Vardhman Special Steels Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: June 14, 2025, 1:56 am

Market Cap	2,088 Cr.
Current Price	255
High / Low	343/178
Stock P/E	22.4
Book Value	97.6
Dividend Yield	0.78 %
ROCE	16.7 %
ROE	12.3 %
Face Value	10.0
PEG Ratio	1.41

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Vardhman Special Steels Ltd

Competitors of Vardhman Special Steels Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Alliance Integrated Metaliks Ltd	147 Cr.	3.72	34.3/3.64		6.67	0.00 %	24.8 %	%	1.00
Vardhman Special Steels Ltd	2,088 Cr.	255	343/178	22.4	97.6	0.78 %	16.7 %	12.3 %	10.0
Hisar Metal Industries Ltd	105 Cr.	194	247/160	32.9	116	0.52 %	9.45 %	5.17 %	10.0
Industry Average	780.00 Cr	150.91		27.65	73.42	0.43%	16.98%	8.74%	7.00

All Competitor Stocks of Vardhman Special Steels Ltd

Quarterly Result

Metric	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Sales	343	469	443	401	422	409	415	397	439	415	495	427	428
Expenses	305	423	408	364	398	380	384	364	391	372	456	392	397
Operating Profit	38	46	35	36	24	29	31	33	49	42	39	35	31
OPM %	11%	10%	8%	9%	6%	7%	8%	8%	11%	10%	8%	8%	7%
Other Income	22	6	14	13	5	7	6	8	9	6	9	7	7
Interest	4	4	4	5	5	4	5	5	5	5	5	5	3
Depreciation	7	7	7	7	7	7	7	7	9	8	8	8	8
Profit before tax	49	41	38	38	18	25	25	29	44	35	35	28	27
Tax %	40%	25%	25%	25%	24%	26%	26%	25%	25%	26%	26%	25%	27%
Net Profit	29	30	28	28	14	19	18	22	33	26	26	21	20
EPS in Rs	3.60	3.74	3.45	3.51	1.68	2.29	2.27	2.68	4.03	3.20	3.17	2.63	2.41

Last Updated: May 31, 2025, 7:22 am

Below is a detailed analysis of the quarterly data for Vardhman Special Steels Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

For Sales, as of Mar 2025, the value is 428.00 Cr.. The value appears strong and on an upward trend. It has increased from 427.00 Cr. (Dec 2024) to 428.00 Cr., marking an increase of 1.00 Cr..
For Expenses, as of Mar 2025, the value is 397.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 392.00 Cr. (Dec 2024) to 397.00 Cr., marking an increase of 5.00 Cr..
For Operating Profit, as of Mar 2025, the value is 31.00 Cr.. The value appears to be declining and may need further review. It has decreased from 35.00 Cr. (Dec 2024) to 31.00 Cr., marking a decrease of 4.00 Cr..
For OPM %, as of Mar 2025, the value is 7.00%. The value appears to be declining and may need further review. It has decreased from 8.00% (Dec 2024) to 7.00%, marking a decrease of 1.00%.
For Other Income, as of Mar 2025, the value is 7.00 Cr.. The value remains steady. There is no change compared to the previous period (Dec 2024) which recorded 7.00 Cr..
For Interest, as of Mar 2025, the value is 3.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 5.00 Cr. (Dec 2024) to 3.00 Cr., marking a decrease of 2.00 Cr..
For Depreciation, as of Mar 2025, the value is 8.00 Cr.. The value remains steady. There is no change compared to the previous period (Dec 2024) which recorded 8.00 Cr..
For Profit before tax, as of Mar 2025, the value is 27.00 Cr.. The value appears to be declining and may need further review. It has decreased from 28.00 Cr. (Dec 2024) to 27.00 Cr., marking a decrease of 1.00 Cr..
For Tax %, as of Mar 2025, the value is 27.00%. The value appears to be increasing, which may not be favorable. It has increased from 25.00% (Dec 2024) to 27.00%, marking an increase of 2.00%.
For Net Profit, as of Mar 2025, the value is 20.00 Cr.. The value appears to be declining and may need further review. It has decreased from 21.00 Cr. (Dec 2024) to 20.00 Cr., marking a decrease of 1.00 Cr..
For EPS in Rs, as of Mar 2025, the value is 2.41. The value appears to be declining and may need further review. It has decreased from 2.63 (Dec 2024) to 2.41, marking a decrease of 0.22.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: May 15, 2025, 4:51 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	367	658	653	674	859	1,121	846	937	1,368	1,735	1,661	1,764
Expenses	572	646	610	612	797	1,053	806	834	1,195	1,594	1,519	1,616
Operating Profit	-205	12	43	62	62	68	40	104	174	141	142	148
OPM %	-56%	2%	7%	9%	7%	6%	5%	11%	13%	8%	9%	8%
Other Income	209	7	1	4	6	2	9	13	29	39	30	29
Interest	12	20	23	28	21	24	26	20	17	18	18	19
Depreciation	6	14	17	18	22	24	26	30	27	28	31	33
Profit before tax	-13	-15	4	19	25	22	-2	66	158	134	123	125
Tax %	-28%	0%	0%	0%	0%	-0%	-244%	33%	36%	25%	25%	26%
Net Profit	-9	-15	4	19	25	22	3	44	101	100	92	93
EPS in Rs	-1.52	-2.45	0.68	3.10	3.51	3.11	0.41	5.46	12.42	12.36	11.25	11.39
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	14%	14%	8%	18%	26%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-66.67%	126.67%	375.00%	31.58%	-12.00%	-86.36%	1366.67%	129.55%	-0.99%	-8.00%	1.09%
Change in YoY Net Profit Growth (%)	0.00%	193.33%	248.33%	-343.42%	-43.58%	-74.36%	1453.03%	-1237.12%	-130.54%	-7.01%	9.09%

