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Kalyani Steels Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹510.32Overvalued by 16.48%vs CMP ₹611.00

P/E (9.9) × ROE (14.0%) × BV (₹451.00) × DY (1.64%)

₹575.55Fairly Valued by 5.80%vs CMP ₹611.00
MoS: -6.2% (Negative)Confidence: 43/100 (Low)Models: 3 Under, 2 Fair, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹518.6522%Over (-15.1%)
Graham NumberEarnings₹782.5016%Under (+28.1%)
Earnings PowerEarnings₹349.9613%Over (-42.7%)
DCFCash Flow₹611.0913%Fair (0%)
Net Asset ValueAssets₹451.327%Over (-26.1%)
EV/EBITDAEnterprise₹701.039%Under (+14.7%)
Earnings YieldEarnings₹603.407%Fair (-1.2%)
ROCE CapitalReturns₹791.109%Under (+29.5%)
Revenue MultipleRevenue₹227.035%Over (-62.8%)
Consensus (9 models)₹575.55100%Fairly Valued

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

Analyst Summary

Kalyani Steels Ltd operates in the Steel - Rolling segment, NSE: KSL | BSE: 500235, current market price is ₹611.00, market cap is 2,667 Cr.. At a glance, stock P/E is 9.94, ROE is 14.0 %, ROCE is 15.6 %, book value is 451, dividend yield is 1.64 %. The latest intrinsic value estimate is ₹575.55, around 5.8% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹1,982 Cr versus the prior period change of 1.2%, while latest net profit is about ₹253 Cr with a prior-period change of 2.4%. The 52-week range shown on this page is 989/574, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisKalyani Steels Ltd. is a Public Limited Listed company incorporated on 28/02/1973 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L2…

This summary is generated from the stock page data available for Kalyani Steels Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

68
Kalyani Steels Ltd scores 68/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health81/100 · Strong
ROCE 15.6% GoodROE 14.0% GoodD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 0.61% MF buyingPromoter holding at 64.7% Stable
Earnings Quality75/100 · Strong
OPM expanding (17% → 19%) ImprovingWorking capital: -15 days (improving) Efficient
Quarterly Momentum58/100 · Moderate
Revenue (4Q): -2% YoY FlatProfit (4Q): +11% YoY Positive
Industry Rank45/100 · Moderate
P/E 9.9 vs industry 12.4 In-lineROCE 15.6% vs industry 16.0% Average3Y sales CAGR: 5% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:11 am

Market Cap 2,667 Cr.
Current Price 611
Intrinsic Value₹575.55
High / Low 989/574
Stock P/E9.94
Book Value 451
Dividend Yield1.64 %
ROCE15.6 %
ROE14.0 %
Face Value 5.00
PEG Ratio6.09

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

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 2,667 Cr. 611 989/5749.94 4511.64 %15.6 %14.0 % 5.00
ISMT Ltd 3,612 Cr. 120 /20.8 54.40.00 %17.9 %12.1 % 5.00
Sunflag Iron & Steel Company Ltd 3,841 Cr. 213 322/19217.6 4740.35 %3.95 %2.33 % 10.0
Ahmedabad Steelcraft Ltd 196 Cr. 130 303/11510.4 82.10.00 %21.4 %18.4 % 10.0
Modern Steels Ltd 16.4 Cr. 11.9 21.7/10.43.33 13.20.00 %28.1 %28.4 % 10.0
Industry Average2,579.00 Cr185.2212.41180.780.33%16.00%25.34%8.33

All Competitor Stocks of Kalyani Steels Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 447460497480480503461492484544443456462
Expenses 390358404387384413382396401430357371371
Operating Profit 5710292939690799683114858592
OPM % 13%22%19%19%20%18%17%20%17%21%19%19%20%
Other Income 161512912131214121314147
Interest 9979534564322
Depreciation 12131615151516161616151514
Profit before tax 529582788884729075107828383
Tax % 25%26%26%26%25%26%28%25%26%26%26%25%26%
Net Profit 39706158656352675579616261
EPS in Rs 8.9515.9714.0313.3614.9714.3311.8115.3012.6918.1613.9714.1614.05

