About
Vardhman Special Steels Limited engages in the manufacture and sale of billets, steel bars, and bright bars of various categories of special and alloy steels in India and internationally. Its customers include passenger vehicles, two wheelers, commercial vehicles, tractors, off-highway vehicles,and railways, as well as engineering, bearing, and allied industries. The company was founded in 1973 and is headquartered in Ludhiana, India.
Key Metrics
as of Sep 2026Market Cap3,525 Cr
P/E38.30
Div Yield0.96 %
Book Value₹97.60
52w High₹376.00
52w Low₹206.00
Face Value₹10.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 486.00 | 458.00 | 431.00 | 432.00 | 434.00 | 428.00 | 427.00 | 495.00 | 415.00 | 439.00 | 397.00 | 415.00 | 409.00 |
| Expenses | 428.00 | 412.00 | 387.00 | 387.00 | 402.00 | 397.00 | 392.00 | 456.00 | 372.00 | 391.00 | 364.00 | 384.00 | 380.00 |
| Operating Profit | 58.00 | 46.00 | 43.00 | 45.00 | 32.00 | 31.00 | 35.00 | 39.00 | 42.00 | 49.00 | 33.00 | 31.00 | 29.00 |
| OPM % | 12.00 | 10.00 | 10.00 | 10.00 | 7.00 | 7.00 | 8.00 | 8.00 | 10.00 | 11.00 | 8.00 | 8.00 | 7.00 |
| Other Income | 10.00 | 10.00 | 13.00 | 11.00 | 8.00 | 7.00 | 7.00 | 9.00 | 6.00 | 9.00 | 8.00 | 6.00 | 7.00 |
| Depreciation | 10.00 | 8.00 | 8.00 | 8.00 | 9.00 | 8.00 | 8.00 | 8.00 | 8.00 | 9.00 | 7.00 | 7.00 | 7.00 |
| Interest | 3.00 | 3.00 | 4.00 | 2.00 | 4.00 | 3.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 4.00 |
| Profit before tax | 55.00 | 46.00 | 45.00 | 46.00 | 27.00 | 27.00 | 28.00 | 35.00 | 35.00 | 44.00 | 29.00 | 25.00 | 25.00 |
| Tax % | 26.00 | 26.00 | 25.00 | 26.00 | 26.00 | 27.00 | 25.00 | 26.00 | 26.00 | 25.00 | 25.00 | 26.00 | 26.00 |
| Net Profit | 41.00 | 34.00 | 34.00 | 35.00 | 20.00 | 20.00 | 21.00 | 26.00 | 26.00 | 33.00 | 22.00 | 18.00 | 19.00 |
| EPS in Rs | 4.26 | 3.51 | 3.48 | 3.58 | 2.43 | 2.41 | 2.63 | 3.17 | 3.20 | 4.03 | 2.68 | 2.27 | 2.29 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,754.00 | 1,764.00 | 1,661.00 | 1,735.00 | 1,368.00 | 937.00 | 846.00 | 1,121.00 | 859.00 | 674.00 | 653.00 | 658.00 |
| Expenses | 1,588.00 | 1,616.00 | 1,519.00 | 1,594.00 | 1,195.00 | 830.00 | 806.00 | 1,053.00 | 797.00 | 612.00 | 610.00 | 646.00 |
| Operating Profit | 166.00 | 148.00 | 142.00 | 141.00 | 174.00 | 107.00 | 40.00 | 68.00 | 62.00 | 62.00 | 43.00 | 12.00 |
| OPM % | 9.00 | 8.00 | 9.00 | 8.00 | 13.00 | 11.00 | 4.70 | 6.00 | 7.00 | 9.00 | 7.00 | 1.80 |
| Other Income | 42.00 | 29.00 | 30.00 | 39.00 | 29.00 | 9.00 | 9.00 | 2.00 | 6.00 | 4.00 | 1.00 | 7.00 |
| Interest | 12.00 | 19.00 | 18.00 | 18.00 | 17.00 | 20.00 | 26.00 | 24.00 | 21.00 | 28.00 | 23.00 | 20.00 |
| Depreciation | 33.00 | 33.00 | 31.00 | 28.00 | 27.00 | 30.00 | 26.00 | 24.00 | 22.00 | 18.00 | 17.00 | 14.00 |
| Profit before tax | 164.00 | 125.00 | 123.00 | 134.00 | 158.00 | 66.00 | -2.00 | 22.00 | 25.00 | 19.00 | 4.00 | -15.00 |
| Tax % | 26.00 | 26.00 | 25.00 | 25.00 | 36.00 | 33.00 | -244.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Profit | 122.00 | 93.00 | 92.00 | 100.00 | 101.00 | 44.00 | 3.00 | 22.00 | 25.00 | 19.00 | 4.00 | -15.00 |
| EPS in Rs | 12.62 | 11.39 | 11.25 | 12.36 | 12.42 | 5.46 | 0.41 | 3.11 | 3.51 | 3.10 | 0.68 | -2.45 |
| Dividend Payout % | 28.00 | 26.00 | 18.00 | 8.00 | 14.00 | 14.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 97.00 | 82.00 | 81.00 | 41.00 | 41.00 | 41.00 | 40.00 | 36.00 | 36.00 | 19.00 | 19.00 | 19.00 |
| Reserves | 1,181.00 | 716.00 | 638.00 | 602.00 | 514.00 | 419.00 | 373.00 | 326.00 | 304.00 | 180.00 | 161.00 | 151.00 |
| Borrowings | 93.00 | 120.00 | 84.00 | 144.00 | 162.00 | 191.00 | 266.00 | 334.00 | 228.00 | 316.00 | 338.00 | 350.00 |
| Other Liabilities | 263.00 | 218.00 | 237.00 | 244.00 | 204.00 | 153.00 | 90.00 | 194.00 | 109.00 | 99.00 | 97.00 | 94.00 |
