Flash Finance

Vardhman Special Steels LimitedVSSLCorporate

Steel - Medium / Small Latest results: Jun 2026 14 quarters of data
Consolidated Standalone
₹380.50
MCap ₹3,679 Cr · P/E 25.5
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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.
₹486 Cr
Sales · Jun 2026
+12.0% YoY
₹58 Cr
Operating Profit · Jun 2026
+82.6% YoY
12.0%
OPM % · Jun 2026
+62.2% YoY
₹41 Cr
Net Profit · Jun 2026
+105.9% YoY
₹4.26
EPS · Jun 2026
+75.3% YoY

📝 Vardhman Special Steels Limited — results explained

Quarter ended June 2026 (Q1 FY27)

Vardhman Special Steels Limited reported revenue of ₹486 crore for the quarter ended June 2026 (Q1 FY27), up 12.0% from ₹434 crore in the same quarter last year, and up 6.1% sequentially over the March 2026 quarter.

Net profit rose 105.9% year-on-year to ₹41 crore, from ₹20 crore. Earnings per share (EPS) came in at ₹4.26.

Operating profit stood at ₹58 crore — an operating margin (OPM) of 12.0%, compared with 7.4% in the year-ago quarter.

Full year and trailing twelve months

For the full year FY26, Vardhman Special Steels Limited posted revenue of ₹1,755 crore, a decline of 0.5% over FY25, with a net profit of ₹123 crore (up 31.9% year-on-year).

On a trailing-twelve-month (TTM) basis, revenue stands at ₹1,807 crore with a net profit of ₹144 crore.

Valuation snapshot

At the current price of ₹380.50, VSSL has a market capitalisation of ₹3,679 crore and a trailing P/E of about 25.5.

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 ?
25.51above ind
Industry P/E ?
20.50
P/B ?
2.88
P/S ?
2.04
P/FCF ?
-27.25
Enterprise Value ?
₹3,772 Cr
EV/EBITDA ?
19.60
PEG ?
3.64
Earnings Yield ?
4.2%
Dividend Yield ?
0.79%
Profitability & Returns
Sales (TTM) ?
₹1,807 Cr
OPM ?
10.6%
Profit after tax (TTM) ?
₹144 Cr
EPS (TTM) ?
₹14.91
ROCE ?
15.0%
ROE ?
11.3%
ROA ?
8.8%
Growth
Sales — latest qtr ?
₹486 Cr
PAT — latest qtr ?
₹41 Cr
YoY qtr sales growth ?
12.0%
YoY qtr profit growth ?
105.9%
Sales growth (3y) ?
0%
Sales growth (5y) ?
13%
Profit growth (3y) ?
7%
Profit growth (5y) ?
21%
Financial Health
Debt ?
₹93 Cr
Debt to Equity ?
0.07
Interest Coverage ?
10.2
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 (14 quarters · ₹ Cr)

same fiscal quarter as Jun bestweakest per row · for costs (interest, NPAs) low is best
Metric Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026 YoY % QoQ %
Sales 422409415397439415495427428434432431458486 +12.0% +6.1%
Operating Profit 2429313349423935313245434658 +82.6% +27.0%
Other Income 576896977811131010 +23.2% -1.4%
Interest 54555555342433 -17.1% +10.5%
Depreciation 777798888988810 +6.4% +19.6%
Profit Before Tax 1825252944353528272746454655 +105.2% +20.4%
Net Profit 1419182233262621202035343441 +105.9% +21.1%
EPS 1.682.292.272.684.033.203.172.632.422.433.583.483.514.26 +75.3% +21.4%
OPM % 5.7% 7.1% 7.5% 8.3% 11.2% 10.2% 7.9% 8.2% 7.3% 7.4% 10.4% 10.0% 10.0% 12.0% +62.2% +20.0%

📆 Annual results (₹ Cr, FY = Apr–Mar)

Metric FY25 FY26 TTM YoY %
Sales ₹1,765 Cr ₹1,755 Cr ₹1,807 Cr -0.5%
Operating Profit ₹148 Cr ₹166 Cr ₹192 Cr +12.2%
OPM % 8.38% 9.46% 10.65% +12.9%
NPM % 5.29% 7.01% 7.98% +32.5%
Other Income ₹29 Cr ₹42 Cr ₹44 Cr +45.7%
Depreciation ₹33 Cr ₹33 Cr ₹34 Cr -0.2%
Interest ₹18 Cr ₹13 Cr ₹12 Cr -28.8%
EBIT ₹115 Cr ₹133 Cr ₹159 Cr +15.8%
PBT ₹125 Cr ₹164 Cr ₹192 Cr +30.8%
Tax ₹23 Cr — ₹14 Cr —
Net Profit ₹93 Cr ₹123 Cr ₹144 Cr +31.9%
EPS ₹11.42 ₹13.00 ₹14.83 +13.8%
Material Cost ₹828 Cr — ₹293 Cr —
Employee Cost ₹77 Cr — ₹32 Cr —
Extraordinary Items — — — —

🏛️ Balance Sheet (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
Equity Capital 41818297 +18.3%
Reserves 6026387161,181 +64.9%
Borrowings 1448412093 -22.5%
Other Liabilities 244237218263 +20.6%
Total Liabilities 1,0311,0401,1361,633 +43.8%
Fixed Assets 294325309585 +89.3%
CWIP 12111726 -77.8%
Investments 20018158 +777.8%
Other Assets 705714693863 +24.5%
Total Assets 1,0311,0401,1361,633 +43.8%

💧 Cash Flow (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
Cash from Operating Activity 74142127106 -16.5%
Cash from Investing Activity -15-50-127-427 -236.2%
Cash from Financing Activity -49-943317 +10466.7%
Net Cash Flow 9-23-4 -233.3%
Free Cash Flow 45769-135 -1600.0%
CFO/OP 79%122%108%87% -19.4%

➗ Ratios (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
ROCE % 20%18%17%15% -11.8%
Debtor Days 55585458 +7.4%
Inventory Days 119129113123 +8.8%
Days Payable 61634765 +38.3%
Cash Conversion Cycle 113123120116 -3.3%
Working Capital Days 738468118 +73.5%

👥 Shareholding (latest 5 periods)

Metric Jun 2025Sep 2025Dec 2025Mar 2026Sep 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 35,85636,44338,07936,85437,253 +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 Q1 FY27?
Vardhman Special Steels Limited reported revenue of ₹486 crore for the quarter ended June 2026 (Q1 FY27), up 12.0% from ₹434 crore in the same quarter last year, and up 6.1% sequentially over the March 2026 quarter.
What was Vardhman Special Steels Limited's net profit in Q1 FY27?
Net profit rose 105.9% year-on-year to ₹41 crore, from ₹20 crore. Earnings per share (EPS) came in at ₹4.26.
What is VSSL's market capitalisation and P/E ratio?
At the current price of ₹380.50, VSSL has a market capitalisation of ₹3,679 crore and a trailing P/E of about 25.5.
Who owns Vardhman Special Steels Limited? (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.
TTM ends 2026-06-30. Amounts are ₹ crore unless stated otherwise. Figures are extracted by AI from public quarterly filings; gaps are filled from public market data. Live price refreshed about twice a day from exchange data. Educational information only — not financial advice.
⚠️ How this site is made: Market data pages are computed automatically from NSE/BSE publications and company filings; news articles and announcement analyses are written with AI assistance, with a human in the loop: our editors review what the AI produces. Both can contain errors. Verify with the original sources before any investment decision. Not investment advice; Flash Finance is not SEBI-registered. How we use AI