Kalyani Investment Company Ltd.

•

kalyani-investment.comBSE: 533302NSE: KICL

Market Cap₹ 2,274 Cr.

Current Price

High / Low₹ 6,555 / 4,011

Stock P/E44.2

Book Value₹ 25,652

Price to Book0.16

Dividend Yield0.19 %

ROCE0.7 %

ROE0.5 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good profit growth of 45.7% CAGR over last 5 years
Company has delivered good sales growth of 45.4% CAGR over last 5 years

CONS

Company has a low return on capital employed of 0.9%
Company has a low return on equity of 0.7% over last 3 years
Operating margins have contracted to 83.1% from 95.0%
Growth is decelerating - 3Y profit CAGR (6.3%) trails the 5Y trend (45.7%)
Though reporting repeated profits, the company pays out little dividend (8.5%)
Expensive relative to growth - PEG of 7.0

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Investment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJAJFINSV	1971.00	31.13	315766.29	0.08	6296.67	18.15	42036.90	92.22	11.88	40.79
2.	AIIL	518.75	21.00	44053.57	0.00	11082.20	1075.19	14695.40	1109.37	13.63	88.91
3.	CHOLAHLDNG	1525.40	10.73	28643.57	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13394.05	13.75	27098.98	0.64	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	280.50	23.93	26988.42	0.07	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13585.75	55.75	15526.57	1.62	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11516.95	93.05	12783.38	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	132.10	12.15	12641.44	2.46	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	404.70	18.46	8988.54	2.76	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	257.05	161.31	8861.38	0.00	-46.98	-674.86	2353.40	1051.76	4.71	-2.08
11.	KAMAHOLD	2349.00	8.10	7538.08	1.76	584.02	10.80	4657.56	7.07	20.86	22.01
12.	KICL	5209.00	55.97	2273.89	0.19	0.68	102.15	5.95	2.91	0.49	16.69

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	3	41	4	23	5	49	6	24	6	47	7	23	6
	1	1	1	1	1	1	5	2	3	6	2	3	3
Operating Profit	3	40	3	21	4	48	0	21	3	41	4	20	3
OPM %	82.18%	97.20%	69.95%	93.63%	83.99%	98.36%	8.54%	89.86%	51.73%	87.41%	64.07%	87.56%	55.72%
Other Income	0	0	0	7	0	0	0	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	3	40	3	28	4	48	0	21	3	41	4	20	3
Tax %	26.06%	24.99%	24.17%	19.23%	26.12%	24.94%	273.91%	26.76%	30.43%	24.60%	26.01%	24.33%	26.95%
Net Profit	2	30	2	23	3	36	-1	16	2	31	3	15	2
	5	68	5	53	7	82	-2	36	5	71	7	34	1

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	0	32	37	47	13	39	60	71	83	82	82
	2	3	4	5	3	3	3	5	9	14	14
Operating Profit	-2	29	33	42	9	36	57	67	74	68	68
OPM %	—	90.98%	90.05%	88.83%	74.49%	92.60%	94.98%	93.67%	89.00%	83.06%	83.29%
	14	0	0	1	0	0	0	7	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	12	30	33	43	9	36	56	74	74	68	68
Tax %	-0.06%	-0.45%	0.11%	0.87%	16.11%	28.12%	24.58%	22.79%	27.09%	24.88%	24.72%
Net Profit	12	30	33	43	8	26	43	57	54	51	51
EPS	0.00	0.00	0.00	0.00	17.86	59.66	97.54	131.02	123.04	117.11	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.54%	—

COMPOUNDED SALES GROWTH

10 Years:: 65%
5 Years:: 45%
3 Years:: 11%

COMPOUNDED PROFIT GROWTH

10 Years:: 7%
5 Years:: 46%
3 Years:: 6%

STOCK PRICE CAGR

10 Years:: 15%
5 Years:: 19%
3 Years:: 27%
1 Year:: 9%

RETURN ON EQUITY

10 Years:: 1%
5 Years:: 1%
3 Years:: 1%
Last Year:: 1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	4	4	4	4	4	4	4	4	4	4
	347	4,944	3,644	1,897	4,489	5,181	5,666	8,107	8,501	11,191
	17	12	4	4	62	60	103	410	523	977
Total Liabilities	369	4,960	3,653	1,905	4,556	5,246	5,774	8,521	9,028	12,173
	1	1	1	1	0	0	0	0	0	0
	367	4,958	3,652	1,869	4,499	5,160	5,647	8,338	8,782	11,862
Cash & Bank	0	2	0	25	56	86	127	183	246	310
	0	0	0	11	0	0	0	0	0	0
Total Assets	369	4,960	3,653	1,905	4,556	5,246	5,774	8,521	9,028	12,173

