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Kalyani Steels Ltd (KSL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500235 NSE: KSL Steel & Iron Products | Small Cap | Kalyani Steels Share Price
₹966.70 -8.15 (-0.84%)
As on 25-Sep'26 16:59
Kalyani Steels Ltd (KSL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500235 NSE: KSL Steel & Iron Products | Small Cap | Kalyani Steels Share Price
₹966.70 -8.15 (-0.84%)
As on 25-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹4,220 Cr.
Current Price
₹966.7
52-Week Low / High
₹575 / 1,032
TTM EPS
₹60.6
TTM Sales
₹1,867 Cr.
Book Value per Share
₹497.8
P/E Ratio
15.96
Higher than its 5-year historical median
Industry PE
25.1
Price to Book (P/B)
1.94
Higher than its 5-year historical median
Price to Sales (P/S)
2.26
Higher than its 5-year historical median
EV/EBITDA
9.04
Higher than its 5-year historical median
Dividend Yield
1.03%
Profitability Efficiency
Return on Equity (ROE)
12.91%
Return on Capital Employed (ROCE)
14.52%
Return on Assets (ROA)
9.00%
Operating Profit Margin
19.7%
Net Profit Margin
13.97%
Gross Profit Margin
22.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-6.88%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-3.14%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
0.63%
Asset Quality
Promoter Holding
64.70%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,151 Cr.
Equity
₹21.8 Cr.
Face Value
₹5
All Time Low / High
₹1.57 / 1278.90
Check Before You Invest
Quality
Very GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is Kalyani Steels Ltd a good quality company?
Kalyani Steels Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Kalyani Steels Ltd performance compare with that of its Peers?
Revenue growth of Kalyani Steels Ltd vs industry peers?
Kalyani Steels Ltd revenue CAGR is 9.01%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Kalyani Steels Ltd?
Promoters hold 64.70% of the Kalyani Steels Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Kalyani Steels Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 11.2% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Kalyani Steels Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 26.8% | 19.4% | 21.4% | 18.8% | 22.9% | 21.7% | 13.3% | 16.7% | 15.6% | 14.4% | - |
| Value Creation Index ⓘ | 0.9 | 0.4 | 0.5 | 0.3 | 0.6 | 0.6 | -0.1 | 0.2 | 0.1 | 0.0 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,257 | 1,345 | 1,407 | 1,199 | 1,188 | 1,706 | 1,899 | 1,959 | 1,982 | 1,846 | 1,867 |
| Sales YoY Gr. | - | 7% | 4.6% | -14.8% | -0.9% | 43.6% | 11.3% | 3.2% | 1.1% | -6.9% | - |
| Adj EPS ⓘ | 34.5 | 25.9 | 27.7 | 34.7 | 42.6 | 55.7 | 43.7 | 56.4 | 58 | 59.7 | 60 |
| YoY Gr. | - | -25% | 7.1% | 25.3% | 22.5% | 30.8% | -21.5% | 29.1% | 2.8% | 3.1% | - |
| BVPS (₹) ⓘ | 160.8 | 179.8 | 204 | 220.8 | 264.4 | 313.2 | 341.2 | 387.5 | 436.3 | 481 | 496.5 |
| Adj Net Profit ⓘ | 151 | 113 | 121 | 152 | 186 | 243 | 191 | 246 | 253 | 261 | 262 |
| Cash Flow from Ops. ⓘ | 152 | 191 | 286 | 257 | 62.4 | 263 | -126 | 317 | 383 | 142 | - |
| Debt/CF from Ops. ⓘ | 1.6 | 0.9 | 0.1 | 0 | 2.7 | 1.7 | -4 | 1.9 | 1.1 | 3.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 4.4% | 9.2% | -1% | -6.9% | ||||
| Adj EPS ⓘ | 6.3% | 7% | 11% | 3.1% | ||||
| BVPSⓘ | 13% | 12.7% | 12.1% | 10.3% | ||||
