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Employees: 1,400
Size Vardhman Special Steels (VSSL.NS) is an India Materials company (Steel) with a market value of $371M, the 970th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹362.25 on 6 Nov 2026.
Performance Over six months the shares gained 31.0%, against -5.2% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 14.8% over the last twelve months (peer median +5.4%); the operating margin is 10.5% (peer median 3.8%).
Valuation It trades at 25.5× forward earnings against a peer median of 20.7× (5th most expensive of 14).
Capital Return on invested capital runs 0.4 points below its cost of capital (12.2% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹19.7B | ₹17.5B | ₹17.6B | ₹16.6B | ₹17.3B |
| Revenue growth | — | -1% | +6% | -4% | — |
| Gross profit | ₹6.47B | ₹2.28B | ₹2.50B | ₹1.97B | ₹1.89B |
| EBITDA | ₹2.43B | ₹1.96B | ₹1.50B | ₹1.45B | ₹1.42B |
| Net income | ₹1.61B | ₹1.22B | ₹931M | ₹916M | ₹1.00B |
| Free cash flow | n/a | -₹1.38B | -₹87.4M | ₹574M | ₹295M |
| Capital expenditure | n/a | ₹2.43B | ₹1.19B | ₹680M | ₹288M |
| Total debt | ₹1.63B | ₹930M | ₹1.20B | ₹837M | ₹1.44B |
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| Measure | VSSL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.0% | -9.0% | 9th highest of 21 |
| 6-month return | +31.0% | -5.2% | 2nd highest of 20 |
| Distance from 52-week high | -15.4% | -26.0% | 5th highest of 21 |
| Revenue growth (TTM) | +14.8% | +5.4% | 7th highest of 20 |
| Operating margin | 10.5% | 3.8% | 4th highest of 20 |
| Forward P/E | 25.5× | 20.7× | 5th most expensive of 14 |
| ROIC minus cost of capital | -0.4 pp | -4.2 pp | 5th highest of 19 |
| EV / EBITDA | 14.3× | 15.6× | 5th cheapest of 12 |
| Net debt / EBITDA | -0.1× | 1.1× | 7th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vardhman Special Steels VSSL.NS | India | $371M | +31% | +15% | 11% | 25.5× | n/a | n/a |
| Venus Pipes & Tubes VENUSPIPES.NS | India | $377M | +21% | +22% | 14% | 25.9× | n/a | n/a |
| Kirloskar Industries KIRLOSIND.NS | India | $381M | +2% | +4% | 8% | 73.3× | 3.2% | +27.5% |
| Jiangsu Wujin Stainless Steel Pipe 603878.SS | China | $360M | -46% | -9% | -4% | 22.5× | 6.6% | -0.6% |
| John Cockerill India COCKERILL.NS | India | $358M | +23% | +174% | -1% | n/a | 21.5% | +0.4% |
| Tubacex TUB.MC | Spain | $358M | -6% | -7% | -2% | 76.4× | 15.7% | +9.3% |
| Steelcast STEELCAS.NS | India | $387M | +23% | +9% | 24% | n/a | 30.2% | +22.2% |
| Kg Dongbusteel 016380.KS | South Korea | $354M | -32% | +6% | 2% | 3.6× | -14.9% | +6.4% |
| Chubu Steel Plate 5461.T | Japan | $353M | -3% | +19% | 0% | n/a | n/a | n/a |
| Kalyani Steels KSL.NS | India | $392M | -5% | -5% | 17% | n/a | 19.1% | +9.4% |
| SeAH 058650.KS | South Korea | $346M | -27% | +16% | 4% | n/a | n/a | n/a |
| YC Inox 2034.TW | Taiwan | $344M | +4% | -20% | 3% | 32.6× | n/a | n/a |
| China Oriental 0581.HK | Hong Kong | $413M | -31% | 0% | 2% | 9.2× | n/a | n/a |
| Osaka Steel 5449.T | Japan | $416M | -11% | -17% | -2% | n/a | n/a | n/a |
| Shengtak New Material 300881.SZ | China | $416M | -50% | +9% | 4% | 20.8× | n/a | n/a |
| Hsin Kuang Steel 2031.TW | Taiwan | $418M | +6% | -3% | 8% | 10.6× | 1.3% | +11.3% |
| Ratnaveer Precision Engineering RATNAVEER.NS | India | $325M | +106% | +21% | 8% | 19.9× | n/a | n/a |
| A-One Steels India AONESTEELS.NS | India | $323M | n/a | n/a | n/a | n/a | n/a | n/a |
| SK oceanplant 100090.KS | South Korea | $430M | -62% | -5% | 8% | 15.7× | n/a | n/a |
| Welspun Specialty Solutions WELSPLSOL.NS | India | $316M | +5% | +5% | 3% | 20.7× | n/a | n/a |
| JTL Industries JTLIND.NS | India | $314M | -8% | +16% | 7% | 19.2× | n/a | n/a |