Vraj Iron and Steel Ltd (VRAJ) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Vraj Iron and Steel Ltd ₹165, price ₹122, upside +35.5%, quality 30 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
27‑month range ₹94.67 – ₹282.27 · fair‑value band ₹123.69 – ₹206.16 · the ₹121.76 price screens below the ₹164.92 fair value. Dashed = 300-day average. As of Oct 3, 2026.
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Vraj Iron and Steel Limited engages in the manufacture and sale of sponge iron, MS billets, TMT bars and others related items under the Vraj brand primarily in India. It sells its products directly, as well as through brokers and dealers to industrial customers and end-users. The company was incorporated in 2004 and is based in Raipur, India.
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Vraj Iron and Steel Limited engages in the manufacture and sale of sponge iron, MS billets, TMT bars and others related items under the Vraj brand primarily in India. It sells its products directly, as well as through brokers and dealers to industrial customers and end-users. The company was incorporated in 2004 and is based in Raipur, India. Vraj Iron and Steel Limited is a subsidiary of Gopal Sponge and Power Private Limited.
Stock analysis
Vraj Iron and Steel Ltd (VRAJ) currently trades at ₹121.76, while our model-based Fair Value estimate is ₹164.92, implying the stock looks roughly 26.2% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹248.20 per share, and 10 of the 14 models we run sit above the ₹121.76 price.
Bear case: the Economic Profit group reads lowest at ₹64.74, and 4 of the 14 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹123.69 (bear) to ₹206.16 (bull), the price of ₹121.76 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 30/100 (below-average quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Vraj Iron and Steel Ltd reported revenue of ₹5.9B in FY2026 versus ₹4.1B in FY2022, a compound +9.2%/yr. Reported net income was ₹320M in FY2026, compounding +2.8%/yr from FY2022.
Key figures
Market cap ₹4.0B (≈ $41.7M) · P/E ratio 11.2 · P/S ratio 0.61 · EPS (TTM) ₹10.89 · Net margin 5.4% · Return on equity 7.7% · Return on assets (EBIT) 25.9% · Operating margin 6.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 20% below its 52-week high and 29% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −44% fair-value upside, at 35%, VRAJ screens cheaper than that median.
Fair Value models
Bear ₹123.69Fair Value ₹164.92Bull ₹206.16
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹5.55 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+23.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.1%
Start year 2021 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.2%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+16.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.9%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 6%
Compare Vraj Iron and Steel Ltd with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Steel · 406 stocks
Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score30 · Bottom 25%
Fair Value upside+35.4% · Above median
Profitability
Return on equity (TTM)7.7% · Above median
Return on assets4.6% · Above median
Net margin (TTM)5.4% · Above median
Operating margin (TTM)10.5% · Top 25%
Growth and dividend
Revenue growth11.2% · Above median
Balance sheet
Debt / equity0.08× · Below median
Valuation Multiplesvs Steel median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Vraj Iron and Steel Ltd Fair Value". https://www.fairvalue-calculator.com/stock/VRAJ
Frequently asked questions
Is Vraj Iron and Steel Ltd (VRAJ) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of ₹164.92 versus a price of ₹121.76, about +35% upside (undervalued).
What is the fair value of VRAJ?
Our model-based fair value for Vraj Iron and Steel Ltd is ₹164.92 (as of Oct 3, 2026), built from audited fundamentals. The current price: ₹121.76.
What is the quality score of VRAJ?
Vraj Iron and Steel Ltd has a Quality Score of 30/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Vraj Iron and Steel Ltd (VRAJ)?
Our model-based price target is the fair value of ₹164.92 (as of Oct 3, 2026) from 14 valuation models. Cautious scenario ₹123.69, optimistic scenario ₹206.16. It is a calculation from audited fundamentals, not an analyst target.
What is the Vraj Iron and Steel Ltd stock forecast for 2026?
Our models put fair value at ₹164.92, about +35% upside versus a price of ₹121.76 (undervalued). Cautious scenario ₹123.69, optimistic scenario ₹206.16. The calculation is refreshed regularly with new filings.
What is the revenue of Vraj Iron and Steel Ltd (VRAJ)?
Vraj Iron and Steel Ltd reported trailing-twelve-month revenue of about ₹6.4B (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of Vraj Iron and Steel Ltd (VRAJ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vraj Iron and Steel Ltd it is ₹164.92 per share (as of Oct 3, 2026), against a price of ₹121.76. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Vraj Iron and Steel Ltd stock overvalued or undervalued in 2026?