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-4	14	34	8	-17	8	14	-7	-12	-14
Cash from Investing	4	-12	-36	-7	18	1	-0	7	12	14
Cash from Financing	0	0	0	0	0	0	0	0	0	0
	-0	2	-2	0	-0	0	0	-0	0	-0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	27.46	68.48	75.63	97.63	17.86	59.66	97.55	131.02	123.04	117.11
Book Value (₹)	805.75	11335.89	8359.19	4354.96	10294.91	11879.58	12990.82	18581.92	19484.24	25647.76
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.00
Cash EPS (₹)	27.68	68.70	75.85	97.86	18.08	59.89	97.77	131.25	123.24	117.11
PROFITABILITY
Operating Margin %	0.00%	92.31%	90.07%	91.78%	74.49%	92.67%	95.05%	93.67%	89.00%	83.06%
Net Margin %	0.00%	92.41%	89.71%	90.77%	61.85%	66.43%	71.56%	80.05%	64.82%	62.40%
ROE %	3.47%	1.13%	0.77%	1.54%	0.24%	0.54%	0.78%	0.83%	0.65%	0.52%
ROCE %	3.47%	1.12%	0.77%	1.55%	0.29%	0.75%	1.04%	1.07%	0.89%	0.69%
	3.30%	1.12%	0.77%	1.53%	0.24%	0.53%	0.77%	0.80%	0.61%	0.48%
EFFICIENCY
Debtor Days	0	0	0	0	0	0	0	0	0	0
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	0	0	0	0	0	0	0	0	0	0
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	0.00x	7440.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
	0.12x	8.28x	0.08x	19.58x	84.76x	69.11x	64.31x	72.90x	86.55x	100.33x
GROWTH
Revenue Growth %	-100.00%	0.00%	13.77%	27.58%	-73.15%	211.04%	51.78%	20.07%	15.98%	-1.13%
Operating Profit Growth %	-68.46%	144.21%	11.02%	29.99%	-78.21%	286.94%	55.67%	31.15%	-0.57%	-7.73%
Net Profit Growth %	-54.59%	149.34%	10.45%	29.09%	-81.71%	234.10%	63.49%	34.32%	-6.09%	-4.82%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	34.32%	-6.09%	-4.82%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	27.45x	34.16x	34.57x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.19x	0.22x	0.16x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	18.71x	21.53x	21.41x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.97	74.97	74.97	74.97	74.97	74.97	74.97	74.97	74.97
	1.24	1.06	0.39	0.51	0.55	0.57	0.65	0.65	0.64
	0.18	0.18	0.40	0.40	0.23	0.23	0.47	0.51	0.56
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	23.60	23.78	24.22	24.10	24.24	24.21	23.90	23.86	23.81

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Resignation

2026-09-03 - Kalyani Investment Company Limited has informed the Exchange regarding Resignation of Mr Nihal Gupta as Company Secretary & Compliance Officer of the company w.e.f. September 18, 2026.

2026-08-21

Copy of Newspaper Publication

2026-08-21 - Announcement U/R 30 of SEBI LODR-Newspaper Publication-Notice of AGM and e-Voting Information

2026-08-20

Shareholders meeting

2026-08-20 - Kalyani Investment Company Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 17, 2026

2026-08-19

Copy of Newspaper Publication

2026-08-19 - Kalyani Investment Company Limited has informed the Exchange about Copy of Newspaper Publication - Reminder III - Special Trading Window for Physical Transfer

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Kalyani Investment Company Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Outcome of Board Meeting

2026-08-13 - Kalyani Investment Company Limited has submitted to the Exchange, the financial results for the period ended June 30, 2026.

2026-08-06

Updates

2026-08-06 - Kalyani Investment Company Limited has informed the Exchange regarding 'Communication to Shareholders for Tax Deduction at Source (TDS) on Dividend for FY 2025-26'.

2026-08-04

Copy of Newspaper Publication

2026-08-04 - Kalyani Investment Company Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-03

Record Date

2026-08-03 - Kalyani Investment Company Limited has informed the Exchange that Record date for the purpose of Dividend is 14-Aug-2026.

News

Recent coverage and analyst commentary for KICL

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Kalyani Investment Company Ltd.

