Kalyani Steels Ltd

₹ 657 1.25%

10 Apr - close price

About

Kalyani Steels Ltd, a part of Kalyani Group, is primarily engaged in the business of manufacture and sale of Iron and Steel Products. ^[1]^[2]

Key Points

Products
The product portfolio of the Co consists of camshafts, connecting rods, gears, transmission shafts, axle beams, steering knuckles, etc for Automotive Industry, round casts for Seamless Tube Industry, rolled bars for Engineering Applications, etc. ^[1]

Website BSE NSE

Market Cap ₹ 2,867 Cr.
Current Price ₹ 657
High / Low ₹ 989 / 574
Stock P/E 10.6
Book Value ₹ 452
Dividend Yield 1.52 %
ROCE 15.8 %
ROE 14.3 %
Face Value ₹ 5.00

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Pros

Company has reduced debt.

Cons

The company has delivered a poor sales growth of 10.6% over past five years.
Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Iron & Steel Products

Part of BSE Allcap BSE Industrials

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	368	377	390	461	407	449	461	492	484	544	443	456	462
	284	274	294	375	346	352	382	396	401	430	357	371	371
Operating Profit	84	104	96	86	61	97	79	96	83	114	85	85	92
OPM %	23%	27%	25%	19%	15%	22%	17%	20%	17%	21%	19%	19%	20%
	9	12	12	13	12	15	13	15	13	14	15	15	8
Interest	1	3	3	4	4	3	4	5	6	4	3	2	2
Depreciation	11	11	11	11	12	12	16	16	16	16	15	15	14
Profit before tax	81	102	93	83	58	96	72	90	76	108	83	84	83
Tax %	25%	26%	25%	26%	26%	24%	28%	25%	25%	26%	26%	25%	26%
	60	76	70	62	43	73	52	67	56	80	62	63	62
EPS in Rs	13.86	17.34	16.02	14.15	9.80	15.95	11.96	15.44	12.93	18.37	14.13	14.33	14.19
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2007	Mar 2008	Mar 2009	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	TTM
	885	950	989	1,180	1,257	1,345	1,407	1,199	1,188	1,706	1,959	1,982	1,906
	779	868	978	1,004	970	1,141	1,194	1,005	925	1,368	1,588	1,609	1,529
Operating Profit	106	83	11	177	287	204	212	194	263	338	371	373	377
OPM %	12%	9%	1%	15%	23%	15%	15%	16%	22%	20%	19%	19%	20%
	69	57	51	61	14	17	25	23	43	52	49	55	52
Interest	26	19	28	12	10	9	7	10	7	13	26	19	11
Depreciation	18	19	32	52	52	37	38	43	44	46	61	63	59
Profit before tax	131	102	2	174	239	175	192	165	255	331	333	346	358
Tax %	27%	25%	-112%	35%	35%	34%	32%	19%	25%	25%	25%	26%
	96	88	4	113	156	115	131	134	190	248	249	256	266
EPS in Rs	21.93	20.04	0.82	25.99	35.79	26.48	30.17	31.29	43.59	55.93	56.99	58.70	61.02
Dividend Payout %	18%	20%	0%	0%	0%	19%	17%	16%	17%	18%	18%	17%

Compounded Sales Growth
10 Years:	%
5 Years:	11%
3 Years:	5%
TTM:	1%

Compounded Profit Growth
10 Years:	%
5 Years:	14%
3 Years:	1%
TTM:	3%

Stock Price CAGR
10 Years:	15%
5 Years:	14%
3 Years:	27%
1 Year:	-10%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2007	Mar 2008	Mar 2009	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Sep 2025
Equity Capital	44	44	44	22	22	22	22	22	22	22	22	22	22
Reserves	452	519	516	567	679	763	868	941	1,131	1,346	1,658	1,870	1,949
	82	226	249	327	245	176	25	5	173	340	596	438	428
	386	393	307	340	416	320	416	397	324	551	297	403	424
Total Liabilities	964	1,182	1,115	1,256	1,362	1,280	1,332	1,364	1,650	2,258	2,573	2,732	2,823
	180	261	256	545	436	437	423	418	382	358	734	678	652
CWIP	47	26	15	3	7	7	7	5	11	154	381	429	490
Investments	311	279	382	181	226	272	359	177	144	147	41	3	3
	426	616	463	527	692	563	543	763	1,113	1,597	1,418	1,622	1,677
Total Assets	964	1,182	1,115	1,256	1,362	1,280	1,332	1,364	1,650	2,258	2,573	2,732	2,823

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2007	Mar 2008	Mar 2009	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025
	73	-66	98	160	152	191	286	257	62	362	323	382
	-83	-40	-66	-255	-38	-77	-116	-183	-226	-474	-304	-135
	7	105	-28	97	-98	-105	-181	-80	160	123	-10	-252
Net Cash Flow	-4	-1	3	2	16	10	-12	-6	-3	11	9	-5
Free Cash Flow	34	-146	81	76	139	158	264	223	46	187	-253	357
CFO/OP	104%	-57%	1,022%	120%	84%	124%	163%	159%	48%	133%	108%	125%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2007	Mar 2008	Mar 2009	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025
Debtor Days	67	82	50	107	135	102	80	72	77	68	78	79
Inventory Days	65	100	83	90	81	53	71	74	71	82	93	95
Days Payable	175	130	63	120	147	88	153	184	140	172	67	97
Cash Conversion Cycle	-43	53	70	77	69	67	-1	-39	7	-22	105	78
Working Capital Days	33	102	71	30	27	24	26	11	-11	-18	4	1
ROCE %	30%	18%	4%		27%	19%	20%	18%	23%	23%		16%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Rolled Products Sales Volume
Tonnes ・Standalone data

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						xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
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Total Steel Sales Volume (Manufactured)
Tonnes ・Standalone data

Sales to Group Companies
%

PBILDT per Tonne
INR

Annual Production Capacity (KSL Share)
Metric Tonnes ・Standalone data

Shareholding Pattern

Numbers in percentages

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%
	2.89%	2.85%	2.73%	2.71%	2.54%	2.45%	2.11%	2.66%	2.18%	1.76%	1.86%	1.78%
	9.04%	9.26%	8.75%	9.37%	12.18%	12.03%	12.13%	10.83%	10.49%	10.54%	10.74%	11.10%
	23.39%	23.18%	23.81%	23.21%	20.59%	20.82%	21.06%	21.80%	22.63%	22.98%	22.70%	22.42%
No. of Shareholders	42,390	41,836	42,757	42,135	45,777	46,153	47,179	44,048	44,429	47,214	47,085	45,854

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	60.60%	64.71%	64.71%	64.71%	64.71%	64.71%	64.70%	64.70%	64.70%	64.70%
	2.12%	2.52%	1.83%	2.18%	2.39%	0.00%	2.89%	2.54%	2.18%	1.78%
	3.18%	2.41%	2.60%	3.57%	7.23%	9.13%	9.04%	12.18%	10.49%	11.10%
	34.10%	30.36%	30.86%	29.54%	25.67%	26.15%	23.39%	20.59%	22.63%	22.42%
No. of Shareholders	43,017	51,082	49,965	46,393	42,583	44,496	42,390	45,777	44,429	45,854

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Kalyani Steels Ltd

Kalyani Steels Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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