Vardhman Special Steels financials

·Capital Goods & DefenceChart ›
Latest results Q2 FY27 · Jul–Sep 2026
Revenue
₹600cr+38.8% on Q2 FY26
Net profit
₹52.5cr+51.9% on Q2 FY26
EBITDA margin
11.5%+1.0 pts on Q2 FY26
EPS
₹5.43+50.4% on Q2 FY26

Quarterly results

Every quarter ›
₹ croreQ2 FY27Q2 FY26Change
Revenue600432+38.8%
EBITDA69.145.3+52.7%
EBITDA margin11.5%10.5%+1.0 pts
Profit before tax70.646.5+51.7%
Net profit52.534.6+51.9%
EPS₹5.43₹3.61+50.4%

Over time

Q2 FY27 · Jul–Sep 2026latest
Revenue₹600 crNet profit₹52.5 crNet margin8.8%

Amounts on the left scale in ₹ crore; per cent on the right, dashed. L = lakh crore, K = thousand crore. Touch the chart to read any period.

Key numbersby financial year

₹ crore except per share
Tap a line for its trendCurrentlast 12MFY26Mar 2026FY25Mar 2025FY24Mar 2024FY23Mar 2023FY22 and earlierAlpha Plus
3,177————
FY22 and earlierEvery year the company has filed comes with Alpha Plus.
18716120.87.629.5
92.692.612082.9143
3,082————
1,9751,7541,7641,6611,735
—−0.6%+6.2%−4.2%—
217166148142141
11.0%9.5%8.4%8.6%8.2%
182134115111113
16112293.191.6100
8.2%7.0%5.3%5.5%5.8%
₹16.68₹12.62₹9.63₹9.48₹10.39
—+31.1%+1.6%−8.8%—
—10612714273.6
—−243−119−68.0−28.8
−137−1378.174.444.8
Open the chart

From the company's filings with NSE and BSE (Ind-AS), standalone. For information only, not investment advice.

VSSL₹328.55

Vardhman Special Steels Limited

· Capital Goods & Defence
₹ CrorePeersVENUSPIPESJTLINDSAMBHVKSLKIRLOSINDGOODLUCKBANSALWIRERATNAVEERMcap ₹3,177 Cr
HighlightsEnterprise ValueMultiplesPer ShareAnnuals · FY-end closes
In ₹ Crore except Per Share
12 Months Ending
FY23
31/03/2023
FY24
31/03/2024
FY25
31/03/2025
FY26
31/03/2026
Current/LTM
TTM · last close
Market Capitalization————3,176.6
- Cash, Equiv & ST Investments29.57.620.8161.1186.8
+ Total Debt142.982.9119.792.692.6
Enterprise Value————3,082.5
Revenue1,735.01,661.41,764.41,754.41,974.5
Growth %, YoY—-4.2+6.2-0.6—
EBITDA141.3142.4148.0166.5216.9
Margin %8.158.578.399.4910.99
EBIT113.2111.5114.6133.6182.0
Net Income100.491.693.1122.0161.2
Margin %5.795.525.286.968.17
EPS, Adj (current shares)10.399.489.6312.6216.68
Growth %, YoY—-8.8+1.6+31.1—
Cash from Operations73.6142.4126.9105.9—
Capital Expenditures-28.8-68.0-118.8-242.6—
Free Cash Flow44.874.48.1-136.7-136.7
Market Cap/EV/multiples pair each (split/bonus-adjusted) FY-end close with the latest filed share count; Current column uses the last close. Market Capitalization is a market-level figure — identical across Consolidated/Standalone (the accounting rows below differ). No consensus estimates → no Est columns. Click any row to chart it.
« ‹ › »Latest: FY26 · StandaloneFA Financial Analysis · alphave
Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.

Vardhman Special Steels financials and key ratios

Prices at the 30 October 2026 close · figures from the company's filings with NSE

Vardhman Special Steels (NSE: VSSL) had a market capitalisation of ₹3,175 crore at the 30 October 2026 close (₹328.35 a share), a PE ratio of 19.7 on the last four quarters' profit and a price-to-book ratio of 2.37. In FY26 its standalone net profit was ₹122 crore on revenue of ₹1,754 crore; in Q2 FY27 (July–September 2026) it was ₹52.5 crore, up 51.9% year on year. Its debt-to-equity ratio was 0.12 on 30 September 2026. Promoters held 51.18% of the shares on 30 September 2026.

