Kalyani Steels Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹723.50Overvalued by 17.41%vs CMP ₹876.00

P/E (14.3) × ROE (13.0%) × BV (₹481.00) × DY (1.14%)

₹629.88Overvalued by 28.10%vs CMP ₹876.00

MoS: -39.1% (Negative)Confidence: 58/100 (Moderate)Models: 2 Fair, 7 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹735.30	22%	Over (-16.1%)
Graham Number	Earnings	₹808.10	16%	Fair (-7.8%)
Earnings Power	Earnings	₹338.99	13%	Over (-61.3%)
DCF	Cash Flow	₹599.96	13%	Over (-31.5%)
Net Asset Value	Assets	₹480.82	7%	Over (-45.1%)
EV/EBITDA	Enterprise	₹689.86	9%	Over (-21.2%)
Earnings Yield	Earnings	₹603.40	7%	Over (-31.1%)
ROCE Capital	Returns	₹848.98	9%	Fair (-3.1%)
Revenue Multiple	Revenue	₹226.90	5%	Over (-74.1%)
Consensus (9 models)		₹629.88	100%	Overvalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 1.6%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 25 August 2026, 7:06 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹1,982.00 Cr, versus ₹1,959.00 Cr in Mar 2024 (1.2% year on year). Net profit for Mar 2025 was ₹253.00 Cr, versus ₹247.00 Cr in Mar 2024 (2.4% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹383.00 Cr against net profit of ₹253.00 Cr. Cash flow covered 1.51 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹475.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Kalyani Steels Ltd scores 75/100 (Strong)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health89/100 · Strong

ROCE 14.7% GoodROE 13.0% GoodD/E 0.23 Low debtInterest Coverage 23.1x StrongProfitable 5/5 available years Reported history

Smart Money65/100 · Strong

FII holding stable No changeDII holding up 0.74% MF buyingPromoter holding at 64.7% Stable

Earnings Quality100/100 · Strong

CFO/NP ratio: 0.86x Cash-backed earningsOPM expanding (17% → 19%) ImprovingWorking capital: -15 days (improving) Efficient

Quarterly Momentum58/100 · Moderate

Revenue (4Q): -2% YoY FlatProfit (4Q): +11% YoY Positive

Industry Rank35/100 · Weak

P/E 14.3 vs industry 15.8 In-lineROCE 14.7% vs industry 21.4% AverageROE 13.0% vs industry 97.8% Below peers3Y sales CAGR: 5% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: August 25, 2026, 7:06 am

Market Cap	3,826 Cr.
Current Price	876
Intrinsic Value	₹629.88
High / Low	983/574
Stock P/E	14.3
Book Value	481
Dividend Yield	1.14 %
ROCE	14.7 %
ROE	13.0 %
Face Value	5.00
PEG Ratio	8.77

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Kalyani Steels Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Kalyani Steels Ltd	3,826 Cr.	876	983/574	14.3	481	1.14 %	14.7 %	13.0 %	5.00
ISMT Ltd	3,612 Cr.	120	/	20.8	54.4	0.00 %	17.9 %	12.1 %	5.00
Sunflag Iron & Steel Company Ltd	6,077 Cr.	337	428/192	28.6	492	0.30 %	4.07 %	2.37 %	10.0
Ahmedabad Steelcraft Ltd	261 Cr.	173	238/84.0	15.6	87.2	0.00 %	22.2 %	16.8 %	10.0
Modern Steels Ltd	18.4 Cr.	13.4	20.2/10.4	15.4	13.7	0.00 %	5.71 %	5.77 %	10.0
Industry Average	3,444.00 Cr	256.15		15.84	192.77	0.24%	21.40%	97.84%	8.33

All Competitor Stocks of Kalyani Steels Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	447	460	497	480	480	503	461	492	484	544	443	456	462
Expenses	390	358	404	387	384	413	382	396	401	430	357	371	371
Operating Profit	57	102	92	93	96	90	79	96	83	114	85	85	92
OPM %	13%	22%	19%	19%	20%	18%	17%	20%	17%	21%	19%	19%	20%
Other Income	16	15	12	9	12	13	12	14	12	13	14	14	7
Interest	9	9	7	9	5	3	4	5	6	4	3	2	2
Depreciation	12	13	16	15	15	15	16	16	16	16	15	15	14
Profit before tax	52	95	82	78	88	84	72	90	75	107	82	83	83
Tax %	25%	26%	26%	26%	25%	26%	28%	25%	26%	26%	26%	25%	26%
Net Profit	39	70	61	58	65	63	52	67	55	79	61	62	61
EPS in Rs	8.95	15.97	14.03	13.36	14.97	14.33	11.81	15.30	12.69	18.16	13.97	14.16	14.05

Last Updated: February 5, 2026, 8:39 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 5:16 pm

