Vraj Iron and Steel Limited (VRAJ)
₹124.78 +1.03% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Vraj Iron's revenue was ₹170 Cr (+11.1% year on year, +16.1% on the previous quarter), and net profit ₹16.0 Cr (+59.8% year on year); the operating margin was 14.7%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹170 | +11.1% | +16.1% |
| Operating profit | ₹25.0 | +52.8% | +382.9% |
| Net profit | ₹16.0 | +59.8% | — |
| EPS (₹) | 4.72 | +45.7% | — |
| Operating margin | 14.7% | — | — |
VRAJ delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 64.28% of the VRAJ shares traded on NSE were taken to delivery, against the stock's own 20-session average of 64.68%. That is close to its usual level. Turnover was only ₹33 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 59.0% · 50.1% · 73.7% · 63.7% · 64.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Vraj Iron and Steel Limited has issued an addendum clarifying the Standard Terms of Reference (ToR) received on October 14, 2026, from the MoEF&CC for its proposed greenfield steel plant. The addendum details captive power generation comprising a 32 MW WHRB plant (16 MW in Phase 1, 16 MW in Phase 2) and a 28 MW FBC power plant (8 MW in Phase 1, 20 MW in Phase 2). It also covers a bricks manufacturing unit with capacity of 24,000 bricks/day in Phase 1 and 40,000 bricks/day in Phase 2. While Terms of Reference mark an early procedural step toward environmental clearance, the integration of 60 MW captive power is crucial for cost efficiency.
- Terms of Reference (ToR) granted by MoEF&CC on October 14, 2026, for a greenfield steel plant
- WHRB power plant addition: 32 MW total across Phase 1 (16 MW) and Phase 2 (16 MW)
- FBC power plant addition: 28 MW total across Phase 1 (8 MW) and Phase 2 (20 MW)
- Brick manufacturing capacity planned at 24,000 bricks/day (Phase 1) and 40,000 bricks/day (Phase 2)
Vraj Iron and Steel has received fresh Standard Terms of Reference (ToR) from MoEF&CC on October 14, 2026, for a proposed greenfield integrated steel plant in Raipur, Chhattisgarh. The project scope includes a 0.9 MTPA pellet plant, 462,000 TPA DRI kilns, 412,500 TPA induction furnaces, 392,700 TPA rolling mills (TMT/structural steel), and a 1.2 MTPA coal washery unit. The grant of ToR is an early regulatory milestone, allowing the company to proceed with an Environmental Impact Assessment (EIA) and public consultations toward final Environmental Clearance (EC).
- Received fresh ToR on October 14, 2026, from MoEF&CC for greenfield steel plant at Raipur, Chhattisgarh
- Proposed capacity includes 0.9 MTPA pelletization, 4,62,000 TPA DRI kilns (4x350 TPD), and 4,12,500 TPA induction furnaces
- Downstream capacity includes 3,92,700 TPA rolling mills for TMT bars/structural steel and 12,00,000 TPA coal washery
- Final Environmental Clearance, once granted post-EIA and public consultation, will be valid for 10 years
Vraj Iron and Steel has approved the sale of its entire 13.20% stake (3,96,000 equity shares) in group company MVK Industries Private Limited. The stake is being sold to promoter entity Gopal Sponge and Power Private Limited for ₹4.55 crore (₹115 per share, representing book value plus a 25% premium). The investment was a non-core asset contributing ₹2.35 crore (0.57%) to net worth and generating no recurring income. The proceeds are planned to fund the company's ongoing expansion projects, with completion targeted by October 31, 2026.
- Sale of 3,96,000 equity shares (13.20% stake) in MVK Industries Private Limited
- Total consideration of ₹4,55,40,000 (₹115 per share, book value plus 25% premium)
- Buyer is promoter and holding company Gopal Sponge and Power Private Limited (Related Party Transaction)
- Target completion date set for October 31, 2026
- Divested asset accounted for ₹2,34,96,593 (0.57%) of net worth with zero revenue contribution
Vraj Iron and Steel announced the voting results of its 22nd Annual General Meeting held on September 12, 2026. All five ordinary resolutions, including the adoption of FY26 financial statements and re-appointments, were passed with requisite majorities. Notably, Resolution 5 regarding material related-party transactions for availing guarantee services was passed with 99.89% approval among voting non-promoter public shareholders (promoters did not vote). Overall, routine administrative governance requirements have been fulfilled.
