Vardhman Special Steels vs JSW Steel: Fair Value & Quality
Both stocks run through our valuation models. Here is how Vardhman Special Steels (VSSL) and JSW Steel (JSWSTEEL) compare, as of Aug 18, 2026.
As of Aug 18, 2026, Fair Value Calculator sees JSW Steel as the less overvalued of the two: Vardhman Special Steels trades at ₹362 versus a fair value of ₹171 (-53%), while JSW Steel trades at ₹1,278 versus ₹1,140 (-11%).
Vardhman Special Steels
VSSL.NSE · INR · Materials
-53%
upside to fair value
overvalued
Price₹362
Fair Value₹171
Quality36/100
JSW Steel
JSWSTEEL.NSE · INR · Materials
-11%
upside to fair value
overvalued
Price₹1,278
Fair Value₹1,140
Quality52/100
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Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
Vardhman Special SteelsJSW Steel
Valuation
27.6×P/E (TTM)13.5×
1.52×P/S (TTM)1.62×
2.09×P/B2.99×
12.8×EV/EBITDA10.3×
1.3%Dividend yield0.6%
₹3.50Dividend per share₹7.10
Profitability
7%Net margin12%
11%Operating margin19%
12%Return on equity27%
8%Return on assets6%
Growth
7%Revenue growth (YoY)14%
0.4%Avg. growth/yr (3Y)3.8%
13.4%Avg. growth/yr (5Y)18.4%
Balance & size
—Debt / equity0.76×
$281MMarket cap$31B
expensiveGrowth qualityexpensive
JSW Steel leads: 4 to 8 metric wins.
Dash = not meaningfully computable, for example with negative equity.
Quality in detail
The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.
Vardhman Special Steelsof which business quality 40 · market factors 82JSW Steelof which business quality 49 · market factors 66
ProfitabilityMargins and returns on capital today
58
54
Quality GrowthAre margins and returns improving?
45
59
CashflowEarnings quality: real cash, not paper profit
InvestmentDisciplined investing over empire-building
17
50
Low VolatilityCalm price path (market factor)
79
88
MomentumPrice trend over the last 3–12 months (market factor)
79
48
52W MomentumDistance to the 52-week high (market factor)
91
70
Net IssuanceBuybacks instead of dilution
19
80
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
Vardhman Special Steels
Earnings-Based₹135
Dividend Discount₹52.56
Multiples₹204
Asset-Based₹88.51
Economic Profit₹116
Growth Earnings₹202
15 of 16 models see the stock below the current price.
JSW Steel
DCF Models₹1,139
Earnings-Based₹1,310
Dividend Discount₹53.61
Multiples₹1,110
Asset-Based₹275
Growth DCF₹569
Economic Profit₹953
Growth Earnings₹1,743
19 of 26 models see the stock below the current price.
Scenario ranges
From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.
Vardhman Special Steels
Bear ₹120Fair Value ₹171Bull ₹223
₹362 = current price (white tick)
JSW Steel
Bear ₹622Fair Value ₹1,140Bull ₹1,703
₹1,278 = current price (white tick)
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Ranked within their sector
Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.
Vardhman Special Steels · Materials
Quality score36 · bottom 25%
Fair value upside-53% · below median
JSW Steel · Materials
Quality score52 · above median
Fair value upside-11% · above median
Bottom line
As of Aug 18, 2026, Fair Value Calculator sees JSW Steel as the less overvalued of the two: Vardhman Special Steels trades at ₹362 versus a fair value of ₹171 (-53%), while JSW Steel trades at ₹1,278 versus ₹1,140 (-11%).
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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.
