# Vardhman Special Steels share price today (Vardhman Special Steels Ltd, NSE: VSSL)

> Vardhman Special Steels share price today: ₹350.05 at the NSE close on 3 November 2026, up 22.1% in a year. Vardhman Special Steels (NSE: VSSL) is worth ₹3,392 crore, trades at a P/E of 21.0 and has closed between ₹218.85 and ₹411.70 over the past 52 weeks. > Vardhman Special Steels Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. VSSL · Steel Products · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/vardhman-special-steels-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹350.05 (+22.1% in a year)
- P/E: 21.0× (higher than 56% of the last 10 years)
- Revenue (Sep 2026): ₹600 Cr (+38.9% on a year ago)
- Profit (Sep 2026): ₹52.0 Cr (+48.6% on a year ago)
- Operating margin: 12.0% (+2.0 points on a year ago)
- ROCE: 15%, FY26
- ROIC: 13.0%, against a 12.0% cost of capital: +1.0 points

The main question: promoters moved −9.4 percentage points over 8 quarters while the business went the other way. ## What is the Vardhman Special Steels share price today? Vardhman Special Steels Ltd's share price was ₹350.05 at the close on 3 November 2026. It has been rising for 22 weeks. That is 11.1% 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 68% of the way up from that low. 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 +1,743% 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. ## What changed at Vardhman Special Steels this quarter? 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. ## What are Vardhman Special Steels' latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹600 crore | ₹432 crore | +38.9% |
| Profit | ₹52.0 crore | ₹35.0 crore | +48.6% |
| Earnings per share | ₹5.43 | ₹3.58 | +51.7% |
| Operating margin | 12.0% | 10.0% | +2.0 points |

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.)

## What is the Vardhman Special Steels share price history? Vardhman Special Steels closed at ₹350.05 on 3 November 2026, up 22.1% from ₹286.65 a year earlier (31 October 2025) and up 145.4% 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

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹339.70 | +3.0% |
| 1 month ago · 1 Oct 2026 | ₹383.40 | −8.7% |
| 6 months ago · 30 Apr 2026 | ₹278.69 | +25.6% |
| 1 year ago · 31 Oct 2025 | ₹286.65 | +22.1% |
| 3 years ago · 3 Nov 2023 | ₹224.90 | +55.6% |
| 5 years ago · 4 Nov 2021 | ₹142.65 | +145.4% |
| 10 years ago · 4 Nov 2016 | ₹37.86 | +824.6% |
| Earliest and lowest weekly close in our records · 11 Mar 2016 | ₹18.99 | +1,743.3% |
| Highest weekly close since March 2016, also the 52-week high · 25 Sep 2026 | ₹411.70 | −15.0% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹218.85 | +59.9% |

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 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (564 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Vardhman Special Steels? 3 Nov 2026: Vardhman Special Steels closed at ₹350.05, up 3.0% on the week and down 8.7% 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. ## What dividend does Vardhman Special Steels pay? Vardhman Special Steels paid ₹3.50 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 1.00% at the ₹350.05 close on 3 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

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 28 Aug 2026 | ₹3.50 | Dividend |
| 12 Sep 2025 | ₹3 | Dividend |
| 6 Sep 2024 | ₹2 | Dividend |
| 15 Sep 2023 | ₹2 | Dividend |
| 16 Sep 2022 | ₹3.50 | Dividend |
| 2 Sep 2021 | ₹1.50 | Dividend |

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. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did Vardhman Special Steels management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/6912-28-Oct-2026.pdf). (From the call for July to September 2026, 28 October 2026.)

