	—
EPS	2.29	2.27	2.68	4.03	3.20	3.17	2.63	2.42	2.43	3.48	+32.3%	—
OPM %	7.1%	7.5%	8.3%	11.2%	10.2%	7.9%	8.2%	7.3%	7.3%	10.1%	+23.2%	—

📆 Annual results (₹ Cr, FY = Apr–Mar)

Metric	FY24	FY25	TTM	YoY %
Sales	₹1,660 Cr	₹1,765 Cr	—	+6.3%
Operating Profit	₹142 Cr	₹148 Cr	—	+4.1%
OPM %	8.55%	8.38%	—	-2.0%
NPM %	5.54%	5.29%	—	-4.5%
Other Income	₹30 Cr	₹29 Cr	—	-3.9%
Depreciation	₹30 Cr	₹33 Cr	—	+10.2%
Interest	₹19 Cr	₹18 Cr	—	-3.9%
EBIT	₹112 Cr	₹115 Cr	—	+2.5%
PBT	₹123 Cr	₹125 Cr	—	+1.9%
Tax	—	₹23 Cr	—	—
Net Profit	₹92 Cr	₹93 Cr	—	+1.4%
EPS	₹11.27	₹11.42	—	+1.3%
Material Cost	—	₹828 Cr	—	—
Employee Cost	—	₹77 Cr	—	—
Extraordinary Items	—	—	—	—

🏛️ Balance Sheet (latest 2 periods)

Metric	Mar 2024	Mar 2025	% Chg
Equity Capital	81	82	+1.2%
Reserves	638	716	+12.2%
Borrowings	84	120	+42.9%
Other Liabilities	237	218	-8.0%
Total Liabilities	1,040	1,136	+9.2%
Fixed Assets	325	309	-4.9%
CWIP	1	117	+11600.0%
Investments	0	18	—
Other Assets	714	693	-2.9%
Total Assets	1,040	1,136	+9.2%

💧 Cash Flow (latest 2 periods)

Metric	Mar 2024	Mar 2025	% Chg
Cash from Operating Activity	142	127	-10.6%
Cash from Investing Activity	-50	-127	-154.0%
Cash from Financing Activity	-94	3	+103.2%
Net Cash Flow	-2	3	+250.0%
Free Cash Flow	76	9	-88.2%
CFO/OP	122%	108%	-11.5%

➗ Ratios (latest 2 periods)

Metric	Mar 2024	Mar 2025	% Chg
Debtor Days	58	54	-6.9%
Inventory Days	129	113	-12.4%
Days Payable	63	47	-25.4%
Cash Conversion Cycle	123	120	-2.4%
Working Capital Days	84	68	-19.0%
ROCE %	—	17%	—

👥 Shareholding (latest 5 periods)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Sep 2026	% Chg
Promoters	60.37%	51.13%	51.10%	51.06%	51.18%	+0.2%
FIIs	0.58%	0.54%	0.54%	0.55%	0.57%	+3.6%
DIIs	4.17%	3.63%	3.30%	3.34%	2.52%	-24.6%
Public	34.88%	44.70%	45.02%	45.04%	45.73%	+1.5%
No. of Shareholders	35,856	36,443	38,079	36,854	37,253	+1.1%

