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Vardhman Special Steels (VSSL)₹371.20+2.36%Iron & Steel Products
In the Jun 2026 quarter (standalone), Vardhman Special Steels reported sales of ₹487 Cr, up 12.0% from Jun 2025, and net profit of ₹40.86 Cr, up 105.0% year on year. For the year to Mar 2026, sales were ₹1,758 Cr and net profit ₹122 Cr.
Company filings, standalone accounts; latest reported quarter Jun 2026
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 416 | 398 | 440 | 416 | 496 | 428 | 429 | 435 | 433 | 432 | 459 | 487 |
| Expenses | 383 | 364 | 391 | 371 | 456 | 391 | 396 | 401 | 386 | 386 | 411 | 428 |
| Operating Profit | 31.04 | 33.05 | 49.07 | 42.10 | 39.06 | 35.03 | 31.04 | 32.05 | 45.05 | 43.08 | 46.07 | 58.09 |
| OPM % | 8.0% | 8.0% | 10.9% | 10.0% | 8.0% | 8.0% | 7.0% | 7.0% | 10.0% | 9.9% | 9.9% | 12.0% |
| Other Income | 5.99 | 7.99 | 8.99 | 5.99 | 8.99 | 6.99 | 7.01 | 7.99 | 11.01 | 12.99 | 9.99 | 9.99 |
| Interest | 5.01 | 5.01 | 5.01 | 5.01 | 5.01 | 5.01 | 3.01 | 4.01 | 2.01 | 4.01 | 3.01 | 3.01 |
| Depreciation | 7.01 | 7.01 | 9.01 | 8.02 | 8.01 | 8.01 | 8.01 | 9.01 | 8.01 | 8.02 | 8.01 | 10.02 |
| Profit before tax | 25.05 | 29.05 | 44.09 | 35.08 | 35.09 | 28.07 | 27.06 | 27.06 | 46.14 | 45.08 | 46.07 | 55.17 |
| Tax % | 26.0% | 25.0% | 24.9% | 25.9% | 25.9% | 24.9% | 26.9% | 26.0% | 25.9% | 24.9% | 26.0% | 26.0% |
| Net Profit | 17.94 | 21.92 | 32.90 | 25.90 | 25.93 | 20.92 | 19.94 | 19.93 | 34.88 | 33.86 | 33.90 | 40.86 |
| EPS (Rs) | 2.26 | 2.67 | 4.02 | 3.19 | 3.16 | 2.62 | 2.40 | 2.42 | 3.57 | 3.47 | 3.50 | 4.25 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 655 | 676 | 861 | 1,124 | 848 | 939 | 1,372 | 1,740 | 1,664 | 1,769 | 1,758 | 1,811 |
| Expenses | 609 | 611 | 796 | 1,052 | 805 | 829 | 1,193 | 1,592 | 1,518 | 1,612 | 1,585 | 1,612 |
| Operating Profit | 43.10 | 62.06 | 62.12 | 68.06 | 40.09 | 107 | 174 | 141 | 142 | 148 | 166 | 192 |
| OPM % | 7.0% | 9.0% | 7.0% | 6.0% | 4.7% | 11.0% | 13.0% | 8.0% | 9.0% | 8.0% | 8.9% | 10.6% |
| Other Income | 0.99 | 3.99 | 5.99 | 1.99 | 8.99 | 8.99 | 28.97 | 38.99 | 29.98 | 29.01 | 41.99 | 43.98 |
| Interest | 23.02 | 27.99 | 20.99 | 24.03 | 26.02 | 20.02 | 17.02 | 18.02 | 18.01 | 19.01 | 12.02 | 12.04 |
| Depreciation | 17.03 | 18.04 | 22.02 | 24.05 | 26.03 | 30.04 | 27.06 | 28.03 | 31.03 | 33.02 | 33.05 | 34.06 |
| Profit before tax | 4.01 | 19.06 | 25.06 | 22.04 | −2.01 | 66.13 | 158 | 134 | 123 | 125 | 164 | 192 |
| Tax % | 0.0% | 0.0% | 0.0% | 0.0% | −244.1% | 32.9% | 36.0% | 25.0% | 24.9% | 25.9% | 26.0% | — |
| Exceptional items | −0.99 | 0.00 | 1.99 | 0.00 | 0.99 | −1.99 | 0.00 | 0.00 | 1.99 | 0.99 | 0.00 | — |
| Net Profit | 3.99 | 18.94 | 24.91 | 21.94 | 2.99 | 43.86 | 101 | 99.72 | 91.71 | 92.71 | 122 | 144 |
| EPS (Rs) | 0.67 | 3.11 | 3.50 | 3.10 | 0.42 | 5.45 | 12.41 | 12.35 | 11.24 | 11.37 | 12.61 | 14.79 |
| Dividend payout % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 13.9% | 14.0% | 8.0% | 18.0% | 25.9% | 28.0% | — |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18.91 | 18.93 | 18.93 | 35.86 | 35.86 | 39.83 | 40.84 | 40.83 | 40.88 | 80.70 | 81.72 | 96.58 |
| Reserves | 151 | 161 | 179 | 303 | 325 | 372 | 418 | 513 | 601 | 637 | 715 | 1,179 |
