Vardhman Special Steels Limited

BSE

VSSL

Stock

Yield per half year: +4.22%
Dividend yield: 0.6994%
Sector: Materials

Reporting Vardhman Special Steels Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
Капитализация, млрд ₹			885.86										885.86	0.00
Выручка, млрд ₹			6.74	8.57	11.19	8.45	9.29	13.55	17.35	16.61	17.64	16.61	14.89	13.68
Чистая прибыль, млрд ₹			0.1914	0.2504	0.2221	0.0334	0.4419	1.01	1	0.9163	0.9309	0.9163	0.8598	16.07
EV, млрд ₹			888.34		5.09	3.48	4.71	6.41	17.53	17.63	17.35	17.63	12.73	29.79
EBIT, млрд ₹	0.048	0.3649	0.5152	0.4581	0.4618	0.2038	0.8475	1.7	1.46			1.46	0.9346	25.89
EBITDA, млрд ₹				0.667	0.684	0.4912	1.15	2.02	1.8			1.8	1.23	21.35
OIBDA, млрд ₹							1.55	2.75	1.93				2.08	7.58
Баланс стоимость, млрд ₹			1.98	3.39	3.62	4.14	4.59	5.55	6.42	7.19	7.98	7.19	6.35	11.70
FCF, млрд ₹				-0.0174	-0.985	0.996	0.7776	0.2358	0.4479	0.7444	0.0808	0.7444	0.4573	-36.42
Операционный денежный поток, млрд ₹			0.6804	0.1121	-0.1885	1.35	0.6728	0.5888	0.7358	1.42	1.27	1.42	0.9375	13.55
Операционная прибыль, млрд ₹			0.4892	0.4688	0.4569	0.2039	0.8405	1.74	1.13	1.11	1.15	1.11	1.19	6.47
Операционные расходы, млрд ₹			6.25	8.11	10.73	8.25	8.45	11.81	16.22	15.5	16.5	15.5	13.70	14.32
CAPEX, млрд ₹			0.3261	0.1295	0.7966	0.3583	0.0948	0.353	0.2879	0.6796	1.19	0.6796	0.5211	65.86

	2017Q4	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
Капитализация, млрд ₹	5.31																									5.31	0.00
Выручка, млрд ₹																4.01	4.22	4.09	4.15	3.97	4.28	4.15	4.95	4.27	4.28	4.39	0.00
Чистая прибыль, млрд ₹																0.2847	0.1368	0.1857	0.1846	0.2181	0.3279	0.2608	0.2582	0.2146	0.1973	0.2518	-9.66
EV, млрд ₹									4.71		7.9		6.41		6.18		17.53		17.84		17.63		26.97		17.35	19.46	-0.21
EBIT, млрд ₹		0.1603	0.0068	-0.0078	0.1624	-0.1611	0.2667	0.4264							0.4202	0.4267	0.17									0.3420	-8.61
EBITDA, млрд ₹									0.5358	0.5371	0.4855	0.4076	0.5878	0.5161	0.4905	0.4974	0.2967	0.3647								0.4331	-6.71
Баланс стоимость, млрд ₹							4.09		4.59		5.06		5.55		5.99		6.42		6.63		7.19		7.56		7.98	7.16	4.45
Операционная прибыль, млрд ₹																0.2922	0.1738	0.2922	0.2381	0.2582	0.6577	0.3975	0.3076	0.266	0.2314	0.3720	-18.85
Операционные расходы, млрд ₹																3.71	4.05	3.8	3.91	3.72	3.62	3.75	4.64	4	4.05	4.01	2.27

