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Vardhman Special Steels Limited
(VSSL)
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Rating:73Outperform
Price Target:
₹342.00
▲(15.33% Upside)
Action:Reiterated
Date:05/03/26
The score is driven primarily by solid financial performance—especially a strengthened, low-leverage balance sheet and improving 2026 profitability—partly offset by sharply negative recent free cash flow. Technicals add support with a clear uptrend and positive momentum, while valuation is neutral with a moderate P/E and modest dividend yield.
Positive Factors
Conservative balance sheet
Material deleveraging to very low net leverage gives Vardhman durable financial flexibility in a cyclical steel sector. Low debt reduces refinancing risk, supports capex or working-capital drawdowns during downturns, and preserves ability to invest in growth or navigate volatility.
Negative Factors
Sharply negative free cash flow
A large negative FCF in 2026 indicates weak cash conversion and elevated outflows that reduce financial flexibility. If sustained, this forces reliance on external funding or cuts to capex/dividends, and raises risks around working-capital management in a capital-intensive industry.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Material deleveraging to very low net leverage gives Vardhman durable financial flexibility in a cyclical steel sector. Low debt reduces refinancing risk, supports capex or working-capital drawdowns during downturns, and preserves ability to invest in growth or navigate volatility.
Read all positive factors
Vardhman Special Steels Limited (VSSL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹29.44B
Dividend Yield0.98%
Average Volume (3M)10.78K
Price to Earnings (P/E)20.5
Beta (1Y)1.07
Revenue Growth-2.88%
EPS Growth-8.35%
CountryIN
Employees1,363
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)14.87
Shares Outstanding96,685,680
10 Day Avg. Volume4,806
30 Day Avg. Volume10,775
Financial Highlights & Ratios
PEG Ratio1.11
Price to Book (P/B)1.63
Price to Sales (P/S)1.18
P/FCF Ratio-15.19
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)14.2
Revenue Forecast (FY)₹17.84B
Vardhman Special Steels Limited Business Overview & Revenue Model
Company Description
Vardhman Special Steels Limited, established in 1973 and based in Ludhiana, India, is a manufacturer and international supplier of billets, steel bars, and bright bars. The company produces these products from various categories of special and all...
How the Company Makes Money
VSSL primarily makes money by manufacturing and selling special and alloy steel products to industrial customers. Its core revenue stream is the sale of finished steel (and steel-derived forms) produced from its steelmaking and downstream processi...
Vardhman Special Steels Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.07B | 17.54B | 17.64B | 16.61B | 17.35B | 13.68B |
| Gross Profit | 4.95B | 7.18B | 2.50B | 6.22B | 6.07B | 5.51B |
| EBITDA | 2.32B | 2.09B | 1.77B | 1.71B | 1.80B | 2.03B |
| Net Income | 1.43B | 1.22B | 930.88M | 916.28M | 1.00B | 1.01B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 16.33B | 11.36B | 10.40B | 10.31B | 9.21B |
| Cash, Cash Equivalents and Short-Term Investments | 2.13B | 2.53B | 213.25M | 76.40M | 295.38M | 313.51M |
| Total Debt | 0.00 | 930.05M | 1.20B | 837.06M | 1.44B | 1.62B |
| Total Liabilities | -12.77B | 3.56B | 3.38B | 3.20B | 3.88B | 3.66B |
| Stockholders Equity | 12.77B | 12.77B | 7.98B | 7.19B | 6.42B | 5.55B |
Cash Flow | ||||||
| Free Cash Flow | -634.86M | -1.37B | -87.44M | 744.43M | 447.87M | 235.80M |
| Operating Cash Flow | 709.09M | 1.06B | 1.27B | 1.42B | 735.75M | 588.80M |
| Investing Cash Flow | -1.88B | -4.27B | -1.27B | -501.43M | -148.35M | -91.12M |
| Financing Cash Flow | 3.07B | 3.17B | 30.32M | -941.58M | -494.77M | -518.37M |
Vardhman Special Steels Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹29.44B | 20.49 | ― | 1.01% | -2.88% | -8.35% | |
65 Neutral | ₹165.61B | 34.26 | ― | 0.59% | -13.35% | -11.29% | |
61 Neutral | ₹28.63B | 6.60 | ― | 1.77% | 20.32% | -31.19% | |
59 Neutral | ₹29.60B | 17.66 | ― | 0.17% | 8.46% | 60.51% | |
58 Neutral | ₹25.15B | 31.55 | ― | 0.41% | 27.74% | 39.48% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹20.41B | 3.38 | ― | 1.44% | >-0.01% | 696.08% |
* General Sector Average
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Vardhman Special Steels Limited Corporate Events
Vardhman Special Steels Posts Q1 FY27 Earnings Call Transcript
Jul 29, 2026
Vardhman Special Steels Limited has released the transcript of its Q1 FY27 earnings conference call held on July 23, 2026, in line with SEBI’s disclosure norms for listed entities on BSE and NSE. The call covered the company’s business...
Vardhman Special Steels posts Q1 FY27 unaudited results in new investor update
Jul 22, 2026
Vardhman Special Steels Limited has released an investor presentation detailing its unaudited financial results for the quarter ended June 30, 2026, in compliance with Regulation 30 of SEBI’s listing obligations and disclosure requirements. ...
Vardhman Special Steels Details Investor Meetings at India Manthan 2026
May 21, 2026
Vardhman Special Steels Limited informed exchanges that its management participated in the ‘India Manthan 2026’ investor conference hosted by Yes Securities in Mumbai, where it met several analysts and institutional investors. The comp...
Vardhman Special Steels Promoters Report No Encumbrance on Shares for FY 2025-26
May 7, 2026
Promoter Sachit Jain has informed the National Stock Exchange that the promoters and persons acting in concert have created no encumbrance, direct or indirect, on their shareholding in Vardhman Special Steels during the financial year 2025-26. The...
Vardhman Special Steels Opens SEBI-Mandated Special Window for Legacy Physical Share Transfers
Apr 30, 2026
Vardhman Special Steels Limited has notified shareholders that, pursuant to a recent SEBI circular, a special one-year window has been opened from 5 February 2026 to 4 February 2027 for the transfer and dematerialisation of physical shares sold or...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.