## What to watch in Vardhman Special Steels' next results? 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. - What to check (from the call)
- Q3 OEM settlements closing against flagged hike letters - check price realization and spread. - Full-year volumes versus initial view with Q2 peak unlikely to repeat - check reported tonnage trajectory. - Flagged peeling and HT line commissionings on schedule - check operational status and flexibility. - Environmental approval letter for brownfield lift received - check receipt, conditions and shutdown timing. ## Which stock lists is Vardhman Special Steels on? Vardhman Special Steels is on one of our India lists: Copper & metal stocks. [Copper & metal stocks Group on the list: Steel, stainless steel and ferro alloys](https://www.sectoralpha.in/copper-stocks-india)

## Is Vardhman Special Steels profitable? 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. 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. ## How much revenue does Vardhman Special Steels make, and is it growing? 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. 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). ## How much of every ₹100 of sales does Vardhman Special Steels keep? 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. 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. ## Is Vardhman Special Steels' profit turning into cash? 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. 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. ## Where does Vardhman Special Steels' cash go? 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. 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. ## What is Vardhman Special Steels' P/E ratio, and how does it compare with its own history? Vardhman Special Steels Ltd's P/E is 21.0×, 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. Why the multiple is where it is: over the past year earnings per share moved +10.8% while the price moved +22.1%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +19.7% a year; about +6.1% a year came from earnings growth and about +13.6 percentage points from the multiple (the market paying more); over 10 years the price moved +24.9% a year; about +18.8% a year came from earnings growth and about +6.1 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Vardhman Special Steels business getting better or worse? Vardhman Special Steels Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE steady at 17.8%; each line tells part of the story. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## How much does Vardhman Special Steels earn on its capital? Vardhman Special Steels Ltd earned a ROCE of 15% in FY26. That is up from a low of 0% in FY15. Its return on capital used (ROIC) is 1.0 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 7.0% net margin and 1.07× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 7.0% net margin × 1.07× asset turnover × 1.28× leverage (assets divided by equity) ≈ 9.6% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 13.0% − 12.0% = +1.0 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 13.0% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 11.7%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Vardhman Special Steels have too much debt? Vardhman Special Steels Ltd has total debt of ₹163 Cr against shareholder equity of ₹1,338 Cr as of Sep 2026, so its debt is 0.12× its equity, which is very little. Year by year, that ratio went from 0.29 in FY22 to 0.07 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Vardhman Special Steels shareholding pattern? Promoters cut their stake in Vardhman Special Steels Ltd by 9.4 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 51.2% of the company. Domestic institutions moved −1.3 points over the same period, to 2.5%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: −9.4 points over 8 quarters, to 51.2%; Domestic institutions: −1.3 points over 8 quarters, to 2.5%; Foreign institutions: +0.0 points over 8 quarters, to 0.6%. Why the owners changed: promoters drove it (−9.4 points), together with domestic institutions (−1.3 points). They reduced their stake. ## How far is Vardhman Special Steels from balance-sheet trouble? For Vardhman Special Steels Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Vardhman Special Steels rank in its industry? 