Vardhman Special Steels Ltd
Vardhman Special Steels Ltd (VSSL) last reported results for the quarter ended Mar 2025, with sales of ₹428 crore and net profit of ₹20 crore. Vardhman Special Steels Ltd’s board meets on 15 Oct 2026. The stock last traded at ₹390, a market capitalisation of ₹3,771 crore, on a P/E of 41.0. Over the past 52 weeks the stock has ranged between ₹206 and ₹428. Figures are as of 6 Oct 2026 and are not real time.
Vardhman Special Steels Ltd share price and key metrics
- Current price
- ₹390
- Market cap
- ₹3,771 cr
- Stock P/E
- 41.0
- Book value
- ₹97.6
- ROE
- 12.1%
- ROCE
- 16.5%
- Dividend yield
- 0.90%
- 52w high / low
- 428/206
Metrics as of 6 Oct 2026. Not real time.
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Vardhman Special Steels Ltd growth and returns
- 10 Years
- %
- 5 Years
- %
- 3 Years
- %
- TTM
- 6%
- 10 Years
- %
- 5 Years
- %
- 3 Years
- %
- TTM
- 2%
- 10 Years
- 30%
- 5 Years
- 26%
- 3 Years
- 23%
- 1 Year
- 31%
- 10 Years
- %
- 5 Years
- %
- 3 Years
- %
- Last Year
- 12%
Vardhman Special Steels Ltd quarterly results
In the quarter ended Mar 2025, sales were ₹428 cr, down 2.5% from ₹439 cr a year earlier. Net profit was ₹20 cr, down 39.4% year on year.
| ₹ crore | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Sales | 409 | 415 | 397 | 439 | 415 | 495 | 427 | 428 |
| Expenses | 380 | 384 | 364 | 391 | 372 | 456 | 392 | 397 |
| Operating profit | 29 | 31 | 33 | 49 | 42 | 39 | 35 | 31 |
| OPM % | 7% | 8% | 8% | 11% | 10% | 8% | 8% | 7% |
| Other income | 7 | 6 | 8 | 9 | 6 | 9 | 7 | 7 |
| Interest | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 3 |
| Depreciation | 7 | 7 | 7 | 9 | 8 | 8 | 8 | 8 |
| Profit before tax | 25 | 25 | 29 | 44 | 35 | 35 | 28 | 27 |
| Tax % | 26% | 26% | 25% | 25% | 26% | 26% | 25% | 27% |
| Net profit | 19 | 18 | 22 | 33 | 26 | 26 | 21 | 20 |
| EPS (₹) | 2.29 | 2.27 | 2.68 | 4.03 | 3.20 | 3.17 | 2.63 | 2.41 |
Consolidated figures as reported by the company. Percentages are as published; totals may not sum exactly.
Vardhman Special Steels Ltd annual results
| ₹ crore | Mar 2024 | Mar 2025 |
|---|---|---|
| Sales | 1,661 | 1,764 |
| Operating profit | 142 | 148 |
| OPM % | 9% | 8% |
| Net profit | 92 | 93 |
| EPS (₹) | 11.25 | 11.39 |
TTM is the trailing twelve months to the most recent quarter.
Vardhman Special Steels Ltd balance sheet
| ₹ crore | Mar 2024 | Mar 2025 |
|---|---|---|
| Equity capital | 81 | 82 |
| Reserves | 638 | 716 |
| Borrowings | 84 | 120 |
| Other liabilities | 237 | 218 |
| Total liabilities | 1,040 | 1,136 |
| Fixed assets | 325 | 309 |
| CWIP | 1 | 117 |
| Investments | 0 | 18 |
| Other assets | 714 | 693 |
| Total assets | 1,040 | 1,136 |
As reported by the company. Total assets equal total liabilities by construction.
Vardhman Special Steels Ltd cash flow
| ₹ crore | Mar 2024 | Mar 2025 |
|---|---|---|
| Cash from operations | 142 | 127 |
| Cash from investing | -50 | -127 |
| Cash from financing | -94 | 3 |
| Net cash flow | -2 | 3 |
| Free cash flow | 76 | 9 |
| CFO / operating profit | 122% | 108% |
Negative figures are outflows. CFO / operating profit is a ratio, not an amount.
Vardhman Special Steels Ltd operating ratios
| Per year | Mar 2024 | Mar 2025 |
|---|---|---|
| ROCE % | — | 17% |
| Debtor days | 58 | 54 |
| Inventory days | 129 | 113 |
| Days payable | 63 | 47 |
| Cash conversion cycle | 123 | 120 |
| Working capital days | 84 | 68 |
Ratios as computed by the source from the reported statements. Rows a company does not report are omitted.
Vardhman Special Steels Ltd shareholding pattern
Promoters held 51.06% at Jun 2026, down from 60.37% at Jun 2025. FIIs 0.55% and DIIs 3.27%.
| % held | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 60.53% | 60.49% | 60.37% | 60.37% | 51.13% | 51.10% | 51.06% | 51.06% |
| FIIs | 0.60% | 0.58% | 0.64% | 0.58% | 0.54% | 0.54% | 0.55% | 0.55% |
| DIIs | 3.84% | 4.51% | 4.17% | 4.17% | 3.63% | 3.30% | 3.34% | 3.27% |
| Public | 35.01% | 34.42% | 34.82% | 34.88% | 44.70% | 45.02% | 45.04% | 45.12% |
| No. of shareholders | 35,229 | 36,348 | 36,287 | 35,856 | 36,443 | 38,079 | 36,854 | 36,365 |
As disclosed by the company to the exchanges. The last row is a count of shareholders, not a percentage.
