Kalyani Steels Limited
NSE: KSL · Iron & Steel Products · sector
₹869.00NSE close 2026-10-26
Key numbers
Market cap₹3,800 cr
Price₹869.00
52w high / low₹1,033 / ₹574
P/E14.3xSector median 15.5x
P/B1.8xSector median 1.7x
Book value₹481.4
Dividend yield1.15%Sector median 0.60%
ROE13.2%Sector median 11.1%
ROCE14.1%Sector median 11.9%
OPM19.2%Sector median 6.7%
Debt / equity0.23xSector median 0.21x
EV/EBITDA9.6xSector median 11.8x
Interest cover46.8x
Current ratio2.14x
Sales growth 3y-0.9%Sector median +2.1%
Profit growth 3y+15.6%Sector median +13.0%
PEG0.92x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 118 companies in Iron & Steel Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹825 cr vs borrowings ₹475 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 46.8x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 2 of the last 5 years (FY26, FY23).
- Revenue was higher than a year earlier in 1 of the last 4 quarters.
- Other income was 23% of net profit in the last 12 months.
- Debtor days went from 78 (FY24) to 98 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹869.00 on 2026-10-26: -15.9% from the 52-week high, +51.4% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹1,233.15 · low ₹611.05
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 492 | 484 | 544 | 443 | 456 | 462 | 484 | 465 |
| EBITDA | 96 | 83 | 114 | 85 | 85 | 85 | 98 | 91 |
| OPM % | 19.5% | 17.2% | 21.0% | 19.3% | 18.7% | 18.3% | 20.2% | 19.7% |
| Other income | 15 | 13 | 14 | 15 | 15 | 15 | 15 | 16 |
| Net profit | 67 | 56 | 80 | 62 | 63 | 62 | 72 | 68 |
| EPS (₹) | 15.44 | 12.93 | 18.37 | 14.13 | 14.33 | 14.19 | 16.42 | 15.63 |
| Revenue YoY | -7.3% | -4.5% | -11.0% | +4.9% | ||||
| Profit YoY | -7.2% | +9.8% | -10.6% | +10.7% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,706 | 1,899 | 1,959 | 1,982 | 1,846 | 1,867 |
| EBITDA | 338 | 246 | 373 | 373 | 353 | 359 |
| Net profit | 244 | 167 | 249 | 256 | 258 | 264 |
| EPS (₹) | 55.93 | 38.26 | 0.00 | 58.70 | 59.07 | 60.57 |
| Revenue growth | +11.3% | +3.2% | +1.1% | -6.9% | -4.9% | |
| Profit growth | -31.6% | +48.9% | +3.0% | +0.6% | -0.5% | |
| Dividend / share (₹) | 7.50 | 10.00 | 10.00 | 10.00 | 10.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -1.0% | +9.2% | -4.9% |
| Net profit | +15.6% | +6.3% | -0.5% |
| EPS | +15.6% | +6.3% | – |
| Share price | – | +7.3% (2y) | +9.7% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 1,489 | 1,680 | 1,891 | 2,105 |
| Borrowings | – | 506 | 596 | 438 | 475 |
| Cash & equivalents | – | 749 | 588 | 748 | 825 |
| Total assets | – | 2,351 | 2,573 | 2,732 | 2,996 |
| Fixed assets | – | 599 | 734 | 677 | 627 |
| Capital work in progress | – | 18 | 381 | 429 | 560 |
| Investments | – | 0 | 0 | 3 | 11 |
| Receivables | – | 405 | 421 | 431 | 496 |
| Inventory | – | 324 | 287 | 299 | 285 |
| Payables | – | 262 | 206 | 304 | 269 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 362 | -126 | 302 | 382 | 141 |
| Cash from investing | -474 | 153 | -283 | -135 | -105 |
| Cash from financing | 123 | -39 | -10 | -252 | -42 |
| Capex | 175 | 111 | 560 | 25 | 61 |
| Free cash flow | 187 | -237 | -258 | 357 | 79 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 11.2% | 14.8% | 13.5% | 12.3% |
| ROCE % | – | 12.7% | 15.8% | 15.7% | 13.8% |
| Debtor days | – | 78 | 78 | 79 | 98 |
| Inventory days | – | 100 | 93 | 95 | 102 |
| Payable days | – | 81 | 67 | 97 | 96 |
| Cash conversion cycle (days) | – | 97 | 104 | 77 | 104 |
| Working capital days | – | 177 | 110 | 138 | 180 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 64.70% |
| FIIs | 1.91% |
| DIIs | 10.66% |
| of which Mutual funds | 10.57% |
| Public (non-institutions) | 22.73% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 64.70% | 64.70% | 64.70% | 64.70% | 64.70% | 64.70% | 64.70% | 64.70% |
| Promoter group | % |
|---|---|
| BF Investment Limited | 39.06% |
| Sundaram Trading And Investment Pvt Ltd | 17.79% |
| Ajinkya Investment And Trading Company | 7.47% |
| KSMS Technologies Solutions Private Limited | 0.16% |
| Sunita Babasaheb Kalyani | 0.13% |
| Amit Babasaheb Kalyani | 0.07% |
| Sugandha J Hiremath | 0.01% |
| Ajinkyatara Trading Company Limited | 0.01% |
| Babasaheb Neelkanth Kalyani | 0.00% |
| Deeksha Amit Kalyani | 0.00% |
| Babasaheb Kalyani Family Trust | 0.00% |
| Public holders above 1% | % |
|---|---|
| Quant Mutual Fund A/C Quant Infrastructure Fund | 6.48% |
| Dsp Small Cap Fund | 3.89% |
43,964 shareholders. Pledged: 0.00% of promoter shares.