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
Наличность, млрд ₹				0.0595	0.0749	0.0028	0.023	0.0234	0.0027	0.0954	0.0764	0.1076	0.0764	0.0611	35.68
Short Term Investments ₹				0.0112	0.0816	0.0001	0.05	0.5	0.3108	0.4001	0.2249	0.4466	0.2249	0.3765	-2.23
Long term investments ₹	0.1675	0.0408	0.0142	0.0068										0.0573	-55.11
Total Receivables ₹				1.91	2.04	2.08	1.8	2.24	2.22	2.62	2.62	2.61	2.62	2.46	3.10
Total Current Assets ₹				3.35	3.88	5.46	3.61	4.82	5.97	6.99	6.74	6.61	6.74	6.23	6.52
Чистые активы, млрд ₹		2.51	2.52	2.65	2.56	3.12	3.22	2.95	3.02	3.06			3.06	3.07	-0.39
Активы, млрд ₹				6.13	6.77	8.89	7.7	8.03	9.21	10.31	10.4	11.36	10.4	9.86	7.18
Short Term Debt ₹				1.39	1.27	1.98	1.57	0.7981	0.8203	0.989	0.6884	1.16	0.6884	0.8912	7.77
Long Term Debt ₹				1.15	1.01	1.35	1.08	1.1	0.7889	0.4403	0.141	0.033	0.141	0.5006	-50.41
Задолженность, млрд ₹				4.15	3.37	5.27	3.57	3.43	3.66	3.88	3.2	3.38	3.2	3.51	-0.29
Чистый долг, млрд ₹					2.21	3.33	2.62	1.87	1.61	1.33	0.753	1.09	0.753	1.33	-10.23
Долг, млрд ₹				2.54	2.28	3.34	2.65	1.89	1.61	1.43	0.8294	1.2	0.8294	1.39	-8.68
Interest income ₹				0.0172	0.0081	0.0103	0.0214	0.0818	0.0691	0.0128				0.0391	4.44
Расходы на обслуживание долга ₹						0.2234	0.2572	0.1861	0.165	0.1765	0.1842	0.1863	0.1842	0.1796	0.02
Чист. проц. доходы, млрд ₹				-0.2656	-0.2062	-0.2262	-0.2358	-0.1152	-0.1037	-0.1765			0.0128	-0.1715	-4.84
Себестоимость, млрд ₹				5.25	5.67	7.99	6.02	7.05	10.3	11.09	10.12	10.83	10.12	9.88	8.97
Товарно материальные запасы ₹				1.18	1.65	3.36	1.56	1.96	3.15	3.74	3.56	3.35	3.56	3.15	11.32

	2017Q1	2017Q3	2018Q1	2018Q3	2019Q1	2019Q3	2020Q1	2020Q3	2020Q4	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
Наличность, млрд ₹								0.0362		0.0234	0.0668		0.0027		0.1185		0.0954		0.1106		0.0764		0.07		0.1076	0.0920	2.44
Short Term Investments ₹								0.5381		0.5	0.4843		0.3108		0.2881		0.4001		0.7581		0.2249		0.6567		0.4466	0.4973	2.22
Long term investments ₹	0.0068	0.0033																								0.0050	-30.34
Total Receivables ₹								2.05		2.18	2.54		2.22		3.21		2.92		2.65		2.62		3.17		2.61	2.79	-2.22
Total Current Assets ₹								4.47		4.82	6.78		5.97		7.1		6.99		7.26		6.74		7.84		6.61	7.09	-1.11
Чистые активы, млрд ₹			2.56	2.97	3.12	3.28	3.22			4.82	6.78		5.97		3.04		3.06									4.73	-8.69
Активы, млрд ₹								7.94		8.03	9.83		9.21		10.41		10.31		10.85		10.4		11.72		11.36	10.93	1.96
Short Term Debt ₹						1.55				0.7981	2.1		0.8203		0.9644		0.989		1.43		0.6884		1.34		1.16	1.12	3.24
Long Term Debt ₹								1.21		1.1	0.9451		0.7889		0.5597		0.4403		0.2582		0.141		0.0658		0.033	0.1877	-40.44
Задолженность, млрд ₹								3.84		3.43	4.78		3.66		4.41		3.88		4.22		3.2		4.16		3.38	3.77	-2.72
Чистый долг, млрд ₹								2.81		1.87	2.98		1.61		1.41		1.33		1.58		0.753		1.34		1.09	1.22	-3.90
Долг, млрд ₹		3.61	1.1		3.34	2.83									1.52		1.43		1.69		0.8294		1.41		1.2	1.31	-3.45
Interest income ₹									0.013	0.0489																0.0309	93.95
Расходы на обслуживание долга ₹																0.0457	0.0455	0.0421	0.0464	0.0491	0.0378	0.047	0.0537	0.0509	0.0347	0.0448	-1.70
Чист. проц. доходы, млрд ₹											-0.0457	-0.0451	0.0311	-0.0407	-0.0446	-0.0457	-0.0455	-0.0421	-0.0464	-0.0491						-0.0458	1.45
Себестоимость, млрд ₹																2.85	1.42	3	3.04	2.82	4.27	2.4	3.68	2.99	1.32	2.93	-20.93
Товарно материальные запасы ₹								1.32		1.92	3.11		3.04		3.2		3.74		3.52		3.56		3.78		3.35	3.59	-2.18

