| Quarterly Financials | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 |
Revenue  | 417 | 421 | 406 | 448 | 420 | 504 | 434 | 435 |
| Expenses | 380 | 384 | 364 | 391 | 372 | 456 | 392 | 397 |
| EBITDA | 37 | 37 | 42 | 58 | 48 | 49 | 42 | 39 |
| Operating Profit % | 7 % | 8 % | 8 % | 11 % | 10 % | 8 % | 8 % | 7 % |
| Depreciation | 7 | 7 | 7 | 9 | 8 | 8 | 9 | 8 |
| Interest | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 4 |
| Profit Before Tax | 25 | 25 | 29 | 44 | 35 | 35 | 29 | 27 |
| Tax | 6 | 6 | 7 | 11 | 9 | 9 | 7 | 7 |
| Net Profit | 19 | 19 | 22 | 33 | 26 | 26 | 22 | 20 |
| EPS in ₹ | 2.29 | 2.27 | 2.68 | 4.02 | 3.20 | 3.17 | 2.63 | 2.42 |
Vardhman Special Steels
Vardhman Special Steels
296.20
+10.95
(3.84%)
There are new updates from the company11 hours ago
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Key Fundamentals
Market Cap
2,752.80 Cr
EPS
11.40
PE Ratio
29.71
Dividend Yield
0.89 %
Industry
Industrial Products 52 Week High
324.00
52 Week Low
178.00
PB Ratio
2.34
Debt to Equity
0.13
Sector
Iron & Steel Products Actual
Company News
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Vardhman Special Steels Limited reported quarterly sales of 55,500 tons versus 59,000 tons in the previous year, with revenue declining 12.64% year-on-year to Rs. 432 crores due to both lower volumes and price reductions. However, EBITDA increased 16% to Rs. 56 crores compared to Rs. 48 crores last year, with EBITDA per ton at Rs. 10,000. PAT grew to Rs. 34.5 crores from Rs. 26 crores, benefiting from reduced finance costs following Aichi Steel's Rs. 385 crore investment for a 25% stake. The company renewed its technical assistance agreement with Aichi for three years and commissioned the Kocks Block successfully. A new reheating furnace is expected to be commissioned by March, which will increase rolling capacity to 2,70,000 tons and reduce job work costs. The company started a circular economy initiative with Maruti Suzuki, buying CRC scrap from Maruti plants to make steel in a closed loop. Management expects FY27 volumes of around 2,45,000 tons and maintains EBITDA guidance of Rs. 8,000-11,000 per ton from next financial year.
Vardhman Special Steels Limited submitted its monitoring agency report for the quarter ended September 30, 2025, regarding the utilization of proceeds from its preferential issue. CRISIL Ratings Limited, serving as the monitoring agency, reported no deviation from the disclosed objects of the issue. The company raised Rs 3,849,088,060 through the preferential issue on July 4, 2025. The funds were allocated for three purposes: Rs 1,349,088,060 for capital expenditure to set up a greenfield steel manufacturing plant at Ludhiana, Punjab; Rs 1,000,000,000 for capital expenditure requirements at the existing plant; and Rs 1,500,000,000 for repayment of working capital borrowing. During the reported quarter, Rs 500,000,000 was utilized for working capital borrowing repayment. The unutilized proceeds of Rs 2,349,088,060 are deployed in fixed deposits with ICICI Bank, earning returns and maturing between April 2026 and October 2025. The monitoring agency confirmed that utilization was as per disclosures in the notice to shareholders, with no material deviations requiring shareholder approval.
Vardhman Special Steels Projects EBITDA Growth with Production Scale-Up Plans Through FY28
3 days ago
3 days agoVardhman Special Steels has outlined its financial and production targets for the coming years. The company expects minimum EBITDA of INR 216 crores at 270,000 tons production capacity, with potential to reach INR 300 crores. For FY26, EBITDA per ton guidance is projected at INR 7,000-10,000, rising to INR 8,000-11,000 the following financial year. Production volume is estimated at around 245,000 tons for FY27, with the company aiming to achieve full capacity of 270,000 tons by FY28. At full capacity, EBITDA per ton is expected to range from INR 8,000-11,000, potentially increasing to INR 8,000-12,000 or INR 9,000-12,000.
