KSL

Kalyani Steels Limited

Alloy and engineered steels for automotive and industrial customers

Industrials›Capital Goods›Industrial Products›Iron & Steel Products

kalyanisteels.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹947.40
Market cap
4,137 Cr
Stock P/E
15.6
P/B
1.96
Dividend yield
1.1%
ROE (FY26)
12.3%
ROCE (FY26)
13.8%
Operating margin (FY26)
16.5%
Debt / equity (FY26)
0.23
OCF / EBITDA (FY26)
39.0%
OCF / EBITDA (3Y)
74.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

KSL (Kalyani Steels) makes forging and engineering quality carbon and alloy steels in India, which is its only operating segment.

Company snapshot

20thBy market cap

Ranked among 64 companies in Iron & Steel Products.

What we see

Positives
  • ✓Debt-to-equity of 0.23x — the company is largely funded by its own money, not borrowed funds.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2021Dec 2021Mar 2022Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales461 Cr407 Cr449 Cr461 Cr492 Cr484 Cr544 Cr443 Cr456 Cr462 Cr484 Cr465 Cr
Operating expenses (approx.)375 Cr346 Cr352 Cr382 Cr396 Cr401 Cr430 Cr357 Cr371 Cr371 Cr385 Cr373 Cr
EBITDA86 Cr61 Cr97 Cr79 Cr96 Cr83 Cr114 Cr85 Cr85 Cr92 Cr99 Cr91 Cr
OPM %18.6%14.9%21.5%17.2%19.5%17.2%21.0%19.3%18.7%19.8%20.4%19.7%
Other income13 Cr12 Cr15 Cr13 Cr15 Cr13 Cr14 Cr15 Cr15 Cr15 Cr15 Cr16 Cr
Interest4 Cr4 Cr3 Cr4 Cr5 Cr6 Cr4 Cr3 Cr2 Cr2 Cr1 Cr2 Cr
Depreciation11 Cr12 Cr12 Cr16 Cr16 Cr16 Cr16 Cr15 Cr15 Cr14 Cr14 Cr14 Cr
Profit before tax83 Cr58 Cr96 Cr72 Cr90 Cr75 Cr108 Cr83 Cr84 Cr83 Cr98 Cr92 Cr
Tax %25.8%26.2%23.7%27.9%25.4%25.2%25.8%25.7%25.3%25.8%26.5%25.7%
Net profit62 Cr43 Cr73 Cr52 Cr67 Cr56 Cr80 Cr62 Cr63 Cr62 Cr72 Cr68 Cr
EPS (₹)₹14.16₹9.80₹15.95₹11.96₹15.44₹12.93₹18.37₹14.13₹14.33₹14.19₹16.42₹15.63