Share

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS		5.51	6.21	0.8268	10.91	24.84	12.36	11.25	11.39	11.25	14.15	0.86
Цена акции ао	168.2	96.75	70.25	116.75	253.65	308.05	218.9	226.55	271.3	271.3	255.69	1.35
Число акций ао, млн	32.12		35.76	40.39	40.51	40.56	81.25	81.46	81.73	81.46	65.10	15.07
FCF/акцию			-27.55	24.66	19.2	5.81	5.51	9.14	0.9885	9.14	8.13	-44.75

	2017Q4	2018Q2	2021Q1	2021Q3	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS		2.54	6.51	6	7.2		6.91		1.68		2.27		4.03	3.17	2.41		2.71	7.48
Цена акции ао					249.79	234.94	239.74	265.33	340.02	16437.06	198.6	216.38			197.3	271.3	3464.13	-55.99
Число акций ао, млн	32.12																32.12	0.00

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %		9.66	7.38	6.13	0.8075	9.62	19.87	16.78	13.46	12.27	13.46	13.89	14.40	4.99
ROA, %		3.12	3.7	2.5	0.4336	5.51	11.69	10.29	8.85	8.56	8.85	8.15	8.98	9.21
ROIC, %					1.38	7.74	16.05	14.86	13.45		13.45	13.64	10.70	57.68
ROS, %		2.84	2.92	1.99	0.3951	4.76	7.44	5.79	5.52	5.52	5.52	9.14	5.81	3.01
ROCE, %	20.37	26.01	13.5	12.76	4.93	18.45	25.78	20.63		20.35	20.35	11.64	18.03	32.78
Ebit margin, %					2.41	9.13	12.52	8.44		8.81	8.81		8.26	29.60
Рентаб EBITDA, %			7.78	6.11	5.81	12.41	14.9	10.38		10.84	10.84	18.79	10.87	13.28
Чистая рентаб, %		2.84	2.92	1.99	0.3951	4.76	7.44	5.79	5.52	5.28	5.52	9.28	5.76	2.10
Operation Margin, %		7.26	5.47	4.08	2.41	9.05	12.83	6.52	6.71	6.71	6.71	12.43	8.36	-5.81

	2017Q3	2018Q1	2018Q3	2019Q1	2019Q3	2020Q1	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %							2.18	5.74		4.8		5.26		4.67		2.87		3.57		5.91		4.3		2.76		13.89	3.88	-0.78
ROA, %							1.13	3.28		2.47		3.17		2.69		2.65		1.74		3.09		2.34		1.71		8.15	2.31	-8.39
ROS, %																3.24	4.54	4.45	5.49	7.66	6.29	5.22	5.03	4.61	5.52	9.14	5.33	-2.58
ROCE, %	3.52	5.4	2.63	2.72	0.1889	3.93	6.52							7.01		2.49									20.35	11.64	8.06	38.94
Ebit margin, %																									8.81		8.81	0.00
Рентаб EBITDA, %									16.27	14.46	11.34	17.83	11	11.07	12.42	7.03	8.91								10.84	18.79	10.05	-0.42
Чистая рентаб, %															7.11	3.24	4.54	4.45	5.49	7.66	6.29	5.22	5.03	4.61		9.28	5.76	-9.66
Operation Margin, %																4.12	7.14	5.74	6.5	15.36	9.58	6.22	6.23	5.41	6.71	12.43	6.83	-6.87

