Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹4077 Cr.
Stock P/E
15.8
P/B
1.9
Current Price
₹933.9
Book Value
₹ 497.8
Face Value
5
52W High
₹1032
52W Low
₹ 575
Dividend Yield
1.07%

Kalyani Steels Overview

Business

Kalyani Steels Ltd. (KSL) is an Indian manufacturer of iron and steel products. Its core business involves producing various grades of carbon and alloy steels, primarily in the form of forging quality steel, engineering steel, and special steels. The company typically supplies these steels as rolled bars or billets. KSL operates an integrated steel plant. It makes money by selling these value-added steel products to a diverse range of industrial customers who use them in critical applications, often for further processing (like forging) into components.

Revenue Mix

While specific contribution percentages are not provided, Kalyani Steels primarily focuses on special and alloy steel products. Its revenue mix is largely derived from:

Forging Quality Steels: Supplied to automotive, engineering, and general manufacturing industries for forging applications.

Engineering Steels: Used in various mechanical and structural engineering applications.

Special Steels: Catering to more demanding sectors requiring specific properties, which could include defense, railway, or heavy engineering.

The company's product portfolio is geared towards higher-value, application-specific steels rather than commodity-grade structural steels.

Industry

Kalyani Steels operates within the Indian steel and iron products industry, which is characterized by its capital-intensive nature, cyclicality, and sensitivity to raw material prices (iron ore, coking coal) and energy costs. The industry in India features large integrated players (e.g., Tata Steel, JSW Steel), mid-sized specialized producers, and smaller regional mills. KSL positions itself as a specialized producer of high-quality carbon and alloy steels, particularly for demanding applications like automotive and engineering forgings. This places it in a niche where product quality, consistency, and technical support are crucial differentiators, allowing it to compete effectively against larger, more diversified players primarily focused on bulk commodity steel.

MOAT

Kalyani Steels' competitive advantages primarily stem from:

Specialization and Quality: Its focus on manufacturing specific grades of high-quality carbon and alloy steels for critical applications (like automotive components) provides a moat. Customers in these sectors require stringent quality control, consistent properties, and often long qualification processes, leading to strong customer stickiness once approved.

Technical Expertise & R&D: The ability to develop and consistently produce steels with precise chemical compositions and mechanical properties demanded by advanced engineering applications.

Established Customer Relationships: Long-standing relationships and approvals from key industrial customers in sectors like automotive, which value reliability and product consistency.

Operational Efficiency: Continuous efforts to optimize production processes and manage costs in a competitive, capital-intensive industry.

Growth Drivers

Key factors that can drive growth for Kalyani Steels over the next 3-5 years include:

Growth in End-Use Industries: Revival and sustained growth in the automotive, auto-ancillary, engineering, and capital goods sectors in India.

Infrastructure Development: Government spending on infrastructure projects (railways, defense, heavy machinery) which directly or indirectly drive demand for special steels.

Capacity Expansion & Modernization: Any planned increases in production capacity or enhancements in technology to produce higher-grade steels.

Increasing Domestic Manufacturing: "Make in India" initiatives can boost demand for domestically produced special steels.

Shift to Value-Added Products: Continued focus on increasing the proportion of higher-margin, specialized steel grades in its product mix.

Risks

Major risks for Kalyani Steels include:

Raw Material Price Volatility: Fluctuations in the prices of iron ore, coking coal, and ferroalloys directly impact production costs and margins.

Energy Costs: Steel production is energy-intensive, making the company susceptible to volatility in power and fuel prices.

Economic Cyclicality: The steel industry is highly cyclical; economic slowdowns or downturns in key customer industries (e.g., automotive) can significantly impact demand and profitability.

Import Competition: Cheaper imports of steel from other countries can put pressure on domestic pricing and market share.

Environmental Regulations: Increasing environmental compliance costs and stringent regulations on emissions and waste management.

Capital Intensity: Expansion and modernization projects require significant capital expenditure, potentially leading to increased debt.

Management & Ownership

Kalyani Steels Ltd. is part of the Kalyani Group, a prominent Indian industrial conglomerate with interests in engineering, steel, and automotive components (e.g., Bharat Forge). The company is promoter-led, with the Kalyani family holding a significant stake. The management typically consists of experienced professionals within the steel and engineering domains, benefiting from the broader group's expertise and governance framework. Promoter ownership ensures strategic alignment and long-term vision but also concentration of control.

