Kalyani Steels financials and balance sheet

NSE: KSLBSE: 500235Industrial ProductsSmall Cap

₹859.05₹6.55 (0.76%)BSE ₹858.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹865.60.

52-week range of traded prices to 23 Oct 2026

₹574.00Low, 30 Mar 2026₹1,032.90High, 23 Sep 2026

Next results date: the board meets on 28 Oct 2026 to consider: financial results.

Market cap: ₹3,750 Cr941st largest listed
P/E: 14.2
P/B: 1.8
Dividend yield: 1.16%
ROE: 13.2%
ROCE: 12.1%
Debt to equity: 0.23
Volume, NSE: 1,43,61041.6% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Kalyani Steels annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹1,982 Cr, year to Mar 2025

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue1,846
Materials and goods−1,017
Employee costs−87
Other expenses−380
Operating profit361
Depreciation−57
Other income+56
One-off items−7.9
Finance costs−8.6
Profit before tax344
Tax−89
Net profit255

What the company owns

Plant, investments and other assets₹1,519 Cr
Cash and bank₹774 Cr
Receivables₹496 Cr
Inventory₹201 Cr

What pays for it: net worth and liabilities

Net worth₹2,100 Cr
Borrowings₹475 Cr
Owed to suppliers₹269 Cr
Other liabilities₹147 Cr

Profit and loss

Standalone, ₹ crore, years to March.Kalyani Steels quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 27 Jun	Mar 2021Filed 18 May	Mar 2022Filed 13 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 8 May
Revenue from operations	1,422	1,387	1,407	1,199	1,188	1,706	1,899	1,959	1,982	1,846
	1,136	1,184	1,194	1,004	925	1,367	1,654	1,588	1,609	1,484
Materials and goods bought	616	766	789	624	612	967	1,185	1,121	1,146	1,017
Employee costs	–	51	54	58	57	60	65	78	83	87
Other expenses	–	367	352	321	255	341	404	389	379	380
Operating profit before depreciation	287	203	212	195	263	339	246	371	373	361
Operating margin	20.2%	14.7%	15.1%	16.3%	22.2%	19.8%	12.9%	18.9%	18.8%	19.6%
Materials, % of revenue	–	55.2%	56.1%	52.1%	51.5%	56.7%	62.4%	57.2%	57.8%	55.1%
Employee costs, % of revenue	–	3.7%	3.8%	4.8%	4.8%	3.5%	3.4%	4.0%	4.2%	4.7%
Other expenses, % of revenue	–	26.5%	25.0%	26.8%	21.5%	20.0%	21.3%	19.9%	19.1%	20.6%
Depreciation and amortisation	52	37	38	43	44	46	49	61	63	57
Operating profit after depreciation	235	166	174	153	219	293	197	310	310	304
Other income	13	17	13	23	43	46	56	47	52	56
Finance costs	10	9	7	8	7	13	28	25	19	9
Profit before one-off items and tax	238	175	181	168	255	326	225	333	343	352
One-off items	–	–	12	0	0	0	0	0	0	−8
Profit before tax	238	175	193	168	255	326	225	333	343	344
	82	60	60	31	65	83	58	85	90	89
Current tax	–	61	64	47	68	89	63	81	86	88
Deferred tax	–	−1	−3	−17	−4	−6	−5	5	4	1
Net profit	156	115	132	137	190	243	167	247	253	255
Other comprehensive income	–	–	0	−11	0	3	−1	−2	4	−16
Total comprehensive income	–	–	132	126	190	246	166	246	257	239
Net margin	11.0%	8.3%	9.4%	11.4%	16.0%	14.2%	8.8%	12.6%	12.8%	13.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank.

Earlier years, Mar 2008 to Mar 2016

₹ crore	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016
Revenue from operations	982	993	1,058	1,237	990	809	1,116	1,227	1,180
	850	952	959	1,136	939	732	987	1,060	945
Materials and goods bought	485	767	752	934	619	457	559	585	441
Operating profit before depreciation	132	41	99	100	51	77	129	167	235
Operating margin	13.4%	4.1%	9.4%	8.1%	5.1%	9.5%	11.5%	13.6%	19.9%
Depreciation and amortisation	19	32	31	29	26	24	34	31	52
Operating profit after depreciation	112	9	68	71	25	53	95	136	184
Other income	11	21	8	16	22	7	12	3	3
Finance costs	19	28	26	18	30	22	17	15	12
Profit before one-off items and tax	–	1	50	69	17	38	89	124	174
One-off items	–	–	–	–	5	–	–	–	–
Profit before tax	105	1	50	69	22	38	89	124	174
Tax	26	−2	7	16	0	14	31	41	61
Net profit	79	3	43	55	22	24	59	83	114
Net margin	8.1%	0.3%	4.1%	4.4%	2.2%	3.0%	5.2%	6.8%	9.6%

