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Vraj Iron & Steel Ltd.
(VRAJ)
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Rating:66Neutral
Price Target:
₹131.00
▼(-0.11% Downside)
Action:Reiterated
Date:07/18/26
The score is primarily constrained by financial fundamentals: sharp margin compression since 2024 and persistently negative free cash flow (2024–2026) despite positive operating cash flow. Offsetting this, the balance sheet remains a clear strength with low leverage, and technicals are constructive with the price above major moving averages and a positive MACD. Valuation appears moderate at ~13.9x earnings, but lack of dividend yield data limits additional valuation support.
Positive Factors
Low leverage and growing equity base
Low leverage gives Vraj Iron & Steel meaningful financial flexibility relative to its equity base. This can support investment, absorb operating volatility, and reduce dependence on external funding, although returns ultimately depend on restoring stronger profitability.
Negative Factors
Sharp margin and profit compression
The steep decline in gross and net margins shows that revenue growth has translated into substantially less profit per unit of sales. Persistent pressure on pricing or costs would weaken earnings quality, reduce reinvestment capacity, and make profitability recovery increasingly important.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and growing equity base
Low leverage gives Vraj Iron & Steel meaningful financial flexibility relative to its equity base. This can support investment, absorb operating volatility, and reduce dependence on external funding, although returns ultimately depend on restoring stronger profitability.
Read all positive factors
Vraj Iron & Steel Ltd. (VRAJ) vs. iShares MSCI India ETF (INDA)
Market Cap
₹4.01B
Dividend YieldN/A
Average Volume (3M)2.29K
Price to Earnings (P/E)11.4
Beta (1Y)1.82
Revenue Growth29.01%
EPS Growth-0.59%
CountryIN
Employees492
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)9.70
Shares Outstanding32,982,620
10 Day Avg. Volume3,080
30 Day Avg. Volume2,292
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)0.73
Price to Sales (P/S)0.53
P/FCF Ratio-4.20
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)N/A
Revenue Forecast (FY)N/A
Vraj Iron & Steel Ltd. Business Overview & Revenue Model
Company Description
Vraj Iron and Steel Limited, an Indian company established in Raipur in 2004, specializes in the production and distribution of diverse iron and steel materials. Their core product line, marketed under the 'Vraj' brand, encompasses sponge iron, MS...
How the Company Makes Money
Vraj Iron & Steel Ltd. primarily makes money by manufacturing iron and steel intermediates and selling them to customers in the steel value chain. Key revenue streams include: (1) sale of sponge iron (direct reduced iron), typically sold to steelm...
Vraj Iron & Steel Ltd. Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
78
Positive
Cash Flow
45
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.88B | 4.75B | 4.20B | 5.16B | 4.14B |
| Gross Profit | 945.94M | 1.32B | 1.35B | 749.15M | 446.70M |
| EBITDA | 678.83M | 683.02M | 764.37M | 813.15M | 496.62M |
| Net Income | 320.05M | 440.87M | 574.08M | 539.97M | 287.04M |
Balance Sheet | |||||
| Total Assets | 4.96B | 4.17B | 2.81B | 1.92B | 1.51B |
| Cash, Cash Equivalents and Short-Term Investments | 56.86M | 401.42M | 369.59M | 52.64M | 2.78M |
| Total Debt | 426.38M | 22.81M | 632.67M | 245.55M | 440.85M |
| Total Liabilities | 657.32M | 203.96M | 801.81M | 506.24M | 636.35M |
| Stockholders Equity | 4.30B | 3.97B | 2.00B | 1.41B | 871.39M |
Cash Flow | |||||
| Free Cash Flow | -744.22M | -812.82M | -449.47M | 601.20M | 39.63M |
| Operating Cash Flow | 307.23M | 136.35M | 192.20M | 616.81M | 87.44M |
| Investing Cash Flow | -716.69M | -1.03B | -555.13M | -420.07M | -13.59M |
| Financing Cash Flow | 402.00M | 900.64M | 362.80M | -196.88M | -72.15M |
Vraj Iron & Steel Ltd. Technical Analysis
Positive
131.15
Price Trends
124.21
Positive
124.48
Positive
124.70
Positive
Market Momentum
-0.21
Negative
53.21
Neutral
46.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VRAJ, the sentiment is Positive. The current price of 131.15 is above the 20-day moving average (MA) of 123.02, above the 50-day MA of 124.21, and above the 200-day MA of 124.70, indicating a bullish trend. The MACD of -0.21 indicates Negative momentum. The RSI at 53.21 is Neutral, neither overbought nor oversold. The STOCH value of 46.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:VRAJ.
Vraj Iron & Steel Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹4.01B | 11.43 | ― | ― | 29.01% | -0.59% | |
64 Neutral | ₹6.92B | 9.35 | ― | ― | 80.77% | 283.94% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹3.47B | 20.88 | ― | ― | 51.93% | 45.78% | |
52 Neutral | ₹3.70B | 45.15 | ― | 0.73% | -15.18% | -19.65% | |
50 Neutral | ₹2.35B | 30.85 | ― | ― | 20.90% | -36.24% |
* General Sector Average
IN:VRAJ
Vraj Iron & Steel Ltd.
124.80
-27.45
-18.03%
IN:BEDMUTHA
Bedmutha Industries Limited
106.65
-40.65
-27.60%
IN:MANAKSTEEL
Manaksia Steels Ltd
110.91
48.44
77.54%
IN:SHIVAUM
Shiv Aum Steels Ltd.
464.35
170.80
58.18%
IN:SURAJLTD
Suraj Limited
205.00
-101.16
-33.04%
IN:VSTL
Vibhor Steel Tubes Ltd.
124.90
-36.45
-22.59%
Vraj Iron & Steel Ltd. Corporate Events
Vraj Iron & Steel affirms full demat shareholding and SEBI compliance
Jul 11, 2026
Vraj Iron Steel Ltd. has submitted to the stock exchanges a compliance certificate under SEBI’s Depositories and Participants Regulations for the quarter ended June 30, 2026, as required under Regulation 74(5). The filing includes confirmat...
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.