Vardhman Special Steels Limited (VSSL) - Net Assets
Based on the latest financial reports, Vardhman Special Steels Limited (VSSL) has net assets worth Rs12.08 Billion INR (≈ $130.65 Million USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Rs15.59 Billion ≈ $168.63 Million USD) and total liabilities (Rs3.51 Billion ≈ $37.98 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 Vardhman Special Steels Limited liquid asset ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Rs12.08 Billion |
| % of Total Assets | 77.48% |
| Annual Growth Rate | 11.94% |
| 5-Year Change | 73.7% |
| 10-Year Change | 356.1% |
| Growth Volatility | 17.97 |
Vardhman Special Steels Limited - Net Assets Trend (2011–2025)
This chart illustrates how Vardhman Special Steels Limited's net assets have evolved over time, based on quarterly financial data. Also explore VSSL asset base for the complete picture of this company's asset base.
Annual Net Assets for Vardhman Special Steels Limited (2011–2025)
The table below shows the annual net assets of Vardhman Special Steels Limited from 2011 to 2025. For live valuation and market cap data, see VSSL stock market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 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 grown by 6617.3% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (March 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | Rs4.68 Billion | 58.62% |
| Common Stock | Rs817.33 Million | 10.24% |
| Other Comprehensive Income | Rs1.41 Billion | 17.65% |
| Other Components | Rs1.08 Billion | 13.49% |
| Total Equity | Rs7.98 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 |
|---|---|
|
BMTC Group Inc
TO:GBT
|
$290.90 Million |
|
High Liner Foods Incorporated
TO:HLF
|
$290.99 Million |
|
Kaimei Electronic Corp
TW:2375
|
$291.03 Million |
|
SPCG Public Company Limited
BK:SPCG
|
$291.24 Million |
|
MEDIPOST Co. Ltd
KQ:078160
|
$290.79 Million |
|
Ho Tung Chemical Corp
TW:1714
|
$290.73 Million |
|
Odfjell Technology Ltd
OL:OTL
|
$290.69 Million |
|
EPACK Durable Limited
NSE:EPACK
|
$290.68 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 2024 to 2025, total equity changed from 7,193,546,000 to 7,979,182,000, a change of 785,636,000 (10.9%).
- Net income of 930,881,000 contributed positively to equity growth.
- Dividend payments of 162,442,000 reduced retained earnings.
- Share repurchases of 9,846,000 reduced equity.
- New share issuances of 9,846,000 increased equity.
- Other comprehensive income increased equity by 1,390,681,999.
- Other factors decreased equity by 1,373,484,999.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Rs930.88 Million | +11.67% |
| Dividends Paid | Rs162.44 Million | -2.04% |
| Share Repurchases | Rs9.85 Million | -0.12% |
| Share Issuances | Rs9.85 Million | +0.12% |
| Other Comprehensive Income | Rs1.39 Billion | +17.43% |
| Other Changes | Rs-1.37 Billion | -17.21% |
| Total Change | Rs- | 10.92% |
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: 2.86x
- 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 13.75x to 2.86x 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 | Rs278.69 | x |
| 2012-03-31 | Rs23.47 | Rs278.69 | x |
| 2013-03-31 | Rs24.06 | Rs278.69 | x |
| 2014-03-31 | Rs22.90 | Rs278.69 | x |
| 2015-03-31 | Rs20.93 | Rs278.69 | x |
| 2016-03-31 | Rs21.57 | Rs278.69 | x |
| 2017-03-31 | Rs24.42 | Rs278.69 | x |
| 2018-03-31 | Rs41.84 | Rs278.69 | x |
| 2019-03-31 | Rs44.63 | Rs278.69 | x |
| 2020-03-31 | Rs51.00 | Rs278.69 | x |
| 2021-03-31 | Rs56.64 | Rs278.69 | x |
| 2022-03-31 | Rs68.42 | Rs278.69 | x |
| 2023-03-31 | Rs78.60 | Rs278.69 | x |
| 2024-03-31 | Rs87.88 | Rs278.69 | x |
| 2025-03-31 | Rs97.46 | Rs278.69 | 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): 11.67%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 5.28%
- • Asset Turnover: 1.55x
- • Equity Multiplier: 1.42x
- Recent ROE (11.67%) is above the historical average (6.74%), 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 |
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: $56,981,137
- Average return on equity (ROE) among peers: 11.55%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Vardhman Special Steels Limited (VSSL) | Rs12.08 Billion | 4.23% | 0.29x | $290.85 Million |
| Ankit Metal & Power Limited (ANKITMETAL) | $4.99 Billion | 10.25% | 2.32x | $2.44 Million |
| APL Apollo Tubes Limited (APLAPOLLO) | $155.16 Million | 43.49% | 4.18x | $5.72 Billion |
| Bansal Wire Industries Ltd (BANSALWIRE) | $4.61 Billion | 15.96% | 1.74x | $501.93 Million |
| Bedmutha Industries Limited (BEDMUTHA) | $-1.62 Billion | 0.00% | 0.00x | $38.63 Million |
| Bharat Wire Ropes Limited (BHARATWIRE) | $222.58 Million | 9.47% | 2.22x | $164.68 Million |
| Electrotherm (India) Limited (ELECTHERM) | $-10.96 Billion | 0.00% | 0.00x | $111.23 Million |
| Grand Foundry Limited (GFSTEELS) | $-32.83 Million | 0.00% | 0.00x | $4.07 Million |
| Goodluck India Limited (GOODLUCK) | $978.14 Million | 20.56% | 2.88x | $451.00 Million |
| Godawari Power And Ispat limited (GPIL) | $2.07 Billion | 26.10% | 1.64x | $2.08 Billion |
| Hariom Pipe Industries Limited (HARIOMPIPE) | $152.16 Million | -10.33% | 2.30x | $111.44 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