⚖️ Peer comparison

Industry: Steel - Medium / Small · top 25 of 56 companies · full page →

#	Company	CMP	MCap (Cr)	P/E	Sales TTM	NP TTM	OPM%	NPM%	Sales YoY%	NP YoY%	Qtr Rev Δ%	Qtr NP Δ%
1	NSLNISP NMDC Steel	₹42.65	12,499	135.8	13,939	84	10.8%	0.6%	60.4%	102.5%	8.8%	94.3%
2	MAHSEAMLES Maharashtra Seamless	₹713.65	9,563	13.0	4,620	737	15.0%	16.0%	-12.0%	-9.8%	-4.7%	15.7%
3	SUNFLAG Sunflag Iron	₹443.60	7,995	38.8	3,995	206	11.9%	5.1%	11.4%	25.0%	5.5%	4.8%
4	AEROFLEX Aeroflex Industries	₹565.00	7,477	109.5	503	67	23.4%	13.4%	17.3%	5.6%	73.1%	168.5%
5	TIIL Technocraft Industries	₹3,180.20	7,210	21.2	2,931	349	18.2%	11.9%	6.3%	11.6%	27.2%	67.3%
6	MANINDS Man Industries	₹865.65	6,493	31.5	3,875	204	13.7%	5.3%	1.7%	11.4%	41.9%	122.4%
7	GOODLUCK Goodluck India	₹526.15	5,247	8.7	4,404	210	10.0%	4.8%	4.2%	10.1%	30.9%	67.4%
8	BANSALWIRE Bansal Wire	₹308.10	4,823	9.0	4,388	531	8.5%	12.1%	18.6%	276.0%	24.4%	-47.9%
9	DEEDEV DEE Development	₹634.65	4,775	54.6	1,213	81	16.9%	6.6%	38.1%	78.8%	31.6%	22.4%
10	KSL Kalyani Steels	₹957.20	4,189	15.8	1,867	264	19.7%	14.2%	-6.9%	0.6%	4.9%	10.6%
11	VENUSPIPES Venus Pipes	₹1,962.30	4,065	39.1	1,211	104	16.3%	8.6%	21.7%	9.2%	16.1%	5.6%
12	VSSL Vardhman Special	₹398.45	3,852	26.9	1,807	144	10.6%	8.0%	-0.5%	31.9%	12.0%	105.9%
13	JTLIND JTL INDUSTRIES	₹87.38	3,435	28.8	2,314	122	8.2%	5.3%	11.5%	4.4%	32.7%	113.7%
14	RATNAVEER Ratnaveer Precision	₹343.70	2,885	42.6	1,119	67	18.2%	6.0%	19.8%	36.2%	18.9%	20.0%
15	INTERARCH Interarch Building	₹1,700.60	2,860	20.7	1,639	139	11.5%	8.5%	7.3%	28.6%	20.6%	0.9%
16	PENIND Pennar Industries	₹187.68	2,533	17.8	3,645	142	12.4%	3.9%	12.2%	15.7%	2.9%	10.7%
17	RAJRATAN Rajratan Global	₹457.40	2,322	29.1	1,228	80	12.3%	6.5%	23.8%	21.2%	28.9%	64.0%
18	PRAKASH Prakash Industries	₹117.24	2,100	6.7	3,474	313	15.0%	9.0%	-13.3%	-6.2%	-0.5%	-21.7%
19	MSPL MSP Steel	₹33.33	1,889	49.7	2,958	38	6.2%	1.3%	-2.1%	217.0%	16.2%	22.1%
20	MAHASTEEL Mahamaya Steel	₹1,115.00	1,832	183.1	943	10	2.6%	1.1%	10.1%	26.3%	29.3%	22.6%
21	HITECH Hi-Tech Pipes	₹75.00	1,520	20.3	4,821	75	3.8%	1.6%	36.9%	4.2%	78.5%	-4.2%
22	MANAKCOAT Manaksia Coated	₹130.80	1,395	32.3	897	41	9.4%	4.5%	13.2%	164.5%	4.9%	0.7%
23	STEELXIND STEEL EXCHANGE	₹10.36	1,321	40.3	1,029	31	13.0%	3.1%	-7.4%	2.6%	-10.1%	46.9%
24	MWL Mangalam Worldwide	₹42.77	1,270	22.9	1,292	55	9.5%	4.2%	13.9%	72.1%	13.7%	25.6%
25	KAMDHENU Kamdhenu	₹42.92	1,210	14.1	781	86	12.9%	11.0%	2.1%	30.0%	8.7%	38.1%

❓ Frequently asked questions

What was Vardhman Special Steels Limited's revenue in Q3 FY26?