Kalyani Steels Ltd.
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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 GENERATEDMetals & Mining
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1267.50 | 12.51 | 309961.29 | 0.56 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 182.85 | 20.69 | 228259.99 | 2.19 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 179.00 | 17.31 | 73936.40 | 1.31 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2676.25 | 30.57 | 70596.97 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 755.20 | 19.16 | 62260.17 | 0.53 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2153.00 | 48.64 | 59779.85 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1074.35 | 26.70 | 29988.53 | 0.42 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2808.15 | 45.47 | 19682.88 | 0.36 | 1070.25 | 741.82 | 9716.33 | 743.71 | 18.01 | 16.69 |
| SARDAEN | 524.75 | 16.37 | 18491.21 | 0.38 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 244.50 | 20.41 | 16460.69 | 0.41 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| KSL | 972.25 | 16.05 | 4244.17 | 1.03 | 68.25 | 10.64 | 464.58 | 4.93 | 14.52 | 19.66 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 449 | 461 | 492 | 484 | 544 | 443 | 456 | 462 | 484 | 465 | |
| 352 | 382 | 396 | 401 | 430 | 357 | 371 | 371 | 385 | 389 | |
| Operating Profit | 97 | 79 | 96 | 83 | 114 | 85 | 85 | 92 | 99 | 76 |
| OPM % | 21.51% | 17.16% | 19.53% | 17.22% | 21.00% | 19.27% | 18.73% | 19.80% | 20.44% | 16.37% |
| 15 | 13 | 15 | 13 | 14 | 15 | 15 | 8 | 14 | 16 | |
| Interest | 3 | 4 | 5 | 6 | 4 | 3 | 2 | 2 | 1 | 2 |
| Depreciation | 12 | 16 | 16 | 16 | 16 | 15 | 15 | 14 | 14 | 14 |
| Profit before Tax | 96 | 72 | 90 | 76 | 108 | 83 | 84 | 83 | 98 | 92 |
| Tax % | 23.67% | 27.88% | 25.40% | 25.23% | 25.79% | 25.75% | 25.30% | 25.78% | 26.49% | 25.68% |
| Net Profit | 0 | 52 | 67 | 56 | 80 | 62 | 63 | 62 | 72 | 68 |
| 15.95 | 11.96 | 15.44 | 12.93 | 18.37 | 14.13 | 14.33 | 14.19 | 16.42 | 15.63 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,180 | 1,257 | 1,345 | 1,407 | 1,199 | 1,188 | 1,706 | 1,959 | 1,982 | 1,846 | 1,867 | |
| 1,004 | 970 | 1,141 | 1,195 | 1,005 | 925 | 1,368 | 1,588 | 1,609 | 1,484 | 1,515 | |
| Operating Profit | 177 | 287 | 204 | 212 | 194 | 263 | 338 | 371 | 373 | 361 | 352 |
| OPM % | 14.97% | 22.84% | 15.17% | 15.08% | 16.17% | 22.15% | 19.84% | 18.93% | 18.82% | 19.58% | 18.85% |
| 61 | 14 | 17 | 25 | 23 | 43 | 52 | 49 | 55 | 52 | 53 | |
| Interest | 12 | 10 | 9 | 7 | 10 | 7 | 13 | 26 | 19 | 9 | 8 |
| Depreciation | 52 | 52 | 37 | 38 | 43 | 44 | 46 | 61 | 63 | 57 | 56 |
| Profit before Tax | 174 | 239 | 175 | 192 | 165 | 255 | 331 | 333 | 346 | 348 | 357 |
| Tax % | 34.72% | 34.68% | 34.13% | 31.51% | 18.67% | 25.41% | 25.08% | 25.31% | 26.01% | 25.86% | 25.84% |
| Net Profit | 113 | 156 | 115 | 131 | 134 | 190 | 248 | 249 | 256 | 258 | 264 |
| EPS | 25.99 | 35.79 | 26.48 | 30.17 | 31.29 | 43.59 | 55.93 | 56.99 | 58.70 | 59.07 | — |
| 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
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 |
| Minority Interest | 0 | -5 | -5 | -6 | -4 | -4 | 0 | 0 | 0 | 0 |
| 567 | 679 | 763 | 868 | 941 | 1,131 | 1,346 | 1,658 | 1,870 | 2,083 | |
| 419 | 251 | 176 | 25 | 15 | 181 | 346 | 531 | 459 | 533 | |
| Trade Payables | 145 | 245 | 185 | 330 | 315 | 235 | 456 | 206 | 303 | 269 |
| 102 | 170 | 140 | 91 | 75 | 85 | 89 | 156 | 79 | 89 | |
| Total Liabilities | 1,256 | 1,362 | 1,280 | 1,332 | 1,365 | 1,650 | 2,258 | 2,573 | 2,732 | 2,996 |
| 545 | 436 | 437 | 423 | 418 | 382 | 358 | 734 | 678 | 627 | |
| Capital Work in Progress | 3 | 7 | 7 | 7 | 5 | 11 | 154 | 381 | 429 | 560 |
| 181 | 226 | 272 | 359 | 177 | 144 | 147 | 41 | 3 | 11 | |
| 109 | 135 | 112 | 154 | 126 | 119 | 218 | 287 | 299 | 285 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 421 | 431 | 496 | |
| Cash & Bank | 9 | 24 | 34 | 39 | 361 | 626 | 974 | 550 | 748 | 825 |
| 408 | 534 | 418 | 350 | 277 | 368 | 405 | 160 | 144 | 191 | |
| Total Assets | 1,256 | 1,362 | 1,280 | 1,332 | 1,365 | 1,650 | 2,258 | 2,573 | 2,732 | 2,996 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 212 | 241 | 254 | 346 | 308 | 127 | 450 | 323 | 382 | 141 | |
| Cash from Investing | -255 | -38 | -77 | -116 | -183 | -226 | -474 | -304 | -135 | -105 |
| Cash from Financing | 97 | -98 | -105 | -181 | -80 | 160 | 123 | -10 | -252 | -42 |
| 2 | 16 | 10 | -12 | -6 | -3 | 11 | 9 | -5 | -6 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - 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 - 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 - 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 - Kalyani Steels Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 27, 2026
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 - Announcement U/R 30 of SEBI LODR-Reminder III-Special Trading Window for Physical Transfer
2026-08-10 - Kalyani Steels Limited has informed the Exchange about Copy of Newspaper Publication-Unaudited Results-Q1
2026-08-07 - Kalyani Steels Limited has submitted to the Exchange, the financial results for the period ended June 30, 2026.
News
Recent coverage and analyst commentary for KSL
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