Vardhman Special

₹278.6 -2.9 | 1%

WEBSITE BSE:534392 NSE : VSSL 10 May, 16:01

Market Cap ₹2269 Cr.

Stock P/E 24.7

P/B 3.2

Current Price ₹278.6

Book Value ₹ 88.3

Face Value 10

52W High ₹424.9

Dividend Yield 0.72%

52W Low ₹ 171

Edit Ratio

Vardhman Special Research see more...

EQUITY RESEARCH: Vardhman Special Steel (VARSPE)

Overview Inc. Year: 2010Industry: Steel & Iron Products

Vardhman Special Steels Ltd is engaged in providing steel bars and rods. The Company gives merchandise, which include round bar and corner, peeled and centerless ground bar, drawn and centerless floor bar. The Company additionally offers Case Hardening Steel, Chrome Steel, Chrome Manganese Steel, Carbon Steel, Carbon Manganese Steel, Chrome-Moly Steel, Nickel Chrome / Nickel Chrome Moly Steel, through Micro Alloyed Steel, Vanadium Steel, Nitriding Steel, Hardening Steel, Boron Steel, Ball Bearing Steel, Free/Semi Free Cutting Steel, Spring Steel and High Titanium Steel. The Company offers merchandise in various diameters. The Company's plant is positioned at Ludhiana, India. The potential of the melt shop is 125,000 metric tons/annum. The Company manufactures products by the use of technology, consisting of Steel Melting, Bright Bar, Rolling Mill and Heat Treatment.

Vardhman Special Share Price

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Peer Comparison

Vardhman Special Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	359	343	469	443	401	422	409	415	397	439
Other Income	2	22	6	14	13	5	7	6	8	9
Total Income	361	365	475	457	414	427	417	421	406	448
Total Expenditure	321	305	423	408	364	398	380	384	364	391
Operating Profit	41	60	52	49	50	30	36	37	42	58
Interest	5	4	4	4	5	5	4	5	5	5
Depreciation	7	7	7	7	7	7	7	7	7	9
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	29	49	41	38	38	18	25	25	29	44
Provision for Tax	10	20	10	10	10	4	6	6	7	11
Profit After Tax	19	29	30	28	28	14	19	18	22	33
Adjustments	0	0	0	0	-0	0	0	0	-0	0
Profit After Adjustments	19	29	30	28	28	14	19	18	22	33
Adjusted Earnings Per Share	2.4	3.6	3.7	3.5	3.5	1.7	2.3	2.3	2.7	4

Vardhman Special Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	445	371	662	653	674	859	1121	846	937	1368	1735	1660
Other Income	6	209	7	3	6	6	2	9	13	34	39	30
Total Income	451	580	669	655	679	865	1123	856	950	1402	1774	1692
Total Expenditure	428	575	650	611	614	797	1053	806	834	1199	1594	1519
Operating Profit	23	4	19	44	65	68	70	49	116	203	180	173
Interest	11	12	20	23	28	21	24	26	20	17	18	19
Depreciation	4	6	14	17	18	22	24	26	30	27	28	30
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	8	-13	-15	4	19	25	22	-2	66	158	134	123
Provision for Tax	4	-4	0	0	-0	0	-0	-6	22	58	34	30
Profit After Tax	5	-9	-15	4	19	25	22	3	44	101	100	92
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	5	-9	-15	4	19	25	22	3	44	101	100	92
Adjusted Earnings Per Share	1	-1.8	-3	0.8	3.8	3.5	3.1	0.4	5.5	12.4	12.4	11.3

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	27%	27%	15%	15%
Operating Profit CAGR	-11%	54%	21%	23%
PAT CAGR	-1%	222%	32%	35%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	42%	41%	42%	40%
ROE Average	17%	16%	11%	6%
ROCE Average	20%	20%	14%	9%

Vardhman Special Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	195	186	170	179	198	339	362	414	459	555	642
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	93	100	104	129	115	101	135	108	110	79	44
Other Non-Current Liabilities	4	1	1	1	1	-9	6	2	12	55	82
Total Current Liabilities	291	278	340	305	298	264	391	246	243	286	355
Total Liabilities	583	564	615	614	613	696	894	769	824	975	1123
Fixed Assets	41	210	230	251	265	250	280	310	283	289	294
Other Non-Current Assets	181	54	35	16	13	29	68	98	47	66	96
Total Current Assets	361	300	350	347	335	418	546	361	495	620	733
Total Assets	583	564	615	614	613	696	894	769	824	975	1123

Vardhman Special Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	87	30	14	9	4	6	7	0	2	2	0
Cash Flow from Operating Activities	55	-36	-33	46	68	11	-19	135	67	59	74
Cash Flow from Investing Activities	-154	52	-4	-16	-16	-16	-70	-88	7	-9	-15
Cash Flow from Financing Activities	42	-33	31	-35	-50	7	82	-45	-74	-52	-49
Net Cash Inflow / Outflow	-57	-16	-5	-5	2	2	-7	2	0	-2	9
Closing Cash & Cash Equivalent	30	14	9	4	6	7	0	2	2	0	10