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,116	1,226	1,180	1,257	1,345	1,407	1,199	1,188	1,706	1,899	1,959	1,982	1,906
Expenses	987	1,059	945	970	1,142	1,194	1,004	925	1,367	1,654	1,588	1,609	1,529
Operating Profit	129	168	235	288	203	212	195	263	339	246	371	373	377
OPM %	12%	14%	20%	23%	15%	15%	16%	22%	20%	13%	19%	19%	20%
Other Income	12	2	3	13	17	25	23	43	46	56	47	52	48
Interest	17	15	12	10	9	7	8	7	13	28	25	19	11
Depreciation	34	31	52	52	37	38	43	44	46	49	61	63	59
Profit before tax	89	124	174	239	175	192	168	255	326	225	333	343	355
Tax %	35%	33%	35%	35%	34%	31%	18%	25%	25%	26%	26%	26%
Net Profit	59	83	114	156	115	132	137	190	243	167	247	253	263
EPS in Rs	13.42	19.08	26.02	35.85	26.32	30.25	31.41	43.59	55.65	38.26	56.69	57.96	60.34
Dividend Payout %	22%	-0%	-0%	14%	19%	17%	16%	17%	18%	26%	18%	17%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	40.68%	37.35%	36.84%	-26.28%	14.78%	3.79%	38.69%	27.89%	-31.28%	47.90%	2.43%
Change in YoY Net Profit Growth (%)	0.00%	-3.33%	-0.51%	-63.12%	41.06%	-10.99%	34.90%	-10.79%	-59.17%	79.18%	-45.48%

Kalyani Steels Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	5%
5 Years:	11%
3 Years:	5%
TTM:	2%

Compounded Profit Growth
10 Years:	12%
5 Years:	13%
3 Years:	1%
TTM:	10%

Stock Price CAGR
10 Years:	21%
5 Years:	31%
3 Years:	36%
1 Year:	11%

Return on Equity
10 Years:	16%
5 Years:	15%
3 Years:	14%
Last Year:	14%

Last Updated: September 5, 2025, 8:45 am

Balance Sheet

Last Updated: July 5, 2026, 9:54 pm

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	22	22	22	22	22	22	22	22	22	22	22	22
Reserves	454	568	680	763	869	942	1,132	1,346	1,468	1,670	1,883	2,078
Borrowings	219	327	239	169	18	0	168	438	506	596	438	475
Other Liabilities	390	338	421	325	422	400	328	551	355	297	403	416
Total Liabilities	1,084	1,255	1,361	1,278	1,330	1,364	1,650	2,356	2,351	2,584	2,745	2,990
Fixed Assets	442	488	436	437	422	418	382	358	599	734	678	627
CWIP	13	0	5	5	5	5	11	154	18	381	429	560
Investments	77	249	234	280	366	177	144	147	146	145	150	143
Other Assets	552	517	686	557	537	763	1,113	1,696	1,587	1,324	1,487	1,660
Total Assets	1,084	1,255	1,361	1,278	1,330	1,364	1,650	2,356	2,351	2,584	2,745	2,990

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	114	161	152	191	286	257	62	263	-126	317	383	142
Cash from Investing Activity +	-107	-255	-38	-77	-117	-183	-226	-470	153	-320	-136	-106
Cash from Financing Activity +	-19	97	-98	-105	-181	-80	160	218	-39	12	-252	-42
Net Cash Flow	-12	2	16	10	-12	-6	-3	11	-12	9	-5	-6
Free Cash Flow	12	76	139	159	264	223	46	92	-237	-258	358	81
CFO/OP	85%	90%	84%	125%	163%	157%	48%	104%	-25%	107%	125%	63%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	12.00	76.00	139.00	159.00	264.00	223.00	46.00	92.00	-237.00	-258.00	358.00	81.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	108	98	107	135	102	80	72	77	89	78	78	79
Inventory Days	112	97	90	81	53	71	74	71	82	100	66	68
Days Payable	160	131	120	147	88	153	184	140	172	81	67	97
Cash Conversion Cycle	60	64	77	69	67	-1	-39	7	-1	97	77	51
Working Capital Days	56	69	31	27	24	25	11	-11	-18	29	-12	-15
ROCE %	19%	21%	23%	27%	19%	20%	19%	23%	22%	13%	17%	16%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%	64.70%
FIIs	2.73%	2.71%	2.54%	2.45%	2.11%	2.66%	2.18%	1.76%	1.86%	1.78%	1.82%	1.77%
DIIs	8.75%	9.37%	12.18%	12.03%	12.13%	10.83%	10.49%	10.54%	10.74%	11.10%	11.14%	11.48%
Public	23.81%	23.21%	20.59%	20.82%	21.06%	21.80%	22.63%	22.98%	22.70%	22.42%	22.33%	22.06%
No. of Shareholders	42,757	42,135	45,777	46,153	47,179	44,048	44,429	47,214	47,085	45,854	44,840	43,550

