Vardhman Steel

Ludhiana, India Founded: 1973 • Age: 53 yrs Listed
Steel products are manufactured in Ludhiana, India.
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About Vardhman Steel

Vardhman Steel is a publicly listed company based in Ludhiana (India) founded in 1973. Steel products are manufactured in Ludhiana, India. The company has 1,360 employees. Its website vardhmansteel.com draws about 17 thousand monthly visits. Its Indian entity Vardhman Special Steels Limited reported revenue of ₹1,797 Cr. Its focus areas include Industrial Goods and Manufacturing and Manufacturing Services.

Company details

Vardhman was established in 1973 in Ludhiana, India, within the steel manufacturing sector. Steel products are produced for industrial applications, with operations focused on fabrication and processing. The company is headquartered in Punjab, supporting regional and national markets. Shri Paul Oswal is designated as Managing Director, overseeing production activities. Domain vardhmansteel.com is utilized for online presence.

  • Headquarters Ludhiana, India
  • Employees 1,360
  • Stage Public
  • Sectors
    Industrial Goods & Manufacturing
  • Website vardhmansteel.com
  • Legal Name Vardhman Special Steels Limited
Operational Areas
Industrial Goods & Manufacturing → Contract & Outsourced Manufacturing
Key Metrics
  • Market Cap
    ₹3,178 Cr

    VSSL · NSE

  • Share Price
    ₹338.35

    +3.05% today

  • Revenue
    ₹1,764 Cr

    FY 2024-25 · +6.2% YoY

  • EBITDA
    ₹148 Cr

    Margin 8.4%

  • Net Profit
    ₹92.06 Cr

    FY 2024-25 · +2.3% YoY

  • P/E (TTM)
    34.6x

    P/B 2.7x

  • ROE
    12.3%

    ROCE 16.6%

  • Debt / Equity
    0.13

    Interest cover 16.3x

  • Latest Funding Round
    $7M (USD), Post-IPO

    Sep 2019

  • Investors
    Aichi Steel
  • Employee Count
    1,360

Funding Insights of Vardhman Steel

  • Total Rounds 1
  • Last Round Post-IPO — $7M
  • First Round $7M

    (Sep 2019)

  • Investors Count 1

All 1 funding rounds of Vardhman Steel with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.

DateAmountTransaction NameValuationLead InvestorsInvestors
Sep 2019$7MPost-IPO––
Aichi Steel
Valuation history

1 investors in total: 1 institutional.

Investors in Vardhman Steel

Vardhman Steel has secured backing from 1 investor, including institutional investors. Prominent investors backing the company include Aichi Steel.

All
Institutional
InvestorDescriptionFounded YearDomainLocation
Aichi Steel
Manufacturer of steel products
1940aichi-steel.co.jpChita, Japan
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Investor details for Vardhman Steel

The complete investor list, round-by-round participation and investor portfolios require an active premium plan.

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  • Round participation
  • Investor portfolios
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Board of directors of Vardhman Special Steels Limited (Vardhman Steel)

Vardhman Special Steels Limited is the primary company behind Vardhman Steel. The board of Vardhman Special Steels Limited currently have 14 directors; the longest-serving is Suchita Jain, appointed in 2010. 16 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Suchita Jain
DIN 00746471
Director14 May 201016 yrs 5 moVardhman Special Steels Limited
Sachit Jain
DIN 00746409
Managing Director14 May 201016 yrs 5 moVardhman Special Steels Limited
Rajinder Kumar Jain
DIN 00046541
Director15 Mar 201115 yrs 7 moVardhman Special Steels Limited
Rakesh Naginchand Jain
DIN 00020425
Director27 Apr 20188 yrs 6 moVardhman Special Steels Limited
Vidya Shah
DIN 00274831
Director25 Jul 20224 yrs 3 moVardhman Special Steels Limited
Rajendar Kumar Rewari
DIN 00619240
Whole-time director25 Jul 20224 yrs 3 moVardhman Special Steels Limited
Suman Chatterjee
DIN 00734061
Director25 Jul 20224 yrs 3 moVardhman Special Steels Limited
Toshio Ito
DIN 09654963
Director25 Jul 20224 yrs 3 moVardhman Special Steels Limited
Soumya Jain
DIN 10254459
Whole-time director02 Aug 20233 yrs 3 moVardhman Special Steels Limited
Hemant Bharat Ram
DIN 00150933
Director25 Jul 20242 yrs 3 moVardhman Special Steels Limited
Randhir Singh Kalsi
DIN 01453119
Director07 Nov 20241 yr 11 moVardhman Special Steels Limited
Koichiro Hayashida
DIN 11164707
Director04 Jul 20251 yr 3 moVardhman Special Steels Limited
Dinkar Gupta
DIN 07674724
Director25 Sep 20251 yr 1 moVardhman Special Steels Limited
Nishant Arya
DIN 00004954
Director25 Sep 20251 yr 1 moVardhman Special Steels Limited

