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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/E16.2
Book Value₹ 496
Price to Book1.20
Dividend Yield1.03 %
ROCE14.4 %
ROE12.7 %
Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Rolled Products: 88.2% • Blooms & Rounds: 6.4% • Foundry Coke: 3.6%

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

  • Operating margins have improved to 19.6% from 15.9%
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.11x)
  • Company comfortably covers its interest (40.8x 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
  • Company has delivered a poor profit growth of 6.0% over past five years
  • Working capital days have increased from 115 to 153 days

* 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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
497480480503461492484544443456462484465
404387384413382396401430357371371385389
Operating Profit929396907996831148585929976
OPM %18.60%19.39%19.92%17.91%17.16%19.53%17.22%21.00%19.27%18.73%19.80%20.44%16.37%
129121312141213141471315
Interest7953456432212
Depreciation16151515161616161515141414
Profit before Tax827888847290751078283839791
Tax %25.50%25.67%25.43%25.88%27.92%25.37%25.67%26.00%25.76%25.30%25.79%26.51%25.69%
Net Profit61586563526755796162617168
14.0313.3614.9714.3311.8115.3012.6918.1613.9714.1614.0516.2715.49

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,2571,3451,4071,1991,1881,7061,8991,9591,9821,8461,867
9701,1421,1951,0049251,3671,6541,5881,6091,4841,515
Operating Profit287203212195263339246371373361352
OPM %22.85%15.10%15.08%16.29%22.17%19.85%12.93%18.94%18.82%19.58%18.85%
1417252343465647524949
Interest1097871328251998
Depreciation5237384344464961635756
Profit before Tax239175193168255326225333343344353
Tax %34.59%34.20%31.40%18.33%25.38%25.45%25.79%25.62%26.17%25.87%25.85%
Net Profit156115132137190243167247253255262
EPS35.8526.3230.2531.4143.5955.6538.2656.6957.9658.45—
Dividend Payout %13.95%19.00%16.53%15.92%17.20%17.97%26.14%17.64%17.25%17.11%—

COMPOUNDED SALES GROWTH

10 Years:
5%
5 Years:
9%
3 Years:
-1%

COMPOUNDED PROFIT GROWTH

10 Years:
8%
5 Years:
6%
3 Years:
15%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:
16%
5 Years:
15%
3 Years:
14%
Last Year:
13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital22222222222222222222
6807638699421,1321,3461,4681,6701,8832,078
2441691811176445510531459533
Trade Payables245185330315235456262206303269
17014091758589891557989
Total Liabilities1,3611,2781,3301,3641,6502,3562,3512,5842,7452,990
436437422418382358599734678627
Capital Work in Progress55551115418381429560
234280366177144147146145150143
135112154126119218324202215201
0000000421431496
Cash & Bank243438361626974749541704774
527411344277368504514160137189
Total Assets1,3611,2781,3301,3641,6502,3562,3512,5842,7452,990

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
241254347308128351-62317383142
Cash from Investing-38-77-117-183-226-470153-320-136-106
Cash from Financing-98-105-181-80160218-3912-252-42
1610-12-6-311-129-5-6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 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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