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

Quarterly Chart

Profit & Loss - Annual Report

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

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,1161,2261,1801,2571,3451,4071,1991,1881,7061,8991,9591,9821,906
Expenses 9871,0599459701,1421,1941,0049251,3671,6541,5881,6091,529
Operating Profit 129168235288203212195263339246371373377
OPM % 12%14%20%23%15%15%16%22%20%13%19%19%20%
Other Income 122313172523434656475248
Interest 1715121097871328251911
Depreciation 34315252373843444649616359
Profit before tax 89124174239175192168255326225333343355
Tax % 35%33%35%35%34%31%18%25%25%26%26%26%
Net Profit 5983114156115132137190243167247253263
EPS in Rs 13.4219.0826.0235.8526.3230.2531.4143.5955.6538.2656.6957.9660.34
Dividend Payout % 22%-0%-0%14%19%17%16%17%18%26%18%17%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
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: December 4, 2025, 1:30 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 22222222222222222222222222
Reserves 3764545686807638699421,1321,3461,4681,6701,8831,948
Borrowings 206219327239169180168438506596438428
Other Liabilities 430390338421325422400328551355297403424
Total Liabilities 1,0351,0841,2551,3611,2781,3301,3641,6502,3562,3512,5842,7452,821
Fixed Assets 339442488436437422418382358599734678652
CWIP 1013055551115418381429490
Investments 3177249234280366177144147146145150137
Other Assets 6545525176865575377631,1131,6961,5871,3241,4871,541
Total Assets 1,0351,0841,2551,3611,2781,3301,3641,6502,3562,3512,5842,7452,821

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 3911416115219128625762263-126317383
Cash from Investing Activity + -43-107-255-38-77-117-183-226-470153-320-136
Cash from Financing Activity + 12-1997-98-105-181-80160218-3912-252
Net Cash Flow 8-1221610-12-6-311-129-5
Free Cash Flow -2512761391592642234692-237-258358
CFO/OP 52%85%90%84%125%163%157%48%104%-25%107%125%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-77.00-51.00-92.0049.0034.00194.00195.0095.00-99.00-260.00-225.00-65.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 1089810713510280727789787879
Inventory Days 11297908153717471821006668
Days Payable 16013112014788153184140172816797
Cash Conversion Cycle 6064776967-1-397-1977751
Working Capital Days 56693127242511-11-1829-12-15
ROCE %19%21%23%27%19%20%19%23%22%13%17%16%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
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 2.89%2.85%2.73%2.71%2.54%2.45%2.11%2.66%2.18%1.76%1.86%1.78%
DIIs 9.04%9.26%8.75%9.37%12.18%12.03%12.13%10.83%10.49%10.54%10.74%11.10%
Public 23.39%23.18%23.81%23.21%20.59%20.82%21.06%21.80%22.63%22.98%22.70%22.42%
No. of Shareholders 42,39041,83642,75742,13545,77746,15347,17944,04844,42947,21447,08545,854