Share price used
₹328.35 · 30 October 2026 close
Latest balance sheet
30 September 2026
Shareholding pattern
30 September 2026

Vardhman Special Steels at a glance · standalone

Market cap
₹3,175 Crat ₹328.35 · 30 Oct close
PE ratio (last 4 quarters)
19.726.0 on FY26 profit
Price to book (PB)
2.37book value ₹138.41 a share
ROE (FY26)
11.8%−0.5 pts vs FY25ROCE 12.6%
Debt to equity
0.12net cash ₹24.2 Cr
Promoter holding
51.18%+0.1 pts vs 30 Jun 202630 September 2026
Dividend yield
1.07%₹3.50 a share in 12 months
Net worth
₹1,338 Cr+10.8% vs 30 Sep 202530 September 2026
Free cash flow (FY26)
−₹137 Cr

Questions

What is the Vardhman Special Steels PE ratio today?

Vardhman Special Steels' PE ratio is 19.7 at the 30 October 2026 close (₹328.35 a share): a market capitalisation of ₹3,175 crore divided by standalone net profit of ₹161 crore over the last four quarters (Q3 FY26 to Q2 FY27). On FY26 net profit (₹122 crore) it is 26.0.

What is the Vardhman Special Steels net worth?

Vardhman Special Steels' net worth — shareholders' equity in its standalone balance sheet — was ₹1,338 crore on 30 September 2026, up 10.8% from ₹1,208 crore a year earlier. Its market value is a different figure: a market capitalisation of ₹3,175 crore at the 30 October 2026 close.

What is the Vardhman Special Steels book value per share?

Vardhman Special Steels' book value per share was ₹138.41 on 30 September 2026: shareholders' equity of ₹1,338 crore divided by the 9.67 crore shares in issue, up 10.6% from ₹125.19 a year earlier. The share price at the 30 October 2026 close was ₹328.35.

What is the Vardhman Special Steels PB ratio (price to book value)?

Vardhman Special Steels' price-to-book (PB) ratio is 2.37 at the 30 October 2026 close: a market capitalisation of ₹3,175 crore divided by shareholders' equity (book value) of ₹1,338 crore on 30 September 2026. That is a book value of ₹138.41 per share against a share price of ₹328.35.

What is the Vardhman Special Steels ROE and ROCE?

In FY26, Vardhman Special Steels' return on equity (ROE) was 11.8% and its return on capital employed (ROCE) was 12.6%. ROE is net profit divided by average shareholders' equity (the start and end of the year); ROCE is operating profit (EBIT) divided by average capital employed (total assets less current liabilities). In FY25, ROE was 12.3% and ROCE 14.5%.

What is the Vardhman Special Steels dividend yield?

Vardhman Special Steels' dividend yield is 1.07% at the 30 October 2026 close: dividends of ₹3.50 a share that went ex-dividend in the 12 months before that day, divided by the share price of ₹328.35. They were ₹3.50 on 28 August 2026.

What is the Vardhman Special Steels market cap?

Vardhman Special Steels' market capitalisation was ₹3,175 crore at the 30 October 2026 close: 9.67 crore shares at ₹328.35 each.

Is Vardhman Special Steels debt free?

No. Vardhman Special Steels had borrowings of ₹163 crore on 30 September 2026 (standalone balance sheet), a debt-to-equity ratio of 0.12. Its cash and current investments were ₹187 crore, so it held net cash of ₹24.2 crore.

What is the Vardhman Special Steels EPS?

Vardhman Special Steels' basic earnings per share (EPS) were ₹13.15 in FY26, against ₹11.40 in FY25. Over the last four quarters (Q3 FY26 to Q2 FY27) they add up to ₹16.69.

What is the Vardhman Special Steels debt to equity ratio?

Vardhman Special Steels' debt-to-equity ratio was 0.12 on 30 September 2026: borrowings of ₹163 crore against total equity of ₹1,338 crore. A year earlier, on 30 September 2025, it was 0.06.