Vardhman Special Steels Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	10%
5 Years:	16%
3 Years:	9%
TTM:	6%

Compounded Profit Growth
10 Years:	21%
5 Years:	116%
3 Years:	-3%
TTM:	3%

Stock Price CAGR
10 Years:	35%
5 Years:	52%
3 Years:	33%
1 Year:	-13%

Return on Equity
10 Years:	11%
5 Years:	14%
3 Years:	14%
Last Year:	12%

Last Updated: Unknown

Balance Sheet

Last Updated: May 13, 2025, 2:29 pm

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	19	19	19	19	36	36	40	41	41	41	81	82
Reserves	167	151	161	180	304	326	373	419	514	602	638	716
Borrowings	295	350	338	316	228	334	266	191	162	144	84	120
Other Liabilities	83	94	97	99	109	194	90	153	204	244	237	218
Total Liabilities	564	615	614	613	677	889	770	803	921	1,031	1,040	1,136
Fixed Assets	210	230	251	265	250	280	310	283	289	294	325	309
CWIP	30	21	2	1	7	33	12	13	13	12	1	117
Investments	32	14	14	1	8	0	5	0	15	20	0	18
Other Assets	292	350	347	346	412	577	443	507	603	705	714	693
Total Assets	564	615	614	613	677	889	770	803	921	1,031	1,040	1,136

Below is a detailed analysis of the balance sheet data for Vardhman Special Steels Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

For Equity Capital, as of Mar 2025, the value is 82.00 Cr.. The value appears strong and on an upward trend. It has increased from 81.00 Cr. (Mar 2024) to 82.00 Cr., marking an increase of 1.00 Cr..
For Reserves, as of Mar 2025, the value is 716.00 Cr.. The value appears strong and on an upward trend. It has increased from 638.00 Cr. (Mar 2024) to 716.00 Cr., marking an increase of 78.00 Cr..
For Borrowings, as of Mar 2025, the value is 120.00 Cr.. The value appears to be increasing, which may not be favorable. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has increased from 84.00 Cr. (Mar 2024) to 120.00 Cr., marking an increase of 36.00 Cr..
For Other Liabilities, as of Mar 2025, the value is 218.00 Cr.. The value appears to be improving (decreasing). It has decreased from 237.00 Cr. (Mar 2024) to 218.00 Cr., marking a decrease of 19.00 Cr..
For Total Liabilities, as of Mar 2025, the value is 1,136.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 1,040.00 Cr. (Mar 2024) to 1,136.00 Cr., marking an increase of 96.00 Cr..
For Fixed Assets, as of Mar 2025, the value is 309.00 Cr.. The value appears to be declining and may need further review. It has decreased from 325.00 Cr. (Mar 2024) to 309.00 Cr., marking a decrease of 16.00 Cr..
For CWIP, as of Mar 2025, the value is 117.00 Cr.. The value appears strong and on an upward trend. It has increased from 1.00 Cr. (Mar 2024) to 117.00 Cr., marking an increase of 116.00 Cr..
For Investments, as of Mar 2025, the value is 18.00 Cr.. The value appears strong and on an upward trend. It has increased from 0.00 Cr. (Mar 2024) to 18.00 Cr., marking an increase of 18.00 Cr..
For Other Assets, as of Mar 2025, the value is 693.00 Cr.. The value appears to be declining and may need further review. It has decreased from 714.00 Cr. (Mar 2024) to 693.00 Cr., marking a decrease of 21.00 Cr..
For Total Assets, as of Mar 2025, the value is 1,136.00 Cr.. The value appears strong and on an upward trend. It has increased from 1,040.00 Cr. (Mar 2024) to 1,136.00 Cr., marking an increase of 96.00 Cr..