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Peer Comparison Compare Peers on Screener
Competitors | LTP | Market Cap (₹ Cr.) | P/E Ratio | Revenue (₹ Cr.) | YoY Revenue Growth % | Net Profit (₹ Cr.) | YoY Profit Growth % | RSI |
|---|---|---|---|---|---|---|---|---|
1,800.50 | #1 49,577.50 | 47.23 | 20,785.60 | 14.25 | 757 | #1 460.41 | 65.46 | |
906.60 | 23,578.30 | 10.90 | 14,167.30 | -19.42 | #1 1,902 | 56.71 | 55.27 | |
860.55 | 23,427.50 | 25.33 | 15,368.10 | #1 15.08 | 909 | 20.77 | 38.68 | |
274.65 | 18,039.50 | 24.31 | 5,471.70 | -1.47 | 813 | -24.57 | 61.20 | |
2,409.50 | 16,888.70 | 30.16 | 5,246.10 | 2.22 | 542 | 57.10 | 49.28 | |
472.45 | 14,140.00 | 34.92 | 3,513.50 | 7.59 | 406 | -2.89 | 57.96 | |
552.85 | 12,616.60 | 25.58 | 4,308.30 | 1.75 | 401 | 81.80 | 41.69 | |
164.50 | 10,674.70 | 9.53 | #1 20,947.80 | -0.84 | 1,458 | -70.84 | 20.69 | |
548.55 | 7,338.50 | #1 9.39 | 5,465.90 | -1.45 | 777 | -43.14 | 33.14 | |
73.77 | 7,079.50 | 18.80 | 2,666.90 | -12.30 | -94 | 407.31 | 51.05 |
Automatic Screeners on ScanX
Growth Rate
Revenue Growth
6.05 %
Net Income Growth
1.64 %
Cash Flow Change
-10.88 %
ROE
-8.40 %
ROCE
-6.48 %
EBITDA Margin (Avg.)
0.39 %
Quarterly Financial Results
Balance Sheet
| Balance Sheet | 2024 | 2025 |
| Total Assets | 1,040 | 1,136 |
| Fixed Assets | 325 | 309 |
| Current Assets | 674 | 661 |
| Capital Work in Progress | 1 | 117 |
| Investments | 0 | 18 |
| Other Assets | 714 | 693 |
| Total Liabilities | 1,040 | 1,136 |
| Current Liabilities | 283 | 313 |
| Non Current Liabilities | 37 | 25 |
| Total Equity | 719 | 798 |
| Reserve & Surplus | 638 | 716 |
| Share Capital | 82 | 82 |
Cash Flow
| Cash Flow | 2024 | 2025 |
| Net Cash Flow | -2 | 3 |
| Investing Activities | -50 | -127 |
| Operating Activities | 142 | 127 |
| Financing Activities | -94 | 3 |
Share Holding
| % Holding | Mar 2021 | Jun 2021 | Sept 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sept 2022 | Dec 2022 | Mar 2023 | May 2023 | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Jul 2025 | Sept 2025 |
| Promoter | 60.73 % | 60.87 % | 60.87 % | 60.87 % | 60.78 % | 60.81 % | 60.81 % | 60.81 % | 60.71 % | 60.71 % | 60.71 % | 60.71 % | 60.67 % | 60.56 % | 60.56 % | 60.53 % | 60.49 % | 60.37 % | 51.13 % | 51.13 % | 51.13 % |
| FIIs | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.97 % | 0.00 % | 0.49 % | 0.64 % | 0.60 % | 0.58 % | 0.65 % | 0.50 % | 0.50 % | 0.55 % |
| DIIs | 4.23 % | 0.01 % | 0.78 % | 1.02 % | 1.24 % | 1.24 % | 1.24 % | 0.79 % | 1.04 % | 1.06 % | 1.06 % | 2.43 % | 2.43 % | 2.63 % | 3.15 % | 3.85 % | 4.51 % | 4.17 % | 3.54 % | 3.54 % | 3.64 % |
| Government | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % |
| Public / Retail | 18.70 % | 22.52 % | 23.73 % | 23.58 % | 23.42 % | 23.41 % | 23.13 % | 23.48 % | 22.76 % | 22.20 % | 22.25 % | 20.94 % | 20.41 % | 20.23 % | 19.59 % | 19.90 % | 19.52 % | 19.83 % | 16.46 % | 16.46 % | 16.33 % |