What is the Vardhman Special Steels promoter holding?

Promoters held 51.18% of Vardhman Special Steels on 30 September 2026, up 0.12 percentage points from 51.06% the previous quarter and up 0.05 percentage points from 51.13% a year earlier, according to the shareholding pattern filed with NSE.

What is the Vardhman Special Steels free cash flow?

In FY26, Vardhman Special Steels generated ₹106 crore of cash from operations and spent ₹243 crore on capital expenditure (property, plant, equipment and intangibles), leaving free cash flow of −₹137 crore. In FY25 it was ₹8.1 crore.

What is the Vardhman Special Steels dividend in 2026 and its record date?

In 2026, Vardhman Special Steels has declared one dividend: ₹3.50 with record date 28 August 2026.

What are the Vardhman Special Steels latest quarterly results?

Vardhman Special Steels' latest results are for Q2 FY27 (July–September 2026), filed on 27 October 2026: standalone net profit ₹52.5 crore, up 51.9% from ₹34.6 crore in Q2 FY26; revenue from operations ₹600 crore, up 38.8% year on year.

What is the Vardhman Special Steels revenue and profit in FY26?

In FY26 (April 2025–March 2026), Vardhman Special Steels' standalone net profit was ₹122 crore, up 31.1% from ₹93.1 crore in FY25, on revenue from operations of ₹1,754 crore (down 0.6%). Over three years, from FY23, net profit was up 21.5%.

What is the Vardhman Special Steels shareholding pattern?

On 30 September 2026, Vardhman Special Steels' shares were held by promoters 51.18%, foreign portfolio investors (FII/FPI) 0.57%, domestic institutions (DII) 2.52% (including mutual funds at 2.46%) and retail and other non-institutional investors 45.73%. Over the year, FII holding was up 0.02 percentage points from 0.55% and DII holding was down 1.12 percentage points from 3.64%.

How does Vardhman Special Steels compare with its peers?

On FY26 standalone figures, against Venus Pipes & Tubes, JTL INDUSTRIES and Sambhv Steel Tubes: Vardhman Special Steels' operating margin of 7.6% is the third highest of the four (Venus Pipes & Tubes 14.3%, JTL INDUSTRIES 6.1%, Sambhv Steel Tubes 9.4%; peer average 10.0%); its return on equity of 11.8% is the third highest of the four (Venus Pipes & Tubes 17.0%, JTL INDUSTRIES 7.0%, Sambhv Steel Tubes 18.5%; peer average 14.1%).

How does the Vardhman Special Steels PE ratio compare with its peers?

At the 30 October 2026 closing prices, on FY26 net profit, Vardhman Special Steels' PE ratio is 26.0, the lowest of the four: Venus Pipes & Tubes 36.7, JTL INDUSTRIES 34.1 and Sambhv Steel Tubes 31.3, a peer average of 34.1. Each is the company's market capitalisation at that price divided by its FY26 net profit.

When are the Vardhman Special Steels next results?

Vardhman Special Steels has reported Q2 FY27. Its next results, for Q3 FY27 (October–December 2026), are due by 14 February 2027 under SEBI's 45-day rule; the company notifies the board-meeting date at least two working days before.

Vardhman Special Steels vs Venus Pipes & Tubes: how do they compare?

In FY26, Vardhman Special Steels earned net profit of ₹122 crore on revenue of ₹1,754 crore, against ₹102 crore on ₹1,167 crore for Venus Pipes & Tubes. Vardhman Special Steels' operating margin was 7.6% (Venus Pipes & Tubes 14.3%) and its return on equity 11.8% (Venus Pipes & Tubes 17.0%). At the 30 October 2026 close, Vardhman Special Steels' market capitalisation was ₹3,175 crore against ₹3,744 crore for Venus Pipes & Tubes, and its PE ratio on FY26 profit 26.0 against 36.7.

Where do these Vardhman Special Steels figures come from?

From Vardhman Special Steels' own standalone results, balance sheets and shareholding patterns filed with NSE, and NSE prices (the latest used here: the 30 October 2026 close). Ratios are calculated by Alphave from those filings as each answer describes.

Standalone figures from the company's filings with NSE; prices are NSE closing prices.