People of Vardhman Steel

12 people are tracked at Vardhman Steel (5 in leadership, 7 in team); the tracked headcount is 1,360.

NameRoleGroup
Shri Paul Oswal
Managing DirectorLeadership
Sachit Jain
Vice Chairman & Managing DirectorLeadership
Ved Prakash Pandey
Chief ManagerLeadership
Parmod Kumar
EHS Section HeadLeadership
Sanjeev Kumar
Manager In Director OfficeLeadership
Preetish Manvi
Purchase And StoresTeam
Sourabh Rana
Operation ExecutiveTeam
Gaurav Sharma
Production OfficerTeam
Abhishek Patel
Senior ExecutiveTeam
Rahul Bhardwaj
Senior ExecutiveTeam
Anuradha Gupta
Executive EngineerTeam
Supreet Singh Virdi
Sr. Executive Engineer ( Projects & Maintenance)Team
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Complete people profiles for Vardhman Steel

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IPO & Listings of Vardhman Steel

Vardhman Steel is a publicly listed company on the NSE with ticker symbol VSSL in India, operating in the Non-energy minerals sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date17 May 2012
  • Listed onBSE: 534392 · NSE: VSSL
  • Listed entityVardhman Special Steels Limited
  • Exchange sectorNon-energy minerals
  • ISININE050M01012
  • Share price₹367.55 (+0.91% on the day) · 2026-10-14
  • Market capitalisation₹3,525 Cr
  • Price to earnings24.8
  • EPS (diluted, trailing year)₹14.83
  • Dividend yield0.93%
  • Volume (last session)54,588

Financials of Vardhman Steel

Exchange-reported figures of Vardhman Special Steels Limited, the listed company behind Vardhman Steel (NSE: VSSL).

