VARDHMAN SPECIAL STEELS LTD (VSSL): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1YAll

₹371.2 latest close · +35.3% over the last 90 sessions

₹371.2 month-end · +31.2% over 12 months

₹371.2 month-end · +18.8% since Jun '24

52-week range ₹206.40 to ₹428.25 · 1-year volatility 37.1%

Was the rally earned?

+31%share price, 1 yearMultiple-driven

Partly.

Most of the rise came from investors paying a higher multiple (P/E 24.8x to 32.5x); per-share earnings added 0 points.
The share count barely moved.

Net profit growth0 ptsNet profit was little changed.

P/E change+31 ptsThe P/E rose from 24.8x to 32.5x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with JSW STEEL

How rough has the ride been?

Maximum drawdown-66.3%recovered 2020-12

1-year volatility37.1%annualised

Beta vs sector index0.763-year daily, correlation 0.40

Volume spikes13last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-66.3% (2019-03 peak to 2020-03 low, recovered 2020-12)

-44.7% (2024-05 peak to 2025-03 low, recovered 2026-08)

-31.2% (2021-08 peak to 2022-06 low, recovered 2022-12)

Most recent volume spikes

2026-10-27: 15.2x the 50-day median, price +5.9% that day

2026-09-11: 5.7x the 50-day median, price +1.4% that day

2026-09-10: 78.3x the 50-day median, price +8.1% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

32.5xP/E todayNear its historic high

Against its own history97th percentile

CheapestMedian 24.0xDearest

Usual range 18.0x to 29.0x since 2024-06.

Against Non-Energy Minerals32.5x vs 21.8x

This company

32.5x

Sector median

21.8x

49% above the Non-Energy Minerals median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Non-Energy Minerals is valued

Where does it rank among Non-Energy Minerals peers?

Each cell is the company's percentile rank among its Non-Energy Minerals peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE78th▲ 5 pts vs a year ago
Op. margin32nd▲ 6 pts vs a year ago
Revenue growth24th▼ 37 pts vs a year ago
EPS growth43rdflat vs a year ago
Debt/equity ↓69th▼ 4 pts vs a year ago
Cash cycle ↓37thflat vs a year ago
P/E ↓33rd▼ 18 pts vs a year ago
12M momentum86th▲ 9 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Non-Energy Minerals sector page Watch it move against Non-Energy Minerals in the Observatory

What is the price implying?

~20%annual earnings growth implied by the price

At a P/E of 32.5x, the price would imply about 19.8%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Earnings figures have not updated recently, so the company is left out of the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Non-Energy Minerals The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹371.20
P/E: 32.5x
ROCE: 17.0%
Market Cap: ₹3597 cr
Revenue (TTM): ₹1765 cr
P/S: 2.0x
P/B: 4.5x
ROE: 13.9%
Operating Margin: 7.0%
Debt / Equity: 0.2x
Promoter Holding: 51.1%
12M Momentum: 31.2%

52-week range

₹206.40₹428.25

74% of the way from its 52-week low to its high

Price risk

1Y volatility

37.1%

Beta vs sector

1-year daily

0.74

Balance sheet & cash

Interest cover

operating profit ÷ interest

8.0x

Share count, 1Y

unchanged

Are profits backed by cash?

3 of 4checks within range1 near a threshold

Other income reliance23%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 23.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 27.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow—Not enough data

Not enough reported data to compute this.

Receivable days vs history-2 daysWithin range

Debtor days are below the median of the previous three fiscal years by 2 days (54 vs 56). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress—Not enough data

Not enough reported data to compute this.

Payable days-16 days / 2 yrsWithin range

Days payable changed by -16 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, promoters trimmed 9.6 pts; DIIs added 0.8 pts.
The number of shareholders rose from 33,715 to 36,365 (+8%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters60.7%51.1%-9.6 pts

FIIs0.8%0.6%-0.2 pts

DIIs2.5%3.3%+0.8 pts

Public and others36.1%45.1%+9.0 pts

Number of shareholders

36,365shareholders+8% since Dec '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−4.1%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like VARDHMAN SPECIAL STEELS LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −22% to +40% vs the market, against +2% for all non-financial companies in the same months.
The gap against the base rate (−6.1%, 80% range −13.3% to +22.6%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months

Similar setups' median

−4.1%

All companies' median

+2.0%

Beat the market

48% vs 52%

50 past situations · 50 companies · 35 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
ACE Producer Manufacturing	May 2021	37x	16%	+274%	−2%	+8%
DICIND Process Industries	Mar 2020	11x	15%	−20%	−33%	−20%
GREENPLY Producer Manufacturing	Oct 2021	42x	15%	+161%	−5%	−21%
HUHTAMAKI Process Industries	Apr 2020	18x	—	−7%	−29%	−18%
CYIENT Technology Services	May 2023	27x	20%	+66%	−6%	−7%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
KEI Producer Manufacturing	Sep 2021	31x	21%	+166%	−5%	+55%
DOLLAR Consumer Non-Durables	Dec 2020	24x	14%	+71%	−1%	+30%
RUPA Consumer Non-Durables	Jan 2021	37x	14%	+43%	−6%	+27%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, interest cover and size. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to VARDHMAN SPECIAL STEELS LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