| Share Price | 11.3% | 20.4% | 22% | 23.6% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 23.3 | 15.2 | 14.4 | 16.4 | 17.5 | 19.3 | 13.4 | 15.5 | 14.1 | 13 | 12.3 |
| Op. Profit Mgn % ⓘ | 22.9 | 15.1 | 15.1 | 18.2 | 22.2 | 19.9 | 14.7 | 18.9 | 18.9 | 19.7 | 19.7 |
| Net Profit Mgn % ⓘ | 12 | 8.4 | 8.6 | 12.7 | 15.6 | 14.2 | 10.1 | 12.6 | 12.8 | 14.1 | 14 |
| Debt to Equity ⓘ | 0.3 | 0.2 | 0 | 0 | 0.2 | 0.3 | 0.3 | 0.4 | 0.2 | 0.2 | - |
| Working Cap Days ⓘ | 152 | 156 | 133 | 137 | 137 | 129 | 150 | 151 | 144 | 165 | 131 |
| Cash Conv. Cycle ⓘ | 66 | 74 | 72 | 72 | 58 | 67 | 97 | 93 | 82 | 93 | 55 |
Valuation of Kalyani Steels - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,180 | 1,257 | 1,345 | 1,407 | 1,199 | 1,188 | 1,706 | 1,959 | 1,982 | 1,846 |
| Operating Expenses ⓘ + | 1,004 | 970 | 1,141 | 1,195 | 1,005 | 925 | 1,368 | 1,588 | 1,609 | 1,484 |
| Operating Profit ⓘ | 177 | 287 | 204 | 212 | 194 | 263 | 338 | 371 | 373 | 361 |
| Operating Profit Margin (%) | 15.0% | 22.8% | 15.2% | 15.1% | 16.2% | 22.2% | 19.8% | 18.9% | 18.8% | 19.6% |
| Other Income ⓘ + | 61 | 14 | 17 | 14 | 23 | 43 | 52 | 47 | 55 | 60 |
| Interest ⓘ | 12 | 10 | 9 | 7 | 10 | 7 | 13 | 26 | 19 | 9 |
| Depreciation ⓘ | 52 | 52 | 37 | 38 | 43 | 44 | 46 | 61 | 63 | 57 |
| Profit Before Tax ⓘ | 174 | 239 | 175 | 192 | 165 | 255 | 331 | 333 | 346 | 348 |
| Tax ⓘ | 60 | 83 | 60 | 60 | 31 | 65 | 83 | 84 | 90 | 90 |
| Profit After Tax | 113 | 156 | 115 | 131 | 134 | 190 | 248 | 249 | 256 | 258 |
| PAT Margin (%) | 9.6% | 12.4% | 8.6% | 9.3% | 11.2% | 16.0% | 14.5% | 12.7% | 12.9% | 14.0% |
| Adjusted EPS (₹) | 26.0 | 35.8 | 26.5 | 30.2 | 31.3 | 43.6 | 55.9 | 57.0 | 58.7 | 59.1 |
| Dividend Payout Ratio (%) | 0% | 14% | 18.90% | 16.60% | 16% | 17.20% | 17.90% | 17.60% | 17% | 16.90% |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 589 | 701 | 785 | 890 | 963 | 1,153 | 1,367 | 1,680 | 1,891 | 2,105 | |
| Debt + | 261 | 196 | 133 | 7 | 5 | 173 | 340 | 513 | 438 | 475 | |
| Minority Interest | 0 | -5 | -5 | -6 | -4 | -4 | 0 | 0 | 0 | 0 | |
| Trade Payables | 145 | 245 | 185 | 330 | 315 | 235 | 456 | 206 | 303 | 269 | |
| Others Liabilities ⓘ | 260 | 225 | 182 | 109 | 85 | 92 | 95 | 174 | 100 | 147 | |
| Total Liabilities ⓘ | 1,256 | 1,362 | 1,280 | 1,332 | 1,365 | 1,650 | 2,258 | 2,573 | 2,732 | 2,996 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 545 | 436 | 437 | 423 | 418 | 382 | 358 | 734 | 678 | 627 | |
| CWIP ⓘ | 3 | 7 | 7 | 7 | 5 | 11 | 154 | 381 | 429 | 560 | |
| Investments ⓘ | 181 | 226 | 272 | 359 | 177 | 144 | 147 | 41 | 3 | 11 | |
| Inventories | 109 | 135 | 112 | 154 | 126 | 119 | 218 | 287 | 299 | 285 | |
| Trade Receivables | 346 | 465 | 376 | 309 | 236 | 249 | 318 | 421 | 431 | 496 | |
| Cash Equivalents | 9 | 24 | 34 | 39 | 361 | 626 | 974 | 550 | 748 | 825 | |
| Others Assets ⓘ | 63 | 69 | 41 | 41 | 41 | 119 | 88 | 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 | |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 160 | 152 | 191 | 286 | 257 | 62 | 362 | 323 | 382 | 141 |
| Cash Flow From Investing Activity ⓘ + | -255 | -38 | -77 | -116 | -183 | -226 | -474 | -304 | -135 | -105 |
| Cash Flow From Financing Activity ⓘ + | 97 | -98 | -105 | -181 | -80 | 160 | 123 | -10 | -252 | -42 |
| Net Cash Flow ⓘ | 2 | 16 | 10 | -12 | -6 | -3 | 11 | 9 | -5 | -6 |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| 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 |
