Vardhman Special Steels Ltd Share Price ₹276

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Vardhman Special Steels Ltd

Quarter-by-quarter operating performance

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales +	422	409	415	397	439	415	495	427	428	434	432	431	458
Expenses +	398	380	384	364	391	372	456	392	397	402	387	387	412
Operating Profit	24	29	31	33	49	42	39	35	31	32	45	43	46
OPM %	6%	7%	8%	8%	11%	10%	8%	8%	7%	7%	10%	10%	10%
Other Income +	5	7	6	8	9	6	9	7	7	8	11	13	10
Interest	5	4	5	5	5	5	5	5	3	4	2	4	3
Depreciation	7	7	7	7	9	8	8	8	8	9	8	8	8
Profit before tax	18	25	25	29	44	35	35	28	27	27	46	45	46
Tax %	24%	26%	26%	25%	25%	26%	26%	25%	27%	26%	26%	25%	26%
Net Profit +	14	19	18	22	33	26	26	21	20	20	35	34	34
EPS in Rs	1.68	2.29	2.27	2.68	4.03	3.20	3.17	2.63	2.41	2.43	3.58	3.48	3.51

Financials of Vardhman Special Steels Ltd

Annual income statement trend

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales +	658	653	674	859	1,121	846	937	1,368	1,735	1,661	1,764	1,754
Expenses +	646	610	612	797	1,053	806	830	1,195	1,594	1,519	1,616	1,588
Operating Profit	12	43	62	62	68	40	107	174	141	142	148	166
OPM %	2%	7%	9%	7%	6%	5%	11%	13%	8%	9%	8%	9%
Other Income +	7	1	4	6	2	9	9	29	39	30	29	42
Interest	20	23	28	21	24	26	20	17	18	18	19	12
Depreciation	14	17	18	22	24	26	30	27	28	31	33	33
Profit before tax	-15	4	19	25	22	-2	66	158	134	123	125	164
Tax %	0%	0%	0%	0%	-0%	-244%	33%	36%	25%	25%	26%	26%
Net Profit +	-15	4	19	25	22	3	44	101	100	92	93	122
EPS in Rs	-2.45	0.68	3.10	3.51	3.11	0.41	5.46	12.42	12.36	11.25	11.39	12.62
Dividend Payout %	0%	0%	0%	0%	0%	0%	14%	14%	8%	18%	26%	28%

Financials of Vardhman Special Steels Ltd

Capital structure and asset base

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	19	19	19	36	36	40	41	41	41	81	82	97
Reserves	151	161	180	304	326	373	419	514	602	638	716	1,181
Borrowings +	350	338	316	228	334	266	191	162	144	84	120	93
Other Liabilities +	94	97	99	109	194	90	153	204	244	237	218	263
Total Liabilities	615	614	613	677	889	770	803	921	1,031	1,040	1,136	1,633
Fixed Assets +	230	251	265	250	280	310	283	289	294	325	309	585
CWIP	21	2	1	7	33	12	13	13	12	1	117	26
Investments	14	14	1	8	0	5	0	15	20	0	18	158
Other Assets +	350	347	346	412	577	443	507	603	705	714	693	863
Total Assets	615	614	613	677	889	770	803	921	1,031	1,040	1,136	1,633

Financials of Vardhman Special Steels Ltd

Operating, investing and financing cash movement

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	-33	46	68	11	-19	135	87	59	74	142	127	106
Cash from Investing Activity +	-4	-16	-16	-16	-70	-88	7	-9	-15	-50	-127	-427
Cash from Financing Activity +	31	-35	-50	7	82	-45	-94	-52	-49	-94	3	317
Net Cash Flow	-5	-5	2	2	-7	2	0	-2	9	-2	3	-4
Free Cash Flow	-61	27	36	-1	-98	101	78	24	45	76	9	-135
CFO/OP	-283%	108%	110%	18%	-19%	342%	90%	47%	79%	122%	108%	87%

Financials of Vardhman Special Steels Ltd

Working capital efficiency and return ratios

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	99	109	102	83	61	78	85	59	55	58	54	58
Inventory Days	119	110	122	123	170	103	134	139	119	129	113	123
Days Payable	46	42	36	47	89	42	90	68	61	63	47	65
Cash Conversion Cycle	172	176	188	159	142	139	128	131	113	123	120	116
Working Capital Days	-5	14	17	58	50	47	78	81	73	84	68	118
ROCE %	-0%	5%	9%	8%	7%	3%	13%	26%	20%	18%	17%	15%