Peers in Iron & Steel Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WELCORP | ₹61,798 cr | 26.7x | 6.8x | 27.8% | 19.2% | 13.9% | +19.8% | 0.21% |
| APLAPOLLO | ₹57,703 cr | 46.9x | 10.9x | 25.9% | 30.1% | 8.0% | +12.6% | 0.28% |
| SHYAMMETL | ₹31,351 cr | 28.0x | 2.7x | 7.8% | 14.2% | 12.9% | +13.7% | 0.36% |
| RATNAMANI | ₹16,345 cr | 37.8x | 4.0x | 11.2% | 15.7% | 16.7% | +0.1% | 0.60% |
| JINDALSAW | ₹14,824 cr | 26.9x | 1.2x | 4.4% | 7.2% | 9.5% | +0.1% | 0.86% |
| USHAMART | ₹14,192 cr | 27.9x | 4.3x | 16.8% | 20.1% | 19.6% | +4.1% | 0.64% |
| GALLANTT | ₹12,989 cr | 31.9x | 3.7x | 12.4% | 14.2% | 13.8% | +3.1% | 0.08% |
| GPIL | ₹11,769 cr | 14.6x | 2.0x | 15.1% | 18.7% | 21.4% | -2.2% | 0.54% |
| JAYNECOIND | ₹8,607 cr | 12.5x | 2.6x | 23.4% | 25.6% | 18.9% | +4.0% | – |
| KSL | ₹3,800 cr | 14.3x | 1.8x | 13.2% | 14.1% | 19.2% | -0.9% | 1.15% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-31 | Dividend | Dividend - Rs 10 Per Share |
| 2025-08-11 | Dividend | Dividend - Rs 10 Per Sh |
| 2024-08-14 | Dividend | Dividend - Rs 10 Per Share |
| 2023-08-11 | Dividend | Annual General Meeting/Dividend - Rs 10 Per Share |
| 2022-07-22 | Dividend | Dividend - Rs 10 Per Share |
| 2021-08-26 | Dividend | Dividend - Rs 7.50 Per Share |
| 2020-03-12 | Dividend | Interin Dividend - Rs 5 Per Sh |
| 2019-08-16 | Dividend | Annual General Meeting/Dividend - Rs 5 Per Share |
| 2018-08-10 | Dividend | Annual General Meeting/Dividend- Rs 5 Per Share |
| 2017-07-24 | Dividend | Annual General Meeting/Dividend - Rs 5 Per Share |
| 2016-08-09 | Other | Annual General Meeting |
| 2015-08-11 | Other | Annual General Meeting |
| 2014-08-27 | Dividend | Annual General Meeting / Dividend - Rs 3/- Per Share |
| 2013-07-18 | Dividend | Annual General Meeting / Dividend - Rs 1.50/- Per Share |
| 2012-07-19 | Dividend | Annual General Meeting/ Dividend Re.1/- Per Share |
| 2011-08-04 | Dividend | Annual General Meeting And Dividend Rs.2/- Per Share |
| 2010-08-12 | Dividend | Annual General Meeting And Dividend Rs.1.25 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Manufacturing of forging and engineering quality carbon and alloy steel, pig iron and foundry coke
| Sector | Industrials |
| Industry | Iron & Steel Products |
| Sub-industry | Iron & Steel Products |
| Symbol | KSL |
| BSE code | 500235 |
| ISIN | INE907A01026 |
| Face value | ₹5.0 |
| Incorporated | 1973-02-28 |
| Website | www.kalyanisteels.com |
| Plants (India / abroad) | 1 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.