About Vardhman Special Steels Limited
Data last updated:
Vardhman Special Steels Limited is a public limited company based in Ludhiana, Punjab, India. It operates in the steel manufacturing and processing segment of the metals and mining sector. It was incorporated on 14 May 2010 and has been in existence for over 16 years.
The company is registered with the Registrar of Companies (ROC), Chandigarh, under CIN L27100PB2010PLC033930. Its GSTIN is 03AADCV4812B1ZY (Punjab). The company holds 11 GST registrations, of which 7 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 534392 and NSE: VSSL.
The company has an authorised share capital of ₹100 Cr and a paid-up capital of ₹96.7 Cr. It is led by directors including Sachit Jain (Managing Director) and Rajendar Kumar Rewari (Whole-Time Director).
Its last annual general meeting (AGM) was held on 24 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Vardhman Premises Chandigarh Road, Ludhiana, Punjab, India – 141010.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹1,754.43 Cr, a decline of 0.6% compared to the previous year. For the same year it recorded a net profit of ₹120.67 Cr (net margin 6.9%) and EBITDA of ₹166.48 Cr (EBITDA margin 9.5%). The net worth stands at ₹1,277.32 Cr (up 60.1% YoY). Total assets are valued at ₹1,373.39 Cr (up 49.1% YoY).
The company has about 1,517 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Vardhman Steel. As per MCA filings, the company has open charges of ₹500 Cr and satisfied charges of ₹443.75 Cr on record. Court records list 15 cases involving the company, including 7 filed by the company and 8 filed against it; 2 cases are pending. The company has 14 deals on record (11 market trades, 1 funding round, 1 rights issue); the latest was in June 2025. Its 10 peer companies in the Metals and Minerals industry (Steel), with the same principal business activity (metal and metal products) are compared by revenue, 5 larger and 5 smaller; the largest is Maithan Steel and Power Limited with revenue of ₹1,876.96 Cr. The company has 1 MSME Form 1 return on record for the period ending Mar 2019, listing 2 overdue payments to 1 micro and small supplier.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website vardhmansteel.com.
Company details
CIN history
Vardhman Special Steels has one previous CIN (Corporate Identification Number): U27100PB2010PLC033930. The current CIN is L27100PB2010PLC033930, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L27100PB2010PLC033930 | Current |
| U27100PB2010PLC033930 | Previous |
Contact details
Vardhman Special Steels Limited's registered office is in Ludhiana, Punjab. Its website is vardhmansteel.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressVardhman Premises Chandigarh Road, Ludhiana, Punjab, India – 141010
- IndustryMetals and Minerals, Steel Manufacturing & Processing
To see the full contact details of Vardhman Special Steels Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
Vardhman Special Steels operates one associated brand: Vardhman Steel. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Steel products are manufactured in Ludhiana, India. | vardhmansteel.com |
Business activity
The main business activity of Vardhman Special Steels is manufacturing. In detail, this covers metal and metal products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C7 | Metal and metal products |
To see the full business activity and turnover split of Vardhman Special Steels Limited, buy the company report.
Financials of Vardhman Special Steels Limited
FY 2025-26 filings availableVardhman Special Steels Limited reported revenue of ₹1,754.43 Cr (down 0.6% YoY) for FY 2025-26.