Vardhman Special Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	0.95	-1.85	-2.97	0.83	3.75	3.51	3.11	0.41	5.46	12.42	12.36
CEPS(Rs)	1.73	-0.73	-0.25	4.17	7.3	6.52	6.45	3.6	9.19	15.74	15.82
DPS(Rs)	0	0	0	0	0	0	0	0	1.5	3.5	2
Book NAV/Share(Rs)	38.28	36.43	33.29	35.14	38.85	47.45	50.52	51.11	56.64	68.33	78.88
Core EBITDA Margin(%)	3.57	-50.09	1.58	5.71	7.91	7.05	6.05	4.69	11.03	12.35	8.14
EBIT Margin(%)	3.89	-0.31	0.69	3.73	6.27	5.3	4.09	2.77	9.19	12.83	8.76
Pre Tax Margin(%)	1.7	-3.22	-2.06	0.58	2.53	2.86	1.98	-0.27	7.08	11.57	7.74
PAT Margin (%)	0.98	-2.3	-2.06	0.58	2.53	2.85	1.98	0.39	4.72	7.36	5.79
Cash Profit Margin (%)	1.78	-0.91	-0.17	2.91	4.92	5.3	4.12	3.43	7.94	9.33	7.41
ROA(%)	0.92	-1.64	-2.57	0.69	3.12	3.83	2.79	0.4	5.55	11.2	9.58
ROE(%)	2.51	-4.94	-8.51	2.42	10.15	9.33	6.34	0.86	10.14	19.89	16.81
ROCE(%)	4.11	-0.26	1.02	5.25	9.2	8.6	7.25	3.41	12.97	25.74	20.25
Receivable days	76.63	100.49	75.01	93.37	92.43	79.73	62.17	79.18	78.72	59.5	50.85
Inventory Days	77.29	104.06	62.69	60	54.21	57.47	76.83	100.29	67	66.22	70.16
Payable days	30.82	35.92	41.4	47.59	39.29	37.11	60.89	76.4	66.69	63.59	54.8
PER(x)	10.15	0	0	23.13	14.22	20.55	15.72	49.1	12.63	9.18	16.12
Price/Book(x)	0.25	0.2	0.35	0.54	1.37	1.52	0.97	0.4	1.22	1.67	2.53
Dividend Yield(%)	0	0	0	0	0	0	0	0	1.09	1.54	0.5
EV/Net Sales(x)	0.73	0.86	0.61	0.66	0.86	0.86	0.61	0.5	0.74	0.78	1.01
EV/Core EBITDA(x)	14.02	71.51	21.17	9.74	8.89	10.8	9.79	8.68	5.98	5.28	9.73
Net Sales Growth(%)	-15.5	-16.76	78.52	-1.34	3.23	27.48	30.48	-24.5	10.74	46.03	26.78
EBIT Growth(%)	-60	-106.59	501.88	434.32	74.11	-1.87	-1.56	-48.91	267.88	104	-13.47
PAT Growth(%)	-81.29	-294.33	-60.64	127.87	353.86	30.83	-11.3	-84.96	1223.24	127.97	-0.3
EPS Growth(%)	-81.29	-294.33	-60.64	127.87	353.86	-6.56	-11.46	-86.69	1219.56	127.66	-0.46
Debt/Equity(x)	1.57	1.59	2.06	1.88	1.6	0.67	0.92	0.64	0.41	0.29	0.22
Current Ratio(x)	1.24	1.08	1.03	1.14	1.12	1.58	1.4	1.47	2.04	2.17	2.06
Quick Ratio(x)	0.85	0.65	0.64	0.79	0.73	0.98	0.6	0.85	1.24	1.1	1.04
Interest Cover(x)	1.77	-0.11	0.25	1.18	1.68	2.17	1.94	0.91	4.37	10.16	8.61
Total Debt/Mcap(x)	6.24	8.11	5.87	3.46	1.16	0.44	0.96	1.61	0.34	0.17	0.09

Vardhman Special Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	60.87	60.78	60.81	60.81	60.81	60.71	60.71	60.71	60.67	60.56
FII	0.39	0.38	0.31	0.33	0.54	1.13	1.22	0.97	0.75	0.49
DII	1.05	1.27	1.27	1.24	0.79	1.04	1.06	2.43	2.5	2.63
Public	37.7	37.56	37.61	37.62	37.86	37.12	37.01	35.89	36.07	36.32
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	2.47	2.47	2.47	2.47	2.47	2.47	4.93	4.93	4.93	4.93
FII	0.02	0.02	0.01	0.01	0.02	0.05	0.1	0.08	0.06	0.04
DII	0.04	0.05	0.05	0.05	0.03	0.04	0.09	0.2	0.2	0.21
Public	1.53	1.52	1.53	1.53	1.54	1.51	3.01	2.92	2.93	2.96
Others	0	0	0	0	0	0	0	0	0	0
Total	4.05	4.06	4.06	4.06	4.06	4.06	8.13	8.13	8.13	8.15

Pros

Company has delivered good profit growth of 31% CAGR over last 5 years
Debtor days have improved from 63.59 to 54.8days.
Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 3.2 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Vardhman Special

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Vardhman Special Research see more...

Overview Inc. Year: 2010Industry: Steel & Iron Products

Vardhman Special Share Price

Alert Data

Quarterly Price

Peer Comparison

Vardhman Special Quarterly Results

Vardhman Special Profit & Loss

Growth Rates

Vardhman Special Balance Sheet

Vardhman Special Cash Flow

Vardhman Special Ratios

Vardhman Special Shareholding Pattern

Vardhman Special News

Top Unlisted Companies & InstaBuy Companies

Electrosteel Steel Ltd

IPO

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