Vraj Iron and Steel Limited is a prominent manufacturer and seller of sponge iron, MS billets, and TMT bars, marketed under the Vraj brand, based in Raipur, India. Incorporated in 2004, the company has established itself as a significant player in Central India's Iron & Steel manufacturing sector. Vraj Iron and Steel Limited operates as a subsidiary of Gopal Sponge and Power Private Limited (GSPPL).
The company boasts two manufacturing units located in Raipur and Bilaspur, Chhattisgarh. As of March 31, 2023, these plants had a total installed capacity of 231,600 tons per annum, encompassing both intermediate and final products. The integrated nature of its operations allows Vraj Iron and Steel to manage most aspects of production, from raw materials sourcing to finished goods, ensuring stringent quality control and enhancing operating margins. Its Raipur plant holds ISO 14001:2015 certification for Environment Management Systems.
Vraj Iron and Steel Ltd (VRAJ) has a market capitalization of ₹578.32 Crore as of July 8, 2025. The company exhibits strong financial metrics, with a P/E ratio of 13.12 and a P/B ratio of 2.89. Its 52-week trading range was between ₹135 and ₹296.70.
Recent financial performance indicates robust sales growth. For the quarter ended March 2025, sales rose by 29.08% to ₹153.01 crore compared to ₹118.54 crore in the same quarter the previous year. However, net profit saw a decline of 21.98% to ₹10.01 crore in Q4 FY2025 from ₹12.83 crore in Q4 FY2024. For the full fiscal year FY25, sales increased by 13.14% to ₹475.03 crore, but net profit decreased by 23.20% to ₹44.09 crore from ₹57.41 crore in FY24.
- Market Capitalization: ₹578.32 Crore (as of July 8, 2025)
- Revenue (FY25): ₹475.03 Crore
- Net Profit (FY25): ₹44.09 Crore
- Q4 FY2025 Net Profit: ₹10.01 Crore (vs. ₹12.83 Crore in Q4 FY2024)
- Q4 FY2025 Sales: ₹153.01 Crore (vs. ₹118.54 Crore in Q4 FY2024)
- Debt-to-Equity Ratio: 26% (considered reasonable)
- Return on Equity (ROE): 28% (recent analysis), 3-Year ROE: 26.6%
- Book Value: ₹120
- Return on Capital Employed (ROCE): 18.2%
- Promoter Holding: _Not specified in source data._
Vraj Iron and Steel Ltd operates two integrated steel manufacturing plants in Bilaspur and Raipur, Chhattisgarh. These facilities cover a combined area of 52.93 acres. The company's product portfolio includes iron pellets, steel billets, TMT wire rods, structural mills, and ferroalloy products, along with by-products like dolochar and pig iron.
The company's operations are designed to be integrated, allowing for significant control over the production process, from raw material processing to the manufacturing of finished steel products. This integration helps in maintaining consistent quality and improving operational efficiency. The total installed production capacity as of March 31, 2023, was 231,600 tons per annum.
Vraj Iron and Steel primarily manufactures and sells sponge iron, MS billets, and TMT bars under its own 'Vraj' brand. The company's products cater to industrial customers and end-users, distributed directly, through brokers, and via dealers.
The company positions itself as a leading integrated steel manufacturer in Central India. Its strategy focuses on leveraging its integrated manufacturing capabilities and expanding its product offerings within the steel sector.
Vraj Iron and Steel is actively pursuing expansion initiatives. The company plans to enhance its existing manufacturing capacities and captive power plants. It is also exploring diversification into related segments. Commissioning of power plant equipment has begun, with hopes of achieving commercial production in the upcoming quarter.
The company's leadership is spearheaded by Mr. Vijay Anand Jhanwar, who serves as the Promoter, Chairman, and Managing Director. He took over leadership after the passing of his father, the late Mr. Ram Gopal Jhanwar, founder of the holding company, Gopal Sponge and Power Private Limited (GSPPL). The primary promoters of Vraj Iron and Steel include Gopal Sponge and Power Private Limited, V. A. Transport Private Limited, and Vijay Anand Jhanwar.
Vraj Iron and Steel Limited was incorporated in 2004, originally as Phil Ispat Pvt. Ltd. In FY12, GSPPL acquired a 74% stake in Phil Ispat, and it was renamed Vraj Iron and Steel Limited (VISL) in November 2023. The company has demonstrated a positive growth trajectory in recent years. Total revenue from manufacturing operations increased from ₹289.09 crore in FY21 to ₹408.65 crore in FY22 and ₹509.50 crore in FY23. Net profit also climbed from ₹10.99 crore in FY21 to ₹28.70 crore in FY22 and ₹54 crore in FY23.
Vraj Iron and Steel Ltd (VRAJ) operates within the Materials sector, specifically the Iron & Steel sub-sector. It competes with major industry players such as JSW Steel Ltd, Tata Steel Ltd, Jindal Steel & Power Ltd, Steel Authority of India Ltd, and others. The company holds a significant position as an integrated steel manufacturer in Central India.
Vraj Iron and Steel Ltd (VRAJ) had its Initial Public Offering (IPO) bidding open from June 26, 2024, to June 28, 2024. The allotment was finalized on July 1, 2024, with the shares listing on BSE and NSE on July 3, 2024. The Vraj Iron and Steel IPO was a book-building issue totaling ₹171.00 crores, consisting entirely of a fresh issue of 0.83 crore shares.
The company represents a significant player in Central India's steel manufacturing landscape, with integrated operations, a developing financial profile, and strategic expansion plans positioning it for continued growth in the competitive steel industry.
