VARDHMAN SPC STEEL LTD (VSSL) financials

VARDHMAN SPC STEEL LTD (VSSL) NSE/BSE financials on Fincrux: quarterly results, profit and loss, cash flow, balance sheet, ratios, and shareholding.

Vardhman Special Steels is engaged in manufacturing of Billets, Steel bars & Rods and Bright Bars of various categories of special and alloy steels.

Market Cap: ₹3,682Cr.
Current Price: ₹380
Stock P/E: 25.7
ROE: 11.6%
ROCE: 15.3%
Book Value: ₹132
Dividend Yield: 0.92%
52W High / Low: ₹428/206

In Jun 2026, VARDHMAN SPC STEEL LTD (VSSL) reported sales ₹486 Cr and net profit ₹41 Cr.

Annual TTM: sales ₹1,807 Cr, net profit ₹143 Cr.

Shareholding: Promoters 51.18% (Sep 2026), FIIs 0.58% (Sep 2026), DIIs 2.51% (Sep 2026), Public 45.73% (Sep 2026), No. of Shareholders 37,253% (Sep 2026).

VSSL quarterly results (₹ Cr.)
Category	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	495	427	428	434	432	431	458	486
Expenses	456	392	397	402	387	387	412	428
Operating Profit	39	35	31	32	45	43	46	58
OPM %	8%	8%	7%	7%	10%	10%	10%	12%
Other Income	9	7	7	8	11	13	10	10
Interest	5	5	3	4	2	4	3	3
Depreciation	8	8	8	9	8	8	8	10
Profit before tax	35	28	27	27	46	45	46	55
Tax %	26%	25%	27%	26%	26%	25%	26%	26%
Net Profit	26	21	20	20	35	34	34	41
EPS in Rs	3.17	2.63	2.41	2.43	3.58	3.48	3.51	4.26
Raw PDF	—	—	—	—	—	—	—	—

VSSL profit and loss (₹ Cr.)
Category	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	846	937	1,368	1,735	1,661	1,764	1,754	1,807
Expenses	806	830	1,195	1,594	1,519	1,616	1,588	1,614
Operating Profit	40	107	174	141	142	148	166	193
OPM %	4.7%	11%	13%	8%	9%	8%	9%	11%
Other Income	9	9	29	39	30	29	42	45
Interest	26	20	17	18	18	19	12	12
Depreciation	26	30	27	28	31	33	33	33
Profit before tax	-2	66	158	134	123	125	164	193
Tax %	-244%	33%	36%	25%	25%	26%	26%	—
Net Profit	3	44	101	100	92	93	122	143
EPS in Rs	0.41	5.46	12.42	12.36	11.25	11.39	12.62	14.83
Dividend Payout %	0%	14%	14%	8%	18%	26%	28%	—

VSSL balance sheet (₹ Cr.)
Category	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	36	40	41	41	41	81	82	97
Reserves	326	373	419	514	602	638	716	1,181
Borrowings	334	266	191	162	144	84	120	93
Other Liabilities	194	90	153	204	244	237	218	263
Total Liabilities	889	770	803	921	1,031	1,040	1,136	1,633
Fixed Assets	280	310	283	289	294	325	309	585
CWIP	33	12	13	13	12	1	117	26
Investments	0	5	0	15	20	0	18	158
Other Assets	577	443	507	603	705	714	693	863
Total Assets	889	770	803	921	1,031	1,040	1,136	1,633

VSSL cash flows (₹ Cr.)
Category	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	-19	135	87	59	74	142	127	106
Cash from Investing Activity	-70	-88	7	-9	-15	-50	-127	-427
Cash from Financing Activity	82	-45	-94	-52	-49	-94	3	317
Net Cash Flow	-7	2	0	-2	9	-2	3	-4
Free Cash Flow	-98	101	78	24	45	76	9	-135
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	-19%	342%	90%	47%	79%	122%	108%	87%

VSSL shareholding pattern (%)
Category	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters	60.49%	60.37%	60.37%	51.13%	51.10%	51.06%	51.06%	51.18%
FIIs	0.58%	0.64%	0.58%	0.54%	0.54%	0.55%	0.55%	0.58%
DIIs	4.51%	4.17%	4.17%	3.63%	3.30%	3.34%	3.27%	2.51%
Public	34.42%	34.82%	34.88%	44.70%	45.02%	45.04%	45.12%	45.73%
No. of Shareholders	36,348	36,287	35,856	36,443	38,079	36,854	36,365	37,253

