Vardhman Special Steels Limited (IN:VSSL)
:VSSL
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Vardhman Special Steels Limited
(VSSL)
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Rating:62Neutral
Price Target:
₹220.00
▼(-22.29% Downside)
Action:DowngradedDate:04/01/26
The score is primarily supported by solid underlying financial performance (strong revenue trajectory and a stable balance sheet), but is meaningfully weighed down by weak technicals (downtrend with oversold momentum). Valuation is neutral-to-slightly supportive with a moderate P/E and modest dividend yield.
Positive Factors
Multi-year revenue growth & healthy gross margin
Sustained multi-year revenue gains and a healthy gross margin indicate durable demand for specialized steel grades and effective cost management. Over 2-6 months this underpins pricing power, margin resiliency and capacity to invest in product quality and customer qualification processes that support repeat OEM business.
Negative Factors
2025 margin compression and negative free cash flow
A material dip in 2025 EBIT/EBITDA margins alongside negative free cash flow signals sustained operational cost pressure or weaker pricing power. Over months this reduces internal funding for capex and working capital, heightens reliance on external financing and constrains margin recovery options.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue growth & healthy gross margin
Sustained multi-year revenue gains and a healthy gross margin indicate durable demand for specialized steel grades and effective cost management. Over 2-6 months this underpins pricing power, margin resiliency and capacity to invest in product quality and customer qualification processes that support repeat OEM business.
Read all positive factors
Vardhman Special Steels Limited (VSSL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹23.51B
Dividend Yield1.03%
Average Volume (3M)10.78K
Price to Earnings (P/E)20.4
Beta (1Y)1.18
Revenue Growth-1.47%
EPS Growth-15.20%
CountryIN
Employees1,247
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)4.10
Shares Outstanding96,685,680
10 Day Avg. Volume4,806
30 Day Avg. Volume10,775
Financial Highlights & Ratios
PEG Ratio14.52
Price to Book (P/B)2.11
Price to Sales (P/S)0.95
P/FCF Ratio-192.18
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹155.00Price Target Upside-45.25% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)14.2
Revenue Forecast (FY)₹17.84B
Vardhman Special Steels Limited Business Overview & Revenue Model
Company Description
Vardhman Special Steels Limited manufactures and sells billets, steel bars, and bright bars of various categories of special and alloy steels in India and internationally. The company serves engineering, automotive, tractor, bearing, and allied in...
How the Company Makes Money
VSSL primarily makes money by manufacturing and selling special/alloy steel long products (e.g., billets, bars/rods, and wire rods) to industrial customers. Revenue is generated through: (1) sale of finished steel products by grade, size, and qual...
Vardhman Special Steels Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 17.21B | 17.64B | 16.61B | 17.35B | 13.68B | 9.37B |
| Gross Profit | 6.82B | 2.50B | 6.22B | 6.07B | 5.51B | 3.98B |
| EBITDA | 1.76B | 1.77B | 1.71B | 1.80B | 2.03B | 1.15B |
| Net Income | 956.47M | 930.88M | 916.28M | 1.00B | 1.01B | 441.95M |
Balance Sheet | ||||||
| Total Assets | 15.59B | 11.36B | 10.40B | 10.31B | 9.21B | 8.03B |
| Cash, Cash Equivalents and Short-Term Investments | 2.66B | 213.25M | 76.40M | 295.38M | 313.51M | 523.40M |
| Total Debt | 774.71M | 1.20B | 837.06M | 1.44B | 1.62B | 1.91B |
| Total Liabilities | 3.51B | 3.38B | 3.20B | 3.88B | 3.66B | 3.43B |
| Stockholders Equity | 12.08B | 7.98B | 7.19B | 6.42B | 5.55B | 4.59B |
Cash Flow | ||||||
| Free Cash Flow | -634.86M | -87.44M | 744.43M | 447.87M | 235.80M | 777.55M |
| Operating Cash Flow | 709.09M | 1.27B | 1.42B | 735.75M | 588.80M | 872.39M |
| Investing Cash Flow | -1.88B | -1.27B | -501.43M | -148.35M | -91.12M | 67.96M |
| Financing Cash Flow | 3.07B | 30.32M | -941.58M | -494.77M | -518.37M | -939.98M |
Vardhman Special Steels Limited Technical Analysis
Neutral
283.10
Price Trends
244.46
Negative
262.18
Negative
265.42
Negative
Market Momentum
-3.36
Negative
54.98
Neutral
80.36
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VSSL, the sentiment is Neutral. The current price of 283.1 is above the 20-day moving average (MA) of 230.95, above the 50-day MA of 244.46, and above the 200-day MA of 265.42, indicating a neutral trend. The MACD of -3.36 indicates Negative momentum. The RSI at 54.98 is Neutral, neither overbought nor oversold. The STOCH value of 80.36 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:VSSL.
Vardhman Special Steels Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹28.52B | 25.82 | ― | 0.76% | 27.37% | 42.85% | |
67 Neutral | ₹22.25B | 9.96 | ― | 0.94% | 1.79% | 7.55% | |
62 Neutral | ₹23.51B | 20.43 | ― | 1.03% | -1.47% | -15.20% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | ₹17.07B | 21.94 | ― | 0.43% | 30.14% | 48.14% | |
51 Neutral | ₹19.77B | 96.37 | ― | ― | -3.14% | -466.99% | |
40 Underperform | ₹10.75B | 127.23 | ― | ― | 3.38% | 0.68% |
* Basic Materials Sector Average
IN:VSSL
Vardhman Special Steels Limited
243.20
33.67
16.07%
IN:IPL
India Pesticides Ltd.
148.20
10.10
7.31%
IN:MADRASFERT
Madras Fertilizers Ltd
66.72
-11.40
-14.59%
IN:MSPL
MSP Steel & Power Limited
34.88
6.25
21.83%
IN:NITINSPIN
Nitin Spinners Limited
395.80
32.49
8.94%
IN:STEELCAS
Steelcast Ltd.
281.80
106.79
61.02%
Vardhman Special Steels Limited Corporate Events
Vardhman Special Steels Shuts Trading Window Ahead of FY26 Results
Mar 30, 2026
Vardhman Special Steels Limited has announced that its trading window will be closed from 1 April 2026 at 9:00 a.m. and will reopen 48 hours after the company’s audited financial results for the year ended 31 March 2026 are made public. This...
Vardhman Special Steels Reports Dematerialisation of 497 Shares for February 2026
Mar 9, 2026
Vardhman Special Steels Limited has notified the stock exchanges that it has complied with Regulation 74(5) of SEBI’s Depositories and Participants Regulations by submitting details of equity shares dematerialised during February 2026. The c...
Vardhman Special Steels Opens One-Year Window to Demat Legacy Physical Shares
Feb 20, 2026
Vardhman Special Steels Limited has announced the opening of a special one-year window, from February 5, 2026 to February 4, 2027, to facilitate the transfer and dematerialisation of physical share certificates that were sold or purchased before A...
Vardhman Special Steels Releases Q3 FY26 Earnings Call Transcript
Jan 24, 2026
Vardhman Special Steels Limited has released the transcript of its Q3 FY26 earnings conference call held on 21 January 2026, in line with disclosure requirements under SEBI’s listing regulations. The call, led by Chairman and Managing Direct...
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.