- All 5 resolutions passed at the 22nd AGM held on September 12, 2026
- Overall voter turnout for general resolutions stood at 76.1553% (25,118,013 votes polled out of 32,982,619 shares)
- Re-appointment of Mr. Praveen Somani as Whole-Time Director for 5 years approved with 99.9976% favorable votes
- Resolution 5 on material related party guarantee transactions passed with 99.8930% votes in favor by non-promoters (395,879 votes in favor vs 424 against)
Vraj Iron and Steel Limited reported the proceedings of its 22nd Annual General Meeting held on September 12, 2026, in Raipur, Chhattisgarh. A total of 32 members attended the meeting, and 5 ordinary resolutions were placed for shareholder voting, including financial statement adoption for FY26 and re-appointment of directors. Notably, an ordinary resolution was also put forward to approve material related-party transactions for availing guarantee services. Formal voting results are expected within two working days of the AGM.
- 22nd Annual General Meeting concluded on September 12, 2026, at 02:30 PM
- 32 members attended the meeting in physical attendance
- Remote e-voting held between September 09, 2026 (9:00 AM) and September 11, 2026 (5:00 PM)
- 5 ordinary resolutions placed before members, including Item No. 5 regarding guarantee services from a related party
Vraj Iron and Steel Limited has received an order dated August 30, 2026, from MoEF&CC approving the transfer of Environmental Clearance (EC) from Gopal Sponge & Power Pvt Ltd for its greenfield project at Bastar, Chhattisgarh. The perpetual clearance enables development of a massive facility including an 0.8 MTPA pellet plant, 3,35,000 TPA sponge iron, 3,00,000 TPA MS billets, and 3,00,000 TPA rolled products (TMT bars/angles). Additionally, it encompasses a 1x12 MVA ferro alloy plant and 40 MW captive power generation (25 MW WHRB + 15 MW CFBC). This transfer secures the primary regulatory milestone for a major long-term capacity leap relative to its current TTM revenue of ₹588 crore.
- Received MoEF&CC approval on August 30, 2026, transferring perpetual Environmental Clearance from Gopal Sponge & Power Pvt Ltd
- EC covers 0.8 MTPA pelletization and 3,35,000 TPA sponge iron capacity (1x400 TPD & 1x600 TPD DRI kilns)
- Includes 3,00,000 TPA hot/MS billets (5x20 T induction furnaces) and 3,00,000 TPA rolled products/TMT bars
- Encompasses a 1x12 MVA ferro alloy unit (up to 45,000 TPA pig iron or 40,000 TPA FeMn) and 40 MW captive power (25 MW WHRB + 15 MW CFBC)
Vraj Iron and Steel Limited has dispatched letters containing the web link and QR code for its FY26 Annual Report and 22nd AGM Notice to shareholders who have not registered their email addresses, pursuant to SEBI LODR Regulation 36(1)(b). The 22nd AGM is scheduled to be held physically on Saturday, September 12, 2026, at 01:00 PM in Raipur, Chhattisgarh. The remote e-voting window will run from September 9, 2026, to September 11, 2026, with the voting entitlement cut-off date set as September 7, 2026.
- 22nd Annual General Meeting scheduled for Saturday, September 12, 2026, at 01:00 PM IST in Raipur
- Remote e-voting period opens on September 9, 2026 (09:00 AM) and closes on September 11, 2026 (05:00 PM)
- Cut-off date for remote e-voting entitlement set as Monday, September 7, 2026
- Letter dispatched to shareholders without registered emails as of the August 14, 2026 cut-off date
Vraj Iron and Steel Limited has issued notice for its 22nd Annual General Meeting scheduled for September 12, 2026, in Raipur, Chhattisgarh. The remote e-voting window will be open from September 9 to September 11, 2026, with the record/cut-off date set as September 7, 2026. The accompanying Annual Report confirms consolidated FY26 revenue of Rs 596.60 crore (up 24.59% YoY) and consolidated PAT of Rs 32.01 crore (down 27.4% YoY from Rs 44.09 crore in FY25).
