Vardhman Special Steels Limited (IN:VSSL)
:VSSL
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Vardhman Special Steels Limited
(VSSL)
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Rating:73Outperform
Price Target:
₹310.00
▲(9.50% Upside)
Action:ReiteratedDate: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
Very low leverage and a strengthened equity base provide lasting financial flexibility in a cyclical industry. With debt-to-equity near 0.07, the company can better absorb downturns, pursue selective capex or working-capital needs, and avoid distress financing over the next several quarters.
Negative Factors
Sharply negative free cash flow
A large negative free cash flow outflow reduces internal funding available for capex, working capital or shareholder returns. If FCF remains weak over coming quarters, the company may need external financing or to curb investments, constraining strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and a strengthened equity base provide lasting financial flexibility in a cyclical industry. With debt-to-equity near 0.07, the company can better absorb downturns, pursue selective capex or working-capital needs, and avoid distress financing over the next several quarters.
Read all positive factors
Vardhman Special Steels Limited (VSSL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹26.89B
Dividend Yield1.03%
Average Volume (3M)10.78K
Price to Earnings (P/E)20.4
Beta (1Y)1.16
Revenue Growth-2.88%
EPS Growth-8.35%
CountryIN
Employees1,247
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)N/A
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 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 makes money primarily by manufacturing and selling special and alloy steel products (notably billets and rolled bars) to industrial customers, with a significant focus on automotive and engineering end-markets. Revenue is generated from: (1) ...
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 | 17.21B | 17.54B | 17.64B | 16.61B | 17.35B | 13.68B |
| Gross Profit | 6.82B | 7.18B | 2.50B | 6.22B | 6.07B | 5.51B |
| EBITDA | 1.76B | 2.09B | 1.77B | 1.71B | 1.80B | 2.03B |
| Net Income | 956.47M | 1.22B | 930.88M | 916.28M | 1.00B | 1.01B |
Balance Sheet | ||||||
| Total Assets | 15.59B | 16.33B | 11.36B | 10.40B | 10.31B | 9.21B |
| Cash, Cash Equivalents and Short-Term Investments | 2.66B | 2.53B | 213.25M | 76.40M | 295.38M | 313.51M |
| Total Debt | 774.71M | 930.05M | 1.20B | 837.06M | 1.44B | 1.62B |
| Total Liabilities | 3.51B | 3.56B | 3.38B | 3.20B | 3.88B | 3.66B |
| Stockholders Equity | 12.08B | 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 Technical Analysis
Positive
283.10
Price Trends
244.65
Positive
261.19
Negative
265.65
Negative
Market Momentum
2.78
Negative
62.66
Neutral
68.65
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VSSL, the sentiment is Positive. The current price of 283.1 is above the 20-day moving average (MA) of 234.49, above the 50-day MA of 244.65, and above the 200-day MA of 265.65, indicating a neutral trend. The MACD of 2.78 indicates Negative momentum. The RSI at 62.66 is Neutral, neither overbought nor oversold. The STOCH value of 68.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹25.93B | 9.96 | ― | 0.94% | -2.13% | -1.00% | |
73 Outperform | ₹26.89B | 20.43 | ― | 1.03% | -2.88% | -8.35% | |
73 Outperform | ₹29.13B | 25.82 | ― | 0.76% | 21.98% | 41.02% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | ₹17.33B | 21.94 | ― | 0.43% | 33.50% | 77.45% | |
51 Neutral | ₹20.12B | 96.37 | ― | ― | -3.69% | -424.43% | |
40 Underperform | ₹11.12B | 127.23 | ― | ― | -41.85% | -96.54% |
* Basic Materials Sector Average
IN:VSSL
Vardhman Special Steels Limited
278.15
46.22
19.93%
IN:IPL
India Pesticides Ltd.
150.45
6.57
4.57%
IN:MADRASFERT
Madras Fertilizers Ltd
69.00
-16.49
-19.29%
IN:MSPL
MSP Steel & Power Limited
35.50
8.73
32.61%
IN:NITINSPIN
Nitin Spinners Limited
461.15
94.91
25.91%
IN:STEELCAS
Steelcast Ltd.
287.80
118.91
70.41%
Vardhman Special Steels Limited Corporate Events
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...
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...
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.