Financial Highlights
FY 2024-25 · ConsolidatedRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2024-25 | FY 2023-24 |
|---|---|---|
| Income statement | ||
| Revenue | 1,764 | 1,661 |
| Revenue growth | +6.2% | - |
| EBITDA | 148 | 142 |
| EBITDA margin | +8.4% | +8.6% |
| Profit before tax | 125 | 123 |
| Net profit | 92.06 | 90.00 |
| Net profit margin | +5.2% | +5.4% |
| EPS (₹) | 11.39 | 11.25 |
| Balance sheet | ||
| Total assets | 921 | 806 |
| Net worth | 798 | 719 |
| Total debt | 120 | 83.71 |
| Cash & bank | 11.32 | 7.76 |
| Net working capital | 455 | 460 |
| Cash flow | ||
| Cash from operations | 127 | 142 |
| Cash from investing | (127) | (50.14) |
| Cash from financing | 3.03 | (94.16) |
| Particulars | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 428 | 427 | 495 | 415 | 439 | 397 | 415 | 409 |
| Revenue growth (YoY) | -2.6% | +7.4% | +19.2% | +1.3% | - | - | - | - |
| Other income | 7.18 | 6.97 | 9.29 | 5.67 | 8.71 | 8.25 | 5.62 | 7.24 |
| EBITDA | 31.44 | 35.08 | 39.16 | 42.36 | 48.83 | 33.25 | 31.13 | 29.23 |
| EBITDA margin | +7.3% | +8.2% | +7.9% | +10.2% | +11.1% | +8.4% | +7.5% | +7.1% |
| Depreciation | 8.29 | 8.49 | 8.40 | 8.29 | 8.99 | 7.43 | 7.31 | 7.25 |
| Interest | 3.47 | 5.09 | 5.37 | 4.70 | 4.66 | 4.91 | 4.64 | 4.21 |
| Profit before tax | 26.86 | 28.47 | 34.68 | 35.04 | 43.89 | 29.16 | 24.80 | 25.01 |
| Tax | 7.12 | 7.01 | 8.86 | 8.97 | 11.10 | 7.36 | 6.34 | 6.43 |
| Net profit | 19.74 | 21.46 | 25.82 | 26.07 | 32.79 | 21.80 | 18.46 | 18.58 |
| EPS (₹) | 2.41 | 2.62 | 3.15 | 3.18 | 3.98 | 2.66 | 2.26 | 2.28 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 1,754 | 1,764 | 1,661 | 1,735 | 1,368 | 937 | 846 |
| Revenue growth | -0.6% | +6.2% | -4.2% | +26.8% | +46.0% | +10.7% | - |
| EBITDA | 166 | 148 | 142 | 141 | 174 | 103 | 39.71 |
| EBITDA margin | +9.5% | +8.4% | +8.6% | +8.2% | +12.7% | +11.0% | +4.7% |
| Profit before tax | 164 | 125 | 123 | 134 | 158 | 66.38 | (2.33) |
| Net profit | 121 | 91.32 | 90.00 | 100 | 101 | 46.46 | 1.96 |
| Net profit margin | +6.9% | +5.2% | +5.4% | +5.8% | +7.4% | +5.0% | +0.2% |
| EPS (₹) | 12.62 | 11.39 | 11.25 | 24.72 | 24.84 | 10.91 | 0.83 |
| Balance sheet | |||||||
| Total assets | 1,373 | 921 | 806 | 789 | 719 | 652 | 682 |
| Net worth | 1,277 | 798 | 719 | 642 | 555 | 459 | 414 |
| Total debt | 93.01 | 120 | 83.71 | 144 | 162 | 191 | 266 |
| Cash & bank | 58.56 | 11.32 | 7.76 | 9.61 | 15.98 | 52.34 | 2.30 |
| Net working capital | 564 | 455 | 460 | 457 | 401 | 332 | 267 |
| Cash flow | |||||||
| Cash from operations | 106 | 127 | 142 | 73.58 | 58.88 | 87.24 | 135 |
| Cash from investing | (427) | (127) | (50.14) | (14.83) | (9.11) | 6.80 | (88.17) |
| Cash from financing | 317 | 3.03 | (94.16) | (49.48) | (51.84) | (94.00) | (45.24) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 486 | 458 | 431 | 432 | 434 | 428 | 427 | 495 |
| Revenue growth (YoY) | +12.1% | +7.0% | +0.9% | -12.6% | +4.6% | - | - | - |
| Other income | 9.86 | 10.46 | 13.17 | 11.22 | 7.50 | 7.18 | 6.97 | 9.29 |
| Total expenses | 428 | 412 | 387 | 387 | 402 | 397 | 392 | 456 |
| EBITDA | 58.43 | 46.09 | 43.29 | 45.26 | 31.83 | 31.44 | 35.08 | 39.16 |
| EBITDA margin | +12.0% | +10.1% | +10.1% | +10.5% | +7.3% | +7.3% | +8.2% | +7.9% |
| Depreciation | 9.57 | 7.80 | 7.99 | 8.08 | 9.00 | 8.29 | 8.49 | 8.40 |
