Vardhman Special Steels (NSE:VSSL) Operating Income: ₹1,336 Mil (TTM As of Mar. 2026)


NSE:VSSL Vardhman Special Steels Ltd NSE:VSSL
79 GF Score
Price ₹274.35
GF Value ₹222.49
Valuation Modestly Overvalued
! 7 Warning Signs
View Full Analysis

What is Vardhman Special Steels Operating Income?

Vardhman Special Steels NSE:VSSL -0.81% 79 Operating Income is ₹1,336 Mil as of Mar. 2026. GuruFocus rates NSE:VSSL with a GF Score™ of 79/100 and a GF Value™ of ₹222.49 (Modestly Overvalued). The stock has 7 warning signs investors should review.

Vardhman Special Steels's Operating Income for the three months ended in Mar. 2026 was ₹383 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ₹1,336 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Vardhman Special Steels's Operating Income for the three months ended in Mar. 2026 was ₹383 Mil. Vardhman Special Steels's Revenue for the three months ended in Mar. 2026 was ₹4,579 Mil. Therefore, Vardhman Special Steels's Operating Margin % for the quarter that ended in Mar. 2026 was 8.36%.

Warning Sign:

Vardhman Special Steels Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -8%.

Vardhman Special Steels's 5-Year average Growth Rate for Operating Margin % was -8.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Vardhman Special Steels's annualized ROC % for the quarter that ended in Mar. 2026 was 9.46%. Vardhman Special Steels's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 18.15%.

Vardhman Special Steels  (NSE:VSSL) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Vardhman Special Steels's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=1531.532 * ( 1 - 26.11% )/( (0 + 11958.211)/ 1 )
=1131.6489948/11958.211
=9.46 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=0 - 0 - ( 0 - max(0, 0 - 0+0))
=0

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=16331.156 - 1842.108 - ( 2530.837 - max(0, 3299.319 - 9553.831+2530.837))
=11958.211

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Vardhman Special Steels's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1949.8/( ( (0 + max(0, 0)) + (6114.638 + max(4629.268, 0)) )/ 1 )
=1949.8/( ( 0 + 10743.906 )/ 1 )
=1949.8/10743.906
=18.15 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 0) - (0 + 0 + 0)
=0

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2778.435 + 3502.413 + 718.713) - (1842.108 + 0 + 528.185)
=4629.268

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Vardhman Special Steels's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=382.883/4579.154
=8.36 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Vardhman Special Steels Operating Income Related Terms

Vardhman Special Steels Operating Income Historical Data

* Premium members only.

The historical data trend for Vardhman Special Steels's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Vardhman Special Steels Operating Income Chart

Vardhman Special Steels Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1,738.34 1,454.59 1,373.77 1,145.73 1,336.09

Vardhman Special Steels Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 231.43 228.35 371.81 353.05 382.88
NSE:VSSL
79GF Score
Vardhman Special Steels Ltd NSE:VSSL
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Vardhman Special Steels Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ₹1,336 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ₹1,336 Mil mean?
Vardhman Special Steels (NSE:VSSL) has a Operating Income of ₹1,336 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Vardhman Special Steels and its competitors.
Is Vardhman Special Steels' Operating Income too high?
Vardhman Special Steels' current Operating Income is ₹1,336 Mil. Overall, Vardhman Special Steels has a GF Score™ of 79/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Vardhman Special Steels' Operating Income compare to NUE and STLD?
Vardhman Special Steels' Operating Income of ₹1,336 Mil can be compared against companies in the Steel industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Steel company?
A good Operating Income depends on the Steel industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Vardhman Special Steels and its competitors. Vardhman Special Steels's current Operating Income is ₹1,336 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vardhman Special Steels stock overvalued right now?
Based on GuruFocus' analysis, Vardhman Special Steels (NSE:VSSL) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹222.49, compared to a current price of ₹274.35 — trading 23.3% above its estimated fair value. The current Operating Income is ₹1,336 Mil. Vardhman Special Steels' overall GF Score™ is 79/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Vardhman Special Steels (NSE:VSSL), the current Operating Income is ₹1,336 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Vardhman Special Steels (NSE:VSSL) Overvalued in 2026?

Based on GuruFocus' analysis, Vardhman Special Steels stock appears to be overvalued. The current stock price of ₹274.35 is trading 23.3% above its estimated GF Value™ of ₹222.49. GuruFocus considers Vardhman Special Steels to be Modestly Overvalued.

Key valuation signals for NSE:VSSL:

  • Operating Income: ₹1,336 Mil
  • GF Value™: ₹222.49 vs. price of ₹274.35 (23.3% above fair value)
  • GF Score™: 79/100 with 7 warning signs

No single metric tells the full story. See the NSE:VSSL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Vardhman Special Steels Business Description

Other Exchanges 534392:India
Address Chandigarh Road, Vardhman Premises, Ludhiana, PB, IND, 141 010
Vardhman Special Steels Ltd is engaged in manufacturing steel bars and rods. The company caters to diverse requirements of hot-rolled bars for Engineering, Automotive, Tractor, Bearing and Allied Industries. Its products include Carbon steel, Carbon manganese steel, Chrome steel, Chrome manganese steel, Chrome moly steel, Boron steel, Vanadium steel, and Ball bearing steel. The company manufactures products using techniques such as Steel melting, Rolling Mill, Heat treatment and Bright bar shop. It generates a majority of its revenue from the sale of black bars. The company's operations are mainly located within India and also has a presence outside India.
79GF Score

Get the complete analysis for NSE:VSSL

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹274.35
Price
₹222.49
GF Value