| Others | 16.35 % | 16.61 % | 14.63 % | 14.54 % | 14.56 % | 14.53 % | 14.81 % | 14.92 % | 15.49 % | 16.03 % | 15.98 % | 14.95 % | 16.49 % | 16.08 % | 16.07 % | 15.12 % | 14.90 % | 14.98 % | 28.37 % | 28.37 % | 28.36 % |
| No of Share Holders | 0 | 18,214 | 26,104 | 31,577 | 36,765 | 36,348 | 35,013 | 33,560 | 30,124 | 30,992 | 31,951 | 31,906 | 33,715 | 32,866 | 34,683 | 35,229 | 36,348 | 36,287 | 35,856 | 35,856 | 36,443 |
Dividend History
| Annual Cash Flows | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.5 | 3.5 | 2 | 2 | 3 |
| Dividend Yield (%) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.32 | 1.76 | 0.94 | 1 | 1.05 |
Corporate Action
| Record Date | Corporate Action | Information | Announcement Day | LTP at Annoucement | LTP at Record Day |
|---|---|---|---|---|---|
| 10 Apr 2017 |  Rights | 2:3 | 07 Apr 2017 | 55.49 | 52.88 |
| 06 Sept 2021 |  Dividend | ₹ 1.50 /share | 02 Sept 2021 | 95.35 | 127.18 |
| 20 Sept 2022 | Dividend | ₹ 3.50 /share | 16 Sept 2022 | 127.65 | 126.88 |
| 26 May 2023 |  Bonus | 1:1 | 26 May 2023 | 202.33 | 207.08 |
| 16 Sept 2023 | Dividend | ₹ 2.00 /share | 15 Sept 2023 | 191.38 | 211.50 |
| 07 Sept 2024 | Dividend | ₹ 2.00 /share | 06 Sept 2024 | 295.80 | 285.50 |
| 19 Sept 2024 |  Annual General Meeting | NA | 19 Sept 2024 | 284.95 | 287.30 |
| 07 Nov 2024 |  Quarterly Result Announcement | NA | 07 Nov 2024 | 263.60 | 276.10 |
| 29 Jan 2025 | Quarterly Result Announcement | NA | 29 Jan 2025 | 229.90 | 213.83 |
| 22 Apr 2025 | Quarterly Result Announcement | NA | 22 Apr 2025 | 208.79 | 203.26 |
| 25 Jun 2025 |  Extraordinary General Meeting | NA | 25 Jun 2025 | 270.99 | 243.05 |
| 25 Jul 2025 | Quarterly Result Announcement | NA | 25 Jul 2025 | 258.95 | 270.30 |
| 12 Sept 2025 | Dividend | ₹ 3.00 /share | 12 Sept 2025 | 203.26 | 274.45 |
| 24 Sept 2025 | Annual General Meeting | NA | 24 Sept 2025 | 257.65 | 275.55 |
| 28 Oct 2025 | Quarterly Result Announcement | NA | 28 Oct 2025 | 272.80 | 314.95 |
Announcements
Demat Report For The Month Ended October 2025.11 hours ago
11 hours agoAnnouncement under Regulation 30 (LODR)-Earnings Call Transcript1 day ago
1 day agoAnnouncement under Regulation 30 (LODR)-Monitoring Agency Report2 days ago
2 days agoLink Of Audio Recording4 days ago
4 days agoUpdate On Investment In Sone Solar Private Limited8 days ago
8 days agoAnnouncement under Regulation 30 (LODR)-Investor Presentation9 days ago
9 days agoAnnouncement under Regulation 30 (LODR)-Newspaper Publication9 days ago
9 days agoAnnouncement under Regulation 30 (LODR)-Press Release / Media Release10 days ago
10 days agoAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation10 days ago
10 days agoOutcome Of Board Meeting10 days ago
10 days agoResults- Financial Results For The Quarter/ Half Year Ended 30.09.2025.10 days ago
10 days agoAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationOct 25, 2025
Oct 25, 2025Board Meeting Intimation for Consideration And Approval Of The Un-Audited Financial Results Of The Company For The Quarter/ Half-Year Ended 30Th September 2025.
