External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

Vardhman Special Steels Ltd / Equity Bottom-Up

<ul><li>Vardhman Special Steel (VSSL) is among India’s leading steel bar producers for automotive applications. It has specialised product offerings, which include steel bars, rods &amp; bright bars of various categories of special &amp; alloy steel.</li><li>VSSL, incorporated in May 2010, is headquartered in Ludhiana, Punjab</li><li>In August 2019, VSSL had entered into a strategic alliance with Aichi Steel Corporation (ASC) Japan, the main material producer for Toyota Group wherein ASC had participated in equity and had entered into a Technical Assistance Agreement</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Vardhman Special Steel (VSSL) is among India’s leading steel bar producers for automotive applications. It has specialised product offerings, which include steel bars, rods &amp; bright bars of various categories of special &amp; alloy steel.VSSL, incorporated in May 2010, is headquartered in Ludhiana, PunjabIn August 2019, VSSL had entered into a strategic alliance with Aichi Steel Corporation (ASC) Japan, the main material producer for Toyota Group wherein ASC had participated in equity and had entered into a Technical Assistance AgreementContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>PAT for Q2FY22 was at Rs 24 crore, up 172% YoY but down 13% QoQ 12 months (from ~Rs 67 in October 2020 to ~Rs 262 levels in October 2021). We continue to remain positive and retain our BUY rating on the stock Target Price and Valuation: We value VSSL at Rs 340 i.e. 7.5x FY23E EV/EBITDA In June 2021, VSSL was granted environmental clearance (EC) for expansion of capacity at its existing plant in Ludhiana, to up to 280000 tonnes per annum (TPA) of rolled production. With this approval, the path for enhancement of capacity has been cleared.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

PAT for Q2FY22 was at Rs 24 crore, up 172% YoY but down 13% QoQ 12 months (from ~Rs 67 in October 2020 to ~Rs 262 levels in October 2021). We continue to remain positive and retain our BUY rating on the stock Target Price and Valuation: We value VSSL at Rs 340 i.e. 7.5x FY23E EV/EBITDA In June 2021, VSSL was granted environmental clearance (EC) for expansion of capacity at its existing plant in Ludhiana, to up to 280000 tonnes per annum (TPA) of rolled production. With this approval, the path for enhancement of capacity has been cleared.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vardhman Special Steel: Steady Performance

India

Vardhman Special Steels Limited is a producer of special and alloy Steels in India. The Company mainly caters to special and alloy steel hot rolled bars for engineering, automotive, tractor, bearing and allied industries.

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Vardhman Special Steels Ltd (VSSL IN)