75.1 out of 100, rank 2 of 16 in Steel Products, with 100% of the evidence available. Vardhman Special Steels Ltd scores 75.1 out of 100 against the 16 companies it is compared with in Steel Products, ranking 2. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 29.1 + 14.8 + 14.2 + 17 = 75.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Vardhman Special Steels compared with? Vardhman Special Steels ranks 2 of 16 Steel Products companies on the 4-Factor Sector Score, with 75.1 out of 100. 1. [Kamdhenu Ltd](https://www.sectoralpha.in/stocks/kamdhenu-ltd) KAMDHENU · turning · Most evidence points up · 100% evidence 77.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.6/35 · Revenue 5.9% · Profit 31.9% · Operating margin change 1 points · 100% evidence Capital efficiency 20.0/25 · ROCE 29.5% · Operating margin 13% · 100% evidence Valuation 17.1/20 · P/E 10.9× · PEG 0.47 · 100% evidence Relative strength 17.6/20 · Lead over its industry 27.7% · Lead over NIFTY 500 31% · 1 year 26.7% · 100% evidence · 11 of 12 weeks ahead Exact sum: 22.6 + 20 + 17.1 + 17.6 = 77.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. Vardhman Special Steels Ltd this page VSSL · leader · Most evidence points up · 100% evidence 75.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.1/35 · Revenue 14.8% · Profit 67.7% · Operating margin change 2 points · 100% evidence Capital efficiency 14.8/25 · ROCE 15.3% · Operating margin 12% · 100% evidence Valuation 14.2/20 · P/E 19.7× · PEG 0.84 · 100% evidence Relative strength 17.0/20 · Lead over its industry 13.2% · Lead over NIFTY 500 16.9% · 1 year 14.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.1 + 14.8 + 14.2 + 17 = 75.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Shyam Metalics & Energy Ltd](https://www.sectoralpha.in/stocks/shyam-metalics-energy-ltd) SHYAMMETL · leader · Most evidence points up · 100% evidence 73.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.6/35 · Revenue 25.6% · Profit 41.7% · Operating margin change 2 points · 100% evidence Capital efficiency 17.4/25 · ROCE 13% · Operating margin 14% · 100% evidence Valuation 8.6/20 · P/E 24× · PEG 1.25 · 100% evidence Relative strength 18.7/20 · Lead over its industry 27.4% · Lead over NIFTY 500 31.7% · 1 year 32.5% · 100% evidence · 11 of 12 weeks ahead Exact sum: 28.6 + 17.4 + 8.6 + 18.7 = 73.3 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 4. [Kalyani Steels Ltd](https://www.sectoralpha.in/stocks/kalyani-steels-ltd) KSL · losing its lead · Evidence leans up · 100% evidence 60.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.6/35 · Revenue -1.1% · Profit 8.1% · Operating margin change 3 points · 100% evidence Capital efficiency 17.4/25 · ROCE 14.8% · Operating margin 22% · 100% evidence Valuation 11.6/20 · P/E 12.5× · PEG 1 · 100% evidence Relative strength 12.9/20 · Lead over its industry 3.7% · Lead over NIFTY 500 7.2% · 1 year -4.9% · 100% evidence · 6 of 12 weeks ahead Exact sum: 18.6 + 17.4 + 11.6 + 12.9 = 60.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [BMW Industries Ltd](https://www.sectoralpha.in/stocks/bmw-industries-ltd) turning · Evidence leans up · 83% evidence 57.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.9/35 · Revenue 5.9% · Profit 8% · Operating margin change -1 points · 83% evidence Capital efficiency 13.2/25 · ROCE 11.9% · Operating margin 20% · 95% evidence Valuation 12.9/20 · P/E 12.7× · PEG n/a · 50% evidence Relative strength 15.9/20 · Lead over its industry 7.5% · Lead over NIFTY 500 10.3% · 1 year 9% · 100% evidence · 1 of 12 weeks ahead Exact sum: 15.9 + 13.2 + 12.9 + 15.9 = 57.9 · What this means: Relative strength against the index is 10.3%, and revenue and profit growth are weak. 6. [Sunflag Iron & Steel Company Ltd](https://www.sectoralpha.in/stocks/sunflag-iron-steel-company-ltd) SUNFLAG · breaking out · Evidence leans up · 96% evidence 56.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.7/35 · Revenue 9% · Profit 4.6% · Operating margin change -1 points · 88% evidence Capital efficiency 9.6/25 · ROCE 4.1% · Operating margin 11% · 100% evidence Valuation 10.3/20 · P/E 33.2× · PEG 0.65 · 100% evidence Relative strength 19.6/20 · Lead over its industry 29% · Lead over NIFTY 500 32.1% · 1 year 46.3% · 100% evidence · 6 of 12 weeks ahead Exact sum: 16.7 + 9.6 + 10.3 + 19.6 = 56.2 · What this means: Relative strength against the index is 32.1%, and revenue and profit growth are weak. 7. [Panchmahal Steel Ltd](https://www.sectoralpha.in/stocks/panchmahal-steel-ltd) PANCHMAHQ · losing its lead · Evidence leans down · 78% evidence 49.