Vardhman Special Steel (VSSL) is among India’s leading steel bar producers for automotive applications. It has specialised product offerings, which include steel bars, rods & bright bars of various categories of special & alloy steel. VSSL, incorporated in May 2010, is headquartered in Ludhiana, Punjab In August 2019, VSSL had entered into a strategic alliance with Aichi Steel Corporation (ASC) Japan, the main material producer for Toyota Group wherein ASC had participated in equity and had entered into a Technical Assistance Agreement
OutlookWe maintain our BUY rating on the stock We value VSSL at Rs 300 i.e. 7x FY23E EV/EBITDA
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