Shareholding Pattern Chart

No. of Shareholders

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

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Quant Infrastructure Fund 2,427,737 6.18 172.54N/AN/AN/A
DSP Small Cap Fund 1,700,000 0.75 120.823,753,1852025-12-08 00:01:54-54.71%
ICICI Prudential Smallcap Fund 419,795 0.37 29.83367,4822026-02-23 00:47:3614.24%
Quant Commodities Fund 185,140 4.42 13.16N/AN/AN/A
LIC MF Infrastructure Fund 93,725 0.7 6.6694,7462026-01-26 03:41:04-1.08%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 22Mar 21Mar 20
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) 58.7056.9955.9343.5931.29
Diluted EPS (Rs.) 58.7056.9955.9343.5931.29
Cash EPS (Rs.) 73.1070.7967.1453.5440.43
Book Value[Excl.RevalReserv]/Share (Rs.) 432.55384.18312.72262.85219.41
Book Value[Incl.RevalReserv]/Share (Rs.) 432.55384.18312.72262.85219.41
Revenue From Operations / Share (Rs.) 453.23448.11390.15271.69274.18
PBDIT / Share (Rs.) 97.9495.5589.1969.9749.66
PBIT / Share (Rs.) 83.4481.6678.7059.8739.90
PBT / Share (Rs.) 79.2076.1875.6158.2537.70
Net Profit / Share (Rs.) 58.6056.8956.6543.4530.66
NP After MI And SOA / Share (Rs.) 58.6056.8955.8343.5131.24
PBDIT Margin (%) 21.6021.3222.8625.7518.11
PBIT Margin (%) 18.4118.2220.1722.0314.55
PBT Margin (%) 17.4716.9919.3821.4413.75
Net Profit Margin (%) 12.9212.6914.5215.9911.18
NP After MI And SOA Margin (%) 12.9212.6914.3116.0111.39
Return on Networth / Equity (%) 13.5414.8017.8516.4914.18
Return on Capital Employeed (%) 18.7719.9221.6421.6117.28
Return On Assets (%) 9.379.6610.8111.5210.01
Long Term Debt / Equity (X) 0.000.040.130.020.00
Total Debt / Equity (X) 0.230.350.240.150.00
Asset Turnover Ratio (%) 0.740.000.870.780.87
Current Ratio (X) 1.951.762.332.342.21
Quick Ratio (X) 1.571.392.012.071.86
Inventory Turnover Ratio (X) 6.760.005.764.464.18
Dividend Payout Ratio (NP) (%) 17.0317.5413.410.0031.95
Dividend Payout Ratio (CP) (%) 13.6514.1011.280.0024.34
Earning Retention Ratio (%) 82.9782.4686.590.0068.05
Cash Earning Retention Ratio (%) 86.3585.9088.720.0075.66
Interest Coverage Ratio (X) 23.0716.1928.9043.1522.60
Interest Coverage Ratio (Post Tax) (X) 14.8010.5719.3627.7914.96
Enterprise Value (Cr.) 3023.843779.81660.30936.91191.74
EV / Net Operating Revenue (X) 1.531.930.380.780.15
EV / EBITDA (X) 7.069.051.693.060.88
MarketCap / Net Operating Revenue (X) 1.681.910.751.170.45
Retention Ratios (%) 82.9682.4586.580.0068.04
Price / BV (X) 1.762.220.941.210.57
Price / Net Operating Revenue (X) 1.681.910.751.170.45
EarningsYield 0.070.060.180.130.24

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Kalyani Steels Ltd. is a Public Limited Listed company incorporated on 28/02/1973 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L27104MH1973PLC016350 and registration number is 016350. Currently Company is involved in the business activities of Manufacture of hot-rolled and cold-rolled products of steel. Company's Total Operating Revenue is Rs. 1981.90 Cr. and Equity Capital is Rs. 21.86 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Steel - RollingMundhwa, Pune Maharashtra 411036Contact not found
Management
NamePosition Held
Mr. B N KalyaniChairman
Mr. R K GoyalManaging Director
Mrs. Sunita B KalyaniNon Executive Director
Mr. Amit B KalyaniNon Executive Director
Mr. M U TakaleNon Executive Director
Mr. Kartik Bharat RamNon Executive Director
Mr. S K AdivarekarIndependent Director
Mr. S K MandlikIndependent Director
Mrs. Shruti Anup ShahIndependent Director
Mr. Ahmad JavedIndependent Director
Mr. S G JoglekarIndependent Director
Mr. Raju S TolaniIndependent Director

FAQ

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

As of 21 April 2026, Kalyani Steels Ltd's intrinsic value is ₹575.55, which is 5.80% lower than the current market price of ₹611.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (14.0 %), book value (₹451), dividend yield (1.64 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Kalyani Steels Ltd?

Kalyani Steels Ltd is trading at ₹611.00 as of 21 April 2026, with a FY2026-2027 high of ₹989 and low of ₹574. The stock is currently near its 52-week low. Market cap stands at ₹2,667 Cr..

How does Kalyani Steels Ltd's P/E ratio compare to its industry?

Kalyani Steels Ltd has a P/E ratio of 9.94, which is below the industry average of 12.41. This is broadly in line with or below the industry average.

Is Kalyani Steels Ltd financially healthy?

Key indicators for Kalyani Steels Ltd: ROCE of 15.6 % indicates efficient capital utilization. Dividend yield is 1.64 %.

Is Kalyani Steels Ltd profitable and how is the profit trend?

Kalyani Steels Ltd reported a net profit of ₹253 Cr in Mar 2025 on revenue of ₹1,982 Cr. Compared to ₹243 Cr in Mar 2022, the net profit shows an improving trend.

Does Kalyani Steels Ltd pay dividends?

Kalyani Steels Ltd has a dividend yield of 1.64 % at the current price of ₹611.00. The company pays dividends, though the yield is modest.

Last Updated: April 2, 2026, 3:11 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500235 | NSE: KSL
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Kalyani Steels Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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