Oct 16, 2025
Oct 16, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationOct 14, 2025
Oct 14, 2025Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Oct 08, 2025
Oct 08, 2025Demat Report For The Month Ended September 2025.Oct 08, 2025
Oct 08, 2025Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPSOct 06, 2025
Oct 06, 2025Closure of Trading WindowSep 27, 2025
Sep 27, 2025Shareholder Meeting / Postal Ballot-Outcome of AGMSep 25, 2025
Sep 25, 2025Shareholder Meeting / Postal Ballot-Scrutinizers ReportSep 25, 2025
Sep 25, 2025Change In Designation Of Mr. Sachit Jain From The Vice Chairman & Managing Director To The Chairman & Managing Director.Sep 25, 2025
Sep 25, 2025Announcement under Regulation 30 (LODR)-Change in DirectorateSep 25, 2025
Sep 25, 2025 AGM - UpdatesSep 24, 2025
Sep 24, 2025Announcement under Regulation 30 (LODR)-Change in DirectorateSep 24, 2025
Sep 24, 2025Shareholder Meeting / Postal Ballot-Outcome of AGMSep 24, 2025
Sep 24, 2025Analysts/Investors Meet - OutcomeSep 23, 2025
Sep 23, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationSep 18, 2025
Sep 18, 2025Demat Report For The Month Ended August 2025.Sep 06, 2025
Sep 06, 2025 Dispatch Of Letter To The Members Of The Company.Sep 03, 2025
Sep 03, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationSep 03, 2025
Sep 03, 2025Business Responsibility and Sustainability Reporting (BRSR)Sep 02, 2025
Sep 02, 2025Corporate Action - Fixes Record Date For DividendSep 02, 2025
Sep 02, 2025Reg. 34 (1) Annual Report.Sep 02, 2025
Sep 02, 2025Shareholders Meeting - AGM On 24-09-2025.Sep 02, 2025
Sep 02, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationAug 21, 2025
Aug 21, 2025Demat Report For The Month Ended July 2025.Aug 06, 2025
Aug 06, 2025Announcement under Regulation 30 (LODR)-Earnings Call TranscriptAug 01, 2025
Aug 01, 2025Link Of Audio RecordingJul 28, 2025
Jul 28, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 26, 2025
Jul 26, 2025Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseJul 25, 2025
Jul 25, 2025Announcement under Regulation 30 (LODR)-Investor PresentationJul 25, 2025
Jul 25, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 25, 2025
Jul 25, 2025Results - Un-Audited Financial Results For The Quarter Ended 30.06.2025Jul 25, 2025
Jul 25, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationJul 23, 2025
Jul 23, 2025Board Meeting Intimation for Consideration And Approval Of The Un-Audited Financial Results Of The Company For The Quarter Ended 30Th June 2025.Jul 22, 2025
Jul 22, 2025Announcement under Regulation 30 (LODR)-Memorandum of Understanding /AgreementsJul 22, 2025
Jul 22, 2025Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Jul 12, 2025
Jul 12, 2025Disclosures under Reg. 29(2) of SEBI (SAST) Regulations 2011Jul 08, 2025
Jul 08, 2025Intimation Under Regulation 169(5) Of The SEBI (Issue Of Capital And Disclosure Requirements) Regulations 2018Jul 04, 2025
Jul 04, 2025Announcement under Regulation 30 (LODR)-Change in DirectorateJul 04, 2025
Jul 04, 2025Mutual Fund Holdings
| Funding House | Current Holding % | 1M Change | 1M Change % | 3M Change % | Last 6M Trend |
|---|---|---|---|---|---|
 Tata Small Cap Fund Direct - Growth | 0.00% | -2378601 | -0.60% | -0.53% | |
 ICICI Prudential Smallcap Fund Direct Plan-Growth | 0.00% | -1000125 | -0.35% | -0.30% | |
| ICICI Prudential Children's Fund Direct-Growth | 0.00% | -91835 | -0.20% | -0.05% | |
 JM Aggressive Hybrid Fund Direct-Growth | 0.00% | 0 | 0.00% | 0.00% | |
| JM Small Cap Fund Direct - Growth | 0.00% | 0 | 0.00% | 0.00% |
Technical Indicators
RSI(14)
Neutral 48.02
ATR(14)
Volatile 13.66
STOCH(9,6)
Neutral 27.51
STOCH RSI(14)
Neutral 24.52
MACD(12,26)
Bearish -1.37
ADX(14)
Strong Trend 28.81
UO(9)
Bearish 33.33
ROC(12)
Uptrend And Accelerating 2.63
WillR(14)
Neutral -75.76
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