Standalone, ₹ crore, years to March.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 20 May	Mar 2020Filed 27 Jun	Mar 2021Filed 18 May	Mar 2022Filed 13 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 8 May
	891	964	1,154	1,367	1,489	1,691	1,904	2,100
Share capital	22	22	22	22	22	22	22	22
Reserves	869	942	1,132	1,346	1,468	1,670	1,883	2,078
	0	0	168	340	506	596	438	475
Repayable after a year	0	0	18	190	185	83	0	0
Repayable within a year	0	0	150	150	321	513	438	475
	436	366	439	668	651	781	789	800
Trade payables	330	314	235	0	262	206	304	269
Other financial liabilities	37	38	28	494	41	34	23	32
Other liabilities	63	12	21	18	21	20	12	7
Provisions	2	2	2	2	2	3	5	8
Tax owed	3	0	3	3	4	6	8	9
	51	34	57	222	210	112	51	91
Other financial liabilities	–	0	7	–	4	0	21	58
Other liabilities	0	0	0	6	0	3	–	–
Provisions	4	4	4	5	5	5	6	8
Deferred tax	47	31	27	21	16	20	24	25
Total assets	1,377	1,364	1,650	2,258	2,351	2,584	2,745	2,990
	602	579	622	700	780	1,344	1,334	1,419
Plant in use, after depreciation	420	417	382	358	599	734	677	627
Plant being built	5	5	11	154	18	381	429	560
Intangible assets	2	1	1	0	0	0	0	0
Intangible assets being developed	–	0	–	0	0	–	0	0
Property held to earn rent	0	0	–	147	146	145	–	0
Investments	162	145	144	0	0	0	150	143
Loans given	7	7	79	0	0	0	0	0
Other financial assets	1	2	3	14	14	27	14	89
Deferred tax	0	0	0	–	–	1	1	0
Other assets	3	2	2	26	3	56	62	–
	776	786	1,028	1,558	1,570	1,241	1,411	1,571
Inventories	154	126	119	218	324	202	215	201
Trade receivables	356	236	249	318	405	421	431	496
Cash and cash equivalents	38	15	11	22	11	19	14	77
Other bank balances	1	346	615	952	739	522	690	697
Current investments	204	33	0	0	0	0	0	0
Loans given	0	0	0	0	0	0	0	0
Other financial assets	10	15	15	48	92	27	61	100
Other assets	14	16	19	0	–	50	–	–
Net debt	−242	−393	−458	−635	−243	55	−267	−299

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 18 May	Mar 2022Filed 13 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 8 May
	55	362	−126	302	383	142
	121	450	−62	380	466	228
	−150	110	−326	6	92	−127
Receivables	−13	−69	12	−16	−11	−65
Inventories	7	−99	−106	121	−12	14
Payables	−78	221	−196	−55	97	−36
Other working capital	−66	56	−36	−45	18	−40
Tax paid	−65	−88	−64	−79	−84	−87
Capital spending	16	175	111	560	25	61
Free cash flow	39	187	−237	−258	358	80
	−219	−474	153	−304	−136	−106
Plant and property sold	0	0	0	0	0	0
Companies bought	0	0	0	0	0	0
Interest received	30	38	51	49	43	54
Dividends received	0	0	0	0	0	0
	160	123	−39	12	−252	−42
Borrowings raised	168	169	52	88	−159	1,545
Borrowings repaid	0	0	0	0	0	−1,508
Interest paid	−8	−13	−47	−32	−50	−36
Dividends paid	0	33	44	44	44	44
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−3	11	−12	9	−5	−6

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.Kalyani Steels dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 27 Jun	Mar 2021Filed 18 May	Mar 2022Filed 13 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 8 May
Earnings per share	₹35.72	₹26.32	₹30.25	₹31.41	₹43.59	₹55.65	₹38.26	₹56.69	₹57.96	₹58.45
Diluted earnings per share	₹35.72	₹26.32	₹30.25	₹31.41	₹43.59	₹55.65	₹38.26	₹56.69	₹57.96	₹58.45
Dividend per share	₹5.00	₹5.00	₹5.00	₹5.00	₹7.50	₹10.00	₹10.00	₹10.00	₹10.00	₹10.00
Book value per share	–	–	₹203.66	₹220.44	₹263.95	₹312.72	₹340.62	₹386.81	₹435.52	₹480.15
Dividend payout	14.0%	19.0%	16.6%	15.9%	17.2%	18.0%	26.2%	17.7%	17.3%	17.1%
Shareholder yield	–	–	–	–	0.0%	2.5%	3.4%	1.2%	1.3%	1.7%
Market cap at the year end (₹ crore)	1,577	1,299	937	556	1,391	1,294	1,287	3,738	3,338	2,522

