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Vardhman Special Steels Limited
(VSSL)
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Rating:72Outperform
Price Target:
₹434.00
▲(18.14% Upside)
Action:Reiterated
Date:09/11/26
The score is driven mainly by strong underlying financial positioning (notably low leverage and solid profitability) and supportive technical momentum (price above key moving averages with positive MACD). These positives are tempered by weaker cash-flow quality (negative free cash flow in the latest year) and a relatively demanding valuation (P/E ~26 with a sub-1% dividend yield).
Positive Factors
Low Leverage
The substantial reduction in debt-to-equity gives VSSL greater resilience across steel-market cycles and lowers financial strain. A conservative capital structure also preserves borrowing capacity for expansion, modernization, or working-capital needs while reducing dependence on external funding.
Negative Factors
Negative Free Cash Flow
The sharp swing to negative free cash flow shows that recent investment or other cash outflows exceeded internally generated funds. If this persists, VSSL may need tighter spending and working-capital management or greater reliance on financing to sustain expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage
The substantial reduction in debt-to-equity gives VSSL greater resilience across steel-market cycles and lowers financial strain. A conservative capital structure also preserves borrowing capacity for expansion, modernization, or working-capital needs while reducing dependence on external funding.
Read all positive factors
Vardhman Special Steels Limited (VSSL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹36.57B
Dividend Yield0.93%
Average Volume (3M)19.29K
Price to Earnings (P/E)25.4
Beta (1Y)1.04
Revenue Growth1.31%
EPS Growth39.60%
CountryIN
Employees1,400
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)14.87
Shares Outstanding96,701,180
10 Day Avg. Volume4,614
30 Day Avg. Volume19,291
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 Technical Analysis
Positive
367.35
Price Trends
366.17
Positive
322.78
Positive
289.84
Positive
Market Momentum
3.75
Positive
47.04
Neutral
14.69
Positive
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 367.35 is below the 20-day moving average (MA) of 397.55, above the 50-day MA of 366.17, and above the 200-day MA of 289.84, indicating a neutral trend. The MACD of 3.75 indicates Positive momentum. The RSI at 47.04 is Neutral, neither overbought nor oversold. The STOCH value of 14.69 is Positive, 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹36.57B | 25.42 | ― | 0.93% | 1.31% | 39.60% | |
66 Neutral | ₹25.82B | 8.90 | ― | 1.91% | 0.82% | -59.07% | |
65 Neutral | ₹33.10B | 17.97 | ― | 0.15% | 16.02% | 32.54% | |
65 Neutral | ₹178.73B | 41.24 | ― | 0.39% | -16.30% | -24.14% | |
62 Neutral | ₹25.71B | 4.06 | ― | 1.69% | 7.62% | 684.82% | |
61 Neutral | ₹23.22B | 29.06 | ― | 0.44% | 27.74% | 39.48% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:VSSL
Vardhman Special Steels Limited
378.20
103.71
37.78%
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886.85
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IN:MUKANDLTD
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177.95
53.21
42.66%
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457.25
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46.93%
IN:RATNAMANI
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2,550.00
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10.35%
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. ...
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.