Financial Highlights

FY 2024-25 · Consolidated
Revenue
₹1,764 Cr
+6.2% YoY
EBITDA
₹148 Cr
+3.9% YoY
Profit After Tax
₹92.06 Cr
+2.3% YoY
Net Worth
₹798 Cr
+10.9% YoY
Total Assets
₹921 Cr
+14.3% YoY
Total Debt
₹120 Cr
+43.7% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2024-25FY 2023-24
Income statement
Revenue1,7641,661
Revenue growth+6.2%-
EBITDA148142
EBITDA margin+8.4%+8.6%
Profit before tax125123
Net profit92.0690.00
Net profit margin+5.2%+5.4%
EPS (₹)11.3911.25
Balance sheet
Total assets921806
Net worth798719
Total debt12083.71
Cash & bank11.327.76
Net working capital455460
Cash flow
Cash from operations127142
Cash from investing(127)(50.14)
Cash from financing3.03(94.16)
ParticularsMar 2025Dec 2024Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023
Revenue428427495415439397415409
Revenue growth (YoY)-2.6%+7.4%+19.2%+1.3%----
Other income7.186.979.295.678.718.255.627.24
EBITDA31.4435.0839.1642.3648.8333.2531.1329.23
EBITDA margin+7.3%+8.2%+7.9%+10.2%+11.1%+8.4%+7.5%+7.1%
Depreciation8.298.498.408.298.997.437.317.25
Interest3.475.095.374.704.664.914.644.21
Profit before tax26.8628.4734.6835.0443.8929.1624.8025.01
Tax7.127.018.868.9711.107.366.346.43
Net profit19.7421.4625.8226.0732.7921.8018.4618.58
EPS (₹)2.412.623.153.183.982.662.262.28
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue1,7541,7641,6611,7351,368937846
Revenue growth-0.6%+6.2%-4.2%+26.8%+46.0%+10.7%-
EBITDA16614814214117410339.71
EBITDA margin+9.5%+8.4%+8.6%+8.2%+12.7%+11.0%+4.7%
Profit before tax16412512313415866.38(2.33)
Net profit12191.3290.0010010146.461.96
Net profit margin+6.9%+5.2%+5.4%+5.8%+7.4%+5.0%+0.2%
EPS (₹)12.6211.3911.2524.7224.8410.910.83
Balance sheet
Total assets1,373921806789719652682
Net worth1,277798719642555459414
Total debt93.0112083.71144162191266
Cash & bank58.5611.327.769.6115.9852.342.30
Net working capital564455460457401332267
Cash flow
Cash from operations10612714273.5858.8887.24135
Cash from investing(427)(127)(50.14)(14.83)(9.11)6.80(88.17)
Cash from financing3173.03(94.16)(49.48)(51.84)(94.00)(45.24)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue600486458431432434428427
Revenue growth (YoY)+38.8%+12.1%+7.0%+0.9%-12.6%+4.6%--
Other income14.749.8610.4613.1711.227.507.186.97
Total expenses531428412387387402397392
EBITDA69.1258.4346.0943.2945.2631.8331.4435.08
EBITDA margin+11.5%+12.0%+10.1%+10.1%+10.5%+7.3%+7.3%+8.2%
Depreciation9.629.577.807.998.089.008.298.49
Interest3.683.322.763.691.903.563.475.09
Profit before tax70.5655.4045.9944.7846.5026.7726.8628.47
Tax18.0614.2112.0111.2111.946.877.127.01