| Borrowings | 349 | 338 | 315 | 228 | 333 | 266 | 191 | 162 | 144 | 83.93 | 120 | 92.94 |
| Other Liabilities | 93.55 | 96.54 | 98.52 | 108 | 193 | 89.56 | 152 | 203 | 243 | 236 | 217 | 262 |
| Total Liabilities | 613 | 613 | 611 | 675 | 886 | 768 | 801 | 919 | 1,029 | 1,037 | 1,134 | 1,629 |
| Fixed Assets | 230 | 250 | 264 | 249 | 279 | 310 | 282 | 288 | 293 | 325 | 308 | 583 |
| CWIP | 21.07 | 2.01 | 1.01 | 7.02 | 33.09 | 12.05 | 13.03 | 13.04 | 12.04 | 1.01 | 117 | 26.06 |
| Investments | 13.97 | 13.96 | 0.99 | 7.97 | 0.00 | 4.99 | 0.00 | 14.95 | 19.93 | 0.00 | 17.95 | 158 |
| Other Assets | 349 | 346 | 345 | 411 | 575 | 442 | 506 | 602 | 703 | 712 | 691 | 861 |
| Inventories | 134 | 107 | 118 | 160 | 314 | 153 | 193 | 305 | 364 | 357 | 336 | 351 |
| Trade receivables | 180 | 195 | 190 | 196 | 188 | 181 | 219 | 223 | 263 | 263 | 262 | 279 |
| Cash & equivalents | 8.97 | 3.99 | 5.98 | 6.97 | 0.00 | 1.99 | 51.82 | 15.95 | 9.97 | 7.98 | 10.97 | 58.85 |
| Total Assets | 613 | 613 | 611 | 675 | 886 | 768 | 801 | 919 | 1,029 | 1,037 | 1,134 | 1,629 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | −33.08 | 46.11 | 68.14 | 11.02 | −19.04 | 135 | 87.21 | 59.14 | 74.13 | 142 | 127 | 106 |
| Cash from investing activity | −3.99 | −15.99 | −16.01 | −16.01 | −69.95 | −87.93 | 7.01 | −8.99 | −15.01 | −50.01 | −127 | −427 |
| Cash from financing activity | 31.05 | −35.05 | −50.05 | 7.01 | 82.10 | −45.07 | −94.04 | −52.04 | −49.03 | −94.09 | 3.01 | 317 |
| Net cash flow | −5.01 | −5.01 | 2.01 | 2.01 | −7.01 | 2.01 | 0.00 | −2.01 | 9.02 | −2.01 | 3.01 | −4.01 |
| Capex | 28.01 | 20.02 | 32.99 | 13.01 | 80.07 | 36.02 | 8.99 | 34.98 | 28.99 | 67.96 | 119 | 243 |
| Free cash flow | −61.16 | 27.11 | 36.13 | −1.01 | −98.37 | 101 | 78.26 | 24.09 | 45.18 | 76.31 | 9.03 | −135 |
| CFO / OP % | −283.0% | 108.0% | 110.0% | 18.0% | −19.0% | 342.0% | 90.0% | 47.0% | 79.0% | 122.0% | 108.0% | 87.0% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 98 | 108 | 101 | 82 | 60 | 77 | 84 | 58 | 54 | 57 | 53 | 57 |
| Inventory days | 118 | 109 | 121 | 122 | 169 | 102 | 133 | 138 | 118 | 128 | 112 | 122 |
| Days payable | 46 | 42 | 36 | 47 | 89 | 42 | 90 | 68 | 61 | 63 | 47 | 65 |
| Cash conversion cycle | 171 | 175 | 187 | 158 | 141 | 138 | 127 | 130 | 112 | 122 | 119 | 115 |
| Working capital days | −5 | 14 | 17 | 58 | 50 | 47 | 78 | 81 | 73 | 84 | 68 | 118 |
| ROCE % | 0.0% | 5.0% | 9.0% | 8.0% | 7.0% | 3.0% | 13.1% | 26.1% | 20.0% | 18.0% | 17.0% | 15.1% |
For the Jun 2026 quarter, Vardhman Special Steels reported sales of ₹487 Cr, up 12.0% year on year and net profit of ₹40.86 Cr, up 105.0% year on year. The operating margin was 12.0%.
Vardhman Special Steels' sales for the year to Mar 2026 were ₹1,758 Cr; over the last twelve months they were ₹1,811 Cr.
Net profit for the year to Mar 2026 was ₹122 Cr, and ₹144 Cr over the last twelve months. Earnings per share over the same trailing period were ₹14.79.
Vardhman Special Steels reported borrowings of ₹92.94 Cr at Mar 2026, against cash and equivalents of ₹58.85 Cr.
Cash from operations was ₹106 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹135 Cr.