Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹412 Cr.
Stock P/E
12.9
P/B
0.9
Current Price
₹125
Book Value
₹ 133.3
Face Value
10
52W High
₹158.8
52W Low
₹ 93.1
Dividend Yield
0%

Vraj Iron & Steel Overview

Business

Vraj Iron & Steel Ltd. is engaged in the manufacturing of various steel products primarily in India. Its core business revolves around the production of Sponge Iron, Pig Iron, and Mild Steel (MS) Billets. Sponge iron is a direct reduced iron (DRI) product used as a substitute for scrap in electric arc furnaces and induction furnaces for steelmaking. Pig iron is an intermediate product of steel manufacturing, primarily used in foundries and for further steel production. MS Billets are semi-finished steel products used for rolling into finished long products like TMT bars, angles, and channels. The company generates revenue by selling these intermediate steel products to secondary steel producers, rolling mills, and foundries across various regions.

Revenue Mix

While specific revenue contributions are often detailed in financial reports, based on the industry description, Vraj Iron & Steel Ltd.'s primary segments would include:

Sponge Iron: A key input for steelmaking, often sold to induction furnace units.

Pig Iron: Used by foundries and in steel manufacturing.

Mild Steel Billets: Semi-finished products sold to re-rolling mills for producing finished long steel products.

The mix would depend on market demand for each product and the company's operational flexibility and capacity utilization across these product lines.

Industry

The Indian steel industry is large, cyclical, and characterized by a mix of integrated large players (like Tata Steel, JSW Steel, SAIL) and numerous smaller to mid-sized secondary steel producers. The industry is highly dependent on economic growth, infrastructure development, and construction activities. Vraj Iron & Steel Ltd. operates in the secondary steel segment, primarily supplying intermediate products. It likely positions itself as a regional player focusing on cost efficiency, consistent product quality, and reliable supply chain within its operational footprint, competing with other mid-sized producers on these parameters rather than directly with the large integrated mills.

MOAT

Vraj Iron & Steel Ltd.'s competitive advantages likely stem from:

Operational Efficiency: Maintaining lean operations and efficient production processes to manage input costs and ensure competitive pricing for its intermediate products.

Integrated Manufacturing (Partial): Depending on the extent of its backward integration (e.g., captive power plant, raw material sourcing arrangements), it might achieve cost advantages over less integrated peers.

Locational Advantage: Proximity to key raw material sources (iron ore, coal) or major consumption centers can reduce logistics costs and improve delivery times.

Regional Market Relationships: Established relationships with secondary steel producers and foundries in its operating regions.

Growth Drivers

Infrastructure Development: Government focus on infrastructure projects (roads, railways, ports, urban development) in India directly drives demand for steel and its intermediates.

Real Estate & Construction: Growth in housing, commercial, and industrial construction sectors.

Manufacturing Sector Growth: Expansion of manufacturing industries requires steel for machinery, components, and facilities.

Government Policies: "Make in India" initiatives and production-linked incentive (PLI) schemes for certain sectors could indirectly boost steel demand.

Capacity Expansion: Any planned increase in manufacturing capacity for sponge iron, pig iron, or billets would directly drive revenue growth.

Risks

Cyclicality of Steel Prices: Steel and its intermediate product prices are highly cyclical and volatile, influenced by global and domestic demand-supply dynamics, which can significantly impact profitability.

Raw Material Price Volatility: Fluctuations in the prices of key raw materials like iron ore, coal/coke, and power can directly affect production costs and margins.

Energy Costs: Steel production is energy-intensive; rising power and fuel costs can erode profitability.

Regulatory & Environmental Risks: Stringent environmental regulations, changes in mining policies, or industrial norms can lead to increased compliance costs or operational disruptions.

Competition: Intense competition from both domestic and international players, particularly from larger, integrated steel producers.

Import Dependence/Dumping: The Indian market can be affected by cheaper imports, particularly from countries like China, impacting domestic price realizations.

Management & Ownership

Vraj Iron & Steel Ltd. is typically a promoter-led company, a common structure among mid-sized Indian businesses. The promoter group generally holds a significant stake and plays a crucial role in strategic decision-making and day-to-day operations. Management quality would be indicated by its track record of navigating industry cycles, operational efficiency, capital allocation decisions, and commitment to corporate governance, which can be further assessed through financial performance and public disclosures.

Outlook

Vraj Iron & Steel Ltd. operates in a foundational industry critical for India's economic growth. The company stands to benefit from the country's ongoing infrastructure push, urbanization, and growth in manufacturing and construction sectors, which promise sustained demand for steel products. Its focus on intermediate products like sponge iron, pig iron, and billets caters to a substantial segment of the secondary steel industry. However, the outlook is balanced by the inherent cyclicality of the steel sector, significant volatility in raw material and energy prices, and intense competition. The ability to maintain operational efficiencies, manage input costs effectively, and strategically expand capacity will be key determinants of its long-term profitability and market position amidst these challenges.

