VRAJ
Vraj Iron financials
- Market cap
- ₹414 Cr
- Sector
- Metals & Mining
What Vraj Iron does
Vraj Iron and Steel Limited manufactures sponge iron, MS billets and re-rolled TMT bars, and also produces electrical energy through captive power generation. Its manufacturing operations are carried out at two works in Chhattisgarh — one at Siltara Industrial Area, Raipur, and another at Dighora village near Bilha, Tehsil Takhatpur, in Bilaspur district. The company was incorporated in 2004 (originally as Phil Ispat Private Limited, later renamed Vraj Iron and Steel) and listed on the BSE and NSE in July 2024. It has a holding company, Gopal Sponge and Power Private Limited, and an associate company, Vraj Metaliks Private Limited.
Segments
- Sponge Iron
- MS Billet
- TMT Bar
- Power
- Manufacturing works
- 2 (Siltara Industrial Area, Raipur; Dighora village, Tehsil Takhatpur, Bilaspur — Chhattisgarh)
- Core product lines
- Sponge Iron, MS Billet, TMT Bar, Captive Power
Quarterly results
Q1 FY27: revenue up 40.1%, net profit up 32.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 88 | 120 | 153 | 138 | 133 +52% | 146 +22% | 170 +11% | 194 +40% |
| EBITDA | 14 | 11 | 16 | 13 | 13 −1% | 5 −54% | 25 +52% | 20 +50% |
| Net profit | 10 | 8 | 10 | 7 | 7 −26% | 1 −87% | 14 +42% | 10 +33% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −17.2% 1Y
1Y: ₹151.52 on 10 Sept 2025 → ₹125.5. High ₹157.66 (22 Sept 2025), low ₹94.67 (30 Mar 2026).
Financials, as filed
Revenue grew 18.3% a year over 2 years, FY24 to FY26. Operating margin narrowed to 9.6%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹420 Cr | ₹475 Cr | ₹588 Cr |
| Operating profit | ₹76 Cr | ₹62 Cr | ₹57 Cr |
| Operating margin | 18.2% | 13.1% | 9.6% |
| Interest | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Depreciation | ₹6 Cr | ₹8 Cr | ₹23 Cr |
| Net profit | ₹54 Cr | ₹42 Cr | ₹30 Cr |
| Net margin | 12.9% | 8.8% | 5.0% |
| Cash from operations | ₹19 Cr | ₹14 Cr | ₹31 Cr |
| Free cash flow | ₹-45 Cr | ₹-81 Cr | ₹-74 Cr |
| ROCE | 37.0% | 18.0% | 10.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹25 Cr | ₹33 Cr | ₹33 Cr |
| Reserves | ₹51 Cr | ₹78 Cr | ₹130 Cr | ₹164 Cr | ₹380 Cr | ₹382 Cr |
| Borrowings | ₹46 Cr | ₹43 Cr | ₹25 Cr | ₹63 Cr | ₹27 Cr | ₹43 Cr |
| Other liabilities | ₹22 Cr | ₹20 Cr | ₹26 Cr | ₹17 Cr | ₹25 Cr | ₹23 Cr |
| Total liabilities | ₹123 Cr | ₹146 Cr | ₹186 Cr | ₹269 Cr | ₹465 Cr | ₹480 Cr |
| Fixed assets | ₹62 Cr | ₹56 Cr | ₹53 Cr | ₹48 Cr | ₹189 Cr | ₹273 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹64 Cr | ₹31 Cr | ₹8 Cr |
| Investments | ₹11 Cr | ₹11 Cr | ₹12 Cr | ₹11 Cr | ₹40 Cr | ₹26 Cr |
| Other assets | ₹50 Cr | ₹78 Cr | ₹120 Cr | ₹146 Cr | ₹204 Cr | ₹174 Cr |
| Total assets | ₹123 Cr | ₹146 Cr | ₹186 Cr | ₹269 Cr | ₹465 Cr | ₹480 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −0.32 pp while the public added +0.29 pp. The shareholder count shrank 13% to 34,320.
- Promoters
- 75.0%
- FIIs
- 0.2%
- DIIs
- 3.7%
- Public
- 21.2%
Since Jun 2025
- FIIs −0.32 pp
- Public +0.29 pp
- DIIs +0.03 pp
How it drifted, 8 quarters
Ownership split by quarter, oldest first. Sep '24: Promoters 75.0%, FIIs 0.9%, DIIs 3.7%, Public 20.4%.Dec '24: Promoters 75.0%, FIIs 0.5%, DIIs 3.7%, Public 20.9%.Mar '25: Promoters 75.0%, FIIs 0.5%, DIIs 3.7%, Public 20.9%.Jun '25: Promoters 75.0%, FIIs 0.5%, DIIs 3.7%, Public 20.9%.Sep '25: Promoters 75.0%, FIIs 0.2%, DIIs 3.7%, Public 21.2%.Dec '25: Promoters 75.0%, FIIs 0.2%, DIIs 3.7%, Public 21.2%.Mar '26: Promoters 75.0%, FIIs 0.2%, DIIs 3.7%, Public 21.2%.Jun '26: Promoters 75.0%, FIIs 0.2%, DIIs 3.7%, Public 21.2%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Vraj Iron above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Gopal Sponge and Power Private Limited | 71.37% | unchanged |
| Volrado Venture Partners Fund Iv Gamma VC / PE | 3.66% | unchanged |
| Vijay Anand Jhanwar | 3.01% | unchanged |
| Kusum Lata Maheshwari | 0.58% | unchanged |
| Sunita Malhotra | 0.00% | unchanged |
| Raj Kumari Lahoti | 0.00% | unchanged |
| Jagdish Prasad Lahoti | 0.00% | unchanged |
| Seema Jakhotia | 0.00% | unchanged |
| Sangita Mohta | 0.00% | unchanged |
| Shiv Shakti Stone Crusher | 0.00% | unchanged |
| Western Flock Private Limited | 0.00% | unchanged |
| MVK Industries Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Vraj Iron
Guides on how to read this kind of business and the numbers that matter.