VSSL key ratios
Category	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	61	78	85	59	55	58	54	58
Inventory Days	170	103	134	139	119	129	113	123
Days Payable	89	42	90	68	61	63	47	65
Cash Conversion Cycle	142	139	128	131	113	123	120	116
Working Capital Days	50	47	78	81	73	84	68	86
ROCE %	7%	3%	13%	26%	20%	18%	17%	15%

VSSLUpdated 18 Oct 2026, 4:33

Vardhman Spc Steel Ltd

VSSLUpdated 18 Oct 2026, 4:33

Market Cap

₹3,682Cr.

Current Price

₹380

High / Low

₹428/206

Stock P/E

25.7

ROE11.6%

ROCE15.3%

Book Value₹132

Face Value₹10.0

Dividend Yield0.92%

About

Vardhman Special Steels is engaged in manufacturing of Billets, Steel bars & Rods and Bright Bars of various categories of special and alloy steels.

Quarterly results

Last reported quarters₹ Cr.

Quarter	Sales	Interest	Expenses	Other Income	Depreciation	Profit Before Tax	Tax	Net Profit	EPS (₹)
Jun 2023	409	4	380	7	7	25	26	19	2.29
Sep 2023	415	5	384	6	7	25	26	18	2.27
Dec 2023	397	5	364	8	7	29	25	22	2.68
Mar 2024	439	5	391	9	9	44	25	33	4.03
Jun 2024	415	5	372	6	8	35	26	26	3.2
Sep 2024	495	5	456	9	8	35	26	26	3.17
Dec 2024	427	5	392	7	8	28	25	21	2.63
Mar 2025	428	3	397	7	8	27	27	20	2.41
Jun 2025	434	4	402	8	9	27	26	20	2.43
Sep 2025	432	2	387	11	8	46	26	35	3.58
Dec 2025	431	4	387	13	8	45	25	34	3.48
Mar 2026	458	3	412	10	8	46	26	34	3.51
Jun 2026	486	3	428	10	10	55	26	41	4.26

Profit & loss

Annual statement₹ Cr.

Year	Sales	Interest	Expenses	Other Income	Depreciation	Profit Before Tax	Tax	Net Profit	EPS (₹)
Mar 2015	658	20	646	7	14	-15	0	-15	-2.45
Mar 2016	653	23	610	1	17	4	0	4	0.68
Mar 2017	674	28	612	4	18	19	0	19	3.1
Mar 2018	859	21	797	6	22	25	0	25	3.51
Mar 2019	1121	24	1053	2	24	22	0	22	3.11
Mar 2020	846	26	806	9	26	-2	-244	3	0.41
Mar 2021	937	20	830	9	30	66	33	44	5.46
Mar 2022	1368	17	1195	29	27	158	36	101	12.42
Mar 2023	1735	18	1594	39	28	134	25	100	12.36
Mar 2024	1661	18	1519	30	31	123	25	92	11.25
Mar 2025	1764	19	1616	29	33	125	26	93	11.39
Mar 2026	1754	12	1588	42	33	164	26	122	12.62
TTM	1807	12	1614	45	33	193	—	143	14.83

Shareholding pattern

As of Sep 2026%

Holder	Share
Promoters	51.18%
FIIs	0.58%
DIIs	2.51%
Public	45.73%

Shareholding trend

Ownership over time%

Quarter	Promoters	FIIs	DIIs	Public
Dec 2023	60.67%	0.75%	2.5%	36.08%
Mar 2024	60.55%	0.49%	2.63%	36.33%
Jun 2024	60.55%	0.64%	3.14%	35.67%
Sep 2024	60.53%	0.6%	3.84%	35.01%
Dec 2024	60.49%	0.58%	4.51%	34.42%
Mar 2025	60.37%	0.64%	4.17%	34.82%
Jun 2025	60.37%	0.58%	4.17%	34.88%
Sep 2025	51.13%	0.54%	3.63%	44.7%
Dec 2025	51.1%	0.54%	3.3%	45.02%
Mar 2026	51.06%	0.55%	3.34%	45.04%
Jun 2026	51.06%	0.55%	3.27%	45.12%
Sep 2026	51.18%	0.58%	2.51%	45.73%

Balance sheet

Assets & liabilities₹ Cr.