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.9/35 · Revenue 10.6% · Profit 100% · Operating margin change 4.9 points · 100% evidence Capital efficiency 7.0/25 · ROCE 3.1% · Operating margin 8.3% · 100% evidence Valuation 3.9/20 · P/E 65.4× · PEG 7.04 · 65% evidence Relative strength 9.8/20 · Lead over its industry n/a · Lead over NIFTY 500 0.3% · 1 year -1.2% · 25% evidence · 2 of 5 weeks ahead Exact sum: 28.9 + 7 + 3.9 + 9.8 = 49.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Prakash Industries Ltd](https://www.sectoralpha.in/stocks/prakash-industries-ltd) PRAKASH · basing · Evidence leans down · 96% evidence 49.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.3/35 · Revenue -10.6% · Profit -12.1% · Operating margin change 1 points · 88% evidence Capital efficiency 12.1/25 · ROCE 9.6% · Operating margin 14% · 100% evidence Valuation 19.1/20 · P/E 6.4× · PEG 0.19 · 100% evidence Relative strength 6.0/20 · Lead over its industry -14.4% · Lead over NIFTY 500 -10.7% · 1 year -31.6% · 100% evidence · 1 of 12 weeks ahead Exact sum: 12.3 + 12.1 + 19.1 + 6 = 49.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 9. [Beekay Steel Industries Ltd](https://www.sectoralpha.in/stocks/beekay-steel-industries-ltd) BEEKAY · breaking out · Evidence leans down · 81% evidence 48.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.5/35 · Revenue 13.9% · Profit -51.1% · Operating margin change 5 points · 88% evidence Capital efficiency 7.7/25 · ROCE 4.2% · Operating margin 11% · 100% evidence Valuation 13.7/20 · P/E 18.1× · PEG 0.45 · 100% evidence Relative strength 11.1/20 · Lead over its industry n/a · Lead over NIFTY 500 5.8% · 1 year -11.5% · 25% evidence · 10 of 12 weeks ahead Exact sum: 15.5 + 7.7 + 13.7 + 11.1 = 48 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 10. [Jindal Steel Ltd](https://www.sectoralpha.in/stocks/jindal-steel-ltd) JINDALSTEL · losing its lead · Evidence leans down · 100% evidence 45.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.9/35 · Revenue 25.5% · Profit 2.4% · Operating margin change -3 points · 100% evidence Capital efficiency 13.3/25 · ROCE 9.7% · Operating margin 15% · 100% evidence Valuation 10.4/20 · P/E 33.6× · PEG 1.09 · 100% evidence Relative strength 8.0/20 · Lead over its industry -4.7% · Lead over NIFTY 500 -0.6% · 1 year -0.5% · 100% evidence · 3 of 12 weeks ahead Exact sum: 13.9 + 13.3 + 10.4 + 8 = 45.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Steel Exchange India Ltd](https://www.sectoralpha.in/stocks/steel-exchange-india-ltd) STEELXIND · quiet · Evidence leans down · 89% evidence 39.7 out of 100 Growth Capital Valuation Relative
12. [Gallantt Ispat Ltd.](https://www.sectoralpha.in/stocks/gallantt-ispat-ltd) GALLANTT · quiet · Evidence leans down · 100% evidence 37.9 out of 100 Growth Capital Valuation Relative
13. [Rhetan TMT Ltd](https://www.sectoralpha.in/stocks/rhetan-tmt-ltd) RHETAN · quiet · Most evidence points down · 89% evidence 34.5 out of 100 Growth Capital Valuation Relative
14. [Electrotherm (India) Ltd](https://www.sectoralpha.in/stocks/electrotherm-indialtd) ELECTHERM · quiet · Most evidence points down · 61% evidence 22.2 out of 100 Growth Capital Valuation Relative
15. [Salasar Techno Engineering Ltd](https://www.sectoralpha.in/stocks/salasar-techno-engineering-ltd) SALASAR · basing · Most evidence points down · 96% evidence 20.4 out of 100 Growth Capital Valuation Relative
16. [Banganga Paper Industries Ltd](https://www.sectoralpha.in/stocks/banganga-paper-industries-ltd) BANGANGA · Too little evidence to rank firmly · 29% evidence 52.5 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Steel Products](https://www.sectoralpha.in/sectors/steel-products), all 16 compared on one page. ## Which companies are close to Vardhman Special Steels in size? Vardhman Special Steels is the 6th largest of 16 Steel Products companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Gallantt Ispat, Sunflag Iron & Steel Company and Kalyani Steels. Just below it: Prakash Industries, Steel Exchange India and BMW Industries. ### Steel Products companies close in size

