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Kalyani Steels Ltd.

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kalyanisteels.comBSE: 500235NSE: KSL
Market Cap₹ 4,244 Cr.
Current Price
High / Low₹ 993 / 574
Stock P/E16.1
Book Value₹ 498
Price to Book1.20
Dividend Yield1.03 %
ROCE14.5 %
ROE12.9 %
Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Rolled Products: 84.8% • Blooms & Rounds: 6.4% • Other Operating Revenue: 5.1%

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence
61%
View full sector analysis →

PROS

  • Company has consistently been profitable over the last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.11x)
  • Company comfortably covers its interest (41.3x coverage)
  • Company has a consistent dividend-paying track record
  • Company generates healthy free cash flow
  • Company maintains a comfortable, low leverage position

CONS

  • Receivables are growing faster than sales - a possible quality concern
  • Recurring exceptional / one-off items are inflating headline profit
  • Operating margins have contracted to 19.6% from 22.9%
  • Growth is decelerating - 3Y profit CAGR (1.3%) trails the 5Y trend (14.0%)

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

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.JSWSTEEL1267.5012.51309961.290.564696.00112.5847364.0011.5520.6719.60
2.TATASTEEL182.8520.69228259.992.192385.2418.8260794.2915.2612.7015.40
3.SAIL179.0017.3173936.401.311644.05120.8026245.671.257.0815.92
4.WELCORP2676.2530.5770596.970.191047.88200.114081.1214.9123.9432.17
5.JSL755.2019.1662260.170.53768.667.5611278.5410.5019.1912.09
6.APLAPOLLO2153.0048.6459779.850.39263.1110.945606.7112.0731.837.34
7.SHYAMMETL1074.3526.7029988.530.42350.7320.665455.0923.4513.8814.03
8.JINDALSAW311.8530.5219943.060.6490.79-78.154452.319.0010.388.79
9.RATNAMANI2808.1545.4719682.880.361070.25741.829716.33743.7118.0116.69
10.SARDAEN524.7516.3718491.210.38478.139.501608.04-1.0717.7641.59
11.GPIL244.5020.4116460.690.41222.372.751750.4732.2920.2019.36
12.KSL972.2516.054244.171.0368.2510.64464.584.9314.5219.66
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
449461492484544443456462484465
352382396401430357371371385389
Operating Profit977996831148585929976
OPM %21.51%17.16%19.53%17.22%21.00%19.27%18.73%19.80%20.44%16.37%
1513151314151581416
Interest3456432212
Depreciation12161616161515141414
Profit before Tax967290761088384839892
Tax %23.67%27.88%25.40%25.23%25.79%25.75%25.30%25.78%26.49%25.68%
Net Profit0526756806263627268
15.9511.9615.4412.9318.3714.1314.3314.1916.4215.63

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2024Mar 2025Mar 2026TTM
1,1801,2571,3451,4071,1991,1881,7061,9591,9821,8461,867
1,0049701,1411,1951,0059251,3681,5881,6091,4841,515
Operating Profit177287204212194263338371373361352
OPM %14.97%22.84%15.17%15.08%16.17%22.15%19.84%18.93%18.82%19.58%18.85%
6114172523435249555253
Interest12109710713261998
Depreciation5252373843444661635756
Profit before Tax174239175192165255331333346348357
Tax %34.72%34.68%34.13%31.51%18.67%25.41%25.08%25.31%26.01%25.86%25.84%
Net Profit113156115131134190248249256258264
EPS25.9935.7926.4830.1731.2943.5955.9356.9958.7059.07—
Dividend Payout %0.00%13.97%18.88%16.57%15.98%17.21%17.88%17.55%17.04%16.93%—

COMPOUNDED SALES GROWTH

10 Years:
—
5 Years:
9%
3 Years:
3%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
14%
3 Years:
2%

STOCK PRICE CAGR

10 Years:
11%
5 Years:
20%
3 Years:
27%
1 Year:
19%

RETURN ON EQUITY

10 Years:
17%
5 Years:
16%
3 Years:
15%
Last Year:
13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jul 31

₹ 2

Rs.10.0000 per share(200%)Dividend

2025

Aug 11

₹ 2

Rs.10.0000 per share(200%)Dividend

2024

Aug 14

₹ 2

Rs.10.0000 per share(200%)Dividend

2023

Aug 11

₹ 2

Rs.10.0000 per share(200%)Dividend

2022

Jul 22

₹ 2

Rs.10.0000 per share(200%)Dividend

2018

Aug 10

₹ 1

Rs.5.0000 per share(100%)Dividend

2017

Jul 24

₹ 1

Rs.5.0000 per share(100%)Dividend

2021

May 18

₹ 1.50

Rs.7.5000 per share(150%)Dividend

2026

Jul 22

₹ 2

Rs.10.0000 per share(200%)Dividend

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2024Mar 2025Mar 2026
Equity Capital22222222222222222222
Minority Interest0-5-5-6-4-40000
5676797638689411,1311,3461,6581,8702,083
4192511762515181346531459533
Trade Payables145245185330315235456206303269
102170140917585891567989
Total Liabilities1,2561,3621,2801,3321,3651,6502,2582,5732,7322,996
545436437423418382358734678627
Capital Work in Progress3777511154381429560
18122627235917714414741311
109135112154126119218287299285
0000000421431496
Cash & Bank9243439361626974550748825
408534418350277368405160144191
Total Assets1,2561,3621,2801,3321,3651,6502,2582,5732,7322,996

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2024Mar 2025Mar 2026
212241254346308127450323382141
Cash from Investing-255-38-77-116-183-226-474-304-135-105
Cash from Financing97-98-105-181-80160123-10-252-42
21610-12-6-3119-5-6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
64.7064.7064.7064.7064.7064.7064.7064.7064.70
2.452.112.662.181.761.861.781.821.77
12.0312.1310.8310.4910.5410.7411.1011.1411.48
Government0.000.000.000.000.000.000.000.000.00
20.8121.0521.8022.6322.9822.7022.4222.3322.05

Documents

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

2026-09-07
Appointment

2026-09-07 - Kalyani Steels Limited has informed the Exchange regarding Appointment of Mr Ajay Kirtane as Additional Non- Executive Independent Director of the company w.e.f. September 07, 2026.

2026-08-27
Appointment

2026-08-27 - Kalyani Steels Limited has informed the Exchange regarding Re-Appointment of Mr.M.U. Takale as Non- Executive Director of the company w.e.f. August 27, 2026.

2026-08-27
Appointment

2026-08-27 - Kalyani Steels Limited has informed the Exchange regarding Re-Appointment of Mr.B.N. Kalyani as Non- Executive Director of the company w.e.f. August 27, 2026.

2026-08-27
Shareholders meeting

2026-08-27 - Kalyani Steels Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 27, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-27
Shareholders meeting

2026-08-27 - Kalyani Steels Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 27, 2026

2026-08-26
General Updates

2026-08-26 - Kalyani Steels Limited has informed the Exchange about Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Listing Regulations )

2026-08-19
Copy of Newspaper Publication

2026-08-19 - Announcement U/R 30 of SEBI LODR-Reminder III-Special Trading Window for Physical Transfer

2026-08-10
Copy of Newspaper Publication

2026-08-10 - Kalyani Steels Limited has informed the Exchange about Copy of Newspaper Publication-Unaudited Results-Q1

2026-08-07
Outcome of Board Meeting

2026-08-07 - Kalyani Steels Limited has submitted to the Exchange, the financial results for the period ended June 30, 2026.

News

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