Kalyani Steels Ltd

Kalyani Steels is primarily engaged in the business of manufacture and sale of Iron and Steel Products.(Source : 201903 Annual Report Page No: 54)

Add ratio:

Pros:

Company has reduced debt.

Company is virtually debt free.

Stock is trading at 0.92 times its book value

Cons:

The company has delivered a poor growth of 4.74% over past five years.

Peer comparison Sector: Steel // Industry: Steel - Medium / Small

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Detailed Comparison with:

	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
	335	315	337	357	325	386	374	322	343	303	281	272
	286	266	288	302	273	333	331	267	282	259	230	233
Operating Profit	50	49	49	55	51	53	43	54	62	44	50	39
OPM %	15%	16%	15%	15%	16%	14%	11%	17%	18%	15%	18%	14%
	4	2	8	4	1	2	19	15	5	4	7	8
Interest	2	2	2	3	1	2	2	2	2	2	2	2
Depreciation	10	9	9	10	9	10	10	10	9	11	11	11
Profit before tax	42	40	46	46	43	43	50	56	55	35	44	33
Tax %	34%	34%	33%	36%	34%	34%	31%	28%	33%	-28%	27%	31%
Net Profit	27	27	31	30	28	29	35	41	37	45	32	23
EPS in Rs	6.29	6.11	7.06	6.87	6.42	6.54	7.93	9.36	8.39	10.34	7.41	5.27
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	930	963	1,021	1,236	976	809	1,116	1,226	1,180	1,257	1,345	1,407	1,199
	847	952	959	1,134	934	732	987	1,059	945	970	1,142	1,194	1,004
Operating Profit	83	11	63	102	43	77	129	167	235	288	203	212	195
OPM %	9%	1%	6%	8%	4%	9%	12%	14%	20%	23%	15%	15%	16%
	60	51	45	17	27	7	12	2	3	13	17	25	23
Interest	19	28	26	21	21	22	17	15	12	10	9	7	8
Depreciation	19	32	31	29	26	24	34	31	52	52	37	38	43
Profit before tax	105	1	50	69	22	38	89	124	174	239	175	192	168
Tax %	25%	-128%	14%	20%	2%	37%	35%	33%	35%	35%	34%	31%
Net Profit	79	3	43	55	22	24	59	83	114	156	115	132	137
EPS in Rs	17.44	0.76	9.68	12.19	4.88	5.20	12.89	19.05	25.97	35.79	26.27	30.20	31.41
Dividend Payout %	22%	0%	13%	16%	20%	27%	22%	0%	0%	14%	19%	17%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	44	44	22	22	22	22	22	22	22	22	22	22	22
Reserves	469	472	255	300	317	333	376	454	568	680	763	869	942
Borrowings	225	248	208	257	227	170	206	219	327	239	169	18	0
	387	303	336	218	232	311	430	390	338	421	325	469	400
Total Liabilities	1,125	1,067	821	797	798	836	1,035	1,084	1,255	1,361	1,278	1,377	1,364
	260	255	235	214	191	337	339	442	488	436	437	422	418
CWIP	26	15	2	12	60	14	10	13	0	5	5	5	5
Investments	229	337	89	83	69	49	31	77	249	234	280	366	177
	611	460	494	487	479	436	654	552	517	686	557	584	763
Total Assets	1,125	1,067	821	797	798	836	1,035	1,084	1,255	1,361	1,278	1,377	1,364

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	-71	98	98	37	100	132	39	114	161	152	191	286
	-36	-67	-25	-27	-39	-87	-43	-107	-255	-38	-77	-100
	105	-28	-65	-6	-60	-55	12	-19	97	-98	-105	-181
Net Cash Flow	-1	3	8	3	1	-10	8	-12	2	16	10	5

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	18%	3%	10%	17%	7%	11%	19%	21%	23%	27%	19%	20%
Debtor Days	83	51	81	74	74	81	108	98	107	135	102	92
Inventory Turnover	5.01	4.73	5.09	6.75	5.36	4.19	4.29	4.13	3.93	5.57	6.83	6.53

Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
60.60	60.60	60.60	64.71	64.71	64.71	64.71	64.71	64.71	64.71	64.71	64.71
2.88	3.63	2.88	2.52	2.10	1.94	1.88	1.83	1.82	1.65	1.78	2.18
2.78	2.08	2.19	2.41	2.47	2.41	2.40	2.60	3.11	3.56	3.62	3.57
33.73	33.69	34.32	30.36	30.72	30.94	31.01	30.86	30.35	30.08	29.89	29.54