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Kalyani Investment Co. Ltd.
(KICL)
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Rating:57Neutral
Price Target:
₹5,391.00
▲(1.04% Upside)
Action:Reiterated
Date:09/06/26
The score is primarily held back by weak cash conversion (negative operating and free cash flow) and an expensive valuation (high P/E with very low yield). These are partially offset by a very strong, debt-free balance sheet and solid top-line/EBIT performance, while technical indicators point to subdued near-term momentum.
Positive Factors
Debt-free balance sheet
Zero reported debt and a very large equity base give the company durable financial flexibility. Over the next 2–6 months this reduces refinancing and solvency risk, enables opportunistic investments or support for distributions from reserves, and preserves strategic optionality versus leveraged peers.
Negative Factors
Persistent negative operating cash flow
Multi-year negative operating cash flow undermines the quality of reported earnings and creates a durable liquidity drain. Over 2–6 months this limits the company's ability to finance operations from operations, forcing reliance on balance-sheet reserves or non-operating cash sources for distributions or investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
Zero reported debt and a very large equity base give the company durable financial flexibility. Over the next 2–6 months this reduces refinancing and solvency risk, enables opportunistic investments or support for distributions from reserves, and preserves strategic optionality versus leveraged peers.
Read all positive factors
Kalyani Investment Co. Ltd. (KICL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹22.07B
Dividend Yield0.2%
Average Volume (3M)63.00
Price to Earnings (P/E)54.6
Beta (1Y)1.63
Revenue Growth-1.23%
EPS Growth-36.71%
CountryIN
Employees2
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)93.08
Shares Outstanding4,365,306
10 Day Avg. Volume26
30 Day Avg. Volume63
Financial Highlights & Ratios
PEG Ratio-0.98
Price to Book (P/B)0.15
Price to Sales (P/S)23.02
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Kalyani Investment Co. Ltd. Business Overview & Revenue Model
Company Description
Kalyani Investment Company Limited, an investment company, engages in making investments in group companies in India. It invests in companies, including forging, steel, power generation, chemicals, and banking sectors. The company was incorporated...
Kalyani Investment Co. Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
93
Very Positive
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 782.19M | 763.26M | 599.80M | 536.32M | 471.76M | 273.35M |
| Gross Profit | 721.50M | 763.26M | 594.90M | 531.78M | 467.37M | 262.81M |
| EBITDA | 529.05M | 488.72M | 531.35M | 587.38M | 463.41M | 240.74M |
| Net Income | 406.30M | 367.69M | 715.44M | 700.53M | 580.82M | 571.74M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 124.34B | 93.10B | 87.79B | 60.15B | 54.66B |
| Cash, Cash Equivalents and Short-Term Investments | 3.10B | 3.10B | 89.74B | 84.57B | 57.13B | 51.87B |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | -113.91B | 10.43B | 5.94B | 4.74B | 1.64B | 1.15B |
| Stockholders Equity | 113.91B | 113.91B | 87.16B | 83.04B | 58.51B | 53.51B |
Cash Flow | ||||||
| Free Cash Flow | -140.86M | 0.00 | -115.03M | -121.34M | -35.62M | -92.95M |
| Operating Cash Flow | -140.86M | -140.15M | -161.43M | -121.34M | -35.62M | -92.95M |
| Investing Cash Flow | 167.24M | 139.48M | 162.62M | 120.80M | 36.30M | 93.21M |
| Financing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Kalyani Investment Co. Ltd. Technical Analysis
Negative
5335.75
Price Trends
5374.51
Negative
5197.66
Negative
4991.31
Positive
Market Momentum
-66.05
Positive
39.80
Neutral
26.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KICL, the sentiment is Negative. The current price of 5335.75 is above the 20-day moving average (MA) of 5241.91, below the 50-day MA of 5374.51, and above the 200-day MA of 4991.31, indicating a neutral trend. The MACD of -66.05 indicates Positive momentum. The RSI at 39.80 is Neutral, neither overbought nor oversold. The STOCH value of 26.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KICL.
Kalyani Investment Co. Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | ₹4.83B | 9.53 | ― | 0.55% | 19.31% | 41.70% | |
74 Outperform | ₹16.88B | 4.34 | ― | 2.24% | 18.63% | 398.69% | |
70 Outperform | ₹28.97B | 50.01 | ― | ― | 18.11% | 27.78% | |
64 Neutral | ₹10.45B | 1.30 | ― | ― | 3151.96% | 167.20% | |
58 Neutral | ₹45.82B | -384.72 | ― | 0.21% | -19.63% | -119.66% | |
57 Neutral | ₹22.07B | 54.61 | ― | 0.20% | -1.23% | -36.71% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:KICL
Kalyani Investment Co. Ltd.
5,082.95
246.95
5.11%
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Kalyani Investment Co. Ltd. Corporate Events
Kalyani Investment Posts Uneven Q1 FY27 Earnings Amid Portfolio Valuation Swings
Aug 14, 2026
Kalyani Investment Company Limited is a Pune-based non-banking financial entity that derives income from investment and related financial activities, reporting both standalone and consolidated results. Listed on the BSE and NSE, it operates within...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.