Notably, the Reserves (716.00 Cr.) exceed the Borrowings (120.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	-36	-33	46	68	11	-19	135	67	59	74	142	127
Cash from Investing Activity +	52	-4	-16	-16	-16	-70	-88	7	-9	-15	-50	-127
Cash from Financing Activity +	-33	31	-35	-50	7	82	-45	-74	-52	-49	-94	3
Net Cash Flow	-16	-5	-5	2	2	-7	2	0	-2	9	-2	3

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	-500.00	-338.00	-295.00	-254.00	-166.00	-266.00	-226.00	-87.00	12.00	-3.00	58.00	28.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	85	122	99	109	102	83	61	78	87	59	55	58
Inventory Days	163	116	119	110	122	123	170	103	134	139	119	129
Days Payable	47	41	46	42	36	47	89	42	90	68	61	63
Cash Conversion Cycle	200	197	172	176	188	159	142	139	131	131	113	123
Working Capital Days	134	187	128	108	92	109	111	111	109	103	94	99
ROCE %	4%	-3%	-0%	5%	9%	8%	7%	3%	13%	26%	20%	18%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	60.78%	60.81%	60.81%	60.81%	60.71%	60.71%	60.71%	60.67%	60.55%	60.55%	60.53%	60.49%
FIIs	0.38%	0.31%	0.33%	0.54%	1.14%	1.22%	0.96%	0.75%	0.49%	0.64%	0.60%	0.58%
DIIs	1.27%	1.27%	1.24%	0.79%	1.03%	1.06%	2.42%	2.50%	2.63%	3.14%	3.84%	4.51%
Public	37.56%	37.61%	37.61%	37.86%	37.13%	37.03%	35.91%	36.08%	36.33%	35.67%	35.01%	34.42%
No. of Shareholders	36,348	35,013	33,560	31,934	30,124	31,951	31,906	33,715	32,866	34,683	35,229	36,348