| Interest | 3.32 | 2.76 | 3.69 | 1.90 | 3.56 | 3.47 | 5.09 | 5.37 |
| Profit before tax | 55.40 | 45.99 | 44.78 | 46.50 | 26.77 | 26.86 | 28.47 | 34.68 |
| Tax | 14.21 | 12.01 | 11.21 | 11.94 | 6.87 | 7.12 | 7.01 | 8.86 |
Financial Statements
| Particulars | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 428 | 427 | 495 | 415 | 439 | 397 | 415 | 409 |
| Revenue growth (YoY) | -2.6% | +7.4% | +19.2% | +1.3% | - | - | - | - |
| Other income | 7.18 | 6.97 | 9.29 | 5.67 | 8.71 | 8.25 | 5.62 | 7.24 |
| EBITDA | 31.44 | 35.08 | 39.16 | 42.36 | 48.83 | 33.25 | 31.13 | 29.23 |
| EBITDA margin | +7.3% | +8.2% | +7.9% | +10.2% | +11.1% | +8.4% | +7.5% | +7.1% |
| Depreciation | 8.29 | 8.49 | 8.40 | 8.29 | 8.99 | 7.43 | 7.31 | 7.25 |
| Interest | 3.47 | 5.09 | 5.37 | 4.70 | 4.66 | 4.91 | 4.64 | 4.21 |
| Profit before tax | 26.86 | 28.47 | 34.68 | 35.04 | 43.89 | 29.16 | 24.80 | 25.01 |
| Tax | 7.12 | 7.01 | 8.86 | 8.97 | 11.10 | 7.36 | 6.34 | 6.43 |
| Net profit | 19.74 | 21.46 | 25.82 | 26.07 | 32.79 | 21.80 | 18.46 | 18.58 |
| EPS (₹) | 2.41 | 2.62 | 3.15 | 3.18 | 3.98 | 2.66 | 2.26 | 2.28 |
| Particulars | FY 2024-25 | FY 2023-24 |
|---|---|---|
| Revenue | 1,764 | 1,661 |
| Revenue growth | +6.2% | - |
| Other income | 29.11 | 29.82 |
| Total expenses | 1,616 | 1,519 |
| Employee cost | 103 | 96.21 |
| EBITDA | 148 | 142 |
| EBITDA margin | +8.4% | +8.6% |
| Depreciation | 33.47 | 30.98 |
| Interest | 18.63 | 18.42 |
| Profit before tax | 125 | 123 |
| Tax | 31.97 | 31.23 |
| Net profit | 92.06 | 90.00 |
| Net profit margin | +5.2% | +5.4% |
| EPS (₹) | 11.39 | 11.25 |
| Particulars | FY 2024-25 | FY 2023-24 |
|---|---|---|
| Equity & liabilities | ||
| Share capital | 81.73 | 81.46 |
| Reserves & surplus | 716 | 638 |
| Shareholders' funds (net worth) | 798 | 719 |
| Minority interest | 0.00 | 0.00 |
| Secured loans | 94.85 | 64.79 |
| Unsecured loans | 25.45 | 18.92 |
| Total debt | 120 | 83.71 |
| Total liabilities | 921 | 806 |
| Assets | ||
| Gross block | 559 | 542 |
| Net block | 309 | 325 |
| Capital work in progress | 117 | 0.99 |
| Investments | 17.66 | 0.00 |
| Inventories | 335 | 356 |
| Sundry debtors | 261 | 262 |
| Cash & bank balances | 11.32 | 7.76 |
| Loans & advances | 43.56 | 48.17 |
| Total current assets | 651 | 674 |
| Total current liabilities | 197 | 214 |
| Net working capital | 455 | 460 |
| Total assets | 921 | 806 |
| Particulars | FY 2024-25 | FY 2023-24 |
|---|---|---|
| Opening cash | 7.64 | 9.54 |
| Net cash from operating activities | 127 | 142 |
| Net cash from investing activities | (127) | (50.14) |
| Net cash from financing activities | 3.03 | (94.16) |
| Net change in cash | 3.12 | (1.89) |
| Closing cash | 11.32 | 7.76 |
| Particulars | FY 2024-25 | FY 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 / equity | 0.13 | 0.12 |
| Long-term debt / equity | 0.01 | 0.02 |
| Interest cover | 16.26 | 16.53 |
| Efficiency & per share | ||
| Fixed asset turnover | 3.21 | 3.06 |
| Inventory turnover | 5.11 | 4.66 |
| Debtors turnover | 6.74 | 6.34 |
| EPS (₹) | 11.39 | 11.25 |
| Dividend per share (₹) | 3.00 | 2.00 |
| Book value per share (₹) | 97.62 | 88.31 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 486 | 458 | 431 | 432 | 434 | 428 | 427 | 495 |
| Revenue growth (YoY) | +12.1% | +7.0% | +0.9% | -12.6% | +4.6% | - | - | - |
