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Vardhman Special Steels Q2 FY27 Share Price & Earnings Call Analysis

₹328.35-0.06% today
Market cap
₹3,178 Cr
P/E
22.17
ROE
11.63%
PEG
3.50
Price to sales
1.76
Debt to equity
0.07
52W high / low
₹414 / ₹208
Sales growth (5Y)
13.36%
EBITDA margin
10.69%
Net profit margin
6.88%
Promoter holding
51.18%
Sales (last year)
₹1,807 Cr

Vardhman Special Steels is engaged in manufacturing of Billets, Steel bars & Rods and Bright Bars of various categories of special and alloy steels.

Guidance scorecard · Q2 FY27 call

What Vardhman Special's management guided
and where it ranks in Industrial Products

#81of 100 in
Industrial Products
Revenue10–20%MarginsUp 2%+CapexPlannedFundraisingPlannedOrder bookFlat

RevenueQ1 FY27 call

10–20%
  • Current capacity is 3 lakh tons, running at full utilization; licensing limits growth to ~7-8%.
  • Environmental approval expected '27-'28 to increase production capacity up to ~3.6 lakh tons, enabling revenue growth to ~290 crores next year from 270 crores.
  • New greenfield plant planned with commissioning targeted for FY '29-'30; expected to enable substantial volume growth to 330,000-340,000 tons by '28-'29.
  • Die steels and non-automotive sectors to contribute to margin enhancement and volume growth from '27-'28 onward.
  • OEM demand remains strong; new volume growth anticipated from import substitution for Maruti starting Q4 FY '26-'27.
  • Export volumes modest (~7-8%) but could see gradual increase, especially indirect exports via Aichi.

2 more points from Vardhman Special's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Up 2%+

See what Vardhman Special said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • New greenfield steel plant planned with an increased capacity of over 5 lakh tons (previously planned 5 lakh tons) with commissioning targeted in FY '29-'30.
  • Land acquisition and machinery finalization for the greenfield plant expected by August-September.
  • Application made for brownfield expansion from 3 lakh to 3.6 lakh tons capacity; environmental clearance expected in 3-4 months.
  • Forging and machining project with Aichi Steel to be commissioned by Q4 FY '27-'28; commercial ramp-up will be gradual, with revenue from FY '29 onwards.
  • Ingot casting facility for die steels to be ready by Q3 FY '26-'27; regular die steel production expected FY '27-'28.

2 more points from Vardhman Special's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what Vardhman Special said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Flat
  • Vardhman Special Steels does not maintain a strong or long-term order book system; orders are mostly on a repeat business basis from OEM customers.
  • Currently, the company is fully booked out and is refusing new orders, indicating very strong demand.
  • Orders depend on their production volumes.
  • The next expected volume increase will start from the commercial production for import substitution for Maruti from Q4 of the financial year.
  • There is no system of visibility on orders beyond immediate customer requirements.

2 more points from Vardhman Special's call on the order book

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Full Q1 FY27 analysis
Full Industrial Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Vardhman Special rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹532 Cr21.2
240%+Up 2%+₹450 Cr13.2
340%+Up 2%+₹371 Cr26.1
440%+Up 0–2%₹1,340 Cr32.9
540%+Up 0–2%₹1,196 Cr14.1
640%+Flat₹966 Cr25.0

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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products ranking

Financials of Vardhman Special

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

Shareholder Pattern

Vardhman Special

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +60.67%60.55%60.55%60.53%60.49%60.37%60.37%51.13%51.10%51.06%51.06%51.18%
FIIs +0.75%0.49%0.64%0.60%0.58%0.64%0.58%0.54%0.54%0.55%0.55%0.58%
DIIs +2.50%2.63%3.14%3.84%4.51%4.17%4.17%3.63%3.30%3.34%3.27%2.51%
Public +36.08%36.33%35.67%35.01%34.42%34.82%34.88%44.70%45.02%45.04%45.12%45.73%
No. of Shareholders33,71532,86634,68335,22936,34836,28735,85636,44338,07936,85436,36537,253

Financials of Vardhman Special

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +415397439415495427428434432431458486600
Expenses +384364391372456392397402387387412428531
Operating Profit31334942393531324543465869
OPM %8%8%11%10%8%8%7%7%10%10%10%12%12%
Other Income +689697781113101015
Interest5555553424334
Depreciation779888898881010
Profit before tax25294435352827274645465571
Tax %26%25%25%26%26%25%27%26%26%25%26%26%26%
Net Profit +18223326262120203534344152
EPS in Rs2.272.684.033.203.172.632.412.433.583.483.514.265.43

Financials of Vardhman Special

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +6586536748591,1218469371,3681,7351,6611,7641,7541,975
Expenses +6466106127971,0538068301,1951,5941,5191,6161,5881,758
Operating Profit124362626840107174141142148166217
OPM %1.8%7%9%7%6%4.7%11%13%8%9%8%9%11%
Other Income +7146299293930294248
Interest20232821242620171818191213
Depreciation14171822242630272831333335
Profit before tax-154192522-266158134123125164217
Tax %0%0%0%0%-0%-244%33%36%25%25%26%26%
Net Profit +-1541925223441011009293122161
EPS in Rs-2.450.683.103.513.110.415.4612.4212.3611.2511.3912.6216.68
Dividend Payout %0%0%0%0%0%0%14%14%8%18%26%28%

Financials of Vardhman Special

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital19191936364041414181829797
Reserves1511611803043263734195146026387161,1811,242
Borrowings +3503383162283342661911621448412093163
Other Liabilities +94979910919490153204244237218263287
Total Liabilities6156146136778897708039211,0311,0401,1361,6331,789
Fixed Assets +230251265250280310283289294325309585617
CWIP21217331213131211172693
Investments1414180501520018158170
Other Assets +350347346412577443507603705714693863909
Total Assets6156146136778897708039211,0311,0401,1361,6331,789

Financials of Vardhman Special

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-33466811-19135875974142127106
Cash from Investing Activity +-4-16-16-16-70-887-9-15-50-127-427
Cash from Financing Activity +31-35-50782-45-94-52-49-943317
Net Cash Flow-5-522-720-29-23-4
Free Cash Flow-612736-1-98101782445769-135
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit-283%108%110%18%-19%342%90%47%79%122%108%87%

Financials of Vardhman Special

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days99109102836178855955585458
Inventory Days119110122123170103134139119129113123
Days Payable464236478942906861634765
Cash Conversion Cycle172176188159142139128131113123120116
Working Capital Days-51417585047788173846886
ROCE %-0%5%9%8%7%3%13%26%20%18%17%15%

Guidance history

How Vardhman Special's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%Up 2%+PlannedPlannedFlat
Q4 FY26 call →20–40%Up 2%+PlannedPlanned—
Q3 FY26 call →20–40%FlatPlannedPlanned—
Q2 FY26 call →10–20%Up 2%+PlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

37out of 100

Momentum score · price trend

37 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+12.0%70%
Last 6 months+17.8%74%
Last 3 months+7.7%79%

The price is 20.6% below its all-time high of ₹413.6 (23 Sept 2026). Stocks more than 20% below their peak have their score halved, so 74 became 37.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Vardhman Special: 0.4 × 70 + 0.4 × 74 + 0.2 × 79 = 74, halved to 37 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Vardhman Special's management said in earlier quarters

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