| Asset Turnover Ratio | 1.23 | 1.08 | 1.05 | 1.08 | 0.89 | 0.79 | 0.87 | 0.81 | 0.75 | 0.64 |
| PAT to CFO Conversion(x) | 1.42 | 0.97 | 1.66 | 2.18 | 1.92 | 0.33 | 1.46 | 1.3 | 1.49 | 0.55 |
| Working Capital Days | ||||||||||
| Receivable Days | 60.40 | 104.90 | 110.60 | 88.90 | 82.90 | 74.40 | 60.60 | 68.80 | 78.50 | 91.70 |
| Inventory Days | 33.80 | 31.60 | 32.40 | 34.50 | 42.70 | 37.60 | 36 | 47 | 54 | 57.80 |
| Payable Days | 106.80 | 117.10 | 102.50 | 79.70 | 85.50 | 83.60 | 59.10 | 51.50 | 50 | 58.80 |
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Kalyani Steels Ltd FAQs
The current trading price of Kalyani Steels on 25-Sep-2026 16:59 is ₹966.7.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Sep-2026 the market cap of Kalyani Steels stood at ₹4,219.9 Cr
The latest P/E ratio of Kalyani Steels as of 24-Sep-2026 is 16.12.
The latest P/B ratio of Kalyani Steels as of 24-Sep-2026 is 1.95.
The 52-week high of Kalyani Steels is ₹1,032 and the 52-week low is ₹575.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Kalyani Steels is ₹1,867 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Kalyani Steels Ltd is a good quality company.
The key valuation ratios of Kalyani Steels Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Kalyani Steels Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Kalyani Steels Ltd
Kalyani Steels (KSL), incorporated in 1973 is a part of the over $2.1 billion Kalyani Group. KSL’s corporate headquarters are located in Pune.
It is leading manufacturer of forging and engineering quality carbon and alloy steels using the Blast Furnace route. KSL is supplier for engineering, automotive, seamless tube and primary aluminium industry.
Over the years, Kalyani Steels has been continuously upgrading its technology and infrastructure. The facilities at KSL are at par with any sophisticated steel manufacturers in the world.In 1997, the Kalyani Group set up a new plant to manufacture steel using the less power intensive mini-blast furnace route. The new facility is at Ginigera in the Hospet-Bellary region of Karnataka state, where iron ore is abundantly available. This integrated steel complex has capacity of 400,000 tpa of carbon and alloy steels, which is being expanded to 650,000 tpa.
Although the forging industry in India is the primary market for the company’s products, markets of various components for commercial vehicles, two wheelers, diesel engines, bearings, tractors, turbines and rail also form a substantial part of the company’s clientele.
The company has national and international clients like Alcan Iceland, Caterpillar Inc, Ford, Volvo, Ashok Leyland, Jindal Saw, Automobile Axles, Indian Railway and Tata Motors, among others.
Products
KSL has earned the status of preferred steel supplier for engineering, automotive, seamless tube and primary aluminum industry.
Steels- KSL manufactures wide range of steel of different grades. It manufactures carbon alloy and special steel for automobile, oil engine manufacturing and forging sectors, seamless tubes and low electrical resistively steel for primary aluminium industry.
Pig iron- It manufactures pig iron catering to industries like steel making, casting and aluminium.
Awards/recognition
It is an ISO 9001-2000, ISO 14001 & TS 16949 :2002 certified company
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