Period	Equity Capital	Reserves	Borrowings	Other Liabilities	Total Liabilities	Fixed Assets	CWIP	Investments	Other Assets	Total Assets
Mar 2015	19	151	350	94	615	230	21	14	350	615
Mar 2016	19	161	338	97	614	251	2	14	347	614
Mar 2017	19	180	316	99	613	265	1	1	346	613
Mar 2018	36	304	228	109	677	250	7	8	412	677
Mar 2019	36	326	334	194	889	280	33	0	577	889
Mar 2020	40	373	266	90	770	310	12	5	443	770
Mar 2021	41	419	191	153	803	283	13	0	507	803
Mar 2022	41	514	162	204	921	289	13	15	603	921
Mar 2023	41	602	144	244	1031	294	12	20	705	1031
Mar 2024	81	638	84	237	1040	325	1	0	714	1040
Mar 2025	82	716	120	218	1136	309	117	18	693	1136
Mar 2026	97	1181	93	263	1633	585	26	158	863	1633

Cash flows

Operating, investing & financing₹ Cr.

Period	Operating	Investing	Financing	Net cash flow
Mar 2015	-33	-4	31	-5
Mar 2016	46	-16	-35	-5
Mar 2017	68	-16	-50	2
Mar 2018	11	-16	7	2
Mar 2019	-19	-70	82	-7
Mar 2020	135	-88	-45	2
Mar 2021	87	7	-94	0
Mar 2022	59	-9	-52	-2
Mar 2023	74	-15	-49	9
Mar 2024	142	-50	-94	-2
Mar 2025	127	-127	3	3
Mar 2026	106	-427	317	-4

Key ratios

Historical financial ratios

Category	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	99	109	102	83	61	78	85	59	55	58	54	58
Inventory Days	119	110	122	123	170	103	134	139	119	129	113	123
Days Payable	46	42	36	47	89	42	90	68	61	63	47	65
Cash Conversion Cycle	172	176	188	159	142	139	128	131	113	123	120	116
Working Capital Days	-5	14	17	58	50	47	78	81	73	84	68	86
ROCE %	-0%	5%	9%	8%	7%	3%	13%	26%	20%	18%	17%	15%

Frequently asked questions

Quick answers about this company's financials on Fincrux

What is the market cap of VARDHMAN SPC STEEL LTD (VSSL)?

The reported market capitalisation for VARDHMAN SPC STEEL LTD (VSSL) is ₹3,682Cr. on Fincrux. Figures may update with market data and filings.

What is the current share price of VSSL?

The current price shown for VARDHMAN SPC STEEL LTD (VSSL) on Fincrux is ₹380 with a 52-week high/low of ₹428/206.

What is the P/E ratio of VARDHMAN SPC STEEL LTD (VSSL)?

The stock P/E for VARDHMAN SPC STEEL LTD (VSSL) is 25.7 on Fincrux, with ROE at 11.6% and ROCE at 15.3%.

What were VSSL latest quarterly results?

For Jun 2026, VARDHMAN SPC STEEL LTD (VSSL) reported sales ₹486 Cr and net profit ₹41 Cr (figures in ₹ crore unless noted).

What are VSSL annual sales and net profit?

For TTM, VARDHMAN SPC STEEL LTD (VSSL) shows sales of ₹1,807 Cr and net profit of ₹143 Cr on the Fincrux profit & loss statement.

Who owns VARDHMAN SPC STEEL LTD (VSSL)?

Latest shareholding for VARDHMAN SPC STEEL LTD (VSSL) on Fincrux: Promoters 51.18% (Sep 2026), FIIs 0.58% (Sep 2026), DIIs 2.51% (Sep 2026), Public 45.73% (Sep 2026), No. of Shareholders 37,253% (Sep 2026).

Where can I find VARDHMAN SPC STEEL LTD (VSSL) financials?

VARDHMAN SPC STEEL LTD (VSSL) financials on Fincrux include quarterly results, profit and loss, cash flow, balance sheet, key ratios, and shareholding patterns for NSE/BSE research.

Does Fincrux show VSSL balance sheet and cash flow?

Yes. The VARDHMAN SPC STEEL LTD (VSSL) page on Fincrux includes balance sheet, cash flow statements, historical ratios, and ownership trends alongside quarterly and annual results.

Figures in ₹ crore unless noted. Data sourced for research and may lag filings.

Last updated 18 October 2026 at 4:33