Buy Vardhman Special Steel; target of Rs 300: ICICI Direct

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26 Aug, 2025 12:21

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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 and had entered into a Technical Assistance Agreement.

Outlook

We maintain our BUY rating on the stock. We value VSSL at Rs 300 i.e. 6.5x FY24E EV/EBITDA.

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