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Kalyani Steels Ltd
(KSL)
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Rating:65Neutral
Price Target:
₹1,019.00
▲(12.14% Upside)
Action:Downgraded
Date:08/11/26
The score is primarily supported by solid financial performance (healthy profitability and improving, conservative leverage). This is tempered by weak near-term technical signals (negative MACD, low RSI/stochastic, and price below key short-term averages). Valuation is reasonable (P/E ~13.8) with a modest dividend yield, providing some support but not enough to offset the current technical weakness.
Positive Factors
Conservative and improving leverage
The improving debt-to-equity ratio and steady equity growth indicate manageable balance-sheet risk despite operating in a cyclical steel industry. Lower leverage should preserve financial flexibility, reduce dependence on external funding, and support continued investment or resilience through weaker market conditions.
Negative Factors
Cyclical and declining revenue
The recent revenue decline and uneven multi-year growth pattern show that KSL remains exposed to steel-cycle conditions and industrial demand fluctuations. In a volume-driven manufacturing model, weaker sales can reduce fixed-cost absorption and make future earnings growth less predictable even when profitability remains positive.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative and improving leverage
The improving debt-to-equity ratio and steady equity growth indicate manageable balance-sheet risk despite operating in a cyclical steel industry. Lower leverage should preserve financial flexibility, reduce dependence on external funding, and support continued investment or resilience through weaker market conditions.
Read all positive factors
Kalyani Steels Ltd (KSL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹37.30B
Dividend Yield1.17%
Average Volume (3M)5.52K
Price to Earnings (P/E)13.2
Beta (1Y)1.27
Revenue Growth-4.88%
EPS Growth-0.48%
CountryIN
Employees94
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)60.57
Shares Outstanding43,653,060
10 Day Avg. Volume3,245
30 Day Avg. Volume5,523
Financial Highlights & Ratios
PEG Ratio15.52
Price to Book (P/B)1.20
Price to Sales (P/S)1.37
P/FCF Ratio25.00
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)65.93
Revenue Forecast (FY)₹20.19B
Kalyani Steels Ltd Business Overview & Revenue Model
Company Description
Kalyani Steels Limited, a company established in 1973 and headquartered in Pune, India, specializes in the production and distribution of iron and steel goods. The firm supplies a variety of rolled bars tailored for numerous vehicular applications...
How the Company Makes Money
KSL makes money primarily by manufacturing and selling carbon and alloy steel long products (notably steel bars/rolled products) to industrial and OEM customers. Revenue is largely generated from: (1) Sale of finished steel products: KSL converts ...
Kalyani Steels Ltd Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
80
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.83B | 18.46B | 19.82B | 19.59B | 18.99B | 16.96B |
| Gross Profit | 5.03B | 4.03B | 5.57B | 5.29B | 4.28B | 4.41B |
| EBITDA | 4.20B | 4.13B | 3.73B | 4.20B | 3.02B | 3.85B |
| Net Income | 2.64B | 2.58B | 2.56B | 2.49B | 1.67B | 2.43B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 29.96B | 27.32B | 25.73B | 23.51B | 22.58B |
| Cash, Cash Equivalents and Short-Term Investments | 8.24B | 8.25B | 7.48B | 5.87B | 7.48B | 9.73B |
| Total Debt | 0.00 | 4.75B | 4.38B | 5.96B | 5.06B | 4.38B |
| Total Liabilities | -21.05B | 8.91B | 8.41B | 8.93B | 8.61B | 8.90B |
| Stockholders Equity | 21.05B | 21.05B | 18.91B | 16.80B | 14.89B | 13.67B |
Cash Flow | ||||||
| Free Cash Flow | 1.05B | 1.01B | 3.57B | -2.58B | -2.37B | 1.87B |
| Operating Cash Flow | 1.39B | 1.62B | 3.82B | 3.02B | -1.26B | 3.62B |
| Investing Cash Flow | -762.18M | -1.62B | -1.35B | -2.83B | 1.53B | -4.74B |
| Financing Cash Flow | -710.35M | -62.19M | -2.52B | -96.75M | -390.48M | 1.23B |
Kalyani Steels Ltd Technical Analysis
Negative
908.70
Price Trends
923.58
Negative
890.45
Negative
812.28
Positive
Market Momentum
-18.60
Positive
36.81
Neutral
34.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KSL, the sentiment is Negative. The current price of 908.7 is below the 20-day moving average (MA) of 922.10, below the 50-day MA of 923.58, and above the 200-day MA of 812.28, indicating a neutral trend. The MACD of -18.60 indicates Positive momentum. The RSI at 36.81 is Neutral, neither overbought nor oversold. The STOCH value of 34.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KSL.
Kalyani Steels Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | ₹37.30B | 13.20 | ― | 1.17% | -4.88% | -0.48% | |
65 Neutral | ₹163.22B | 37.69 | ― | 0.43% | -16.30% | -24.14% | |
64 Neutral | ₹73.30B | 35.55 | ― | 0.25% | 9.35% | 4.58% | |
63 Neutral | ₹563.16B | 16.92 | ― | 0.44% | 11.65% | 20.53% | |
62 Neutral | ₹21.64B | 3.42 | ― | 2.00% | 7.62% | 684.82% | |
56 Neutral | ₹1.08T | 37.79 | ― | 0.19% | 25.54% | 3.72% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:KSL
Kalyani Steels Ltd
822.80
-31.41
-3.68%
IN:JINDALSTEL
Jindal Steel Limited
1,055.40
-9.39
-0.88%
IN:JSL
Jindal Stainless Limited
674.25
-75.63
-10.09%
IN:MUKANDLTD
Mukand Limited
141.25
1.92
1.38%
IN:RATNAMANI
Ratnamani Metals & Tubes Ltd.
2,319.85
-97.10
-4.02%
IN:SUNFLAG
Sunflag Iron & Steel Co. Ltd.
392.50
125.53
47.02%
Kalyani Steels Ltd Corporate Events
ICRA Reaffirms Top-Tier Commercial Paper Rating for Kalyani Steels
Jul 31, 2026
Kalyani Steels Ltd is an Indian steel manufacturer based in Pune, operating in the alloy and special steel segment and serving industrial customers across sectors such as automotive and engineering. The company is listed on both BSE and the Nation...
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.