| Other income | 9.86 | 10.46 | 13.17 | 11.22 | 7.50 | 7.18 | 6.97 | 9.29 |
| Total expenses | 428 | 412 | 387 | 387 | 402 | 397 | 392 | 456 |
| EBITDA | 58.43 | 46.09 | 43.29 | 45.26 | 31.83 | 31.44 | 35.08 | 39.16 |
| EBITDA margin | +12.0% | +10.1% | +10.1% | +10.5% | +7.3% | +7.3% | +8.2% | +7.9% |
| Depreciation | 9.57 | 7.80 | 7.99 | 8.08 | 9.00 | 8.29 | 8.49 | 8.40 |
| Interest | 3.32 | 2.76 | 3.69 | 1.90 | 3.56 | 3.47 | 5.09 | 5.37 |
| Profit before tax | 55.40 | 45.99 | 44.78 | 46.50 | 26.77 | 26.86 | 28.47 | 34.68 |
| Tax | 14.21 | 12.01 | 11.21 | 11.94 | 6.87 | 7.12 | 7.01 | 8.86 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,754 | 1,764 | 1,661 | 1,735 | 1,368 | 937 | 846 |
| Revenue growth | -0.6% | +6.2% | -4.2% | +26.8% | +46.0% | +10.7% | - |
| Other income | 42.35 | 29.11 | 29.82 | 38.75 | 28.89 | 12.96 | 9.40 |
| Total expenses | 1,588 | 1,616 | 1,519 | 1,594 | 1,195 | 834 | 806 |
| Employee cost | 114 | 103 | 96.21 | 89.95 | 80.99 | 59.61 | 48.13 |
| EBITDA | 166 | 148 | 142 | 141 | 174 | 103 | 39.71 |
| EBITDA margin | +9.5% | +8.4% | +8.6% | +8.2% | +12.7% | +11.0% | +4.7% |
| Depreciation | 32.87 | 33.47 | 30.98 | 28.12 | 26.96 | 30.23 | 25.72 |
| Interest | 11.91 | 18.63 | 18.42 | 17.65 | 17.28 | 19.71 | 25.72 |
| Profit before tax | 164 | 125 | 123 | 134 | 158 | 66.38 | (2.33) |
| Tax | 42.03 | 31.97 | 31.23 | 33.85 | 57.59 | 22.18 | (5.66) |
| Net profit | 121 | 91.32 | 90.00 | 100 | 101 | 46.46 | 1.96 |
| Net profit margin | +6.9% | +5.2% | +5.4% | +5.8% | +7.4% | +5.0% | +0.2% |
| EPS (₹) | 12.62 | 11.39 | 11.25 | 24.72 | 24.84 | 10.91 | 0.83 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 96.69 | 81.73 | 81.46 | 40.63 | 40.56 | 40.51 | 40.39 |
| Reserves & surplus | 1,181 | 716 | 638 | 602 | 514 | 419 | 373 |
| Shareholders' funds (net worth) | 1,277 | 798 | 719 | 642 | 555 | 459 | 414 |
| Secured loans | 92.65 | 94.85 | 64.79 | 128 | 143 | 189 | 265 |
| Unsecured loans | 0.36 | 25.45 | 18.92 | 16.27 | 19.40 | 1.05 | 1.64 |
| Total debt | 93.01 | 120 | 83.71 | 144 | 162 | 191 | 266 |
| Total liabilities | 1,373 | 921 | 806 | 789 | 719 | 652 | 682 |
| Assets | |||||||
| Gross block | 856 | 560 | 542 | 482 | 449 | 417 | 416 |
| Net block | 585 | 309 | 325 | 294 | 289 | 283 | 310 |
| Capital work in progress | 26.47 | 117 | 0.99 | 11.91 | 12.88 | 12.74 | 12.33 |
| Investments | 158 | 17.66 | 0.00 | 20.00 | 15.40 | 0.00 | 5.00 |
| Inventories | 350 | 335 | 356 | 363 | 304 | 192 | 152 |
| Sundry debtors | 278 | 261 | 262 | 262 | 222 | 218 | 180 |
| Cash & bank balances | 58.56 | 11.32 | 7.76 | 9.61 | 15.98 | 52.34 | 2.30 |
| Loans & advances | 114 | 43.56 | 48.17 | 44.79 | 39.17 | 19.28 | 21.88 |
| Total current assets | 801 | 651 | 674 | 679 | 581 | 482 | 356 |
| Total current liabilities | 237 | 197 | 214 | 222 | 181 | 151 | 88.72 |
| Net working capital | 564 | 455 | 460 | 457 | 401 | 332 | 267 |
| Total assets | 1,373 | 921 | 806 | 789 | 719 | 652 | 682 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 10.76 | 7.64 | 9.54 | 0.27 | 2.34 | 2.30 | 0.28 |
| Net cash from operating activities | 106 | 127 | 142 | 73.58 | 58.88 | 87.24 | 135 |
| Net cash from investing activities | (427) | (127) | (50.14) | (14.83) | (9.11) | 6.80 | (88.17) |
| Net cash from financing activities | 317 | 3.03 | (94.16) | (49.48) | (51.84) | (94.00) | (45.24) |