- 22nd Annual General Meeting scheduled for September 12, 2026, at 01:00 PM in Raipur
- Cut-off date for AGM voting eligibility is September 7, 2026
- Remote e-voting window runs from 9:00 AM on September 9 to 5:00 PM on September 11, 2026
- Consolidated FY26 Total Income reached Rs 5,966.01 million vs Rs 4,788.60 million in FY25
- Consolidated FY26 Net Profit stood at Rs 320.05 million compared to Rs 440.87 million in FY25
Vraj Iron and Steel Limited has executed a loan agreement to borrow Rs 11.30 crore from its associate company, Vraj Metaliks Private Limited. The loan is unsecured, carries an interest rate of 9% per annum, and is repayable on demand. This borrowing represents approximately 1.9% of the company's TTM revenue and 2.7% of its net worth. The funds are earmarked for general business and corporate purposes.
- Execution of an unsecured loan agreement for Rs 11.30 crore on August 13, 2026
- Interest rate set at 9% per annum, which is a fixed cost for the borrowing
- Repayment terms are 'On Demand', providing flexibility to the lender
- Vraj Iron and Steel holds a 14.99% equity stake in the lender, Vraj Metaliks Private Limited
- The loan amount is equivalent to approximately 26% of the company's existing debt of Rs 43 crore
Vraj Iron and Steel reported a strong performance for Q1 FY27, with consolidated revenue from operations rising 40.1% YoY to ₹193.83 Cr. Net profit (PAT) saw a significant jump of 51.6% YoY to ₹11.51 Cr, compared to ₹7.59 Cr in the same quarter last year. The board also approved the re-appointment of Mr. Praveen Somani as Whole-Time Director for a five-year term, ensuring leadership continuity. These results reflect the operational ramp-up following the commencement of their new sponge plant in late 2024.
- Consolidated Revenue from Operations increased 40.1% YoY to ₹193.83 Cr from ₹138.31 Cr.
- Consolidated Profit After Tax (PAT) rose 51.6% YoY to ₹11.51 Cr from ₹7.59 Cr.
- Quarterly Basic EPS improved to ₹3.49 from ₹2.22 in the year-ago period.
- Re-appointment of Mr. Praveen Somani as Whole-Time Director for a 5-year term effective September 07, 2026.
- Total consolidated expenses for the quarter stood at ₹182.41 Cr, up from ₹130.55 Cr YoY.
Vraj Iron and Steel reported a strong year-on-year performance for Q1 FY27, with consolidated revenue rising 40.1% to ₹193.83 Cr compared to ₹138.31 Cr in Q1 FY26. Consolidated PAT grew 51.6% YoY to ₹11.51 Cr, although it saw a sequential decline of 26.1% from the ₹15.57 Cr reported in Q4 FY26. The company's raw material costs increased to ₹149.13 Cr, accounting for nearly 77% of revenue, which impacted sequential margins. The board also approved the re-appointment of Praveen Somani as Whole-Time Director for a five-year term.
- Consolidated Revenue from Operations increased 40.1% YoY to ₹193.83 Cr.
- Consolidated Net Profit grew 51.6% YoY to ₹11.51 Cr from ₹7.59 Cr in the previous year's quarter.
- Raw material costs rose to ₹149.13 Cr, representing 76.9% of total revenue for the quarter.
- Share of profit from associates contributed ₹1.78 Cr to the consolidated bottom line.
- Board approved the re-appointment of Praveen Somani as Whole-Time Director for 5 years effective September 7, 2026.
Vraj Iron and Steel Limited has scheduled a Board of Directors meeting for Wednesday, August 12, 2026. The primary agenda is to consider and approve the unaudited financial results for the quarter ended June 30, 2026. In compliance with SEBI insider trading regulations, the trading window for designated persons has been closed since July 01, 2026, and will remain closed until August 14, 2026 (48 hours post-meeting). This is a routine administrative filing ahead of the quarterly earnings release.
