V

Vardhman Special Steels Limited

VSSL
Market snapshot · 2026-08-11 14:56 UTC

₹332.70

₹-4.95 (-1.47%)

MARKET CAP

₹3.22K Cr

STOCK P/E

22.2x

52W HIGH

₹351.70

52W LOW

₹206.40

BOOK VALUE

₹126.18

EPS

₹14.96

ROE

—

SECTOR

Materials

DEBT/EQUITY

7.28

VOLUME

1.30L

P/B RATIO

2.64x

PEG RATIO

0.29

Sector

Materials

Themes

Iron & Steel
D
Dividend
₹341.85₹311.10₹280.35₹249.60₹218.85VolumeDAug '25Sep '25Nov '25Jan '26Mar '26Apr '26Jun '26Aug '26

AI Summary

✦ Clartha

Valuation Metrics

Trading 29.2% above historical median. Valuation is stable — currently in the strongly overvalued zone (z-score: +2.22). Confidence: 86%.

Live forward EPS implies next-12-month EPS of ₹22.30. Applying the stock's normalized valuation corridor produces a fair range of ₹324.47 to ₹418.57, with base value near ₹380.44 (+15.5% vs current price).

Forward Valuation Outlook

Live forward estimate anchored to the company's historical valuation corridor.

Inside normalized range

Forward EPS

₹22.30

Forward P/E

14.8x

Base Fair Value

₹380.44

Fair Range

₹324.47 - ₹418.57

Upside To Base

+15.5%

Estimate Source

Live forward EPS

Growth Estimate

+74.9%

P/E
Strongly Overvalued

5Y Average

14.08

Current

22.04

Overvalued

18.77

Undervalued

14.55

EV/EBITDA
Strongly Overvalued

5Y Average

8.47

Current

13.26

Overvalued

10.91

Undervalued

5.83

P/B
Strongly Undervalued

5Y Average

2.91

Current

2.61

Overvalued

3.35

Undervalued

2.47

Peers & Comparison

Sector: Materials · Theme: Iron & Steel

Iron & Steel Peers8 peers
Avg P/E: 60.4x
CompanyRev. GrowthMarginP/Evs Avg52W Perf.
GODAWARI POW & ISP LTD
GPILIron & Steel
+34.8%13.9%
18.7x
Undervalued
-69% vs avg
+19.6%
GALLANTT ISPAT LIMITED
GALLANTTIron & Steel
—11.1%
30.2x
Undervalued
-50% vs avg
-23.7%
JAYASWAL NECO INDUSTR LTD
JAYNECOINDIron & Steel
+27.7%7.4%
16.1x
Undervalued
-73% vs avg
+54.0%
JAI BALAJI INDUSTRIES LTD
JAIBALAJIIron & Steel
+9.8%2.2%
44.6x
Undervalued
-26% vs avg
-34.2%
BANSAL WIRE INDUSTRIES L
BANSALWIREIron & Steel
+24.4%3.2%
35.2x
Undervalued
-42% vs avg
-9.4%
AEROFLEX INDUSTRIES LTD
AEROFLEXIron & Steel
+72.4%13.4%
82.7x
Premium
+37% vs avg
+131.7%
LLOYDS ENTERPRISES LTD
LLOYDSENTIron & Steel
+47.1%16.1%
45.1x
Undervalued
-25% vs avg
+20.3%
NMDC STEEL LIMITED
NSLNISPIron & Steel
+36.7%0.4%
210.5x
Premium
+249% vs avg
+24.6%
WHY THESE PEERS

VARDHMAN SPC STEEL LTD trades at a discount (22.2x vs peer avg 60.4x), suggesting potential undervaluation relative to the Iron & Steel cohort. Peers include GODAWARI POW & ISP LTD, GALLANTT ISPAT LIMITED, JAYASWAL NECO INDUSTR LTD — selected based on business model, industry classification, market cap similarity, and business theme alignment.

Financials

Real statement data for revenue, earnings quality, conversion, and balance-sheet coverage. Monetary values are shown in Rs crore.

Latest revenue

₹458 CrMar 2026

Latest net profit

₹34 CrMar 2026

Latest EPS

₹3.52Mar 2026

Net margin

8.4%Mar 2026

Performance

Bars show revenue and net profit. The line shows net margin.

Rs crore + margin %
Q4 '25Q1 '26Q2 '26Q3 '26Q4 '260.0%3.0%6.0%9.0%12.0%0.00 Cr150 Cr300 Cr450 Cr600 Cr
  • Revenue
  • Net income
  • Net margin %

Earnings

Revenue is shown in crores. EPS is rupees per share.

Rs crore + Rs/share
Q4 '25Q1 '26Q2 '26Q3 '26Q4 '260.00 Cr150 Cr300 Cr450 Cr600 Cr₹0₹1₹2₹3₹4
  • Revenue
  • EPS

Revenue to profit conversion

Bridge from operating numbers to profit for the latest reported period.

Rs crore
RevenueExpensesDepreciationOperatingprofitOther incomeInterestProfitbefore taxTax & otherNet Profit0.00 Cr150 Cr300 Cr450 Cr600 Cr

Latest reported period: Mar 2026

Debt level and coverage

Debt, cash and free cash flow compared on the same crore scale.

Rs crore
Annual view
20212022202320242025-400 Cr-200 Cr0.00 Cr200 Cr400 Cr
  • Debt
  • Free cash flow
  • Cash & equivalents

Results

MetricMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales422409415397439415495427428434432431458
Expenses398380384364391372456392397402387387412
Operating Profit17.3721.9723.8225.8239.8434.0830.7626.5923.1422.8337.1835.3238.29
OPM %4.12%5.37%5.74%6.5%9.07%8.22%6.22%6.23%5.41%5.26%8.6%8.2%8.36%
Other Income5.27.245.628.258.715.679.296.977.187.511.2213.1710.46
Interest4.554.214.644.914.664.75.375.093.473.561.93.692.76
Depreciation7.097.257.317.438.998.298.48.498.2998.087.997.8
Profit before tax18.022524.829.1643.8935.0534.6828.4726.8526.7746.544.845.99
Tax %24.08%25.72%25.56%25.21%25.29%25.59%25.55%24.62%26.52%25.66%25.68%25.02%26.11%
Net Profit13.6818.5718.4621.8132.7926.0825.8221.4619.7319.934.5633.5933.98
EPS in Rs1.662.292.272.684.003.203.172.632.422.433.613.483.52

All values in Rs. Crore unless otherwise stated. Source: CMIE Prowess, Quarterly Interim Standalone.

Shareholding Pattern

HolderMar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters60.37%51.13%51.13%51.10%51.06%
FII0.64%0.58%0.54%0.54%0.55%
DII4.17%3.54%3.63%3.30%3.34%
Public19.83%16.47%16.33%16.78%16.76%
Others14.99%28.28%28.37%28.28%28.29%
Mar 2026
Promoters
FII
DII
Public
Others