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2024Mar 2025Mar 2026TTM
Sales1,411 Cr1,387 Cr1,407 Cr1,199 Cr1,188 Cr1,706 Cr1,959 Cr1,982 Cr1,846 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,123 Cr1,183 Cr1,194 Cr1,005 Cr925 Cr1,368 Cr1,588 Cr1,609 Cr1,484 CrSign in free for the trailing twelve months
EBITDA287 Cr204 Cr212 Cr194 Cr263 Cr338 Cr371 Cr373 Cr361 CrSign in free for the trailing twelve months
OPM %20.4%14.7%15.1%16.2%22.2%19.8%18.9%18.8%19.6%Sign in free for the trailing twelve months
Other income14 Cr17 Cr13 Cr23 Cr43 Cr52 Cr47 Cr55 Cr60 CrSign in free for the trailing twelve months
Interest10 Cr9 Cr7 Cr10 Cr7 Cr13 Cr26 Cr19 Cr9 CrSign in free for the trailing twelve months
Depreciation52 Cr37 Cr38 Cr43 Cr44 Cr46 Cr61 Cr63 Cr57 CrSign in free for the trailing twelve months
Profit before tax239 Cr175 Cr192 Cr165 Cr255 Cr331 Cr333 Cr346 Cr348 CrSign in free for the trailing twelve months
Tax %34.7%34.1%31.5%18.7%25.4%25.1%25.3%26.0%25.9%Sign in free for the trailing twelve months
Net profit156 Cr115 Cr131 Cr134 Cr190 Cr248 Cr249 Cr256 Cr258 CrSign in free for the trailing twelve months
EPS (₹)₹35.79₹26.48₹30.17₹31.29₹43.59₹55.93₹56.99₹58.70₹59.07Sign in free for the trailing twelve months
Dividend payout %————0.0%13.2%17.5%17.0%16.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2024Mar 2025Mar 2026
Equity capital22 Cr22 Cr22 Cr22 Cr22 Cr22 Cr22 Cr22 Cr22 Cr
Reserves679 Cr763 Cr868 Cr941 Cr1,131 Cr1,346 Cr1,658 Cr1,870 Cr2,083 Cr
Borrowings196 Cr133 Cr7 Cr5 Cr173 Cr340 Cr596 Cr438 Cr475 Cr
Other liabilities470 Cr367 Cr440 Cr400 Cr328 Cr551 Cr297 Cr403 Cr416 Cr
Total liabilities1,362 Cr1,280 Cr1,332 Cr1,365 Cr1,650 Cr2,258 Cr2,573 Cr2,732 Cr2,996 Cr
Fixed assets (net)432 Cr434 Cr420 Cr417 Cr382 Cr358 Cr734 Cr677 Cr627 Cr
CWIP7 Cr7 Cr7 Cr5 Cr11 Cr154 Cr381 Cr429 Cr560 Cr
Investments226 Cr272 Cr359 Cr177 Cr144 Cr147 Cr41 Cr3 Cr11 Cr
Loans & advances———0.02 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Inventories135 Cr112 Cr154 Cr126 Cr119 Cr218 Cr287 Cr299 Cr285 Cr
Trade receivables465 Cr377 Cr309 Cr236 Cr249 Cr318 Cr421 Cr431 Cr496 Cr
Cash & bank24 Cr33 Cr21 Cr15 Cr11 Cr22 Cr19 Cr14 Cr77 Cr
Other assets73 Cr44 Cr61 Cr388 Cr735 Cr1,040 Cr691 Cr877 Cr940 Cr
Total assets1,362 Cr1,280 Cr1,332 Cr1,365 Cr1,650 Cr2,258 Cr2,573 Cr2,732 Cr2,996 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2024Mar 2025Mar 2026
Cash from operating activity152 Cr192 Cr286 Cr240 Cr55 Cr362 Cr302 Cr382 Cr141 Cr
Cash from investing-38 Cr-77 Cr-116 Cr-168 Cr-219 Cr-474 Cr-283 Cr-135 Cr-105 Cr
Cash from financing-98 Cr-105 Cr-181 Cr-78 Cr160 Cr123 Cr-10 Cr-252 Cr-42 Cr
Net cash flow16 Cr10 Cr-12 Cr-6 Cr-3 Cr11 Cr9 Cr-5 Cr-6 Cr
Free cash flow (OCF − Capex)138 Cr159 Cr264 Cr222 Cr39 Cr187 Cr-258 Cr357 Cr79 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2024Mar 2025Mar 2026
ROCE %27.9%20.2%22.3%18.1%19.8%20.2%15.8%15.7%13.8%
ROE %22.4%14.8%14.9%14.2%16.6%17.9%14.8%13.5%12.3%
Debtor days1209980727668787998
Inventory days95607079798295105108
Days payable173100150195157068107102
Cash conversion cycle4259-0-45-115010577104
OCF / EBITDA %52.9%94.1%134.6%123.8%21.0%106.9%81.3%102.4%39.0%
OCF / EBITDA % (3 years)——89.5%117.6%86.8%82.6%——74.6%
Debt / equity0.280.170.00840.00480.150.250.350.230.23
Current ratio1.341.561.882.152.342.331.761.952.14
Net debt / EBITDA0.600.49-0.06-0.050.620.941.551.131.10