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Swing Capital

Kalyani Steels Ltd

NSE: KSL BSE: 500235Metal

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]

₹801
52W: ₹574 — ₹989
PE 13.4 · Book ₹481 · +67% vs book
Market Cap₹3,498 Cr
Stock P/E13.4Price to Earnings
ROCE14.7%Return on Capital
ROE13%Return on Equity
Div. Yield1.27%Face Value ₹5

Strengths

  • +Company has been maintaining a healthy dividend payout of 17.4%

Weaknesses

  • −The company has delivered a poor sales growth of 9.21% over past five years.
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters64.7%
FIIs1.82%
DIIs11.14%
Public22.33%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters64.7%64.7%64.7%64.7%64.7%64.7%64.7%64.7%
FIIs2.45%2.11%▼0.32.66%▲0.62.18%▼0.51.76%▼0.41.86%▲0.11.78%▼0.11.82%▲0.0
DIIs12.03%12.13%▲0.110.83%▼1.310.49%▼0.310.54%▲0.010.74%▲0.211.1%▲0.411.14%▲0.0
Public20.82%21.06%▲0.221.8%▲0.722.63%▲0.822.98%▲0.422.7%▼0.322.42%▼0.322.33%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales480503461492484544443456462484
Expenses384413382396401430357371371385
Operating Profit969079968311485859299
OPM %20%18%17%20%17%21%19%19%20%20%
Net Profit65635267557961626171
EPS ₹14.9714.3311.8115.312.6918.1613.9714.1614.0516.27

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,846Cr, down 6.9% YoY. OPM at 20%.

Debt Position

Borrowings at ₹475Cr. Debt-to-equity ratio: 0.23x. Healthy balance sheet.

Capex Cycle

CWIP at ₹560Cr (89% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 11.14% (+1.88pp change). FIIs: 1.82% (-1.03pp change). Promoters hold 64.7%.

Margin & Efficiency

ROCE declining from 21% (Mar 2015) to 15% (Mar 2026). Working capital days: 0.

Valuation

PE 13.4x with 14.7% ROCE. Price is 67% above book value of ₹481. Dividend yield: 1.27%.

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