| Net change in cash | (4.49) | 3.12 | (1.89) | 9.26 | (2.07) | 0.04 | 2.02 |
| Closing cash | 58.56 | 11.32 | 7.76 | 9.61 | 15.98 | 52.34 | 2.30 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 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 / equity | 0.10 | 0.13 | 0.17 | 0.26 | 0.35 | 0.52 | 0.77 |
| Long-term debt / equity | 0.00 | 0.01 | 0.04 | 0.10 | 0.19 | 0.25 | 0.32 |
| Interest cover | 8.91 | 16.26 | 16.53 | 15.59 | 11.78 | 26.95 | 183.85 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.48 | 3.20 | 3.24 | 3.73 | 3.16 | 2.25 | 2.18 |
| Inventory turnover | 5.12 | 5.11 | 4.62 | 5.20 | 5.51 | 5.45 | 3.64 |
| Debtors turnover | 6.51 | 6.74 | 6.34 | 7.18 | 6.22 | 4.71 | 4.61 |
| EPS (₹) | 12.62 | 11.39 | 11.25 | 24.72 | 24.84 | 10.91 | 0.83 |
| Dividend per share (₹) | 3.50 | 3.00 | 2.00 | 2.00 | 3.50 | 1.50 | 0.00 |
| Book value per share (₹) | 132.11 | 97.62 | 88.31 | 158.07 | 136.82 | 113.40 | 102.40 |
To see the full year-wise statements and ratios of Vardhman Special Steels Limited, buy the company report.
Board of directors of Vardhman Special Steels Limited
Vardhman Special Steels has 14 current directors and 16 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Rakesh Naginchand Jain | Director | 27 Apr 2018 | 8 Years 5 Months | Current |
| Vidya Shah Also directs: Spire Investment Advisors LLP, Mabella Investment Adviser LLP, Oak Investment Adviser LLP and 5 more | Director | 25 Jul 2022 | 4 Years 3 Months | Current |
| Rajendar Kumar Rewari | Whole-Time Director | 25 Jul 2022 | 4 Years 3 Months | Current |
| Suman Chatterjee | Director | 25 Jul 2022 | 4 Years 3 Months | Current |
| Suchita Jain Also directs: Vardhman Holdings Limited, Vardhman Textiles Limited, Vardhman Acrylics Limited and 5 more | Director | 14 May 2010 | 16 Years 5 Months | Current |
| Sachit Jain Also directs: Adishwar Enterprises LLP, Vardhman Holdings Limited, Vardhman Textiles Limited and 5 more | Managing Director | 14 May 2010 | 16 Years 5 Months | Current |
Peer comparison
Vardhman Special Steels Limited is compared with the 10 companies closest to it by revenue in the Metals and Minerals industry (Steel), with the same principal business activity (metal and metal products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Maithan Steel and Power Limited | ₹1,876.96 Cr (FY 2025) | 14.0% | Kolkata, West Bengal, India | |||
| Arora Iron and Steel Rolling Mills Private Limited | ₹1,836.77 Cr (FY 2025) | 2.0% | Ludhiana, Punjab, India | |||
| JB Rolling Mills Limited | ₹1,822.55 Cr (FY 2025) | 0.0% | New Delhi, Delhi, India | |||
| JSW Steel (Salav) Limited | ₹1,820.21 Cr (FY 2019) | 27.0% | Anjar, Gujarat, India | |||
| Hyundai Steel Anantapur Private Limited | ₹1,807.17 Cr (FY 2025) | -6.0% | Andhra Pradesh, India | |||
| Maa Kudargarhi Steels Private Limited | ₹1,761.86 Cr (FY 2025) | 19.0% | Raipur, Chhattisgarh, India | |||
| A P I Ispat and Powertech Private Limited | ₹1,759.95 Cr (FY 2024) | -3.0% | Raipur, Chhattisgarh, India | |||
| Vardhman Special Steels Limitedthis company | ₹1,754.43 Cr (FY 2026) | ₹120.67 Cr | 6.9% | -0.6% | 1,517 | Ludhiana, Punjab, India |
| Giridhan Metal Private Limited | ₹1,752.8 Cr (FY 2025) | 29.0% | Kolkata, West Bengal, India | |||
| Bhagyalaxmi Rolling Mill Private Limited | ₹1,743.77 Cr (FY 2025) | 11.0% | Mumbai, Maharashtra, India | |||
