NSE: VASWANI · BSE: 533576
VASWANI IND LTD
Operates in the ferrous metals space, classified under sponge iron, with the Iron & Steel segment generating 91.4% of segment revenue (Rs 427.88 crore) for the year ended March 2026. The segment sells iron and steel products, with the company's basic industry listed as sponge iron. A Power segment contributes the remaining 8.6% (Rs 40.32 crore) and includes a recently capitalised Solar Power plant along with conventional power generation, which appears to supply internally and externally. Materials consumed account for 68.5% of revenue, making raw material inputs the dominant cost line, while other operating expenses are 14.7%, employee cost 3.6%, and depreciation 2.0% of revenue. Capital expenditure was 37.3% of revenue, reflecting recent capitalisation of a Solar Power plant and an Induction Furnace plant during FY26, which also pushed total assets to Rs 508.31 crore. The Power segment delivered EBIT of Rs 23.45 crore on Rs 40.32 crore of revenue, while the Iron & Steel segment delivered EBIT of Rs 8.14 crore on Rs 427.88 crore, showing power as a higher-margin contributor relative to its size. Aggregate revenue for FY26 stood at Rs 467.37 crore with an EBITDA margin of 8.76%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron & Steel (91%), Power (9%), Agri Products (0%), Real Estate (0%). Asset-heavy ferrous metals (sponge iron) and power generation, with elevated capex and finance costs
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY25 |
|---|---|
| Revenue | 92 |
| Profit before tax | 4 |
| Net profit | 3 |
| EPS (₹) | 0.84 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KIOCL LIMITED | 20,384 | 516.0 | 11.74 | — | 1.0 | 0.6 | — | (2.6) |
| VRAJ IRON AND STEEL LTD | 414 | 11.5 | 0.96 | 7.0 | 7.4 | 8.5 | — | 11.1 |
| VASWANI IND LTD ◆ | 134 | 48.2 | — | — | — | — | — | 6.1 |
| BIHAR SPONGE IRON LTD. | 108 | 9.6 | — | — | (33.3) | 22.1 | — | 12.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.2 | 13.2 | 19 of 22 | 14% |
| EBITDA margin | 6.1 | 14.0 | 18 of 22 | 19% |
| Market cap | 134 | 2150 | 18 of 24 | 26% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Promoter preferential allotment completes | fund raising | high | — | — |
| 23 Oct 2026 · 1.645 million promoter-linked shares allotted at Rs 60 | fund raising | high | — | — |
| 13 Oct 2026 · In-principle approval for preferential share issue to promoters at Rs. 60+ per share | fund raising | high | — | — |
| 6 Oct 2026 · Routine SEBI Regulation 74(5) compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM 2026 results: all 4 resolutions passed with 99.99% majority | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Vaswani Industries AGM: All 4 resolutions passed with requisite majority | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Vaswani Industries 23rd AGM held on September 30, 2026 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 9 Sept 2026 · Vaswani Industries publishes 23rd AGM Notice in newspapers | compliance | minimal | — | — |
| 7 Sept 2026 · Vaswani Industries files FY2025-26 annual report and AGM notice | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.