Vardhman Special Steels Limited (VSSL) - Net Assets
Based on the latest financial reports, Vardhman Special Steels Limited (VSSL) has net assets worth Rs12.77 Billion INR (≈ $138.14 Million USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Rs16.33 Billion ≈ $176.62 Million USD) and total liabilities (Rs3.56 Billion ≈ $38.48 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check VSSL strategic assets to equity ratio to assess the company's strategic physical and investment asset allocation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Rs12.77 Billion |
| % of Total Assets | 78.21% |
| Annual Growth Rate | 14.64% |
| 5-Year Change | 130.16% |
| 10-Year Change | 544.85% |
| Growth Volatility | 20.94 |
Vardhman Special Steels Limited - Net Assets Trend (2011–2026)
This chart illustrates how Vardhman Special Steels Limited's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see VSSL market cap.
Annual Net Assets for Vardhman Special Steels Limited (2011–2026)
The table below shows the annual net assets of Vardhman Special Steels Limited from 2011 to 2026. Also explore VSSL year-over-year net asset growth to track the company's year-over-year net asset growth rate.
| Year | Net Assets | Change |
|---|---|---|
| 2026-03-31 | Rs12.77 Billion ≈ $138.14 Million |
+60.08% |
| 2025-03-31 | Rs7.98 Billion ≈ $86.29 Million |
+10.92% |
| 2024-03-31 | Rs7.19 Billion ≈ $77.80 Million |
+12.01% |
| 2023-03-31 | Rs6.42 Billion ≈ $69.45 Million |
+15.72% |
| 2022-03-31 | Rs5.55 Billion ≈ $60.02 Million |
+20.81% |
| 2021-03-31 | Rs4.59 Billion ≈ $49.68 Million |
+11.06% |
| 2020-03-31 | Rs4.14 Billion ≈ $44.73 Million |
+14.27% |
| 2019-03-31 | Rs3.62 Billion ≈ $39.15 Million |
+6.68% |
| 2018-03-31 | Rs3.39 Billion ≈ $36.70 Million |
+71.30% |
| 2017-03-31 | Rs1.98 Billion ≈ $21.42 Million |
+13.23% |
| 2016-03-31 | Rs1.75 Billion ≈ $18.92 Million |
+3.07% |
| 2015-03-31 | Rs1.70 Billion ≈ $18.36 Million |
-8.63% |
| 2014-03-31 | Rs1.86 Billion ≈ $20.09 Million |
-4.82% |
| 2013-03-31 | Rs1.95 Billion ≈ $21.11 Million |
+2.55% |
| 2012-03-31 | Rs1.90 Billion ≈ $20.58 Million |
+15.75% |
| 2011-03-31 | Rs1.64 Billion ≈ $17.78 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Vardhman Special Steels Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 100.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (March 2026)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | Rs966.86 Million | 7.57% |
| Other Components | Rs11.81 Billion | 92.43% |
| Total Equity | Rs12.77 Billion | 100.00% |
Vardhman Special Steels Limited Competitors by Market Cap
The table below lists competitors of Vardhman Special Steels Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Salmones Camanchaca S.A
SN:SALMOCAM
|
$423.18 Million |
|
Moso Power Supply Technology Co Ltd
SHE:002660
|
$423.23 Million |
|
Ratchthani Leasing Public Company Limited
BK:THANI
|
$423.28 Million |
|
Tharisa plc
JSE:THA
|
$423.46 Million |
|
eQ Oyj
HE:EQV1V
|
$423.10 Million |
|
PureTech Health PLC
NASDAQ:PRTC
|
$423.06 Million |
|
Shanghai Jiaoda Onlly Co Ltd
SHG:600530
|
$422.96 Million |
|
Xingyuan Environment Technology Co Ltd
SHE:300266
|
$422.91 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Vardhman Special Steels Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2025 to 2026, total equity changed from 7,979,182,000 to 12,773,198,000, a change of 4,794,016,000 (60.1%).
- Net income of 1,220,239,000 contributed positively to equity growth.
- Dividend payments of 288,822,000 reduced retained earnings.
- New share issuances of 3,850,145,000 increased equity.
- Other comprehensive income decreased equity by 1,408,256,999.
- Other factors increased equity by 1,420,710,999.
