Vardhman Special Steels cash flow

Latest FY26

Cash from operations: ₹106cr−16.6% on FY25
Capital spending: ₹243cr+104.2% on FY25
Free cash flow: −₹137cr₹8.1 cr in FY25
Cash from financing: ₹317cr+10,351.1% on FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Sep 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Changes in working capital
Adjustments to reconcile profit — non-cash items						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	—	32.9	33.5	31.0	28.1
	—	11.9	18.6	18.4	17.7
	—	−10.4	−1.5	−1.5	−1.3
	—	−3.9	−0.9	1.4	−1.0
	—	0.9	1.1	0.8	0.8
	—	−0.1	−0.3	−0.4	−0.9
	—	−0.0	−0.1	−0.2	0.0
	—	1.5	−1.2	−1.9	−0.1
	—	−15.3	21.2	6.5	−58.4
	—	−16.3	0.8	−0.6	−39.6
	—	−6.0	−12.2	−3.1	−18.9
	—	0.6	−0.3	0.2	−0.1
	—	−63.8	9.8	6.2	12.7
	—	−0.2	−0.6	−2.2	−4.4
	—	44.8	−34.8	−10.5	38.8
	—	3.5	−1.6	5.1	0.4
	—	0.5	−0.1	0.1	0.0
	—	0.2	2.9	1.3	3.2
	—	−0.1	−0.0	−0.0	0.0
	—	−0.0	0.1	0.6	0.5
	—	−0.1	0.2	0.0	0.1
Cash from operating activities
	217	164	125	123	134
	—	−19.4	34.7	51.2	−22.2
	—	145	160	174	112
	—	38.8	32.8	31.6	38.5
	—	106	127	142	73.6
Cash from investing activities
	—	243	119	68.0	28.8
	—	1.4	0.4	1.3	0.6
	—	617	220	384	4.5
	—	472	211	406	0.0
	—	10.5	1.4	1.4	2.2
	—	−51.7	−0.4	−7.0	15.6
	—	−427	−127	−50.1	−14.8
Cash from financing activities
	—	385	1.0	0.7	0.5
	—	0.0	59.8	0.0	27.1
	—	27.1	23.0	60.1	45.2
	—	0.3	0.2	0.2	0.2
	—	11.9	18.2	18.4	17.5
	—	28.9	16.2	16.2	14.1
	—	317	3.0	−94.2	−49.5
	—	−4.5	3.1	−1.9	9.3
	—	−4.5	3.1	−1.9	9.3
	—	—	—	7.6	9.5
Reference items
	217	166	148	142	141
	11.0%	9.5%	8.4%	8.6%	8.2%
	−137	−137	8.1	74.4	44.8
	—	−176	26.6	−3.9	—
	−₹14.14	−₹14.14	₹0.84	₹7.70	₹4.63
	—	0.87×	1.36×	1.55×	0.73×
	—	38.8	32.8	31.6	38.5
	—	11.9	18.2	18.4	17.5

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

alphave

VSSL₹336.10

Vardhman Special Steels Limited

· Capital Goods & Defence

₹ CrorePeersVENUSPIPES JTLIND SAMBHV KSL KIRLOSIND GOODLUCK BANSALWIRE RATNAVEERMcap ₹3,250 Cr

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In ₹ Crore except Per Share 12 Months Ending	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/09/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	28.1	31.0	33.5	32.9	—
+ Finance Costs	17.7	18.4	18.6	11.9	—
+ Interest Income	-1.3	-1.5	-1.5	-10.4	—
+ Fair Value (Gains) / Losses	-1.0	1.4	-0.9	-3.9	—
+ Share-based Payments	0.8	0.8	1.1	0.9	—
+ Unrealised FX (Gain) / Loss	-0.9	-0.4	-0.3	-0.1	—
+ Other Non-cash Items	0.0	-0.2	-0.1	-0.0	—
+ Other — Cash Effects are Investing / Financing	-0.1	-1.9	-1.2	1.5	—
Changes in Working Capital
+ Inventories	-58.4	6.5	21.2	-15.3	—
+ Trade Receivables — Current	-39.6	-0.6	0.8	-16.3	—
+ Other Financial Assets — Current	-18.9	-3.1	-12.2	-6.0	—
+ Other Financial Assets — Non-current	-0.1	0.2	-0.3	0.6	—
+ Other Current Assets	12.7	6.2	9.8	-63.8	—
+ Other Non-current Assets	-4.4	-2.2	-0.6	-0.2	—
+ Trade Payables — Current	38.8	-10.5	-34.8	44.8	—
+ Other Financial Liabilities — Current	0.4	5.1	-1.6	3.5	—
+ Other Financial Liabilities — Non-current	0.0	0.1	-0.1	0.5	—
+ Other Current Liabilities	3.2	1.3	2.9	0.2	—
+ Other Non-current Liabilities	0.0	-0.0	-0.0	-0.1	—
+ Provisions — Current	0.5	0.6	0.1	-0.0	—
+ Provisions — Non-current	0.1	0.0	0.2	-0.1	—
Cash from Operating Activities
Profit Before Tax (per I/S)	134.3	122.9	125.1	164.0	216.7
+ Total Adjustments (incl. Working Capital)	-22.2	51.2	34.7	-19.4	—
Cash from Operations (pre-tax)	112.1	174.1	159.7	144.6	—
+ Income Taxes Paid	38.5	31.6	32.8	38.8	—
Cash from Operating Activities	73.6	142.4	126.9	105.9	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	28.8	68.0	118.8	242.6	—
+ Disp of Fixed Assets	0.6	1.3	0.4	1.4	—
+ Acq of Investment Property	4.5	384.0	220.2	617.0	—
+ Disp of Investment Property	0.0	406.2	210.8	472.2	—
+ Interest Received — Investing	2.2	1.4	1.4	10.5	—
+ Other Inflows / (Outflows) — Investing	15.6	-7.0	-0.4	-51.7	—
Cash from Investing Activities	-14.8	-50.1	-126.8	-427.2	—
Cash from Financing Activities
+ Proceeds from Issue of Shares	0.5	0.7	1.0	385.0	—
+ Proceeds from Borrowings	27.1	0.0	59.8	0.0	—
+ Repayment of Borrowings	45.2	60.1	23.0	27.1	—
+ Payment of Lease Liabilities	0.2	0.2	0.2	0.3	—
+ Interest Paid	17.5	18.4	18.2	11.9	—
+ Dividends Paid	14.1	16.2	16.2	28.9	—
Cash from Financing Activities	-49.5	-94.2	3.0	316.9	—
Net Changes in Cash (pre-FX)	9.3	-1.9	3.1	-4.5	—
Net Changes in Cash	9.3	-1.9	3.1	-4.5	—
Closing Cash	9.5	7.6	—	—	—
Reference Items
EBITDA	141.3	142.4	148.0	166.5	216.9
EBITDA Margin %	8.15	8.57	8.39	9.49	10.99
Free Cash Flow (CFO − Capex)	44.8	74.4	8.1	-136.7	-136.7
Free Cash Flow to Equity	—	-3.9	26.6	-175.7	—
Free Cash Flow per Basic Share	4.63	7.70	0.84	-14.14	-14.14
Cash Flow to Net Income	0.73	1.55	1.36	0.87	—
Cash Paid for Taxes	38.5	31.6	32.8	38.8	—
Cash Paid for Interest	17.5	18.4	18.2	11.9	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. 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%.