Shareholding Pattern Chart

No. of Shareholders

Kalyani Steels Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Quant Infrastructure Fund	2,427,737	6.18	172.54	N/A	N/A	N/A
DSP Small Cap Fund	1,700,000	0.75	120.82	3,753,185	2025-12-08 00:01:54	-54.71%
ICICI Prudential Smallcap Fund	419,795	0.37	29.83	367,482	2026-02-23 00:47:36	14.24%
Quant Commodities Fund	185,140	4.42	13.16	N/A	N/A	N/A
LIC MF Infrastructure Fund	93,725	0.7	6.66	94,746	2026-01-26 03:41:04	-1.08%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 22	Mar 21	Mar 20
FaceValue	5.00	5.00	5.00	5.00	5.00
Basic EPS (Rs.)	58.70	56.99	55.93	43.59	31.29
Diluted EPS (Rs.)	58.70	56.99	55.93	43.59	31.29
Cash EPS (Rs.)	73.10	70.79	67.14	53.54	40.43
Book Value[Excl.RevalReserv]/Share (Rs.)	432.55	384.18	312.72	262.85	219.41
Book Value[Incl.RevalReserv]/Share (Rs.)	432.55	384.18	312.72	262.85	219.41
Revenue From Operations / Share (Rs.)	453.23	448.11	390.15	271.69	274.18
PBDIT / Share (Rs.)	97.94	95.55	89.19	69.97	49.66
PBIT / Share (Rs.)	83.44	81.66	78.70	59.87	39.90
PBT / Share (Rs.)	79.20	76.18	75.61	58.25	37.70
Net Profit / Share (Rs.)	58.60	56.89	56.65	43.45	30.66
NP After MI And SOA / Share (Rs.)	58.60	56.89	55.83	43.51	31.24
PBDIT Margin (%)	21.60	21.32	22.86	25.75	18.11
PBIT Margin (%)	18.41	18.22	20.17	22.03	14.55
PBT Margin (%)	17.47	16.99	19.38	21.44	13.75
Net Profit Margin (%)	12.92	12.69	14.52	15.99	11.18
NP After MI And SOA Margin (%)	12.92	12.69	14.31	16.01	11.39
Return on Networth / Equity (%)	13.54	14.80	17.85	16.49	14.18
Return on Capital Employeed (%)	18.77	19.92	21.64	21.61	17.28
Return On Assets (%)	9.37	9.66	10.81	11.52	10.01
Long Term Debt / Equity (X)	0.00	0.04	0.13	0.02	0.00
Total Debt / Equity (X)	0.23	0.35	0.24	0.15	0.00
Asset Turnover Ratio (%)	0.74	0.00	0.87	0.78	0.87
Current Ratio (X)	1.95	1.76	2.33	2.34	2.21
Quick Ratio (X)	1.57	1.39	2.01	2.07	1.86
Inventory Turnover Ratio (X)	6.76	0.00	5.76	4.46	4.18
Dividend Payout Ratio (NP) (%)	17.03	17.54	13.41	0.00	31.95
Dividend Payout Ratio (CP) (%)	13.65	14.10	11.28	0.00	24.34
Earning Retention Ratio (%)	82.97	82.46	86.59	0.00	68.05
Cash Earning Retention Ratio (%)	86.35	85.90	88.72	0.00	75.66
Interest Coverage Ratio (X)	23.07	16.19	28.90	43.15	22.60
Interest Coverage Ratio (Post Tax) (X)	14.80	10.57	19.36	27.79	14.96
Enterprise Value (Cr.)	3023.84	3779.81	660.30	936.91	191.74
EV / Net Operating Revenue (X)	1.53	1.93	0.38	0.78	0.15
EV / EBITDA (X)	7.06	9.05	1.69	3.06	0.88
MarketCap / Net Operating Revenue (X)	1.68	1.91	0.75	1.17	0.45
Retention Ratios (%)	82.96	82.45	86.58	0.00	68.04
Price / BV (X)	1.76	2.22	0.94	1.21	0.57
Price / Net Operating Revenue (X)	1.68	1.91	0.75	1.17	0.45
EarningsYield	0.07	0.06	0.18	0.13	0.24

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Kalyani Steels Ltd and is it undervalued?

Kalyani Steels Ltd: the stored intrinsic value estimate is ₹629.88, compared with a stored share price of ₹876.00. The model value is 28.1% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Kalyani Steels Ltd?

The stored share price is ₹876.00. Price-data record updated: 25 August 2026, 7:06 am +05:30. This is not a live quote. The stored 52-week high / low is 983/574; this is a rolling range, not a financial-year range.

How have Kalyani Steels Ltd's revenue and profit changed?

Does Kalyani Steels Ltd's profit convert into cash?

What should I check in Kalyani Steels Ltd's balance sheet?

Reported borrowings were ₹475.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Kalyani Steels Ltd's P/E with other stocks?

The stored P/E is 14.30. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Kalyani Steels Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.