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Tata Small Cap Fund	1,965,275	0.69	42.39	1,965,275	2025-04-22 17:25:16	0%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	11.26	24.76	24.87	10.94	0.89
Diluted EPS (Rs.)	11.19	24.59	24.71	10.93	0.89
Cash EPS (Rs.)	15.05	31.65	31.49	18.37	7.19
Book Value[Excl.RevalReserv]/Share (Rs.)	88.31	158.07	136.82	113.40	102.40
Book Value[Incl.RevalReserv]/Share (Rs.)	88.31	158.07	136.82	113.40	102.40
Dividend / Share (Rs.)	2.00	2.00	3.50	1.50	0.00
Revenue From Operations / Share (Rs.)	203.95	427.05	337.38	231.34	209.48
PBDIT / Share (Rs.)	21.15	44.32	49.94	28.71	12.16
PBIT / Share (Rs.)	17.34	37.40	43.30	21.25	5.79
PBT / Share (Rs.)	15.08	33.06	39.04	16.39	-0.57
Net Profit / Share (Rs.)	11.25	24.72	24.84	10.91	0.82
PBDIT Margin (%)	10.36	10.37	14.80	12.41	5.80
PBIT Margin (%)	8.50	8.75	12.83	9.18	2.76
PBT Margin (%)	7.39	7.74	11.57	7.08	-0.27
Net Profit Margin (%)	5.51	5.78	7.36	4.71	0.39
Return on Networth / Equity (%)	12.73	15.64	18.15	9.62	0.80
Return on Capital Employeed (%)	18.67	21.41	26.68	15.04	4.46
Return On Assets (%)	8.81	9.74	10.94	5.50	0.43
Long Term Debt / Equity (X)	0.01	0.06	0.14	0.23	0.26
Total Debt / Equity (X)	0.11	0.22	0.28	0.36	0.62
Asset Turnover Ratio (%)	1.61	1.78	1.59	1.19	1.02
Current Ratio (X)	2.38	2.18	2.27	2.09	1.47
Quick Ratio (X)	1.12	1.05	1.11	1.26	0.85
Inventory Turnover Ratio (X)	2.87	3.44	3.61	3.12	1.67
Dividend Payout Ratio (NP) (%)	17.73	14.13	6.03	0.00	0.00
Dividend Payout Ratio (CP) (%)	13.25	11.04	4.75	0.00	0.00
Earning Retention Ratio (%)	82.27	85.87	93.97	0.00	0.00
Cash Earning Retention Ratio (%)	86.75	88.96	95.25	0.00	0.00
Interest Coverage Ratio (X)	9.35	10.20	11.72	5.90	1.91
Interest Coverage Ratio (Post Tax) (X)	5.97	6.69	6.83	3.24	1.13
Enterprise Value (Cr.)	1802.94	1752.92	1069.34	675.15	418.17
EV / Net Operating Revenue (X)	1.09	1.01	0.78	0.72	0.49
EV / EBITDA (X)	10.47	9.73	5.28	5.80	8.51
MarketCap / Net Operating Revenue (X)	1.04	0.93	0.67	0.59	0.19
Retention Ratios (%)	82.26	85.86	93.96	0.00	0.00
Price / BV (X)	2.40	2.52	1.67	1.21	0.39
Price / Net Operating Revenue (X)	1.04	0.93	0.67	0.59	0.19
EarningsYield	0.05	0.06	0.10	0.07	0.02

