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    Vardhman Special Steels Limited

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

    Capital Goods
    Industrials
    View VSSL earnings calls
    ₹298.35
    +7.37% from avg

    Overview

    Price

    ₹298.35

    Market Cap

    ₹2.9k Cr

    Sector

    Capital Goods

    Industrials

    Rank

    2

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital4041414181829697
    Reserves3734195146026387161.1k1.2k
    Borrowings266191162144841207793
    Other Liabilities90153204244237218274263
    Total Liabilities7708039211.0k1.0k1.1k1.6k1.6k
    AssetsFixed Assets310283289294325309472585
    CWIP1213131211175726
    Investments50152001826158
    Other Assets4435076037057146931.0k863
    Total Assets7708039211.0k1.0k1.1k1.6k1.6k

    Valuation

    Assumptions

    Current — VSSL
    Price
    ₹298
    EPS (TTM)
    ₹14.83
    PE (TTM)
    20.1
    Profit growth
    7.1%

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (20.0×) and current (20.1×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹298
    vs
    Fair value · 15% return
    ₹177
    41%Overvalued

    At 7.1% growth and a 20× exit, ₹298 only delivers your return if you pay ₹177. The price is currently baking in 18% growth.

    EPS grows 7.1%/yr for 5 years, then fades to 6% over 2, exits at 20×.

    YearGrowthEPS (₹)
    FY277.1%15.88
    FY287.1%17.01
    FY297.1%18.22
    FY307.1%19.51
    FY317.1%20.90
    FY326.6% ·fade22.27
    FY336.0% ·fade23.60

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

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