KSL
Kalyani Steels share price & financials
- Price
- ₹926.05
- Market cap
- ₹4.2k Cr
- Sector
- Capital Goods
What Kalyani Steels Limited does
Kalyani Steels manufactures alloy and special/engineering steel long products — billets, blooms, rounds and rolled cast sections — at a single integrated steel plant in Ginigera, Koppal district, Karnataka, which houses its own sinter plant, coke ovens, mini blast furnaces, an electric (energy-optimizing) furnace, ladle furnace, vacuum degassing unit and a captive power plant. It sells this steel as feedstock to manufacturers of automotive, bearing, energy, oil & gas, engineering and seamless-tube components. The company is part of the Pune-based Kalyani Group, a conglomerate spanning specialty steel, forgings, automotive components, defense and infrastructure, and is closely associated with group company Bharat Forge. Beyond its Karnataka plant, it maintains warehouses and regional sales offices across northern, western, eastern and southern India to stay close to customers.
Segments
- Alloy & Special Steel (Long Products)
- Installed annual production capacity
- 250,000 MT
- Integrated steel plants
- 1 (Ginigera, Koppal district, Karnataka)
- Captive power plant capacity
- 17 MW
- Warehouse locations
- 3 (Gurgaon, Mumbai, Pune)
- Regional sales offices
- 4 (Delhi, Bhubaneswar, Bangalore, Chennai)
- End-use application segments served
- 6 (Automotive, Bearings, Energy, Oil & Gas, Engineering, Seamless Tubes)
Quarterly results
Q1 FY27: revenue up 5.0%, net profit up 11.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 492 | 484 | 544 | 443 | 456 −7% | 462 −5% | 484 −11% | 465 +5% |
| EBITDA | 96 | 83 | 114 | 85 | 85 −11% | 92 +11% | 99 −13% | 91 +7% |
| Net profit | 67 | 55 | 79 | 61 | 62 −7% | 61 +11% | 71 −10% | 68 +11% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +20.2% 1Y
1Y: ₹806.25 on 10 Sept 2025 → ₹968.75. High ₹972.3 (13 Jul 2026), low ₹577.75 (30 Mar 2026).
Financials, as filed
Revenue grew 2.0% a year over 4 years, FY22 to FY26. Operating margin held at 19.6%.
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | ₹1.7k Cr | ₹1.9k Cr | ₹2.0k Cr | ₹2.0k Cr | ₹1.8k Cr |
| Operating profit | ₹340 Cr | ₹246 Cr | ₹371 Cr | ₹372 Cr | ₹361 Cr |
| Operating margin | 19.9% | 12.9% | 18.9% | 18.8% | 19.6% |
| Interest | ₹14 Cr | ₹29 Cr | ₹24 Cr | ₹19 Cr | ₹8 Cr |
| Depreciation | ₹46 Cr | ₹49 Cr | ₹61 Cr | ₹64 Cr | ₹58 Cr |
| Net profit | ₹248 Cr | ₹168 Cr | ₹247 Cr | ₹253 Cr | ₹255 Cr |
| Net margin | 14.5% | 8.8% | 12.6% | 12.8% | 13.8% |
| Cash from operations | ₹263 Cr | ₹-126 Cr | ₹317 Cr | ₹383 Cr | ₹142 Cr |
| Free cash flow | ₹92 Cr | ₹-237 Cr | ₹-258 Cr | ₹358 Cr | ₹81 Cr |
| ROCE | 22.0% | 13.0% | 17.0% | 16.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹22 Cr | ₹22 Cr | ₹22 Cr | ₹22 Cr | ₹22 Cr | ₹22 Cr |
| Reserves | ₹1.1k Cr | ₹1.3k Cr | ₹1.5k Cr | ₹1.7k Cr | ₹1.9k Cr | ₹2.1k Cr |
| Borrowings | ₹168 Cr | ₹438 Cr | ₹506 Cr | ₹596 Cr | ₹428 Cr | ₹475 Cr |
| Other liabilities | ₹328 Cr | ₹551 Cr | ₹355 Cr | ₹297 Cr | ₹424 Cr | ₹416 Cr |
| Total liabilities | ₹1.6k Cr | ₹2.4k Cr | ₹2.4k Cr | ₹2.6k Cr | ₹2.8k Cr | ₹3.0k Cr |
| Fixed assets | ₹382 Cr | ₹358 Cr | ₹599 Cr | ₹734 Cr | ₹652 Cr | ₹627 Cr |
| Capital work in progress | ₹11 Cr | ₹154 Cr | ₹18 Cr | ₹381 Cr | ₹490 Cr | ₹560 Cr |
| Investments | ₹144 Cr | ₹147 Cr | ₹146 Cr | ₹145 Cr | ₹137 Cr | ₹143 Cr |
| Other assets | ₹1.1k Cr | ₹1.7k Cr | ₹1.6k Cr | ₹1.3k Cr | ₹1.5k Cr | ₹1.7k Cr |
| Total assets | ₹1.6k Cr | ₹2.4k Cr | ₹2.4k Cr | ₹2.6k Cr | ₹2.8k Cr | ₹3.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +0.94 pp while the public trimmed −0.92 pp. The shareholder count shrank 8% to 43,550.