Vraj Iron & Steel Share Price

Live · BSE / NSE · Inception: 2004
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Vraj Iron & Steel Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 119 115 88 120 153 138 133 146 170 194
Other Income 1 0 1 1 1 2 2 2 2 2
Total Income 119 115 89 121 154 140 135 149 173 195
Total Expenditure 101 94 74 109 137 125 120 141 145 174
Operating Profit 19 22 15 12 17 15 15 7 27 21
Interest 0 0 0 0 0 0 0 1 1 1
Depreciation 1 1 1 2 4 5 5 5 7 7
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 17 20 13 10 13 10 10 1 20 13
Provision for Tax 4 5 3 3 4 2 3 0 6 3
Profit After Tax 13 15 10 7 10 7 7 1 14 10
Adjustments 0 1 1 1 0 0 1 0 2 2
Profit After Adjustments 13 16 10 8 10 8 8 1 16 12
Adjusted Earnings Per Share 5.2 6.3 3.1 2.5 3 2.3 2.3 0.3 4.7 3.5

Vraj Iron & Steel Profit & Loss

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 291 414 516 420 475 588 643
Other Income 0 0 2 4 4 9 8
Total Income 291 414 517 424 479 597 652
Total Expenditure 263 366 439 343 412 531 580
Operating Profit 28 49 79 81 67 66 70
Interest 6 4 3 3 2 3 3
Depreciation 7 7 6 6 8 23 24
Exceptional Income / Expenses 0 0 0 0 0 0 0
Profit Before Tax 16 39 72 76 59 43 44
Provision for Tax 5 10 18 18 15 11 12
Profit After Tax 11 29 54 57 44 32 32
Adjustments 0 0 0 0 0 0 5
Profit After Adjustments 11 29 54 57 44 32 37
Adjusted Earnings Per Share 4.4 11.6 21.8 23.2 13.4 9.7 10.8

Vraj Iron & Steel Balance Sheet

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 57 87 141 200 397 430
Minority's Interest 0 0 0 0 0 0
Borrowings 28 17 8 51 0 34
Other Non-Current Liabilities 4 4 5 5 7 11
Total Current Liabilities 39 49 52 41 25 27
Total Liabilities 128 158 206 298 429 502
Fixed Assets 64 58 53 48 195 273
Other Non-Current Assets 18 20 29 123 84 77
Total Current Assets 47 80 124 127 150 152
Total Assets 128 158 206 298 429 502

Vraj Iron & Steel Cash Flow

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 0 0 0 0 0 1
Cash Flow from Operating Activities 22 9 63 19 14 31
Cash Flow from Investing Activities -6 -1 -40 -56 -103 -70
Cash Flow from Financing Activities -16 -7 -23 36 90 38
Net Cash Inflow / Outflow 0 0 -0 -0 1 -1
Closing Cash & Cash Equivalent 0 0 0 0 1 0

Vraj Iron & Steel Ratios

# Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 4.44 11.61 21.84 23.22 13.37 9.7
CEPS(Rs) 7.38 14.52 24.45 25.58 15.77 16.64
DPS(Rs) 0 0 0 0 0 0
Book NAV/Share(Rs) 23.21 35.09 57 81.04 120.34 130.31
Core EBITDA Margin(%) 9.51 11.7 14.97 18.33 13.2 9.77
EBIT Margin(%) 7.59 10.37 14.61 18.77 12.81 7.77
Pre Tax Margin(%) 5.45 9.31 13.94 18.08 12.38 7.29
PAT Margin (%) 3.78 6.93 10.47 13.67 9.28 5.44
Cash Profit Margin (%) 6.28 8.67 11.72 15.06 10.95 9.33
ROA(%) 8.56 20.08 29.73 22.8 12.13 6.87
ROE(%) 19.14 39.83 47.44 33.65 14.76 7.74
ROCE(%) 21.38 36.94 51.42 37 18.45 10.52
Receivable days 8.77 8.3 8.75 10.62 12.57 16.67
Inventory Days 28.24 23.99 22.52 31.98 35.58 36.74
Payable days 19.99 11.38 10.21 15.32 9.74 7.66
PER(x) 0 0 0 0 11.52 9.71
Price/Book(x) 0 0 0 0 1.28 0.72
Dividend Yield(%) 0 0 0 0 0 0
EV/Net Sales(x) 0.16 0.11 0.04 0.11 0.99 0.59
EV/Core EBITDA(x) 1.7 0.89 0.24 0.57 7.04 5.24
Net Sales Growth(%) 0 42.43 24.55 -18.58 13.14 23.77
EBIT Growth(%) 0 94.61 75.55 4.56 -22.77 -24.91
PAT Growth(%) 0 161.3 88.12 6.32 -23.2 -27.4
EPS Growth(%) 0 161.3 88.12 6.31 -42.44 -27.4
Debt/Equity(x) 0.8 0.49 0.16 0.31 0 0.1
Current Ratio(x) 1.21 1.63 2.37 3.09 6.05 5.65
Quick Ratio(x) 0.63 0.98 1.76 2.07 4.01 3.14
Interest Cover(x) 3.55 9.76 21.65 27.21 29.82 16.24
Total Debt/Mcap(x) 0 0 0 0 0 0.13

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +24% +4% +15% —
Operating Profit CAGR -1% -6% +19% —
PAT CAGR -27% -16% +24% —
Share Price CAGR -14% — — —
ROE Average +8% +19% +29% +27%
ROCE Average +11% +22% +31% +29%

Vraj Iron & Steel Shareholding Pattern

Latest · Sep 2026
100% held
Promoters 74.95 %
FII 0.2 %
DII (MF + Insurance) 3.69 %
Public (retail) 21.16 %
# Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
Promoter 74.9574.9574.9574.9574.9574.9574.9574.9574.95
FII 0.940.510.520.510.230.220.180.190.2
DII 3.663.663.663.663.663.663.663.693.69
Public 20.4420.8720.8620.8821.1521.1721.221.1721.16
Others 000000000
Total 100100100100100100100100100

Vraj Iron & Steel Peer Comparison

Steel/Sponge Iron/Pig Iron Edit Columns

Vraj Iron & Steel Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Vraj Iron & Steel Pros & Cons

Pros

  • Stock is trading at 0.9 times its book value
  • Company has delivered good profit growth of 23% CAGR over last 5 years
  • Debtor days have improved from 9.74 to 7.66days.
  • Company is almost debt free.

Cons

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