Vraj Iron And Steel

What Vraj Iron And Steel does

Vraj Iron And Steel Limited, formerly Phil Ispat Pvt. Ltd. and headquartered in Raipur, Chhattisgarh, is an integrated long-product steel manufacturer with operations dating to its 2012 takeover of the Bilaspur unit. The company runs a vertically integrated chain spanning sponge iron (capacity exceeding 1,20,000 MT per annum), MS billets, TMT bars, and captive power across manufacturing units in Raipur and Bilaspur under the broader Gopal Sponge and Power Private Limited (GSPPL) promoter group.

Revenue is generated through B2B sales of commodity-grade steel products, primarily sponge iron and billets into the merchant market alongside TMT bars for construction and structural applications. Downstream integration is being actively deepened via a new rolling mill, induction furnace operations, a 15MW captive power plant at Bilaspur, and a recently commenced solar power facility, all intended to compress the unit cost of steel and capture more value per ton.

Following its 2025 listing on BSE under ticker 544204, the company reported FY2026 revenue of Rs 587.92 crore, up 23.76% YoY, against net profit of Rs 32.01 crore (down 27.40% YoY) and Q4 FY2026 sales of Rs 170.21 crore. Headcount sits in the 251-500 band, with leadership anchored by Whole-time Directors Vijay Anand Jhanwar, Prasant Kumar Mohta, and Praveen Somani, and a board that includes ex-NMDC CMD Sumit Deb as Independent Director.

Name

Vraj Iron And Steel

Legal name

Vraj Iron And Steel Limited

Website

https://vrajtmt.in

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

251–500 employees

Short description

Vraj Iron And Steel Limited is a Chhattisgarh-based integrated long-product steel manufacturer producing sponge iron, MS billets, and TMT bars from Raipur and Bilaspur units for B2B construction and re-rolling customers across India.

Ownership category

akta.pro rank

Product category

Iron and Steel Manufacturing

NAICS

Iron and Steel Mills and Ferroalloy Manufacturing (3311)

SIC

Steel Works, Blast Furnaces & Rolling & Finishing Mills (3310)

akta.pro primary industry

Electric Arc Furnace (EAF) Steelmaking (Incl. DRI/HBI-Based) (IMAKABAB)

akta.pro secondary industry

Direct Reduced Iron (DRI) & Hot Briquetted Iron (HBI) Production (IMAKABAC)

Keywords

• Sponge iron manufacturing
• TMT bars production
• MS billets supply
• Integrated steel manufacturing
• Captive power generation

Headquarters

HQ city

Raipur

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Steel Manufacturing Sales: Manufacture and sale of sponge iron, MS billets, and TMT bars as primary revenue streams. Sponge iron serves as key raw material for steel manufacturing and is sold to induction and electric arc furnace operators. MS billets are semi-finished products sold for further processing. TMT bars are finished steel products sold for construction and structural purposes.
2. Power Generation (Captive Use): Captive power generation for internal use, with surplus potentially sold. Currently operating 5MW WHRB-based power plant with 15MW additional capacity under setup at Bilaspur.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Vraj Iron And Steel Limited is an integrated steel manufacturer producing sponge iron, MS billets, and TMT bars from its manufacturing units at Raipur and Bilaspur in Chhattisgarh, India. The company operates a vertically integrated value chain from DRI-based sponge iron production (over 1,20,000 MT annual capacity) through continuous billet casting to TMT bar rolling, supplemented by captive power generation (5MW operational WHRB-based plus 15MW under setup). Its products serve induction and electric arc furnace operators, steel melting shops, and construction/structural applications across India.

Product overview

Vraj Iron And Steel is an integrated steel manufacturing company producing a portfolio of products across the steel value chain. The company's operations span from upstream production of sponge iron (key raw material with 120,000+ MT annual capacity), captive power generation (5MW existing + 15MW under setup), mid-stream MS Billet production via induction furnace and steel melting, to downstream TMT bar manufacturing through hot rolling and thermax treatment. The company operates two manufacturing units at Raipur and Bilaspur in Chhattisgarh, positioning itself as one of the leading low-cost producers of steel in Central India.

Differentiator

Problem solved

Functional benefit

Products and services

• Sponge Iron Key raw material for steel manufacturing with installed capacity of over 1,20,000 MT annually; usable in both induction and electric arc furnaces. Chemical composition: Fe Total 90-92%, Fe Metallic 81-84%, Metallisation 88-90%. Sold to steel melting shops and induction/electric arc furnace operators.
• MS Billet Semi-finished casting product produced in a steel melting shop with round or square cross-sectioned metal lengths requiring further processing to become finished goods. Produced via induction furnace for downstream TMT bar manufacturing and external sale.
• TMT Bar Thermo-mechanically treated steel bars manufactured through a hot rolling process in which heated iron billets are continuously passed through rollers of decreasing diameters, followed by water cooling system for thermax treatment. Sold for construction and structural applications across India.
• Captive Power Generation Captive power generation for self-sufficiency, including a 5MW power plant based on Waste Heat Recovery Boiler (WHRB), an additional 15MW captive power plant at Bilaspur, and solar power generation facilities. Reduces operational costs and supports manufacturing energy needs.

Quantifiable outcome

• Sales grew 23.76% to Rs 587.92 crore in FY2026
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Gopal Sponge and Power Private Limited (GSPPL)coreOthersHolding company of Vraj Iron and Steel Limited. GSPPL is based in Raipur and has interests in steel, power, and real estate. It is the parent entity under which Vraj Iron And Steel operates as a subsidiary.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Shyam Metallics and Energy Limited: An integrated long-steel producer with a similar product mix of sponge iron, billets, and TMT/wire products. Vraj's sponge iron → billet → TMT value chain closely mirrors Shyam's structure, making it the most direct comparable.
• Godawari Power and Ispat Limited: Central India-based integrated steel and power player producing sponge iron, billets, structural steel, and captive power. Same regional cost base and overlapping downstream TMT/structural steel portfolio.
• Sarda Energy & Minerals Limited: Integrated steel producer with sponge iron, billets, TMT, and captive power, headquartered in Central India. Comparable product mix and integrated DRI/power model to Vraj.
• Prakash Industries Limited: Integrated long steel and power company with operations in Chhattisgarh including sponge iron, billets, and structural steel. Highly comparable on geography and product mix.
• MSP Steel & Power Limited: An integrated steel and power company with sponge iron, billets, and rolled products. Comparable as a smaller-scale Indian integrated long-steel producer.
• Beekay Steel Industries Limited: Producer of TMT bars, structural steel, and billets with units in Central/Eastern India. Comparable on a similar size-and-product focus in the long steel category.

Emerging players

• Kamdhenu Limited: A TMT bar-specialist brand with franchisee-based manufacturing. Comparable on the TMT bar downstream end of Vraj's value chain, though its model is brand-led rather than integrated.

Broad incumbents

• Jindal Steel & Power Limited: One of India's largest integrated steel producers with a broad long and flat steel portfolio, plus captive power and mining. Comparable end-markets and customer base, but vastly larger scale.
• Tata Steel Limited: India's largest private-sector steel producer with a wide flat and long steel portfolio. Operates in the same construction/infrastructure demand environment as Vraj, but at a national/global scale.
• Steel Authority of India Limited (SAIL): India's largest state-owned integrated steel producer with BF-BOF route producing long and flat products. A natural broad incumbent for any Indian long-steel/tMT manufacturer, including Vraj.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vraj Iron And Steel