- Promoters
- 64.7%
- FIIs
- 1.8%
- DIIs
- 11.5%
- Public
- 22.1%
Since Jun 2025
- DIIs +0.94 pp
- Public −0.92 pp
- FIIs +0.01 pp
How it drifted, 12 quarters
Over this window DIIs went from 8.8% to 11.5% — +2.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 64.7%, FIIs 2.7%, DIIs 8.8%, Public 23.8%.Dec '23: Promoters 64.7%, FIIs 2.7%, DIIs 9.4%, Public 23.2%.Mar '24: Promoters 64.7%, FIIs 2.5%, DIIs 12.2%, Public 20.6%.Jun '24: Promoters 64.7%, FIIs 2.5%, DIIs 12.0%, Public 20.8%.Sep '24: Promoters 64.7%, FIIs 2.1%, DIIs 12.1%, Public 21.1%.Dec '24: Promoters 64.7%, FIIs 2.7%, DIIs 10.8%, Public 21.8%.Mar '25: Promoters 64.7%, FIIs 2.2%, DIIs 10.5%, Public 22.6%.Jun '25: Promoters 64.7%, FIIs 1.8%, DIIs 10.5%, Public 23.0%.Sep '25: Promoters 64.7%, FIIs 1.9%, DIIs 10.7%, Public 22.7%.Dec '25: Promoters 64.7%, FIIs 1.8%, DIIs 11.1%, Public 22.4%.Mar '26: Promoters 64.7%, FIIs 1.8%, DIIs 11.1%, Public 22.3%.Jun '26: Promoters 64.7%, FIIs 1.8%, DIIs 11.5%, Public 22.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Quant Mutual Fund A/C Quant Infrastructure Fund Mutual fund +0.65 pp 6.64% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Kalyani Steels Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bf Investment Limited | 39.06% | unchanged |
| Sundaram Trading And Investment Pvt Ltd | 17.79% | unchanged |
| Ajinkya Investment And Trading Company | 7.47% | unchanged |
| Quant Mutual Fund A/C Quant Infrastructure Fund Mutual fund | 6.64% | +0.65 pp |
| DSP Small Cap Fund Mutual fund | 3.89% | unchanged |
| KSMS Technologies Solutions Private Limited | 0.16% | unchanged |
| Sunita Babasaheb Kalyani | 0.13% | unchanged |
| Amit Babasaheb Kalyani | 0.07% | unchanged |
| Sugandha J Hiremath | 0.01% | unchanged |
| Ajinkyatara Trading Company Limited | 0.01% | unchanged |
| Babasaheb Kalyani Family Trust | 0.00% | unchanged |
| Deeksha Amit Kalyani | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
ExpensiveTo justify its price of ₹969, this stock must grow earnings at 10% every year for 7 years. Our analysis caps realistic growth at ~1%. At that growth it is worth ₹599 — downside of 38%.
- Growth the price implies
- 10.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 0.7% a year
- net profit, FY22–FY26 · EPS 1.1%
- The gap
- 0.1 pp
- -38% downside if it only repeats history
Learn to analyse Kalyani Steels Limited
Guides on how to read this kind of business and the numbers that matter.