| Bravo Sponge Iron Private Limited | ₹1,716.82 Cr (FY 2024) | 18.0% | Kolkata, West Bengal, India |
To see the full peer comparison of Vardhman Special Steels Limited, buy the company report.
Auditor
Vardhman Special Steels Limited is audited by B S R AND CO. LLP for the financial year 2025.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| B S R AND CO. LLP | FY 2025 | 101248W/W-100022 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 51.10%, foreign institutional investors hold 0.60%, domestic institutional investors hold 3.20% and retail and other public shareholders hold 45.10%.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 51.10% | 51.10% | 51.10% | 51.10% |
| Public | 48.90% | 48.90% | 48.90% | 48.90% |
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 25 May 2011 | 10295541 | Others | ₹500 Cr | Open | |
| 28 Jun 2019 | 100274300 | Hdfc Bank Limited | ₹40 Cr | Satisfied | |
| 23 Jan 2019 | 100237015 | Others | ₹75 Cr | Satisfied | |
| 29 Oct 2015 | 10603929 | State Bank of India | ₹65 Cr | Satisfied | |
| 29 Oct 2015 | 10604012 | State Bank of India | ₹28 Cr | Satisfied |
To see the full charge records of Vardhman Special Steels Limited, buy the company report.
Total charge records: 9 View all charges
Deals & funding
Vardhman Special Steels Limited has 14 deals on record (11 market trades, 1 funding round, 1 rights issue); the latest was in June 2025.
Deals on record (5 of 14)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Oct 2023 | Market trade | ₹10.97 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Aug 2021 | Market trade | ₹7.46 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Jun 2021 | Market trade | ₹6 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Feb 2018 | QIP | ₹49.38 Cr | Investors: Sundaram Asset Management Company Limited , DSP Finance Private Limited |
| Nov 2017 | Market trade | ₹43.68 Cr | Buyer: an individual Seller: Adishwar Enterprises LLP |
To see the full deal history of Vardhman Special Steels Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Vardhman Special Steels Limited has 15 court cases on record: 7 filed by Vardhman Special Steels, 8 filed against it. 2 cases are pending and 13 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 8 | 6 | 1 |
| High courts | 7 | 2 | 1 |
Cases on record (5 of 15)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, HARYANA | Writ petition | Filed by the company against Punjab State Power Corporation Ltd and Ors and 2 others | Disposed |
| District court, Ludhiana, Punjab | Commercial suit | Filed by the company against Pinnacle Engplast Pvt. Ltd. | Disposed |
| District court, Faridabad, Haryana | Court case (SUCC) | Filed against the company by an individual | Pending |
| High Court, PUNJAB | Appeal | Filed by the company against Punjab State Electricity Board | Pending |
| District court, Faridabad, Haryana | Court case (SUCC) | Filed against the company | Disposed |
To see the full case history of Vardhman Special Steels Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Vardhman Special Steels Limited was last rated by Crisil on 21 May 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Crisil | 21 May 2020 |
To see the full credit ratings and regulatory alerts of Vardhman Special Steels Limited, buy the company report.
