Kalyani Steels Limited

KSL.NS

Steel · Basic Materials

Price

₹848.40

-33.85 (-3.84%)

Market Cap

₹37.04B

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Kalyani Steels Limited is an Indian company that makes special types of steel called alloy and special steels. These steels are stronger and more precise than regular steel, and they are sold mainly to the automotive industry — think car and truck parts like gears, axles, and engine components. The company is part of the Kalyani Group, one of India's larger industrial conglomerates, and is a notable supplier of engineered steel to vehicle manufacturers across India.

The company earns money by selling steel products directly to manufacturers, so revenue depends on how much steel customers order and the price of raw materials like iron ore and scrap. Kalyani Steels operates primarily in India, with most of its customers being domestic automakers and auto-parts suppliers. Its competitive edge comes from long-standing customer relationships and the technical difficulty of producing high-grade specialty steel. The main risk is that any slowdown in India's automotive sector — its biggest end market — could quickly reduce demand and squeeze margins.

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)

14.4x

Attractive valuation — P/E 14.4

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

P/E vs Forward

-1.6

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

1.14%

Small dividend — 1.14% 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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