| Total Liabilities | 1,633.00 | 1,136.00 | 1,040.00 | 1,031.00 | 921.00 | 803.00 | 770.00 | 889.00 | 677.00 | 613.00 | 614.00 | 615.00 |
| Fixed Assets | 585.00 | 309.00 | 325.00 | 294.00 | 289.00 | 283.00 | 310.00 | 280.00 | 250.00 | 265.00 | 251.00 | 230.00 |
| CWIP | 26.00 | 117.00 | 1.00 | 12.00 | 13.00 | 13.00 | 12.00 | 33.00 | 7.00 | 1.00 | 2.00 | 21.00 |
| Investments | 158.00 | 18.00 | 0.00 | 20.00 | 15.00 | 0.00 | 5.00 | 0.00 | 8.00 | 1.00 | 14.00 | 14.00 |
| Other Assets | 863.00 | 693.00 | 714.00 | 705.00 | 603.00 | 507.00 | 443.00 | 577.00 | 412.00 | 346.00 | 347.00 | 350.00 |
| Total Assets | 1,633.00 | 1,136.00 | 1,040.00 | 1,031.00 | 921.00 | 803.00 | 770.00 | 889.00 | 677.00 | 613.00 | 614.00 | 615.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 106.00 | 127.00 | 142.00 | 74.00 | 59.00 | 87.00 | 135.00 | -19.00 | 11.00 | 68.00 | 46.00 | -33.00 |
| Cash from Investing Activity | -427.00 | -127.00 | -50.00 | -15.00 | -9.00 | 7.00 | -88.00 | -70.00 | -16.00 | -16.00 | -16.00 | -4.00 |
| Cash from Financing Activity | 317.00 | 3.00 | -94.00 | -49.00 | -52.00 | -94.00 | -45.00 | 82.00 | 7.00 | -50.00 | -35.00 | 31.00 |
| Net Cash Flow | -4.00 | 3.00 | -2.00 | 9.00 | -2.00 | 0.00 | 2.00 | -7.00 | 2.00 | 2.00 | -5.00 | -5.00 |
| Free Cash Flow | -135.00 | 9.00 | 76.00 | 45.00 | 24.00 | 78.00 | 101.00 | -98.00 | -1.00 | 36.00 | 27.00 | -61.00 |
| CFO/OP % | 87.00 | 108.00 | 122.00 | 79.00 | 47.00 | 90.00 | 342.00 | -19.00 | 18.00 | 110.00 | 108.00 | -283.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 58.00 | 54.00 | 58.00 | 55.00 | 59.00 | 85.00 | 78.00 | 61.00 | 83.00 | 102.00 | 109.00 | 99.00 |
| Inventory Days | 123.00 | 113.00 | 129.00 | 119.00 | 139.00 | 134.00 | 103.00 | 170.00 | 123.00 | 122.00 | 110.00 | 119.00 |
| Days Payable | 65.00 | 47.00 | 63.00 | 61.00 | 68.00 | 90.00 | 42.00 | 89.00 | 47.00 | 36.00 | 42.00 | 46.00 |
| Cash Conversion Cycle | 116.00 | 120.00 | 123.00 | 113.00 | 131.00 | 128.00 | 139.00 | 142.00 | 159.00 | 188.00 | 176.00 | 172.00 |
| Working Capital Days | 86.00 | 68.00 | 84.00 | 73.00 | 81.00 | 78.00 | 47.00 | 50.00 | 58.00 | 17.00 | 14.00 | -5.00 |
| ROCE % | 15.00 | 17.00 | 18.00 | 20.00 | 26.00 | 13.00 | 3.00 | 7.00 | 8.00 | 9.00 | 5.00 | 0.00 |
Corporate Actions
17 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 12 Sep 2025 | 12 Sep 2025 | — | 3.00 | |
| Dividend | 06 Sep 2024 | — | — | 2.00 | |
| Dividend | 15 Sep 2023 | — | — | 2.00 | |
| Bonus | 26 May 2023 | 26 May 2023 | 1:1 | — | |
| Dividend | 16 Sep 2022 | — | — | 3.50 | |
| Dividend | 02 Sep 2021 | — | — | 1.50 | |
| Other | 11 Sep 2020 | — | — | — | Annual General Meeting |
| Other | 05 Sep 2019 | — | — | — | Annual General Meeting |
| Other | 12 Sep 2018 | — | — | — | Annual General Meeting |
| Other | 07 Sep 2017 | — | — | — | Annual General Meeting |
| Rights | 07 Apr 2017 | 10 Apr 2017 | 2:3 | — | |
| Other | 07 Apr 2017 | 10 Apr 2017 | — | — | Right Issue of Equity Shares |
| Other | 19 Sep 2016 | — | — | — | Annual Book Closure |
| Other | 05 Aug 2015 | — | — | — | Annual General Meeting (Book Closure Date Revised) |
| Other | 03 Sep 2014 | — | — | — | Annual Book Closure / Annual General Meeting |
| Other | 14 Aug 2013 | — | — | — | Annual Book Closure |
| Other | 16 Aug 2012 | — | — | — | Annual Book Closure |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update30 Apr from crisil
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Rating update2 May 2025 from crisil
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Rating update13 Nov 2024 from crisil
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Rating update28 Nov 2023 from crisil
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Rating update16 Nov 2023 from crisil
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Rating update23 Nov 2022 from crisil
Conference Calls
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