Vardhman Special SteelsNSE:VSSL -2.58%78 ROC (Joel Greenblatt) % is 18.15% as of Mar. 2026, which is 11% above its 10-year median of 16.33. GuruFocus rates NSE:VSSL with a GF Score™ of 78/100 and a GF Value™ of ₹223.91 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 632 Steel companies, Vardhman Special Steels ranks better than 81.33% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Vardhman Special Steels's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 18.15%.
The historical rank and industry rank for Vardhman Special Steels's ROC (Joel Greenblatt) % or its related term are showing as below:
NSE:VSSL'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 3.6 Med: 16.33 Max: 28.34
Current: 18.43
During the past 13 years, Vardhman Special Steels's highest ROC (Joel Greenblatt) % was 28.34%. The lowest was 3.60%. And the median was 16.33%.
NSE:VSSL's ROC (Joel Greenblatt) % is ranked better than 81.33% of 632
companies
in the Steel industry
Industry Median: 6.95
vs NSE:VSSL: 18.43
Vardhman Special Steels's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -1.20% per year.
Vardhman Special Steels (NSE:VSSL) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Vardhman Special Steels ROC (Joel Greenblatt) % Related Terms
Vardhman Special Steels ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Vardhman Special Steels's ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % Chart
NSE:VSSL vs NUE, STLD, RS: ROC (Joel Greenblatt) % Comparison
For the Steel subindustry, Vardhman Special Steels's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Vardhman Special Steels ROC (Joel Greenblatt) % vs Steel Industry
For the Steel industry and Basic Materials sector, Vardhman Special Steels's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Vardhman Special Steels's ROC (Joel Greenblatt) % falls into.
Vardhman Special Steels ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 18.15% mean?
Vardhman Special Steels (NSE:VSSL) has a ROC (Joel Greenblatt) % of 18.15% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Vardhman Special Steels and its competitors. This is 11% above median its historical median of 16.33. Over the past decade, Vardhman Special Steels' ROC (Joel Greenblatt) % has ranged from 3.60 to 28.34. According to the industry distribution chart, Vardhman Special Steels ranks #118 out of 632 companies in the Steel industry, placing it in the top 18.7%.
Is Vardhman Special Steels' ROC (Joel Greenblatt) % too high?
Vardhman Special Steels' current ROC (Joel Greenblatt) % of 18.15% is 11% above median its 10-year median of 16.33. Over the past 10 years, this metric has ranged from a low of 3.60 to a high of 28.34. The Steel industry median ROC (Joel Greenblatt) % is 6.95. Vardhman Special Steels' value of 18.15% is 161.2% above this industry median. Based on the distribution chart, Vardhman Special Steels ranks #118 out of 632 companies in the Steel industry, which is in the top quartile — a strong position relative to peers. Overall, Vardhman Special Steels has a GF Score™ of 78/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Vardhman Special Steels' ROC (Joel Greenblatt) % compare to NUE and STLD?
According to the Steel industry distribution chart, Vardhman Special Steels ranks #118 out of 632 companies for ROC (Joel Greenblatt) %. This places Vardhman Special Steels in the top 19% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 6.95. Vardhman Special Steels' value of 18.15% is 161.2% above this benchmark. Historically, Vardhman Special Steels' own ROC (Joel Greenblatt) % has ranged from 3.60 to 28.34 over the past decade. While the company's 10-year median is 16.33 vs. the industry median of 6.95, Vardhman Special Steels has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for a Steel company?
The median ROC (Joel Greenblatt) % among Steel companies is 6.95, based on 632 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Vardhman Special Steels's current ROC (Joel Greenblatt) % of 18.15% is 161.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Vardhman Special Steels and its competitors. For the Steel industry, the median ROC (Joel Greenblatt) % is 6.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Vardhman Special Steels's current ROC (Joel Greenblatt) % is 18.15%, which is 11% above median its own 10-year median of 16.33. 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 ₹223.91, compared to a current price of ₹272.30 — trading 21.6% above its estimated fair value. The current ROC (Joel Greenblatt) % is 18.15%, which is 11% above median its 10-year median of 16.33 and 161.2% above the Steel industry median of 6.95. Vardhman Special Steels' overall GF Score™ is 78/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Vardhman Special Steels (NSE:VSSL), the current ROC (Joel Greenblatt) % is 18.15% 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 ₹272.30 is trading 21.6% above its estimated GF Value™ of ₹223.91.
GuruFocus considers Vardhman Special Steels to be Modestly Overvalued.
Key valuation signals for NSE:VSSL:
ROC (Joel Greenblatt) %: 18.15% (11% above median its 10-year median of 16.33)
GF Value™: ₹223.91 vs. price of ₹272.30 (21.6% above fair value)
Industry Position: 161.2% above the Steel median (#118 of 632)
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 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.
78GF Score
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