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Name

BAJAJFINSV

1971.00

31.13

315766.29

0.08

6296.67

18.15

42036.90

92.22

11.88

40.79

AIIL

518.75

21.00

44053.57

0.00

11082.20

1075.19

14695.40

1109.37

13.63

88.91

CHOLAHLDNG

1525.40

10.73

28643.57

0.09

1788.99

42.04

11113.57

42.92

10.52

57.53

TVSHLTD

13394.05

13.75

27098.98

0.64

1173.58

73.77

17076.18

40.01

19.39

16.25

CGCL

280.50

23.93

26988.42

0.07

353.38

102.04

1576.47

62.12

11.68

68.54

MAHSCOOTER

13585.75

55.75

15526.57

1.62

3.32

-90.61

5.41

-81.52

1.06

84.10

JSWHL

11516.95

93.05

12783.38

0.00

24.54

-92.74

34.58

14.97

0.58

92.45

JMFINANCIL

132.10

12.15

12641.44

2.46

368.57

-19.66

1200.53

9.69

11.91

58.30

TSFINV

404.70

18.46

8988.54

2.76

124.95

-92.11

305.57

102.23

3.47

53.35

RELIGARE

257.05

161.31

8861.38

0.00

-46.98

-674.86

2353.40

1051.76

4.71

-2.08

KAMAHOLD

2349.00

8.10

7538.08

1.76

584.02

10.80

4657.56

7.07

20.86

22.01

KICL

5209.00

55.97

2273.89

0.19

0.68

102.15

5.95

2.91

0.49

16.69

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

OPM %

82.18%

97.20%

69.95%

93.63%

83.99%

98.36%

8.54%

89.86%

51.73%

87.41%

64.07%

87.56%

55.72%

Other Income

Interest

Depreciation

Tax %

26.06%

24.99%

24.17%

19.23%

26.12%

24.94%

273.91%

26.76%

30.43%

24.60%

26.01%

24.33%

26.95%

Net Profit

-1

-2

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Operating Profit

-2

OPM %

—

90.98%

90.05%

88.83%

74.49%

92.60%

94.98%

93.67%

89.00%

83.06%

83.29%

Interest

Depreciation

Profit before Tax

Tax %

-0.06%

-0.45%

0.11%

0.87%

16.11%

28.12%

24.58%

22.79%

27.09%

24.88%

24.72%

Net Profit

EPS

0.00

17.86

59.66

97.54

131.02

123.04

117.11

—

Dividend Payout %

0.00%

8.54%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

347

4,944

3,644

1,897

4,489

5,181

5,666

8,107

8,501

11,191

103

410

523

977

Total Liabilities

369

4,960

3,653

1,905

4,556

5,246

5,774

8,521

9,028

12,173

367

4,958

3,652

1,869

4,499

5,160

5,647

8,338

8,782

11,862

Cash & Bank

127

183

246

310

Total Assets

369

4,960

3,653

1,905

4,556

5,246

5,774

8,521

9,028

12,173

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-4

-17

-7

-12

-14

Cash from Investing

-12

-36

-7

-0

Cash from Financing

-0

-2

-0

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

27.46

68.48

75.63

97.63

17.86

59.66

97.55

131.02

123.04

117.11

Book Value (₹)

805.75

11335.89

8359.19

4354.96

10294.91

11879.58

12990.82

18581.92

19484.24

25647.76

Dividend per Share (₹)

0.00

10.00

Cash EPS (₹)

27.68

68.70

75.85

97.86

18.08

59.89

97.77

131.25

123.24

117.11

PROFITABILITY

Operating Margin %

0.00%

92.31%

90.07%

91.78%

74.49%

92.67%

95.05%

93.67%

89.00%

83.06%

Net Margin %

0.00%

92.41%

89.71%

90.77%

61.85%

66.43%

71.56%

80.05%

64.82%

62.40%

ROE %

3.47%

1.13%

0.77%

1.54%

0.24%

0.54%

0.78%

0.83%

0.65%

0.52%

ROCE %

3.47%

1.12%

0.77%

1.55%

0.29%

0.75%

1.04%

1.07%

0.89%

0.69%

3.30%

1.12%

0.77%

1.53%

0.24%

0.53%

0.77%

0.80%

0.61%

0.48%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

Interest Coverage (x)

0.00x

7440.00x

0.00x

0.12x

8.28x

0.08x

19.58x

84.76x

69.11x

64.31x

72.90x

86.55x

100.33x

GROWTH

Revenue Growth %

-100.00%

0.00%

13.77%

27.58%

-73.15%

211.04%

51.78%

20.07%

15.98%

-1.13%

Operating Profit Growth %

-68.46%

144.21%

11.02%

29.99%

-78.21%

286.94%

55.67%

31.15%

-0.57%

-7.73%

Net Profit Growth %

-54.59%

149.34%

10.45%

29.09%

-81.71%

234.10%

63.49%

34.32%

-6.09%

-4.82%

0.00%

34.32%

-6.09%

-4.82%

VALUATION

P/E (x)

0.00x

27.45x

34.16x

34.57x

P/B (x)

0.00x

0.19x

0.22x

0.16x

Dividend Yield %

0.00%

0.25%

0.00x

18.71x

21.53x

21.41x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

74.97

1.24

1.06

0.39

0.51

0.55

0.57

0.65

0.64

0.18

0.40

0.23

0.47

0.51

0.56

Government

0.00

23.60

23.78

24.22

24.10

24.24

24.21

23.90

23.86

23.81

Kalyani Investment Company Ltd.

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Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

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Shareholding Pattern

Documents

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Kalyani Investment Company Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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