NSE: KSL · BSE: 500235 · ISIN INE907A01026
Kalyani Steels Limited stock analysis
Kalyani Steels Limited ranks #2083 in the TickerSutra evidence-ranked universe with a score of 49/100 and 95% data confidence. The latest captured fundamentals show ROCE of 14.7%, quarterly sales growth of 4.9% and quarterly profit growth of 10.9%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.23×
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹1,706cr | ₹339cr | ₹243cr | 20.0% |
| 2023 | ₹1,899cr | ₹246cr | ₹167cr | 13.0% |
| 2024 | ₹1,959cr | ₹371cr | ₹247cr | 19.0% |
| 2025 | ₹1,982cr | ₹373cr | ₹253cr | 19.0% |
| 2026 | ₹1,846cr | ₹361cr | ₹255cr | 20.0% |
| TTM | ₹1,867cr | ₹367cr | ₹262cr | 20.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Announcement U/R 30 of SEBI LODR - Credit Rating
RoutineTrading WindowBSE · 28 Sept 2026Kalyani Steels Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineCopy of Newspaper PublicationNSE · 18 Sept 2026Kalyani Steels Limited has informed the Exchange about Copy of Newspaper Publication-Postal Ballot Notice
RoutineKalyani Steels Ltd - 500235 - Announcement under Regulation 30 (LODR)-Newspaper PublicationBSE · 18 Sept 2026Announcement U/R 30 of SEBI LODR-Newspaper publication-Postal Ballot Notice
MANAGEMENT COMMENTARY
Signals from filed documents
Coal growth turned negative at (0.5%), while crude oil (2.8%) and natural gas (2.8%) continued to contract, reflecting structural constraints and lower output. Refinery products and fertilizers also saw near-stagnant growth at around (0.1%), suggesting weak demand and margin pressures. Electricity growth dropped sharply to 0.9%, highlighting softer industrial and consumption demand.
OUTLOOK: OVERALL STEEL DEMAND IS PROJECTED TO REMAIN FLAT 36 Steel Industry Overview STRONG GROWTH IN STEEL PRODUCTION LED BY DOMESTIC CONSUMPTION 2.2 INDIA STEEL INDUSTRY 37 Steel Industry Overview The Indian steel industry remained a shining bright spot in global steel industry in FY 2026 delivering a strong performance, reinforcing its position as the world’s second-largest steel producer, despite a challenging gl
Scarcity of water can have negative impact on the Company. 6 Customer Satisfaction Opportunity Enhanced customer satisfaction leads to increase in market share and increase in sales volume. • Increased interactions with customers to understand their quality requirements.
Another notable trend was the increasing focus on supply chain resilience and self-reliance. Customers across industries are increasingly seeking reliable domestic suppliers capable of delivering consistent quality, technical support, and specialized products. This trend is particularly favourable for value-added and specialty steel manufacturers such as Kalyani Steels.
Increase capacity through brownfield and greenfield expansions or strategic acquisitions, aligned with market demand and long-term goals. STRATEGIC PRIORITIES LEADERSHIP IN ALLOY STEEL INDUSTRY Strengthen control over raw material quality through backward integration. Proactively evaluate evolving customer needs and invest in forward-integrated, value-added facilities to serve them better.
External events such as tensions in the Middle East led to spikes in crude oil prices which significantly increased freight costs for iron ore shipments. This resulted in temporary price increases in the second half of CY 2025. The dominance of China in both steel production and iron ore imports ensured that any change in its industrial activity or policy outlook had an immediate and amplified effect on global prices
Coal growth turned negative at (0.5%), while crude oil (2.8%) and natural gas (2.8%) continued to contract, reflecting structural constraints and lower output. Refinery products and fertilizers also saw near-stagnant growth at around (0.1%), suggesting weak demand and margin pressures. Electricity growth dropped sharply to 0.9%, highlighting softer industrial and consumption demand.
However, despite weaker steel output, iron ore prices did not collapse sharply. In CY 2025, China’s iron ore imports increased by ~1.8% reaching to ~1.26 Billion tons, driven by stockpiling behaviour, expectations of government stimulus, and relatively lower prices encouraging inventory buildup. This created a paradox where physical demand appeared strong (imports high), but real consumption remained weak.
Thane Belapur Industrial Association State 2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the entity, based on adverse orders from regulatory authorities. There were no incidents of anti-competitive behaviour, abuse of dominant position or unfair trade practices involving the Company during the reporting period i.e.
The major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. The policy on Risk Management as approved by the Board is available on the Company’s website at http://www. kalyanisteels.com/profile/policies/ 17.
• Personal development and growth • Employee feedback and grievance resolution Investors No Annual Report, Company’s Website, Quarterly & Annual Results, Annual General Meeting Annually, Quarterly, Periodically as applicable • Effective and transparent communication of business performance • Sound Corporate Governance mechanism • Addressing investors concerns / queries Suppliers and Service providers No Contract Agre
A key driver of HRC price movements in CY 2025 was China’s domestic demand weakness and export surge. The slowdown in China’s real estate and construction sectors reduced domestic steel consumption, forcing mills to push excess supply into export markets. As a result, China’s steel exports surged to over 119 Million tons an increase of 7.5% Y-o-Y, flooding markets in Southeast Asia, the Middle East, and even Europe w
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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