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	4629.1		7.91	25.52	6.43	4.76	16.12	18.42	17.46	18.42	43.39	12.64	22.11
P/BV	447.22		0.4853	0.2061	0.6186	0.8648	2.52	2.35	2.04	2.35	5.17	1.68	26.95
P/S	131.47		0.157	0.1008	0.306	0.3543	0.9335	1.02	0.9214	1.02	3.90	0.7070	24.67
P/FCF							0	0	0	0	-17.97
E/P	0.000216						0	0	0	0	0.05	0.0002	0.00
EV/EBIT				17.06	5.56	3.78	11.98	12.04	12.04	12.04		9.08	16.71
EV/EBITDA			7.44	7.08	4.09	3.17	9.73			9.73	14.27	6.30	5.51
EV/S	131.84			0.4112	0.5074	0.4728	1.01	1.06	1.06	1.06	3.67	0.8220	15.88
EV/FCF				3.49	6.06	27.17	39.14	23.68	23.68	23.68	-20.99	23.95	31.34
Debt/EBITDA		3.42	4.88	5.39	1.64	0.7975	0.7937	0.4606	0.4606	0.4606	1.68	0.8305	-22.43
Netdebt/Ebitda		3.31	4.87	5.34	1.62	0.7961	0.7407	0.4181	0.4181	0.4181	1.50	0.7986	-23.73
Debt/Ratio	0.4149	0.3371	0.3751	0.3436	0.236	0.1748	0.1387	0.0798	0.0798	0.0798	0.14	0.1418	-19.50
Debt/Equity	1.28	0.6723	0.9216	0.6398	0.4125	0.29	0.2225	0.1153	0.4453	0.4453	0.53	0.2971	1.54
Debt/Net Income	13.28	9.11	15.02	79.23	4.29	1.6	1.42	0.9052	0.9052	0.9052	2.88	1.82	-26.74
PEG									3.77	3.77		3.77	0.00
Бета							1.95	3.73	2.5	2.5	0.63	2.73	8.63
Индекс Альтмана							4.72	4.31	4.52	4.52	6.27	4.52	-1.43

	2017Q1	2017Q3	2017Q4	2018Q1	2019Q1	2019Q3	2020Q3	2021Q1	2021Q3	2022Q1	2022Q3	2023Q1	2023Q3	2024Q1	2024Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E			55.61					10.78	9.71	6.01	8.35	23.21	50.6	25.96	28.21	16.74		43.39	28.94	-6.33
P/BV			1.93					0.6186	0.9719	0.8648	0.7969	2.52	2.45	2.35	3.39	2.04		5.17	2.55	-4.14
P/S			2.43					0.8502	0.7341	0.4797	0.6181	1.24	1.94	1.33	1.45	0.9177		3.90	1.38	-5.84
E/P			0.018															0.05	0.0180	0.00
EV/EBIT																	12.04		12.04	0.00
EV/EBITDA										3.17	3.09	9.34						14.27	5.20	43.36
EV/S													4.3	4.12	5.45	4.05	1.06	3.67	3.80	-24.43
EV/FCF																	23.68	-20.99	23.68	0.00
Debt/EBITDA																	0.4606	1.68	0.4606	0.00
Netdebt/Ebitda							10.53	3.49	6.13	2.73	2.87	4.5					0.4181	1.50	3.33	-41.55
Debt/Ratio				0.162	0.3751	0.3775					0.1465	0.1387	0.1555	0.0798	0.1203	0.1054	0.0798	0.14	0.1082	-12.49
Debt/Equity				0.3231	0.9216	0.7851					0.2542	0.2225	0.2545	0.1153	0.1866	0.1501	0.4453	0.53	0.2304	11.84
Debt/Net Income	91.28	61.92		15.19	-2166.27	-89.15							9.14	2.53	5.46	6.07	0.9052	2.88	4.82	-37.03
PEG																	3.77		3.77	0.00
Бета																3.1	2.5	0.63	2.80	-10.20
Индекс Альтмана																4.3	4.52	6.27	4.41	2.53

Dividends

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.0605	0.0605	0.0605	0.1415	0.1621	0.1624		0.1624		0.1174	21.83
Дивиденд			1.5	3.5	2	2		2		2.25	7.46
Див доход, ао, %			0.7143	1.23	1.61	0.6994		0.6994	1.35	1.06	-0.53
Дивиденды / прибыль, %		181.17	13.69	6.01	14.08	17.69	17.45	17.69	34.57	13.78	4.97
Dividend Coverage Ratio							5.64	5.64		5.64	0.00

	2021Q3	2022Q3	2023Q3	2025Q2	Industry average	5 quarters average	CAGR 5
Дивиденд	1.5	3.5	2			2.33	10.06
Див доход, ао, %	0.5837	1.46	1.01		1.35	1.02	20.05
Dividend Coverage Ratio				5.64		5.64	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Выручка, %	1.02	2.61	1.66	4.09	6.73	4.09	45.84
Персонал, чел			1 125	1 125			0.00

	CAGR 5

	CAGR 5