- Board meeting scheduled for August 12, 2026, to approve Q1 financial results
- Trading window closure initiated on July 01, 2026, as per SEBI regulations
- Trading window to remain closed until August 14, 2026, which is 48 hours after the board meeting
- Financial results pertain to the quarter ended June 30, 2026
Vraj Iron and Steel has approved a major ₹450 crore Greenfield Integrated Steel Plant in Bastar, Chhattisgarh. The Phase 1 expansion will add 201,000 TPA of Sponge Iron and 201,000 TPA of MS Billet capacity, effectively doubling current production levels. The project is slated for completion within 30 months of ground-breaking and will be funded through ₹300 crore in debt and ₹150 crore from internal accruals or equity. The site is being acquired from the promoter group to leverage regional fiscal incentives and proximity to iron ore.
- ₹450 crore total capital investment for Phase 1, representing ~76% of TTM revenue
- 201,000 TPA additional capacity for both Sponge Iron and MS Billets
- 30 MW total new power generation capacity (15 MW WHRB and 15 MW CFBC)
- ₹300 crore debt funding planned, significantly increasing current debt of ₹43 crore
- 30-month execution timeline from the date of ground-breaking
Vraj Iron and Steel Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent (RTA), Bigshare Services Private Limited, confirmed that the entire shareholding is currently in dematerialized form. No requests for rematerialization were received during the quarter ended June 30, 2026. This is a standard administrative filing required for all listed entities in India.
- 100% of the company's shares are held in dematerialized form as of June 30, 2026
- Zero requests for rematerialization were received during the quarter
- Compliance confirmed by RTA Bigshare Services Private Limited for the period ending June 30, 2026
Vraj Iron and Steel's promoters have filed their annual declaration under SEBI Takeover Regulations, confirming that none of their 2,47,21,720 equity shares were pledged or encumbered during FY 2025-26. The filing also details an internal consolidation where YA Transport Private Limited merged into Gopal Sponge and Power Private Limited, transferring 5,555,500 shares. This routine disclosure confirms that the promoter holding, which stands at approximately 74.96%, remains free of any debt-related liens. The company continues to maintain a low debt-to-equity ratio of 0.10 based on its TTM financials.
- Total promoter and PAC holding confirmed at 24,721,720 equity shares as of March 31, 2026.
- Zero (0) shares were encumbered or pledged, directly or indirectly, during the financial year 2025-26.
- Internal restructuring resulted in 5,555,500 shares being vested in Gopal Sponge and Power Private Limited following a merger order.
- Promoter holding remains stable at 74.96% as per the latest quarterly trend.
Financial Performance
Revenue Growth by Segment
Consolidated Total Income grew 12.87% YoY to INR 4,788.60 million in FY25 from INR 4,242.70 million in FY24. Standalone Revenue from Operations grew 13.14% YoY to INR 4,750.31 million. Growth is driven by robust demand from end-user industries and strategic capacity expansion.
Geographic Revenue Split
Not disclosed as a specific percentage, but the company faces high geographical concentration risk with operations and the majority of customers located in the Raipur, Chhattisgarh region.
Profitability Margins
Net Profit Ratio declined to 8.8% in FY25 from 13.0% in FY24, a 31.68% decrease. Return on Capital Employed (ROCE) fell to 14.9% from 30.0% (down 49.81% YoY). Return on Equity (ROE) decreased to 21.8% from 32.0% (down 31.37% YoY).
EBITDA Margin
Standalone EBITDA was INR 660.47 million in FY25, down 18.35% from INR 808.90 million in FY24. EBITDA margin was 13.9% in FY25 compared to 19.2% in FY24, impacted by muted sales realizations in H1FY25.
Capital Expenditure
The company successfully completed an Initial Public Offer (IPO) in July 2024 to improve capital structure and fund growth. A new sponge plant in VISL commenced commercial operations in December 2024, ahead of the January 2025 schedule.
Credit Rating & Borrowing
CARE Ratings reaffirmed 'CARE A-; Stable' for long-term bank facilities (INR 40.00 Cr) and 'CARE A-; Stable / CARE A2+' for long-term/short-term facilities (INR 30.00 Cr) in January 2025. Debt Service Coverage Ratio (DSCR) improved 79.86% YoY to 42.519.