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 02 Nov 2026
ParticularsMar 2025Dec 2024Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023
Revenue428427495415439397415409
Revenue growth (YoY)-2.6%+7.4%+19.2%+1.3%----
Other income7.186.979.295.678.718.255.627.24
EBITDA31.4435.0839.1642.3648.8333.2531.1329.23
EBITDA margin+7.3%+8.2%+7.9%+10.2%+11.1%+8.4%+7.5%+7.1%
Depreciation8.298.498.408.298.997.437.317.25
Interest3.475.095.374.704.664.914.644.21
Profit before tax26.8628.4734.6835.0443.8929.1624.8025.01
Tax7.127.018.868.9711.107.366.346.43
Net profit19.7421.4625.8226.0732.7921.8018.4618.58
EPS (₹)2.412.623.153.183.982.662.262.28
ParticularsFY 2024-25FY 2023-24
Revenue1,7641,661
Revenue growth+6.2%-
Other income29.1129.82
Total expenses1,6161,519
Employee cost10396.21
EBITDA148142
EBITDA margin+8.4%+8.6%
Depreciation33.4730.98
Interest18.6318.42
Profit before tax125123
Tax31.9731.23
Net profit92.0690.00
Net profit margin+5.2%+5.4%
EPS (₹)11.3911.25
ParticularsFY 2024-25FY 2023-24
Equity & liabilities
Share capital81.7381.46
Reserves & surplus716638
Shareholders' funds (net worth)798719
Minority interest0.000.00
Secured loans94.8564.79
Unsecured loans25.4518.92
Total debt12083.71
Total liabilities921806
Assets
Gross block559542
Net block309325
Capital work in progress1170.99
Investments17.660.00
Inventories335356
Sundry debtors261262
Cash & bank balances11.327.76
Loans & advances43.5648.17
Total current assets651674
Total current liabilities197214
Net working capital455460
Total assets921806
ParticularsFY 2024-25FY 2023-24
Opening cash7.649.54
Net cash from operating activities127142
Net cash from investing activities(127)(50.14)
Net cash from financing activities3.03(94.16)
Net change in cash3.12(1.89)
Closing cash11.327.76
ParticularsFY 2024-25FY 2023-24
Growth
Sales growth+6.2%-
EBITDA growth+4.0%-
PBT growth+1.8%+9997.0%
Net income growth+2.3%-
Profitability & leverage
Net income margin+5.3%+5.5%
Return on capital employed+16.6%+17.5%
Return on net worth+12.3%+12.7%
Debt / equity0.130.12
Long-term debt / equity0.010.02
Interest cover16.2616.53
Efficiency & per share
Fixed asset turnover3.213.06
Inventory turnover5.114.66
Debtors turnover6.746.34
EPS (₹)11.3911.25
Dividend per share (₹)3.002.00
Book value per share (₹)97.6288.31
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue600486458431432434428427
Revenue growth (YoY)+38.8%+12.1%+7.0%+0.9%-12.6%+4.6%--
Other income14.749.8610.4613.1711.227.507.186.97
Total expenses531428412387387402397392
EBITDA69.1258.4346.0943.2945.2631.8331.4435.08
EBITDA margin+11.5%+12.0%+10.1%+10.1%+10.5%+7.3%+7.3%+8.2%
Depreciation9.629.577.807.998.089.008.298.49
Interest3.683.322.763.691.903.563.475.09
Profit before tax70.5655.4045.9944.7846.5026.7726.8628.47
Tax18.0614.2112.0111.2111.946.877.127.01
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue1,7541,7641,6611,7351,368937846
Revenue growth-0.6%+6.2%-4.2%+26.8%+46.0%+10.7%-
Other income42.3529.1129.8238.7528.8912.969.40
Total expenses1,5881,6161,5191,5941,195834806
Employee cost11410396.2189.9580.9959.6148.13
EBITDA16614814214117410339.71
EBITDA margin+9.5%+8.4%+8.6%+8.2%+12.7%+11.0%+4.7%
Depreciation32.8733.4730.9828.1226.9630.2325.72
Interest11.9118.6318.4217.6517.2819.7125.72
Profit before tax16412512313415866.38(2.33)
Tax42.0331.9731.2333.8557.5922.18(5.66)
Net profit12191.3290.0010010146.461.96
Net profit margin+6.9%+5.2%+5.4%+5.8%+7.4%+5.0%+0.2%
EPS (₹)12.6211.3911.2524.7224.8410.910.83
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital96.6981.7381.4640.6340.5640.5140.39
Reserves & surplus1,181716638602514419373
Shareholders' funds (net worth)1,277798719642555459414
Secured loans92.6594.8564.79128143189265
Unsecured loans0.3625.4518.9216.2719.401.051.64
Total debt93.0112083.71144162191266
Total liabilities1,373921806789719652682
Assets
Gross block856560542482449417416
Net block585309325294289283310
Capital work in progress26.471170.9911.9112.8812.7412.33
Investments15817.660.0020.0015.400.005.00
Inventories350335356363304192152
Sundry debtors278261262262222218180
Cash & bank balances58.5611.327.769.6115.9852.342.30
Loans & advances11443.5648.1744.7939.1719.2821.88
Total current assets801651674679581482356
Total current liabilities23719721422218115188.72
Net working capital564455460457401332267
Total assets1,373921806789719652682
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash10.767.649.540.272.342.300.28
Net cash from operating activities10612714273.5858.8887.24135
Net cash from investing activities(427)(127)(50.14)(14.83)(9.11)6.80(88.17)
Net cash from financing activities3173.03(94.16)(49.48)(51.84)(94.00)(45.24)
Net change in cash(4.49)3.12(1.89)9.26(2.07)0.042.02
Closing cash58.5611.327.769.6115.9852.342.30
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth-0.6%+6.2%-4.2%+26.8%+46.0%+10.7%-
EBITDA growth+12.5%+4.0%+0.8%-18.6%+68.0%+160.3%-
PBT growth+31.2%+1.8%-8.5%-15.2%+138.5%+9998.0%-
Net income growth+32.1%+1.5%-10.3%-0.3%+116.6%+2270.4%-
Revenue CAGR (3Y)+0.4%+8.8%+21.0%+27.0%+6.9%+2.9%+7.9%
EBITDA CAGR (3Y)+5.6%-5.2%+11.3%+52.7%+36.8%+18.6%-12.8%
Profitability & leverage
Net income margin+7.0%+5.3%+5.5%+5.8%+7.4%+4.7%+0.4%
Return on capital employed+15.3%+16.6%+17.7%+20.2%+25.6%+12.9%+3.2%
Return on net worth+11.8%+12.3%+13.5%+16.8%+19.9%+10.1%+0.5%
Debt / equity0.100.130.170.260.350.520.77
Long-term debt / equity0.000.010.040.100.190.250.32
Interest cover8.9116.2616.5315.5911.7826.95183.85
Efficiency & per share
Fixed asset turnover2.483.203.243.733.162.252.18
Inventory turnover5.125.114.625.205.515.453.64
Debtors turnover6.516.746.347.186.224.714.61
EPS (₹)12.6211.3911.2524.7224.8410.910.83
Dividend per share (₹)3.503.002.002.003.501.500.00
Book value per share (₹)132.1197.6288.31158.07136.82113.40102.40