After reviewing the key financial ratios for Vardhman Special Steels Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 10.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 10.00.
For Basic EPS (Rs.), as of Mar 24, the value is 11.26. This value is within the healthy range. It has decreased from 24.76 (Mar 23) to 11.26, marking a decrease of 13.50.
For Diluted EPS (Rs.), as of Mar 24, the value is 11.19. This value is within the healthy range. It has decreased from 24.59 (Mar 23) to 11.19, marking a decrease of 13.40.
For Cash EPS (Rs.), as of Mar 24, the value is 15.05. This value is within the healthy range. It has decreased from 31.65 (Mar 23) to 15.05, marking a decrease of 16.60.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 88.31. It has decreased from 158.07 (Mar 23) to 88.31, marking a decrease of 69.76.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 88.31. It has decreased from 158.07 (Mar 23) to 88.31, marking a decrease of 69.76.
For Dividend / Share (Rs.), as of Mar 24, the value is 2.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 2.00.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 203.95. It has decreased from 427.05 (Mar 23) to 203.95, marking a decrease of 223.10.
For PBDIT / Share (Rs.), as of Mar 24, the value is 21.15. This value is within the healthy range. It has decreased from 44.32 (Mar 23) to 21.15, marking a decrease of 23.17.
For PBIT / Share (Rs.), as of Mar 24, the value is 17.34. This value is within the healthy range. It has decreased from 37.40 (Mar 23) to 17.34, marking a decrease of 20.06.
For PBT / Share (Rs.), as of Mar 24, the value is 15.08. This value is within the healthy range. It has decreased from 33.06 (Mar 23) to 15.08, marking a decrease of 17.98.
For Net Profit / Share (Rs.), as of Mar 24, the value is 11.25. This value is within the healthy range. It has decreased from 24.72 (Mar 23) to 11.25, marking a decrease of 13.47.
For PBDIT Margin (%), as of Mar 24, the value is 10.36. This value is within the healthy range. It has decreased from 10.37 (Mar 23) to 10.36, marking a decrease of 0.01.
For PBIT Margin (%), as of Mar 24, the value is 8.50. This value is below the healthy minimum of 10. It has decreased from 8.75 (Mar 23) to 8.50, marking a decrease of 0.25.
For PBT Margin (%), as of Mar 24, the value is 7.39. This value is below the healthy minimum of 10. It has decreased from 7.74 (Mar 23) to 7.39, marking a decrease of 0.35.
For Net Profit Margin (%), as of Mar 24, the value is 5.51. This value is within the healthy range. It has decreased from 5.78 (Mar 23) to 5.51, marking a decrease of 0.27.
For Return on Networth / Equity (%), as of Mar 24, the value is 12.73. This value is below the healthy minimum of 15. It has decreased from 15.64 (Mar 23) to 12.73, marking a decrease of 2.91.
For Return on Capital Employeed (%), as of Mar 24, the value is 18.67. This value is within the healthy range. It has decreased from 21.41 (Mar 23) to 18.67, marking a decrease of 2.74.
For Return On Assets (%), as of Mar 24, the value is 8.81. This value is within the healthy range. It has decreased from 9.74 (Mar 23) to 8.81, marking a decrease of 0.93.
For Long Term Debt / Equity (X), as of Mar 24, the value is 0.01. This value is below the healthy minimum of 0.2. It has decreased from 0.06 (Mar 23) to 0.01, marking a decrease of 0.05.
For Total Debt / Equity (X), as of Mar 24, the value is 0.11. This value is within the healthy range. It has decreased from 0.22 (Mar 23) to 0.11, marking a decrease of 0.11.
For Asset Turnover Ratio (%), as of Mar 24, the value is 1.61. It has decreased from 1.78 (Mar 23) to 1.61, marking a decrease of 0.17.
For Current Ratio (X), as of Mar 24, the value is 2.38. This value is within the healthy range. It has increased from 2.18 (Mar 23) to 2.38, marking an increase of 0.20.
For Quick Ratio (X), as of Mar 24, the value is 1.12. This value is within the healthy range. It has increased from 1.05 (Mar 23) to 1.12, marking an increase of 0.07.
For Inventory Turnover Ratio (X), as of Mar 24, the value is 2.87. This value is below the healthy minimum of 4. It has decreased from 3.44 (Mar 23) to 2.87, marking a decrease of 0.57.
For Dividend Payout Ratio (NP) (%), as of Mar 24, the value is 17.73. This value is below the healthy minimum of 20. It has increased from 14.13 (Mar 23) to 17.73, marking an increase of 3.60.
For Dividend Payout Ratio (CP) (%), as of Mar 24, the value is 13.25. This value is below the healthy minimum of 20. It has increased from 11.04 (Mar 23) to 13.25, marking an increase of 2.21.
For Earning Retention Ratio (%), as of Mar 24, the value is 82.27. This value exceeds the healthy maximum of 70. It has decreased from 85.87 (Mar 23) to 82.27, marking a decrease of 3.60.
For Cash Earning Retention Ratio (%), as of Mar 24, the value is 86.75. This value exceeds the healthy maximum of 70. It has decreased from 88.96 (Mar 23) to 86.75, marking a decrease of 2.21.
For Interest Coverage Ratio (X), as of Mar 24, the value is 9.35. This value is within the healthy range. It has decreased from 10.20 (Mar 23) to 9.35, marking a decrease of 0.85.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 5.97. This value is within the healthy range. It has decreased from 6.69 (Mar 23) to 5.97, marking a decrease of 0.72.
For Enterprise Value (Cr.), as of Mar 24, the value is 1,802.94. It has increased from 1,752.92 (Mar 23) to 1,802.94, marking an increase of 50.02.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 1.09. This value is within the healthy range. It has increased from 1.01 (Mar 23) to 1.09, marking an increase of 0.08.
For EV / EBITDA (X), as of Mar 24, the value is 10.47. This value is within the healthy range. It has increased from 9.73 (Mar 23) to 10.47, marking an increase of 0.74.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 1.04. This value is within the healthy range. It has increased from 0.93 (Mar 23) to 1.04, marking an increase of 0.11.
For Retention Ratios (%), as of Mar 24, the value is 82.26. This value exceeds the healthy maximum of 70. It has decreased from 85.86 (Mar 23) to 82.26, marking a decrease of 3.60.
For Price / BV (X), as of Mar 24, the value is 2.40. This value is within the healthy range. It has decreased from 2.52 (Mar 23) to 2.40, marking a decrease of 0.12.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 1.04. This value is within the healthy range. It has increased from 0.93 (Mar 23) to 1.04, marking an increase of 0.11.
For EarningsYield, as of Mar 24, the value is 0.05. This value is below the healthy minimum of 5. It has decreased from 0.06 (Mar 23) to 0.05, marking a decrease of 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Vardhman Special Steels Ltd as of June 13, 2025 is: 216.80

