Vardhman Special Steels share price today

Vardhman Special Steels Ltd's share price was ₹356.90 at the close on 4 November 2026. It has been rising for 22 weeks. That is 13.2% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹219 and ₹412, and at that close it sat 72% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Vardhman Special Steels Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 18 weeks in a row.

Over the last 11 years the share price moved +1,779% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: highest quarterly profit in 14 quarters, profit up on a year earlier for 5 quarters in a row and revenue up on a year earlier for 4 quarters in a row.

1. Highest quarterly profit in 14 quarters

   Profit of ₹52 crore in the September 2026 quarter is the highest of the last 14 quarters.

   Why: Profit rose because the company sold more steel and got higher prices as supply was tight.

   Next results: check whether Q3 customer price talks close.

   From the earnings call on 28 Oct 2026.

2. Profit up on a year earlier for 5 quarters in a row

   In the September 2026 quarter profit was ₹52 crore, +48.6% on a year earlier.

   Next results: check whether sales volume holds after Q2's peak, since management said a repeat is unlikely.

   From the earnings call on 28 Oct 2026.

3. Revenue up on a year earlier for 4 quarters in a row

   In the September 2026 quarter revenue was ₹600 crore, +38.9% on a year earlier.

   Why: Revenue rose because the company sold more steel and got higher prices as supply was tight.

   From the earnings call on 28 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), Vardhman Special Steels reported revenue of ₹600 crore, up 38.9% from ₹432 crore a year earlier, and a profit of ₹52.0 crore, up 48.6% from ₹35.0 crore.

Vardhman Special Steels results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Vardhman Special Steels' management discussed these results on a call held on 28 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Vardhman Special Steels closed at ₹356.90 on 4 November 2026, up 20.5% from ₹296.20 a year earlier (7 November 2025) and up 150.2% over five years. Its highest weekly close since March 2016 was ₹411.70 on 25 September 2026.

Vardhman Special Steels share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

564 weekly closes from 11 March 2016 to 4 November 2026.

4 Nov 2026: Vardhman Special Steels closed at ₹356.90, up 8.9% on the week and down 6.9% on the month. 28 Oct 2026: Vardhman Special Steels held its results call for July to September 2026. Management guided: Operating profit per tonne ₹9,000-12,000 for foreseeable future on annual view.

Earlier

• Results for July to September 2026: Revenue up 38.9% and profit up 48.6% on a year earlier.
• 28 Aug 2026: ex-date for a dividend of ₹3.50 a share.

Vardhman Special Steels paid ₹3.50 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.98% at the ₹356.90 close on 4 November 2026. The last was a dividend of ₹3.50 a share, ex-date 28 August 2026.

Vardhman Special Steels dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Vardhman Special Steels Ltd paid out 28% of its profit as dividends in FY26, and it paid a dividend in 6 of its last 12 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 28 October 2026, Vardhman Special Steels' management guided: Operating profit per tonne ₹9,000-12,000 for foreseeable future on annual view.

“It does not make sense to pay a dividend, pay tax on it, and then ask the same investors to put money into a rights issue.”Sachit Jain, on the call for July to September 2026

What management guided

• FY volumes above 260,000 MT with Q3 uplift from ₹3,500-4,000 per tonne letters pending settlement.
• Forging Phase 1 15,000 tonnes fully stabilized by March 2028.
• Greenfield SMS land secured, rolling land by January-February next year, application by December, completion September 2025 and stabilization March 2026 as stated.
• Brownfield lift to 360,000 tonnes in about a year to December next year behind approval and lean-period shutdown, capital spending ₹100-115 crore.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 28 October 2026.

When Vardhman Special Steels reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Q3 OEM settlements closing against flagged hike letters - check price realization and spread.

Vardhman Special Steels is on one of our India lists: Copper & metal stocks.

Vardhman Special Steels Ltd earned ₹52.0 Cr of net profit in the Sep 2026 quarter, +48.6% on the same quarter a year earlier. That is the 5th quarter in a row of profit growth. Full-year FY26 profit was ₹122 Cr. Over 10 years profit has grown 40.7% a year on average. That is 8.7% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹35.0 Cr.

For the full year, FY26 profit was ₹122 Cr (+31.2% on the year before).

Why profit moved: revenue changed +38.9% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +71.4% and revenue +14.7%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Vardhman Special Steels Ltd reported ₹600 Cr of revenue in the Sep 2026 quarter, +38.9% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 10 years it has grown 10.4% a year on average. The last full year, FY26, came in at ₹1,754 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹1,975 Cr.

FY26 revenue was ₹1,754 Cr, −0.6% on the year before.

Recent pace: the last four quarters grew +14.7% on average, against 10.4% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +14.8%, against +6.4% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +67.7%, against +22.7% a year (accelerating).

Vardhman Special Steels Ltd's operating margin was 12.0% in the Sep 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Across 12 years it has been between 1.8% and 13.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed +1.0 percentage points on the year while gross margin changed +1.0 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years, 122% of Vardhman Special Steels Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹106 Cr of operating cash against ₹122 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹218 Cr of spending on assets, free cash was −₹112 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 122% of profit came in as cash: the cash cycle got 12 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 4.1× depreciation over three years. The next section checks what that spending is building.

Vardhman Special Steels Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 116 days in FY26, down from 128 days in FY21. It spent ₹402 Cr on assets over the last 3 years. Customers take 58 days to pay, and stock sits for 123 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹1,754 Cr, each day of that cycle ties up about ₹4.8 Cr, so roughly ₹557 Cr is tied up in the business at any time.

FY26: customers took 58 days to pay and stock sat for 123 days, about 4.0 months of sales sitting as stock, for a full cycle of 116 days, shorter than FY21's 128.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 123 days. Customers pay about 58 days after that. Suppliers are paid at 65 days. Together that makes the 116-day cycle.

Spending on assets: ₹402 Cr over the last 3 years, against ₹97.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹26.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Vardhman Special Steels Ltd's P/E is 21.4×, in the middle of its own history: higher than 56% of past readings. Its usual P/E (the middle reading) is 19.0×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.