Equity Change Factors (2025 to 2026)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Rs1.22 Billion | +9.55% |
| Dividends Paid | Rs288.82 Million | -2.26% |
| Share Issuances | Rs3.85 Billion | +30.14% |
| Other Comprehensive Income | Rs-1.41 Billion | -11.03% |
| Other Changes | Rs1.42 Billion | +11.12% |
| Total Change | Rs- | 60.08% |
Book Value vs Market Value Analysis
This analysis compares Vardhman Special Steels Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.94x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 19.96x to 2.94x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2011-03-31 | Rs20.27 | Rs404.70 | x |
| 2012-03-31 | Rs23.47 | Rs404.70 | x |
| 2013-03-31 | Rs24.06 | Rs404.70 | x |
| 2014-03-31 | Rs22.90 | Rs404.70 | x |
| 2015-03-31 | Rs20.93 | Rs404.70 | x |
| 2016-03-31 | Rs21.57 | Rs404.70 | x |
| 2017-03-31 | Rs24.42 | Rs404.70 | x |
| 2018-03-31 | Rs41.84 | Rs404.70 | x |
| 2019-03-31 | Rs44.63 | Rs404.70 | x |
| 2020-03-31 | Rs51.00 | Rs404.70 | x |
| 2021-03-31 | Rs56.64 | Rs404.70 | x |
| 2022-03-31 | Rs68.42 | Rs404.70 | x |
| 2023-03-31 | Rs78.60 | Rs404.70 | x |
| 2024-03-31 | Rs87.88 | Rs404.70 | x |
| 2025-03-31 | Rs97.46 | Rs404.70 | x |
| 2026-03-31 | Rs137.44 | Rs404.70 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Vardhman Special Steels Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 9.55%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 6.96%
- • Asset Turnover: 1.07x
- • Equity Multiplier: 1.28x
- Recent ROE (9.55%) is above the historical average (6.92%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2011 | 4.23% | 6.16% | 0.44x | 1.56x | Rs-94.80 Million |
| 2012 | 13.61% | 4.92% | 1.12x | 2.47x | Rs68.69 Million |
| 2013 | 2.48% | 1.09% | 0.76x | 2.99x | Rs-146.72 Million |
| 2014 | -5.07% | -2.54% | 0.66x | 3.04x | Rs-279.92 Million |
| 2015 | -8.91% | -2.29% | 1.08x | 3.62x | Rs-321.00 Million |
| 2016 | 2.98% | 0.79% | 1.08x | 3.49x | Rs-122.81 Million |
| 2017 | 9.66% | 2.84% | 1.10x | 3.09x | Rs-6.71 Million |
| 2018 | 7.38% | 2.92% | 1.27x | 1.99x | Rs-88.95 Million |
| 2019 | 6.13% | 2.06% | 1.21x | 2.46x | Rs-139.93 Million |
| 2020 | 0.81% | 0.40% | 1.09x | 1.86x | Rs-380.23 Million |
| 2021 | 9.62% | 4.72% | 1.17x | 1.75x | Rs-17.42 Million |
| 2022 | 18.15% | 7.36% | 1.49x | 1.66x | Rs452.54 Million |
| 2023 | 15.64% | 5.79% | 1.68x | 1.60x | Rs362.26 Million |
| 2024 | 12.74% | 5.52% | 1.60x | 1.45x | Rs196.93 Million |
| 2025 | 11.67% | 5.28% | 1.55x | 1.42x | Rs132.96 Million |
| 2026 | 9.55% | 6.96% | 1.07x | 1.28x | Rs-57.08 Million |
Industry Comparison
This section compares Vardhman Special Steels Limited's net assets metrics with peer companies in the Steel industry.
Industry Context
- Industry: Steel
- Average net assets among peers: $2,232,802,929
- Average return on equity (ROE) among peers: 10.96%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Vardhman Special Steels Limited (VSSL) | Rs12.77 Billion | 4.23% | 0.28x | $423.16 Million |
| Ankit Metal & Power Limited (ANKITMETAL) | $-100.86 Million | 0.00% | 0.00x | $2.64 Million |
| APL Apollo Tubes Limited (APLAPOLLO) | $3.68 Billion | 18.67% | 1.71x | $6.82 Billion |
| Bansal Wire Industries Ltd (BANSALWIRE) | $4.61 Billion | 15.96% | 1.74x | $525.87 Million |
| Bedmutha Industries Limited (BEDMUTHA) | $-209.12 Million | 0.00% | 0.00x | $36.55 Million |
| Bharat Wire Ropes Limited (BHARATWIRE) | $676.44 Million | 2.18% | 1.17x | $128.43 Million |
| Electrotherm (India) Limited (ELECTHERM) | $587.16 Million | 32.01% | 5.36x | $127.54 Million |
| Grand Foundry Limited (GFSTEELS) | $-64.92 Million | 0.00% | 0.00x | $8.37 Million |
| Goodluck India Limited (GOODLUCK) | $2.10 Billion | 15.61% | 2.20x | $185.93 Million |
| Godawari Power And Ispat limited (GPIL) | $4.56 Billion | 13.49% | 0.95x | $1.64 Billion |
| Hariom Pipe Industries Limited (HARIOMPIPE) | $6.49 Billion | 11.66% | 0.88x | $121.54 Million |
About Vardhman Special Steels Limited
Vardhman Special Steels Limited engages in the manufacture and sale of billets, steel bars, and bright bars of various categories of special and alloy steels in India and internationally. Its customers include passenger vehicles, two wheelers, commercial vehicles, tractors, and railways, as well as engineering, bearing, and allied industries. Vardhman Special Steels Limited was founded in 1973 an… Read more