NSE: VSSL · BSE: 534392 · ISIN INE050M01012
Vardhman Special Steels Limited stock analysis
Vardhman Special Steels Limited ranks #2471 in the TickerSutra evidence-ranked universe with a score of 46/100 and 95% data confidence. The latest captured fundamentals show ROCE of 15.3%, quarterly sales growth of 12.1% and quarterly profit growth of 107.0%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.07×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹1,368cr | ₹174cr | ₹101cr | 13.0% |
| 2023 | ₹1,735cr | ₹141cr | ₹100cr | 8.0% |
| 2024 | ₹1,661cr | ₹142cr | ₹92cr | 9.0% |
| 2025 | ₹1,764cr | ₹148cr | ₹93cr | 8.0% |
| 2026 | ₹1,754cr | ₹166cr | ₹122cr | 9.0% |
| TTM | ₹1,807cr | ₹193cr | ₹143cr | 11.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Vardhman Special Steels Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineVardhman Special Steels Ltd - 534392 - Shareholder Meeting / Postal Ballot-Outcome of AGMBSE · 18 Sept 2026Please find enclosed herewith Voting Results in respect of 16th AGM of the Company.
RoutineShareholders meetingNSE · 18 Sept 2026Vardhman Special Steels Limited has informed the Exchange regarding voting results of Annual General Meeting held on September 18, 2026.
RoutineVardhman Special Steels Ltd - 534392 - Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportBSE · 18 Sept 2026Please find enclosed herewith Scrutinizer''s Report in respect of 16th AGM of the Company.
RoutineAnalyst/Investor Meet Para A-XBRLNSE · 9 Sept 2026 · Structured filingVARDHMAN SPECIAL STEELS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet
VARDHMAN SPECIAL STEELS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet
Open original XBRL sourceMANAGEMENT COMMENTARY
Signals from filed documents
The investment lifted Aichi’s holding to 24.9%. It strengthened net worth, funded deleveraging and created headroom for the expansion cycle ahead. Shareholders’ funds rose to H1,277 crore as on March 31, 2026, from H798 crore a year earlier.
Sachit Jain: Value-added grades will be a very small chunk. But again, I'm repeating 3 areas which will lead to margin improvement. One is volume increase and therefore, spread o f fixed costs.
A new Greenfield steel plant will add 500,000 tonnes per year of special and alloy steel, with production targeted for FY30. A brownfield capacity expansion at Ludhiana, through debottlenecking operations, will raise melting capacity from 300,000 tonnes to 360,000 tonnes, subject to approval from the competent authority. A forging project with Aichi Steel moves the Company closer to the final automotive customer.
Or should additional pricing benefits accrued during the year going forward? Sachit Jain: So, for Q2, we've asked for further prices -- price increase. Q1, the price settlement has been completed with some of the OEs.
To part-finance the project, Aichi has already invested K 385 crores as equity and increased its stake to close to 25%. We are also increasing the range of products that can be made in this plant to include larger- diameter bars for commercial vehicles and large tractors for the export market, as well as earth-moving equipment. We intend to make this plant extremely flexible.
We will have to modify our products here commensurate with the strengths of this plant, which are accumulated knowledge, a largely depreciated plant and a smaller lot size than the new plant. We are, therefore, planning a more value-added product mix with complex production routes, including starting ingot casting within this financial year. Bright bar production will be expanded, heat treatment and cold drawing will
Rupee depreciation The military conflict in the Middle East has depreciated the rupee, raising the cost of imports. Impact on Vardhman Special Steel Raw material cost and import of machinery became costlier. Intensifying human conflict Near-term uncertainty across the globe will weigh on demand for products.
A growing international presence adds a further outlet for output. CUSTOMER CONCENTRATION & ATTRITION RISK Reliance on a few large customers in the automotive value chain could affect stability. Mitigation measures Consistent product quality has built a wide customer base, including leading OEMs and Tier 1 & 2 players, for whom the time and cost of switching vendors run high.
z Green Steel set the Company apart. Its carbon footprint is much below the government norm and that of major producers, aligning with OEM sustainability goals and likely regulatory preferences. These efforts held market share and customer loyalty as industry realisations softened.
A new Greenfield steel plant will add 500,000 tonnes per year of special and alloy steel, with production targeted for FY30. A brownfield capacity expansion at Ludhiana, through debottlenecking operations, will raise melting capacity from 300,000 tonnes to 360,000 tonnes, subject to approval from the competent authority. A forging project with Aichi Steel moves the Company closer to the final automotive customer.
It is all repeat business, which comes in. And the next volume increase is going to come from the commercial production beginning for the import substitution for Maruti, which will happen -- start happening in the fourth quarter of the financial year. Sanjeev Singla: And on realizations for the next quarter again, we are asking fo r the price increase from 1st of July.
The facility of participation at the AGM through VC/OAVM will be made available to atleast 1000 Members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairperson of the Audit Committee, Nomination & Remuneration Committee and Stakeholders’ Relationship Committee, Au
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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