1. [Gallantt Ispat Ltd.](https://www.sectoralpha.in/stocks/gallantt-ispat-ltd) ₹13,465 crore
2. [Sunflag Iron & Steel Company Ltd](https://www.sectoralpha.in/stocks/sunflag-iron-steel-company-ltd) ₹7,064 crore
3. [Kalyani Steels Ltd](https://www.sectoralpha.in/stocks/kalyani-steels-ltd) ₹3,592 crore
4. Vardhman Special Steels Ltd ₹3,178 crore
5. [Prakash Industries Ltd](https://www.sectoralpha.in/stocks/prakash-industries-ltd) ₹2,011 crore
6. [Steel Exchange India Ltd](https://www.sectoralpha.in/stocks/steel-exchange-india-ltd) ₹1,221 crore
7. [BMW Industries Ltd](https://www.sectoralpha.in/stocks/bmw-industries-ltd) ₹1,079 crore

[All 16 Steel Products companies, largest first](https://www.sectoralpha.in/sectors/steel-products#all-companies)

### Companies close in size in other industries

1. [Aye Finance Ltd](https://www.sectoralpha.in/stocks/aye-finance-ltd) ₹3,182 crore · NBFC - Others
2. [PNC Infratech Ltd](https://www.sectoralpha.in/stocks/pnc-infratech-ltd) ₹3,179 crore · Infra - Construction & Contracting
3. Vardhman Special Steels Ltd ₹3,178 crore
4. [Sterling & Wilson Renewable Energy Ltd](https://www.sectoralpha.in/stocks/sterling-wilson-renewable-energy-ltd) ₹3,175 crore · Solar EPC
5. [Anzen India Energy Yield Plus Trust](https://www.sectoralpha.in/stocks/anzen-india-energy-yield-plus-trust) ₹3,171 crore · Miscellaneous

## What else do people ask about Vardhman Special Steels? ### What is Vardhman Special Steels's share price today? Vardhman Special Steels Ltd's share price is ₹350.05, +22.1% over the past year. The whole company is worth ₹3,392 Cr on the market. In the last 52 weeks it traded between ₹219 to ₹412; today it is 68% of the way up from the low, 11.1% above its 200-day average (as of 3 November 2026). ### What were Vardhman Special Steels's latest quarterly results? Vardhman Special Steels Ltd reported revenue of ₹600 Cr and net profit of ₹52.0 Cr for the Sep 2026 quarter. Revenue rose 38.9% and profit rose 48.6% compared with a year earlier. Earnings per share were ₹5.43. The operating margin was 12.0%, 2.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Vardhman Special Steels's market cap? Vardhman Special Steels Ltd's market capitalisation is ₹3,392 Cr at a share price of ₹350.05. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Vardhman Special Steels performing? Vardhman Special Steels Ltd's share price has been rising for 22 weeks. In its latest quarter, revenue rose 38.9% and profit rose 48.6% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 18 weeks running (as of 3 November 2026). ### Will Vardhman Special Steels's share price go up? This page does not forecast Vardhman Special Steels Ltd's share price. What it shows instead: the share price is ₹350.05, and it has been rising for 22 weeks. Its P/E of 21.0× is higher than 56% of its own last 10 years (as of 3 November 2026). ### Who owns Vardhman Special Steels? Promoters own 51.2% of Vardhman Special Steels Ltd, foreign institutions 0.6%, domestic institutions 2.5% and the public 45.7% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 9.4 percentage points over 8 quarters (as of 3 November 2026). ### Does Vardhman Special Steels have too much debt? No, Vardhman Special Steels Ltd has little debt: its debt is 0.07× its equity, and its operating profit is 14 times its interest bill. FY26 borrowings were ₹93.0 Cr against equity of ₹1,278 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Vardhman Special Steels in its business cycle? Vardhman Special Steels Ltd's FY26 operating margin was 9.0%, against a 12-year range of 1.8% to 13.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 12.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Vardhman Special Steels story? The main question: promoters moved −9.4 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Vardhman Special Steels a stock worth studying right now? What the numbers show: Vardhman Special Steels Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Vardhman Special Steels share price forecast for 2026? What management itself guided: Operating profit per tonne ₹9,000-12,000 for foreseeable future on annual view. ## Lists

- Copper & metal stocks: https://www.sectoralpha.in/copper-stocks-india

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