ICICI Direct's research report on Vardhman Special Steel
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 entered into a strategic alliance with Aichi Steel Corporation (ASC) Japan, the main material producer for Toyota Group wherein ASC had participated in equity andentered into a Technical Assistance Agreement.
Outlook
We introduce FY25 numbers and now value VSSL on an FY25 basis. We upgrade the stock from HOLD to BUY. We value VSSL at Rs 425 i.e. 7x FY25E EV/EBITDA.
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