Timeline of Vardhman Steel

3 dated milestones of Vardhman Steel across 46 years, from founding to its latest funding, stage changes and deals.

  1. Founded Vardhman Steel is founded.
  2. IPO Lists on the stock exchange (IPO).
  3. Funding First funding round of $7.0M.

Web traffic of Vardhman Steel

The website of Vardhman Steel (vardhmansteel.com) receives about 16.5K visits a month.

  • Monthly visits
    16.5K

    ▲ 469.6% vs previous month

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Related news about Vardhman Steel

VSSL: Q2 SL NET PROFIT 525M RUPEES VS 346M (YOY)
Exchange Update • 6 days ago
VSSL: Q2 EBITDA 691M RUPEES VS 453M (YOY); Q2 EBITDA MARGIN 11.5% VS 10.47% (YOY)
Exchange Update • 6 days ago
VSSL: Q2 REVENUE 6B RUPEES VS 4.3B (YOY)
Exchange Update • 6 days ago
Punjab sees rise in investment as Rs.1,116 crore Vardhman-Aichi project breaks ground
Mint • 3 months ago
VSSL: Revenue up 12% and PAT up 10.7% sequentially, with robust demand and margin expansion ahead
Quartr • 3 months ago
VSSL: Q1 FY27 delivered strong growth in revenue and profit, with major expansion and diversification plans
Quartr • 3 months ago
VSSL: Q1 FY27 saw strong revenue and profit growth, aided by government incentives
Quartr • 3 months ago
Vardhman Special Steels June-Quarter Pat 411.9 Million Rupees
Reuters • 3 months ago
Vardhman Special Steels standalone net profit rises 106.98% in the June 2026 quarter | Capital Market News - Business Standard
Business Standard • 3 months ago
VSSL: Record profits, capacity expansion, and strategic diversification drive future growth
Quartr • 6 months ago
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Frequently Asked Questions about Vardhman Steel

Vardhman Steel was founded in 1973 and raised its 1st funding round 46 years after it was founded.

Vardhman Steel is headquartered in Ludhiana, India. It is registered at Ludhiana, Punjab, India.

Vardhman Steel has 1,360 employees.

The primary company behind Vardhman Steel, Vardhman Special Steels Limited, reported revenue of ₹1,797 Cr for FY 2026, down 1% year on year.

Vardhman was established in 1973 in Ludhiana, India, within the steel manufacturing sector. Steel products are produced for industrial applications, with operations focused on fabrication and processing. The company is headquartered in Punjab, supporting regional and national markets. Shri Paul Oswal is designated as Managing Director, overseeing production activities. Domain vardhmansteel.com is utilized for online presence.

Yes, Vardhman Steel is publicly traded on NSE under the ticker symbol VSSL.

Vardhman Steel has 1 investor. Key investors include Aichi Steel.

Vardhman Steel operates through Vardhman Special Steels Limited.

The legal entities of Vardhman Steel currently have 16 directors, including Rakesh Naginchand Jain, Vidya Shah, Rajendar Kumar Rewari and others.

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