When does Vardhman Special Steels Ltd’s board next meet?
Vardhman Special Steels Ltd’s board meets on 15 Oct 2026.
- Board meetingBoard resolution on resignation and appointment of senior management
See the full results calendar for every Indian company reporting in the next 30 days.
Vardhman Special Steels Ltd corporate filings
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Company Updatelow impact
Cruxal's analysis: Please find enclosed herewith certificate under Regulation 74 (5) of the SEBI (DP)…
Read the full analysis - Vardhman Special Steels Ltd releases Demat Report for September 2026Company Updatelow impact
Cruxal's analysis: The company has published its Demat Report for the month ended September 2026. No…
Read the full analysis - Vardhman Special Steels Allots Shares Under Employee Stock Option PlanCompany Updatelow impact
Cruxal's analysis: Vardhman Special Steels Ltd announced the allotment of shares under its Employee Stock…
Read the full analysis - Vardhman Special Steels appoints Mr. Koichiro Hayashida as President (Forging Division) effective October 1, 2026, following his resignation from the Board of Directors on October 15, 2026Company Updatelow impact
Cruxal's analysis: Vardhman Special Steels Limited (VSSL) has announced the appointment of Mr. Koichiro…
Read the full analysis - Closure of Trading WindowInsider Trading / SASTlow impact
Cruxal's analysis: Please find enclosed herewith intimation regarding Closure of Trading Window.
Read the full analysis - Vardhman Special Steels Limited Announces Successful Conclusion of 16th Annual General Meeting and Shareholder Approval of Key ResolutionsAGM/EGMlow impact
Cruxal's analysis: Vardhman Special Steels Limited has successfully concluded its 16th Annual General…
Read the full analysis - Vardhman Special Steels Limited Announces Successful Conclusion of 16th Annual General Meeting and Shareholder Approval of Key ResolutionsAGM/EGMlow impact
Cruxal's analysis: Vardhman Special Steels Limited has successfully concluded its 16th Annual General…
Read the full analysis - Vardhman Special Steels Limited concludes 16th Annual General Meeting; dividend of INR 3.5 per share proposedAGM/EGMlow impact
Cruxal's analysis: Vardhman Special Steels Limited has successfully concluded its 16th Annual General…
Read the full analysis - Vardhman Special Steels Ltd reports outcome of analyst/investor meetingCompany Updatelow impact
Cruxal's analysis: Vardhman Special Steels Ltd has filed an intimation regarding the outcome of an…
Read the full analysis - Vardhman Special Steels Ltd submits monthly demat report for August 2026Company Updatelow impact
Cruxal's analysis: Vardhman Special Steels Ltd has filed its routine monthly demat report for the period…
Read the full analysis - Vardhman Special Steels Ltd schedules analyst/investor meetingCompany Updatelow impact
Cruxal's analysis: Vardhman Special Steels Ltd has issued an intimation regarding a scheduled…
Read the full analysis - Vardhman Special Steels Ltd dispatches letters to membersCompany Updatelow impact
Cruxal's analysis: Vardhman Special Steels Ltd has formally intimated the dispatch of letters to its…
Read the full analysis - Vardhman Special Steels Ltd files routine newspaper publication noticeCompany Updatelow impact
Cruxal's analysis: Vardhman Special Steels Ltd has submitted a copy of a newspaper publication as part of…
Read the full analysis - Vardhman Special Steels Ltd files Business Responsibility and Sustainability Report (BRSR) for FY 2025-26Otherslow impact
Cruxal's analysis: Vardhman Special Steels Ltd has submitted its Business Responsibility and Sustainability…
Read the full analysis - Vardhman Special Steels Ltd files Annual Report for FY 2025-26Otherslow impact
Cruxal's analysis: Vardhman Special Steels Ltd has submitted its Annual Report for the financial year…
Read the full analysis - Vardhman Special Steels Limited Reports Record FY26 Financials and Announces 16th AGMAGM/EGMhigh impact
Cruxal's analysis: Vardhman Special Steels Limited reported a record net profit of INR 122.02 crore for…
Read the full analysis - Vardhman Special Steels Ltd publishes routine newspaper noticeCompany Updatelow impact
Cruxal's analysis: Vardhman Special Steels Ltd has filed a copy of a newspaper publication as part of its…
Read the full analysis - Vardhman Special Steels Limited fixes August 28, 2026, as Record Date for FY26 Dividend and AGMCorp. Actionlow impact
Cruxal's analysis: Vardhman Special Steels Limited has formally announced Friday, August 28, 2026, as the…
Read the full analysis - Vardhman Special Steels Ltd publishes routine newspaper notice for regulatory complianceCompany Updatelow impact
Cruxal's analysis: Vardhman Special Steels Ltd has filed a copy of a newspaper publication as part of its…
Read the full analysis - Vardhman Special Steels Ltd reports outcome of Analysts/Investors meetCompany Updatelow impact
Cruxal's analysis: Vardhman Special Steels Ltd has filed the outcome of its recent Analysts/Investors meet…
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