Outlook

Kalyani Steels operates in a foundational but cyclical industry. The bull case rests on India's sustained economic growth, particularly in manufacturing, automotive, and infrastructure sectors, which are primary consumers of its specialized steel products. Its focus on high-quality, value-added, and application-specific steels provides a degree of insulation from the volatility of commodity steel prices and enables it to command better margins. Furthermore, any strategic capacity expansion or continued technological upgrades could enhance its market position.

Conversely, the bear case is tied to macroeconomic headwinds such as an economic slowdown affecting industrial demand, sharp and sustained increases in raw material and energy costs, or intensified import competition. The inherent cyclicality of the steel sector means that profitability can be volatile. Despite these challenges, its niche positioning in specialized steels and strong promoter backing provide a degree of resilience, balancing the outlook towards cautious optimism driven by domestic industrial growth.

Kalyani Steels Share Price

Live · BSE / NSE · Inception: 1973
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Kalyani Steels Quarterly Results

#(Fig in Cr.) Mar 2022 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 449 461 492 484 544 443 456 462 484 465
Other Income 15 13 15 13 14 15 15 15 15 16
Total Income 464 475 507 497 558 458 471 477 499 480
Total Expenditure 352 382 396 401 430 357 371 371 385 373
Operating Profit 111 92 111 97 128 101 101 106 114 107
Interest 3 4 5 6 4 3 2 2 1 2
Depreciation 12 16 16 16 16 15 15 14 14 14
Exceptional Income / Expenses 0 0 0 0 0 0 0 -7 -1 0
Profit Before Tax 96 72 90 75 108 83 84 83 98 92
Provision for Tax 23 20 23 19 28 21 21 22 26 24
Profit After Tax 73 52 67 56 80 62 63 62 72 68
Adjustments -4 -0 -0 0 -0 -0 0 0 0 0
Profit After Adjustments 70 52 67 56 80 62 63 62 72 68
Adjusted Earnings Per Share 15.9 11.9 15.4 12.9 18.3 14.1 14.3 14.2 16.4 15.6

Kalyani Steels Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 1180 1257 1345 1407 1199 1188 1706 1959 1982 1846 1867
Other Income 61 14 17 14 23 43 52 47 55 60 61
Total Income 1242 1271 1363 1420 1222 1231 1758 2006 2037 1906 1927
Total Expenditure 1004 970 1141 1195 1005 925 1368 1588 1609 1484 1500
Operating Profit 238 301 221 226 217 306 390 418 428 421 428
Interest 12 10 9 7 10 7 13 26 19 9 7
Depreciation 52 52 37 38 43 44 46 61 63 57 57
Exceptional Income / Expenses 0 0 0 12 0 0 0 2 0 -8 -8
Profit Before Tax 174 239 175 192 165 255 331 333 346 348 357
Provision for Tax 60 83 60 60 31 65 83 84 90 90 93
Profit After Tax 113 156 115 131 134 190 248 249 256 258 265
Adjustments -0 0 0 0 3 0 -4 -0 -0 -0 0
Profit After Adjustments 113 156 116 132 137 190 244 249 256 258 265
Adjusted Earnings Per Share 26 35.8 26.5 30.2 31.3 43.6 55.9 57 58.7 59.1 60.5

Kalyani Steels Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 589 701 785 890 963 1153 1367 1680 1891 2105
Minority's Interest 0 -5 -5 -6 -4 -4 0 0 0 0
Borrowings 110 65 24 7 5 23 190 83 0 0
Other Non-Current Liabilities 153 60 54 51 45 39 33 45 51 91
Total Current Liabilities 404 541 423 389 355 439 668 765 789 800
Total Liabilities 1256 1362 1280 1332 1365 1650 2258 2573 2732 2996
Fixed Assets 545 436 437 423 418 382 358 734 678 627
Other Non-Current Assets 165 201 181 180 160 240 342 467 513 660
Total Current Assets 546 724 662 729 786 1028 1558 1373 1541 1709
Total Assets 1256 1362 1280 1332 1365 1650 2258 2573 2732 2996

Kalyani Steels Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 8 8 24 33 21 15 11 11 19 14
Cash Flow from Operating Activities 160 152 191 286 257 62 362 323 382 141
Cash Flow from Investing Activities -255 -38 -77 -116 -183 -226 -474 -304 -135 -105
Cash Flow from Financing Activities 97 -98 -105 -181 -80 160 123 -10 -252 -42
Net Cash Inflow / Outflow 2 16 10 -12 -6 -3 11 9 -5 -6
Closing Cash & Cash Equivalent 9 24 33 21 15 11 22 19 14 8