Ratios

Standalone, years to March.Kalyani Steels PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 27 Jun	Mar 2021Filed 18 May	Mar 2022Filed 13 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 8 May
Revenue growth	20.5%	−2.5%	1.4%	−14.8%	−0.9%	43.6%	11.3%	3.2%	1.1%	−6.9%
Operating profit growth	21.8%	−29.1%	4.5%	−8.0%	34.9%	28.5%	−27.4%	51.1%	0.5%	−3.1%
Net profit growth	37.3%	−26.3%	14.9%	3.8%	38.8%	27.6%	−31.2%	48.2%	2.3%	0.8%
Earnings per share growth	–	−26.3%	14.9%	3.8%	38.8%	27.7%	−31.2%	48.2%	2.2%	0.8%
	–	–	14.8%	14.8%	18.0%	19.3%	11.7%	15.6%	14.1%	12.7%
	–	–	–	0.0 pts	3.2 pts	1.3 pts	−7.6 pts	3.9 pts	−1.5 pts	−1.3 pts
From the net margin	–	–	–	3.2 pts	5.9 pts	−2.0 pts	−7.4 pts	5.1 pts	0.2 pts	1.2 pts
From asset turnover	–	–	–	−2.6 pts	−2.0 pts	1.7 pts	−0.7 pts	−0.6 pts	−1.0 pts	−2.1 pts
From borrowing	–	–	–	−0.7 pts	−0.7 pts	1.6 pts	0.5 pts	−0.6 pts	−0.7 pts	−0.4 pts
Return on capital employed	–	–	19.5%	15.8%	16.6%	17.1%	9.9%	13.6%	13.2%	11.8%
Cash conversion	–	–	–	–	29.1%	148.9%	−75.3%	121.9%	151.2%	55.6%
Interest cover	24.4	19.2	26.3	19.0	32.4	22.2	7.0	12.6	16.7	35.2
Debt to equity	–	–	0.00	0.00	0.15	0.25	0.34	0.35	0.23	0.23
Receivable days	–	–	92	72	77	68	78	78	79	98
Inventory days	–	–	71	74	71	82	100	66	68	72
Payable days	–	–	153	183	140	0	81	67	97	96
Cash conversion cycle, days	–	–	11	−38	7	150	97	77	51	74
Working capital days	–	–	25	8	35	14	94	80	65	93
Asset turnover	–	–	1.02	0.87	0.79	0.87	0.82	0.79	0.74	0.64
Assets per rupee of net worth	–	–	1.55	1.48	1.42	1.55	1.61	1.55	1.48	1.43
Sales per rupee of plant	–	–	3.35	2.87	3.11	4.77	3.17	2.67	2.93	2.94
Capital spending to depreciation	–	–	–	–	0.36	3.81	2.28	9.22	0.40	1.08
Plant being built, % of plant in use	–	–	1.2%	1.3%	2.8%	43.1%	3.0%	52.0%	63.4%	89.3%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 8.9%
Cash from operations against operating profit: 39.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	4.6%	9.2%	−1.0%
Profit growth, yearly rate	8.4%	6.0%	15.2%
Return on equity, average	–	14.7%	14.1%
Return on capital employed, average	–	13.1%	12.9%
Operating margin, average	17.8%	18.0%	19.1%
Net margin, average	11.8%	12.5%	13.1%
Asset turnover, average	–	0.78	0.73
Cash conversion cycle, days, average	–	90	67
Interest cover, average	21.5	18.7	21.5
Debt to equity, average	–	0.28	0.27

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,062	826	142
Cash from investing	−867	−546	−106
Cash from financing	−198	−282	−42
Capital spending	933	646	61
Dividends paid	207	131	44
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	–	1,545
Borrowings repaid	1,508	1,508	1,508

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	4	7	6	–
Altman Z-scorePublished threshold 1.81	3.41	–	–	–
Beneish M-scorePublished threshold −1.78	−1.77	−1.80	–	–
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	6.06	10.14	–	–
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	0.49	0.82	0.84	–
Receivables growth less revenue growthOur threshold 0 percentage points	16.04	0.82	–	–
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	26.34	−32.09	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	2.33	−0.80	–	–
Assets under construction, years of additionsOur threshold 2 years of additions	0.06	1.95	–	–
Effective tax ratePublished threshold 17.16 per cent	25.79	–	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	−2.46	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
30 Sep 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		75
15 Dec 2025	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		75
15 Dec 2025	CARE Ratings Limited (opens in a new tab)	Term Loan-Long Term	CARE AAReview, Re-affirm	Stable	126.75
15 Dec 2025	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-Short Term	CARE A1+Review, Re-affirm		300
15 Dec 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		300
15 Dec 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AAReview, Re-affirm	Stable	150

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.