As of Oct 3, 2026, VRAJ trades below its calculated fair value: price ₹121.76, fair value ₹164.92, a gap of about +35% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VRAJ?
No. The price is what the market pays today (₹121.76); the fair value is what the company's own numbers justify (₹164.92). For Vraj Iron and Steel Ltd the two are ₹43.16 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vraj Iron and Steel Ltd worth?
The market values Vraj Iron and Steel Ltd at about ₹4.0B (market capitalisation, as of Oct 3, 2026). Per share that is ₹121.76; our models calculate a fair value of ₹164.92 per share.
What do the bullish and bearish scenarios say about VRAJ?
Our models span a range for Vraj Iron and Steel Ltd: cautious scenario ₹123.69, base ₹164.92, optimistic ₹206.16 per share (as of Oct 3, 2026, price ₹121.76). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VRAJ?
Vraj Iron and Steel Ltd trades at a price-to-earnings ratio of 11.2 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹164.92 is built from several models across several years. Other multiples: P/B 0.9, P/S 0.7, EV/EBITDA 7.6.
How solid is the balance sheet of Vraj Iron and Steel Ltd (VRAJ)?
Balance-sheet figures for Vraj Iron and Steel Ltd (as of Oct 3, 2026): return on equity 7.7%, debt of 0.08 per unit of equity. They feed the Quality Score of 30/100, which measures business quality independently of the share price.
How far is VRAJ from its 52-week high?
Vraj Iron and Steel Ltd trades at ₹121.76, about 20% below its 52-week high of ₹152.82 and 29% above the low of ₹94.67 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹164.92 is for.
Which stocks are comparable to Vraj Iron and Steel Ltd?
From the same area (Basic Materials) we also value Nucor Corporation, ArcelorMittal S.A, Steel Dynamics, Inc, JSW Steel Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Vraj Iron and Steel Ltd stock attractive at the current price?
The data as of Oct 3, 2026: price ₹121.76, calculated fair value ₹164.92 (+35%), Quality Score 30/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VRAJ calculated?
We run Vraj Iron and Steel Ltd through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹164.92, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Vraj Iron and Steel Ltd currently trades 26 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Vraj Iron and Steel Ltd (VRAJ)?
The closing price on Oct 1, 2026 was ₹121.76. Our model-based fair value is ₹164.92, about +35% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vraj Iron and Steel Ltd right now?
The large discount to fair value meets weak quality (30/100). That raises the risk this is a value trap rather than a bargain. The price sits below our cautious bear case: the market assumes less than even our pessimistic scenario. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Vraj Iron and Steel Ltd
How large is the market capitalisation of Vraj Iron and Steel Ltd (VRAJ)?
The market capitalisation of Vraj Iron and Steel Ltd is ₹4.0B (≈ $41.7M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Vraj Iron and Steel Ltd (VRAJ)?
The price-to-sales ratio of Vraj Iron and Steel Ltd is 0.61 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Vraj Iron and Steel Ltd (VRAJ)?
Earnings per share at Vraj Iron and Steel Ltd are ₹10.89 (price ÷ EPS = P/E 11.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Vraj Iron and Steel Ltd (VRAJ)?
The net margin of Vraj Iron and Steel Ltd is 5.4% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Vraj Iron and Steel Ltd (VRAJ)?
The return on equity (ROE) of Vraj Iron and Steel Ltd is 7.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Vraj Iron and Steel Ltd (VRAJ)?
On an EBIT basis the return on assets of Vraj Iron and Steel Ltd is 25.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Vraj Iron and Steel Ltd (VRAJ)?
The operating margin of Vraj Iron and Steel Ltd is 6.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vraj Iron and Steel Ltd (VRAJ)?
Revenue at Vraj Iron and Steel Ltd is growing +40.1% versus a year earlier (3y avg +4.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Vraj Iron and Steel Ltd (VRAJ)?
Earnings per share at Vraj Iron and Steel Ltd are growing +51.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Vraj Iron and Steel Ltd (VRAJ) generate?
The free cash flow of Vraj Iron and Steel Ltd is −₹744M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Vraj Iron and Steel Ltd (VRAJ) carry?
The net debt of Vraj Iron and Steel Ltd is ₹370M (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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