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Kalyani Steels Limited

KSL.BO
43
Steel · Basic Materials
Price
₹893.10
+5.10 (+0.57%)
Market Cap
₹38.85B
Exchange
Bombay Stock Exchange
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Jul 26, 2026 · filings through Mar 31, 2026

Kalyani Steels Limited specializes in the production and sale of a variety of iron and steel products. The company offers rolled bars specifically engineered for automotive use, serving as crucial components in crankshafts, camshafts, connecting rods, gears, transmission shafts, axle beams, and steering knuckles. Its extensive product range also includes alloyed steel rolled bars for various engineering sectors like energy, railways, defense, fasteners, and material handling. Furthermore, Kalyani Steels supplies specialized steel for heavy industries such as earthmoving, cement, sugar, steel manufacturing, coal mining, shipbuilding, and oilfields, in addition to general engineering equipment. The firm also produces round cast products for the seamless tube industry and machined bars for the aluminum smelting sector. Catering to a diverse clientele of component manufacturers for commercial vehicles, two-wheelers, diesel engines, bearings, tractors, turbines, and rail systems, Kalyani Steels operates both domestically in India and internationally. Founded in 1973, the company's operations are based in Pune, India.

Winston Score History

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 43.7M (2022) → 43.7M (2026)

Score breakdown

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Quality

Gross Margin
24.9%
Thin — 24.9% gross margin
Operating Margin
17.6%
Healthy — 17.6% operating margin
ROCE
3.3%
Weak — 3.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-6.9%
Shrinking sales (-6.9% YoY)
EPS YoY
+0.6%
Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
54%
Weak — only 54% of profit becomes cash
FCF Margin
5.7%
Thin free cash flow (5.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.23
Conservative — low debt load (0.23)
Interest Cover
35.22x
Comfortably covers interest (35.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
15.1x
Fair value — P/E 15.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
-1.2
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield
1.12%
Small dividend — 1.12% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
+45.5%
Dividend growing fast (45.5% YoY)

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