Operational Drivers
Raw Materials
Primary raw materials include iron ore and coal for sponge iron production and captive power generation. Raw material procurement from holding company Gopal Sponge & Power Private Limited totaled INR 7.43 million in FY25.
Import Sources
Not explicitly disclosed, but strategic location of plants in Chhattisgarh suggests proximity to domestic iron ore and coal belts to minimize logistics costs.
Key Suppliers
Gopal Sponge & Power Private Limited (Holding Company) is a key supplier of raw materials and a buyer of finished products.
Capacity Expansion
Sponge plant at VISL commenced operations in December 2024. The integrated model spans Sponge Iron, MS Billets, TMT Bars, and captive power to capture value across the production chain.
Raw Material Costs
Raw material volatility is mitigated through an integrated business model. Procurement strategies include volume discounts and advance procurement to manage seasonal pricing advantages.
Manufacturing Efficiency
Satisfactory capacity utilization was reported for FY24 and H1FY25. The integrated model allows for better absorption of fixed overheads.
Logistics & Distribution
Not disclosed as a specific percentage, but strategic plant location is intended to optimize distribution to regional customers.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be achieved through forward integration into value-added TMT bars, which contributes positively to margins and cash flow. The commencement of the new sponge plant in December 2024 increases revenue potential. The company also maintains exposure to real estate through a INR 64 million investment in Treasure Island Mall via Vraj Commercial Private Limited.
Products & Services
Sponge Iron, MS Billets, TMT Bars, and Captive Power.
Brand Portfolio
Vraj TMT.
New Products/Services
Forward integration into TMT bars is the primary value-added product expansion.
Market Expansion
The company is focused on the Raipur/Chhattisgarh region but faces geographical concentration risks that constrain its reach.
Strategic Alliances
Associate company Vraj Metaliks Private Limited (INR 55.67 million equity purchase in FY25) and group linkages with Gopal Sponge & Power Private Limited.
External Factors
Industry Trends
The steel industry is experiencing steady demand from end-user industries like real estate and infrastructure, though sales realizations have been muted recently. The industry is shifting toward integrated models to manage cost volatility.
Competitive Landscape
Faces competition from regional steel players in Chhattisgarh; ratings are constrained by geographical and customer concentration.
Competitive Moat
Moat is built on a semi-integrated business model and captive power generation, providing cost leadership and better absorption of overheads. This is sustainable as long as regional demand remains robust.
Macro Economic Sensitivity
Sensitive to global economic growth (2.8% in 2024) and regional disparities. Geopolitical risks like the Russia-Ukraine conflict impact trade policy and sentiment.
Consumer Behavior
Demand is driven by infrastructure and real estate cycles in the Raipur/Chhattisgarh region.
Geopolitical Risks
Trade policy uncertainty and ongoing conflicts weigh on global economic sentiment and impact input cost fluctuations.
Regulatory & Governance
Industry Regulations
Compliant with SEBI (LODR) Regulations 2015 and Companies Act 2013. Secretarial audit for FY25 confirmed adherence to good corporate practices.
Environmental Compliance
Not disclosed as a specific cost, but the company must comply with pollution norms applicable to the iron and steel industry.
Taxation Policy Impact
Not explicitly detailed; financial statements are prepared in compliance with Ind AS and Section 133 of the Companies Act, 2013.
Legal Contingencies
No instances of fraud were reported by auditors in FY25. No instances of reporting under the vigil mechanism occurred during the financial year.
Risk Analysis
Key Uncertainties
Steel price volatility and muted sales realizations are key risks that could constrain operating margins below 7.5%. Project risk remains for new expansions.
Geographic Concentration Risk
High risk with majority of revenue and operations concentrated in the Chhattisgarh region.
Third Party Dependencies
Significant operational and financial linkages with group companies like Gopal Sponge & Power Private Limited and Vraj Commercial Private Limited.
Technology Obsolescence Risk
Not disclosed; focus is on standard semi-integrated steel manufacturing processes.
Credit & Counterparty Risk
Trade Receivable Turnover Ratio was 29.039 in FY25, a 15.54% decrease from 34.38 in FY24, indicating a slight moderation in collection efficiency.
