Kalyani Steels Limited

KSL.NS

Steel · Basic Materials

Price

₹881.15

+24.50 (+2.86%)

Market Cap

₹38.46B

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Mixed

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

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.

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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

31.7%

Modest — 31.7% gross margin

Profit after running costs

Operating Margin

26.7%

Excellent — 26.7% operating margin

Return on the money invested

ROCE

14.0%

Good — 14.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-4.1%

Shrinking sales (-4.1% YoY)

Profit growth

EPS YoY

-0.5%

Earnings shrinking (-0.5% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

53%

Weak — only 53% of profit becomes cash

Spare cash per sale

FCF Margin

5.6%

Thin free cash flow (5.6%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.23

Conservative — low debt load (0.23)

Covers its interest

Interest Cover

60.51x

Comfortably covers interest (60.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

14.5x

Attractive valuation — P/E 14.5

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

Cheaper or dearer next year

P/E vs Forward

-1.4

SLOWING

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

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Dividends

Dividend

Dividend Yield

1.14%

Small dividend — 1.14% yield

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

Dividend record

Dividend Growth

+45.5%

Dividend growing fast (45.5% YoY)

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