This thesis presents an application of Value Stream Mapping (VSM) to high-mix, low-volume (HMLV) manufacturing environments. While VSM has proven highly effective in repetitive, high-volume settings, its applicability in complex and customized contexts remains uncertain. The research addresses this gap by conducting a case study in a small metal-mechanic enterprise specializing in diamond wheel production, where product variety, fluctuating demand, and non-linear process flows complicate traditional lean implementations. The methodology combined a literature review with a practical application of VSM, supported by process mapping, on-site observation, and data collection. The current state analysis revealed challenges such as long lead times, inconsistent maintenance practices, excessive work-in-process, and fragmented information flow.