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of June 13, 2025, Vardhman Special Steels Ltd is Overvalued by 14.98% compared to the current share price 255.00

Intrinsic Value of Vardhman Special Steels Ltd as of June 13, 2025 is: 251.15

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of June 13, 2025, Vardhman Special Steels Ltd is Overvalued by 1.51% compared to the current share price 255.00

Last 5 Year EPS CAGR: 15.84%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The company has higher reserves (379.25 cr) compared to borrowings (235.67 cr), indicating strong financial stability. The company has shown consistent growth in sales (416.58 cr) and profit (53.83 cr) over the years.	The stock has a low average ROCE of 9.17%, which may not be favorable. The stock has a high average Working Capital Days of 115.42, which may not be favorable. The stock has a high average Cash Conversion Cycle of 155.92, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Vardhman Special Steels Ltd:
1. Net Profit Margin: 5.51%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 18.67% (Industry Average ROCE: 16.98%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 12.73% (Industry Average ROE: 5.82%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 5.97
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.12
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 22.4 (Industry average Stock P/E: 18.43)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.11
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

Vardhman Special Steels Ltd. is a Public Limited Listed company incorporated on 14/05/2010 and has its registered office in the State of Punjab, India. Company's Corporate Identification Number(CIN) is L27100PB2010PLC033930 and registration number is 033930. Currently Company is involved in the business activities of Manufacture of basic iron and steel. Company's Total Operating Revenue is Rs. 1764.41 Cr. and Equity Capital is Rs. 81.73 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Steel - General	Vardhman Premises, Ludhiana Punjab 141010	secretarial.lud@vardhman.com http://www.vardhmansteel.com

Management
Name	Position Held
Mr. Rajeev Gupta	Chairman (Non - Executive) & Non Independent Direc
Mr. Sachit Jain	Vice Chairman & Mng.Director
Mr. Rajendar Kumar Rewari	Executive Director
Ms. Soumya Jain	Executive Director
Mr. Rajinder Kumar Jain	Non Executive Director
Mr. Toshio Ito	Non Executive Director
Mrs. Suchita Jain	Non Executive Director
Mrs. Vidya Shah	Independent Director
Mr. Rakesh Jain	Independent Director
Mr. Sanjoy Bhattacharyya	Independent Director
Mr. Suman Chatterjee	Independent Director
Mr. Hemant Bharat Ram	Independent Director

FAQ

What is the intrinsic value of Vardhman Special Steels Ltd?

Vardhman Special Steels Ltd's intrinsic value (as of 13 June 2025) is ₹216.80 — 14.98% lower the current market price of 255.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's 2,088 Cr. market cap, FY2025-2026 high/low of ₹343/178, reserves of 716 Cr, and liabilities of 1,136 Cr.

What is the Market Cap of Vardhman Special Steels Ltd?

The Market Cap of Vardhman Special Steels Ltd is 2,088 Cr..

What is the current Stock Price of Vardhman Special Steels Ltd as on 13 June 2025?

The current stock price of Vardhman Special Steels Ltd as on 13 June 2025 is 255.

What is the High / Low of Vardhman Special Steels Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of Vardhman Special Steels Ltd stocks is ₹343/178.

What is the Stock P/E of Vardhman Special Steels Ltd?

The Stock P/E of Vardhman Special Steels Ltd is 22.4.

What is the Book Value of Vardhman Special Steels Ltd?

The Book Value of Vardhman Special Steels Ltd is 97.6.

What is the Dividend Yield of Vardhman Special Steels Ltd?

The Dividend Yield of Vardhman Special Steels Ltd is 0.78 %.

What is the ROCE of Vardhman Special Steels Ltd?

The ROCE of Vardhman Special Steels Ltd is 16.7 %.

What is the ROE of Vardhman Special Steels Ltd?

The ROE of Vardhman Special Steels Ltd is 12.3 %.

What is the Face Value of Vardhman Special Steels Ltd?

The Face Value of Vardhman Special Steels Ltd is 10.0.