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Vardhman Special Steels share price & results

Vardhman Special Steels Limited· Capital Goods· Industrials

Results to
Sept 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

Ludhiana special & alloy steelmaker making bars, rods and bright bars for auto OEMs; allied with Aichi Steel.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue600 ₹ crore+38.9% YoYQuarterly, as filedQuarter to Sept 2026Revenue from operations as filed.
Operating margin12.0 %+2.0 pts YoYOperating profit / revenueQuarter to Sept 2026For the quarter; a change is in percentage points.
Net profit52.0 ₹ crore+48.6% YoYQuarterly, as filedQuarter to Sept 2026Profit after tax as filed.
Return on equityUnavailable−0.4 ptsFY Mar 2025 vs FY Mar 2024Trailing twelve monthsTTM · period unavailableNot in the analysed materials. No older figure is substituted.
Free cash flow marginUnavailable−4.1 ptsFY Mar 2025 vs FY Mar 2024Fiscal yearFY · period unavailableNot in the analysed materials. No older figure is substituted.
Revenue growth (YoY)Unavailable—Trailing twelve monthsTTM · period unavailableNot in the analysed materials. No older figure is substituted.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Guidance

What management said, and what became of it

6 of 6 judged targets kept · 17 open · verdicts reflect calls analysed to Q1 FY27.

Vardhman Special Steels Limited management guidance track record on Inve: 23 targets tracked across analysed earnings calls (6 achieved, 0 missed, 17 open).

TargetOriginal wordingSaidLatest callVerdict
Net DebtBecome net debt-free in the next 3 years (excluding new project capex).
Call transcript, Q4 FY25 · 23 Apr 2025		Q4 FY25Q1 FY27:Not mentioned. Management confirmed funding for new projects is not a problem, with commitments for equity and access to debt.
Call transcript, Q1 FY27 · 23 Jul 2026		Achieved
Forging Plant CommissioningCommence forging production by July 2028 (Q2 FY29).
Call transcript, Q3 FY26 · 21 Jan 2026		Q3 FY26Q1 FY27:Forging project is likely to get commissioned by last quarter of '27-'28.
Call transcript, Q1 FY27 · 23 Jul 2026		On Track
EBITDA per tonRaise EBITDA per ton target to INR 8,000-11,000 for FY26-27.
Call transcript, Q4 FY25 · 23 Apr 2025		Q4 FY25Q1 FY27:EBITDA per ton for the quarter was ₹10,700, which is within the guided range for FY27.
Call transcript, Q1 FY27 · 23 Jul 2026		On Track

Source: Inve Guidance Tracker for Vardhman Special Steels Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

17 of Vardhman Special Steels Limited's 23 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 20 more targets are in the full ledger.

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Price

₹343.75 +1.34% · +₹4.55

Last close 26 Oct 2026 · NSE · INR · Source: Inve

Performance +13.9% 1Y

₹200₹250₹300₹350₹400Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q3 FY26 — 21 Jan 2026Q4 FY26 — 29 Apr 2026Q1 FY27 — 23 Jul 2026

1Y: ₹301.7 on 24 Oct 2025 → ₹343.75. High ₹413.6 (23 Sept 2026), low ₹208.4 (30 Mar 2026).

Previous close
₹339.2
Market cap
₹3.5k Cr
52-week range
₹208.4 – ₹413.6
One year
+9.14%

Overview

Symbol
NSE:VSSL
Industry
Industrials
Exchange
NSE
Currency
INR

What Vardhman Special Steels Limited does

Based on the company's own presentations, annual report and earnings calls.

Vardhman Special Steels Limited manufactures special and alloy steel billets, hot-rolled bars/rods and bright bars at an integrated plant in Ludhiana, Punjab, serving the automotive, tractor, bearing and general engineering industries. It earns by melting scrap/DRI into billets in its own electric-arc steel melting shop and rolling/finishing them into bars used by OEMs to forge components such as axle gears, crankshafts, connecting rods and steering parts. The company has a long-standing technical collaboration with Aichi Steel Corporation (a Toyota Group company), which is also a strategic equity investor, aimed at bringing Japanese-quality steel-making know-how to its process. It is now forward-integrating into steel forging and machining of automotive components under this partnership.

Segments

  • Special & Alloy Steel
Installed steel melting (billet) capacity
300,000 tonnes/year
Rolling mill capacity
270,000 tonnes/year (post FY26 reheating-furnace upgrade)
Bright bars capacity
48,000 tonnes/year
Manufacturing footprint
Single integrated steel plant in Ludhiana, Punjab, adjacent to corporate HQ
Customer base
200+ long-term customers including Toyota, Maruti Suzuki, Hero MotoCorp, Bajaj, Hyundai and Caterpillar
Technology/equity partner
Aichi Steel Corporation (Toyota Group) — technical collaboration plus an equity stake of ~24.90%
Founded 2010Headquarters Ludhiana, Punjab, India Company website

How the price took the results

close before → close after

Q1 FY27
−1.8%
23 Jul
Q4 FY26
−3.8%
29 Apr
Q3 FY26
−2.1%
21 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

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