Vardhman Special Steels balance sheet

As of Sep 2026

Total assets: ₹1,789cr+14.7% on Sep 2025
Shareholders' equity: ₹1,338cr+10.8% on Sep 2025
Total debt: ₹163cr+111.6% on Sep 2025
Cash and investments: ₹187cr−13.2% on Sep 2025

₹ crore except per share

Tap a line for its trend	H1 FY27Sep 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Current assets
Non-current assets						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	617	585	309	325	294
	93.1	26.5	117	1.0	11.9
	0.0	0.0	0.0	0.0	0.0
	4.1	3.4	7.7	0.0	0.0
	2.3	2.3	2.9	2.7	2.8
	2.6	2.9	2.9	2.8	2.7
	9.0	8.6	13.5	5.5	5.5
	49.3	57.7	35.5	34.2	20.7
	768	678	475	365	332
	332	350	335	356	363
	166	155	10.0	0.0	20.0
	411	278	261	262	262
	20.7	6.3	10.8	7.6	9.5
	0.3	52.3	0.6	0.1	0.1
	2.5	2.3	2.1	1.7	1.5
	49.2	39.7	34.1	22.4	19.9
	649	533	319	294	313
	39.3	71.9	7.3	24.1	23.3
	1,020	955	661	674	699
	1,789	1,633	1,136	1,040	1,031
Equity
	96.7	96.7	81.7	81.5	40.6
	1,242	1,181	716	638	602
	1,338	1,277	798	719	642
	1,338	1,277	798	719	642
Liabilities
	0.0	0.0	3.3	14.1	44.0
	0.7	0.8	0.5	0.8	0.9
	0.7	0.8	3.8	14.9	44.9
	2.3	2.1	2.2	2.0	1.9
	26.6	22.7	18.4	19.8	20.1
	0.4	0.3	0.4	0.4	0.5
	30.0	25.9	24.8	37.1	67.4
	163	92.6	116	68.8	98.9
	127	184	139	174	186
	108	35.1	38.8	24.8	22.6
	399	312	294	268	307
	1.2	1.3	2.0	1.4	1.0
	6.7	—	0.4	0.2	0.5
	13.7	16.6	16.4	13.5	12.2
	420	330	313	283	321
	450	356	338	320	388
	1,789	1,633	1,136	1,040	1,031
Trade payables — MSME split
	16.3	9.4	5.8	—	—
	111	175	133	—	—

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

alphave

VSSL₹328.55

Vardhman Special Steels Limited

· Capital Goods & Defence

₹ CrorePeersVENUSPIPES JTLIND SAMBHV KSL KIRLOSIND GOODLUCK BANSALWIRE RATNAVEERMcap ₹3,177 Cr

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In ₹ Crore except Per Share As of	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/09/2026
Non-current Assets
+ Property, Plant & Equipment	293.7	324.7	308.7	585.0	616.9
+ Capital Work-in-Progress	11.9	1.0	117.0	26.5	93.1
+ Other Intangibles	0.0	0.0	0.0	0.0	0.0
+ Non-current Investments	0.0	0.0	7.7	3.4	4.1
+ Long-term Loans	2.8	2.7	2.9	2.3	2.3
+ Other Non-current Financial Assets	2.7	2.8	2.9	2.9	2.6
Non-current Financial Assets	5.5	5.5	13.5	8.6	9.0
+ Other Non-current Assets	20.7	34.2	35.5	57.7	49.3
Total Non-current Assets	331.9	365.4	474.8	677.7	768.3
Current Assets
+ Inventories	362.7	356.2	335.0	350.2	331.7
+ Current Investments	20.0	0.0	10.0	154.8	166.0
+ Trade Receivables	261.5	262.2	261.3	277.8	410.6
+ Cash & Cash Equivalents	9.5	7.6	10.8	6.3	20.7
+ Other Bank Balances	0.1	0.1	0.6	52.3	0.3
+ Short-term Loans	1.5	1.7	2.1	2.3	2.5
+ Other Current Financial Assets	19.9	22.4	34.1	39.7	49.2
Current Financial Assets	312.6	294.0	318.8	533.3	649.3
+ Other Current Assets	23.3	24.1	7.3	71.9	39.3
Total Current Assets	698.6	674.3	661.2	955.4	1,020.4
Total Assets	1,030.5	1,039.7	1,135.9	1,633.1	1,788.7
Equity
+ Equity Share Capital	40.6	81.5	81.7	96.7	96.7
+ Other Equity / Reserves	601.6	637.9	716.2	1,180.6	1,241.7
Equity — Owners of Parent	642.2	719.4	797.9	1,277.3	1,338.4
Total Equity	642.2	719.4	797.9	1,277.3	1,338.4
Liabilities
+ Borrowings — Non-current	44.0	14.1	3.3	0.0	0.0
+ Other Non-current Financial Liab	0.9	0.8	0.5	0.8	0.7
Non-current Financial Liabilities	44.9	14.9	3.8	0.8	0.7
+ Provisions — Non-current	1.9	2.0	2.2	2.1	2.3
+ Deferred Tax Liabilities	20.1	19.8	18.4	22.7	26.6
+ Other Non-current Liabilities	0.5	0.4	0.4	0.3	0.4
Non-current Liabilities	67.4	37.1	24.8	25.9	30.0
+ Borrowings — Current	98.9	68.8	116.4	92.6	162.9
+ Trade Payables	185.6	174.5	139.3	184.2	127.2
+ Other Current Financial Liab	22.6	24.8	38.8	35.1	108.4
Current Financial Liabilities	307.1	268.1	294.5	312.0	398.5
+ Provisions — Current	1.0	1.4	2.0	1.3	1.2
+ Current Tax Liabilities	0.5	0.2	0.4	—	6.7
+ Other Current Liabilities	12.2	13.5	16.4	16.6	13.7
Current Liabilities	320.9	283.2	313.2	329.9	420.2
Total Liabilities	388.3	320.3	338.0	355.8	450.3
Total Equity & Liabilities	1,030.5	1,039.7	1,135.9	1,633.1	1,788.7
Trade Payables — MSME split
+ Dues to Micro & Small — Current	—	—	5.8	9.4	16.3
+ Dues to Other Creditors — Current	—	—	133.5	174.8	110.8

As filed, sign as filed — read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown, so depth follows the filer: pre-Ind-AS, insurance and NBFC blocks stay hidden unless they were actually reported. Alternate tags for the same idea (e.g. two spellings of a deferred-tax element) are kept as separate lines rather than merged, because merging them would be a guess. Ratios, per-share figures and counts render as raw numbers, not ₹ Crore. No consensus estimates → no Est columns. Click any row to chart it.

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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%.