SAFARI INDUSTRIES INDIASAFARI

Consumer Durables

67%similar

revenuevolatility

JASH ENGINEERINGJASH

Producer Manufacturing

64%similar

market capROCE

ORIENT ELECTRICORIENTELEC

Consumer Durables

62%similar

operating margindebt/equity

SUBROSSUBROS

Producer Manufacturing

61%similar

market capoperating margin

ASHIANA HOUSINGASHIANA

Finance

60%similar

operating marginmarket cap

GRAVITA INDIAGRAVITA

Non-Energy Minerals

57%similar

operating marginROCE

PONDY OXIDES N CHEMICALS LIMITPOCL

Non-Energy Minerals

51%similar

operating marginmarket cap

MANAKSIA COATED METALS & INDMANAKCOAT

Non-Energy Minerals

50%similar

ROCEP/E

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Dec '20

2026
OctPriceVolume reached 15.2x its 50-day median on 2026-10-27; price +5.9% that day.
SepPriceVolume reached 78.3x its 50-day median on 2026-09-10; price +8.1% that day.
AugPriceRegained the 2024-05 peak, 17 months after the low.
JulValuationP/E crossed above the 90th percentile of its own history to date (26.7x).
JunPeer rankMoved into the top quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
AprPriceVolume reached 150.5x its 50-day median on 2026-04-28; price +7.4% that day.
2025
DecPromoterPromoter holding fell 9.2 pts to 51.1% (largest drop in the history since 2019-01).
OctPriceVolume reached 39.1x its 50-day median on 2025-10-21; price +6.3% that day.

Show 22 earlier events

2025
SepResultsYear-on-year EPS growth turned negative.
SepPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
SepPriceVolume reached 15.7x its 50-day median on 2025-09-29; price +5.5% that day.
AprPriceVolume reached 40.0x its 50-day median on 2025-04-24; price +8.7% that day.
MarPriceFell 45% from the May 2024 peak to the Mar 2025 low.
JanPriceVolume reached 5.8x its 50-day median on 2025-01-30; price +4.8% that day.
2024
SepPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
SepPriceVolume reached 7.3x its 50-day median on 2024-09-25; price +0.7% that day.
AprPriceVolume reached 28.9x its 50-day median on 2024-04-25; price +9.3% that day.
2023
OctPriceVolume reached 27.1x its 50-day median on 2023-10-19; price +9.9% that day.
AugPriceVolume reached 18.9x its 50-day median on 2023-08-22; price +11.1% that day.
JanPriceVolume reached 9.7x its 50-day median on 2023-01-13; price +6.7% that day.
2022
DecPriceRegained the 2021-08 peak, 6 months after the low.
DecPriceVolume reached 37.3x its 50-day median on 2022-12-13; price +10.4% that day.
SepPriceVolume reached 6.3x its 50-day median on 2022-09-08; price -0.2% that day.
JunPriceFell 31% from the Aug 2021 peak to the Jun 2022 low.
AprPriceVolume reached 15.4x its 50-day median on 2022-04-19; price +5.4% that day.
2021
OctPriceVolume reached 5.0x its 50-day median on 2021-10-14; price +8.5% that day.
AugPriceVolume reached 10.3x its 50-day median on 2021-08-05; price +6.5% that day.
AprPriceVolume reached 21.1x its 50-day median on 2021-04-29; price +10.0% that day.
MarPriceVolume reached 17.7x its 50-day median on 2021-03-01; price +6.5% that day.
2020
DecPriceRegained the 2019-03 peak, 9 months after the low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history30 months · 2024-06 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	32.5x	₹1765 cr	13.9%	17.0%	0.2x
2026-10	28.8x	₹1765 cr	13.9%	17.0%	0.2x
2026-09	35.1x	₹1765 cr	13.9%	17.0%	0.2x
2026-08	31.2x	₹1765 cr	13.9%	17.0%	0.2x
2026-07	26.7x	₹1765 cr	13.9%	17.0%	0.2x
2026-06	24.5x	₹1765 cr	13.9%	17.0%	0.2x
2026-05	23.5x	₹1765 cr	13.9%	17.0%	0.2x
2026-04	24.4x	₹1765 cr	13.9%	17.0%	0.2x
2026-03	18.3x	₹1765 cr	13.9%	17.0%	0.2x
2026-02	22.5x	₹1765 cr	13.9%	17.0%	0.2x
2026-01	22.4x	₹1765 cr	13.9%	17.0%	0.2x
2025-12	24.9x	₹1765 cr	13.9%	17.0%	0.2x
2025-11	24.8x	₹1765 cr	13.9%	17.0%	0.2x
2025-10	25.1x	₹1765 cr	13.9%	17.0%	0.2x
2025-09	25.9x	₹1765 cr	13.9%	17.0%	0.2x
2025-08	22.2x	₹1765 cr	13.9%	17.0%	0.2x
2025-07	23.6x	₹1765 cr	13.9%	17.0%	0.2x
2025-06	23.0x	₹1765 cr	13.9%	17.0%	0.2x
2025-05	22.1x	₹1776 cr	17.5%	—	0.1x
2025-04	18.5x	₹1776 cr	17.5%	—	0.1x
2025-03	15.3x	₹1776 cr	17.5%	—	0.1x
2025-02	15.4x	₹1746 cr	17.7%	—	0.1x
2025-01	18.0x	₹1746 cr	17.7%	—	0.1x
2024-12	17.3x	₹1746 cr	17.7%	—	0.1x
2024-11	21.1x	₹1666 cr	16.4%	—	0.1x
2024-10	21.9x	₹1666 cr	16.4%	—	0.1x
2024-09	25.8x	₹1666 cr	16.4%	—	0.1x
2024-08	25.4x	₹1660 cr	15.2%	—	0.1x
2024-07	25.3x	₹1660 cr	15.2%	—	0.1x
2024-06	27.7x	₹1660 cr	15.2%	—	0.1x

Methodology and data notes