Kalyani Steels Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 25.99 35.79 26.48 30.17 31.29 43.59 55.93 56.99 58.7 59.07
CEPS(Rs) 37.87 47.63 34.93 38.9 40.5 53.63 67.26 70.91 73.22 72.14
DPS(Rs) 0 5 5 5 5 7.5 10 10 10 10
Book NAV/Share(Rs) 134.92 160.58 179.74 203.91 220.6 264.19 313.24 384.8 433.28 482.17
Core EBITDA Margin(%) 12.14 20.36 14.7 15.08 16.17 22.15 19.84 18.93 18.82 19.58
EBIT Margin(%) 12.77 17.64 13.27 14.16 14.55 22.04 20.17 18.31 18.41 19.31
Pre Tax Margin(%) 11.94 16.92 12.61 13.64 13.75 21.44 19.38 16.99 17.47 18.85
PAT Margin (%) 7.79 11.05 8.3 9.34 11.18 15.99 14.52 12.69 12.93 13.97
Cash Profit Margin (%) 11.36 14.74 10.99 12.07 14.74 19.71 17.21 15.79 16.13 17.06
ROA(%) 9.57 11.91 8.73 10.06 9.95 12.6 12.68 10.3 9.66 9
ROE(%) 19.75 24.17 15.52 15.69 14.47 17.95 19.65 16.33 14.35 12.91
ROCE(%) 21.55 26.72 19.33 21.23 18.53 22.82 22.69 18.02 15.85 14.52
Receivable days 60.43 104.93 110.64 88.9 82.86 74.44 60.64 68.76 78.46 91.73
Inventory Days 33.84 31.56 32.41 34.53 42.68 37.62 36 46.98 53.97 57.8
Payable days 106.8 117.1 102.53 79.66 85.46 83.55 59.1 51.54 49.98 58.79
PER(x) 6.48 10.11 11.19 7.13 4.03 7.31 5.3 14.98 12.99 9.77
Price/Book(x) 1.25 2.25 1.65 1.06 0.57 1.21 0.95 2.22 1.76 1.2
Dividend Yield(%) 0 1.38 1.69 2.32 3.97 2.35 3.38 1.17 1.31 1.73
EV/Net Sales(x) 0.89 1.43 1.07 0.66 0.16 0.79 0.39 1.93 1.52 1.18
EV/Core EBITDA(x) 4.43 5.99 6.48 4.11 0.9 3.07 1.69 9.03 7.05 5.15
Net Sales Growth(%) 16.45 6.52 6.97 4.57 -14.76 -0.91 43.6 14.86 1.14 -6.88
EBIT Growth(%) 516.48 33.85 -25.96 8.1 -12.38 50.06 31.44 4.3 1.66 -2.31
PAT Growth(%) 3069.04 37.38 -26.06 13.99 2.06 41.69 30.39 0.43 3 0.63
EPS Growth(%) 3068.76 37.71 -26.01 13.94 3.72 39.29 28.31 1.9 3 0.64
Debt/Equity(x) 0.56 0.35 0.22 0.03 0 0.15 0.25 0.35 0.23 0.23
Current Ratio(x) 1.35 1.34 1.56 1.88 2.21 2.34 2.33 1.79 1.95 2.14
Quick Ratio(x) 1.08 1.09 1.3 1.48 1.86 2.07 2.01 1.42 1.57 1.78
Interest Cover(x) 15.39 24.38 19.91 27.27 18.16 36.92 25.5 13.9 19.65 41.26
Total Debt/Mcap(x) 0.44 0.16 0.14 0.03 0.01 0.12 0.26 0.16 0.13 0.19

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -7% +3% +9% —
Operating Profit CAGR -2% +3% +14% —
PAT CAGR +1% +1% +14% —
Share Price CAGR +12% +28% +20% +11%
ROE Average +13% +15% +16% +17%
ROCE Average +15% +16% +19% +20%

Kalyani Steels Shareholding Pattern

Latest · Sep 2026
100% held
Promoters 64.7 %
FII 1.91 %
DII (MF + Insurance) 10.66 %
Public (retail) 22.73 %
# Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
Promoter 64.764.764.764.764.764.764.764.764.764.7
FII 2.452.112.662.171.771.861.781.821.771.91
DII 12.0412.1310.8410.510.5510.7411.111.1411.4810.66
Public 20.8121.0521.822.6322.9822.722.4222.3322.0522.73
Others 0000000000
Total 100100100100100100100100100100

Kalyani Steels Peer Comparison

Steel & Iron Products Edit Columns

Kalyani Steels Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

See more…

Kalyani Steels Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Debtor days have increased from 49.98 to 58.79days.
Want to Start Investing in Top Unlisted Stocks?

Our experts help you choose the right stocks based on performance, risk, and growth potential.

whatsapp