MSME payment delays
Vardhman Special Steels Limited has 1 MSME Form 1 return on record for the period ending Mar 2019, listing 2 overdue payments to 1 micro and small supplier. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (1 of 1)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Shivam Mineral |
To see the full MSME payment records of Vardhman Special Steels Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Vardhman Special Steels Limited has a workforce of 1,517 employees on its EPFO records as of Feb 02, 2026, across 1 active EPFO establishment.
GST
Vardhman Special Steels has 11 GST registrations: 7 active and 4 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 03AADCV4812B1ZY | Punjab | Active | 01 Jul 2017 |
| 03AADCV4812B1D7 | Punjab | Active | 30 Oct 2024 |
| 05AADCV4812B1ZU | Uttarakhand | Active | 01 Jul 2017 |
| 06AADCV4812B1ZS | Haryana | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Vardhman Special Steels Limited, buy the company report.
Recent activity
Vardhman Special Steels Limited has 40 board changes on record since 2010: 27 appointments and 13 cessations. The latest: Dinkar Gupta was appointed as Director on 25 Sep 2025.
57 earlier events are in the company report.
News
Frequently asked questions
Vardhman Special Steels is an active public limited company based in Ludhiana, Punjab, India. The company works in steel manufacturing and processing, within the metals and minerals industry. It was incorporated on 14 May 2010 (16+ years old) and is registered under CIN L27100PB2010PLC033930. Listed on BSE: 534392 and NSE: VSSL.
Vardhman Special Steels reported revenue of ₹1,754.43 Cr for FY 2025-26 (down 0.6% YoY) based on standalone financials.
Vardhman Special Steels has 14 current directors:
- Sachit Jain - Managing Director
- Rajendar Kumar Rewari - Whole-Time Director
- Soumya Jain - Whole-Time Director
- Rakesh Naginchand Jain - Director
- Vidya Shah - Director
- Suman Chatterjee - Director
- Suchita Jain - Director
- Rajinder Kumar Jain - Director
- Toshio Ito - Director
- Dinkar Gupta - Director
- Nishant Arya - Director
- Koichiro Hayashida - Director
- Randhir Singh Kalsi - Director
- Hemant Bharat Ram - Director
The latest financial statements of Vardhman Special Steels on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 24 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Vardhman Special Steels is 03AADCV4812B1ZY, registered in Punjab. The company has 11 GST registrations in all, of which 7 are active and 4 are cancelled or inactive. Other active GSTINs include 03AADCV4812B1D7 (Punjab), 05AADCV4812B1ZU (Uttarakhand), 06AADCV4812B1ZS (Haryana).
The CIN (Corporate Identification Number) of Vardhman Special Steels is L27100PB2010PLC033930. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Vardhman Special Steels is a listed company as per MCA records. Its shares are listed on both BSE (code: 534392) and NSE (symbol: VSSL).
Vardhman Special Steels has 15 court cases on record: 7 filed by the company and 8 filed against it. 2 are pending. Most are in the district courts.
Vardhman Special Steels was incorporated on 14 May 2010, making it 16+ years old. It is registered with the Registrar of Companies, Chandigarh.
Vardhman Special Steels has 14 deals on record (11 market trades, 1 funding round, 1 rights issue); the latest was in June 2025.
The peers of Vardhman Special Steels by revenue are Maithan Steel and Power Limited, Arora Iron and Steel Rolling Mills Private Limited, JB Rolling Mills Limited, JSW Steel (Salav) Limited, Hyundai Steel Anantapur Private Limited and 5 more, all in the Metals and Minerals industry (Steel), with the same principal business activity (metal and metal products).
Dinkar Gupta was appointed as Director on 25 Sep 2025. Nishant Arya was appointed as Director on 25 Sep 2025. Rajeev Gupta ceased to be Director on 24 Sep 2025. Vardhman Special Steels has 40 board changes on record in total.