Kalana Ispat Limited (KALANA)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Kalana Ispat's revenue was ₹27.0 Cr (-2.2% year on year, +8.4% on the previous half-year), and net profit ₹1.0 Cr (+92.0% year on year); the operating margin was 5.4%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹27.0 | -2.2% | +8.4% |
| Operating profit | ₹1.5 | +534.8% | from loss |
| Net profit | ₹1.0 | +92.0% | — |
| EPS (₹) | 0.74 | +94.7% | — |
| Operating margin | 5.4% | — | — |
KALANA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the KALANA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 93.41%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 3 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 81.8% · 100.0% · 80.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Promoter Aftabhusen S Khandwawala acquired 7,80,588 equity shares of Kalana Ispat Limited following the conversion of warrants on a preferential basis on August 26, 2026. The acquisition represents 5.34% of the basic voting share capital and 4.49% on a diluted basis. Post-conversion, the promoter's direct equity holding increased to 28,18,197 shares from 20,37,609 shares, while 7,80,588 unexercised warrants remain outstanding. Total combined holding (equity plus warrants) remains at 35,98,725 instruments (20.70% on a fully diluted basis).
- 7,80,588 warrants converted into equity shares on preferential issue on August 26, 2026
- Acquisition represents 5.34% of total share capital (4.49% on a diluted basis)
- Direct equity holding rose from 20,37,609 shares (15.63%) to 28,18,197 shares
- Unconverted promoter warrants now stand at 7,80,588
Kalana Ispat's Board has approved the allotment of 15,61,116 equity shares upon conversion of warrants at Rs 22.50 per share (face value Rs 10 plus premium of Rs 12.50) to promoters. The company received the remaining 75% consideration totaling Rs 2.63 Cr. As a result, the paid-up equity share capital expanded from Rs 13.04 Cr to Rs 14.60 Cr. Individual promoter stakes for Varghese Joseph Pottakerry and Aftabhusen S Khandwawala increased to 19.63% and 19.30% respectively.
- Allotted 15,61,116 equity shares on conversion of equivalent warrants at Rs 22.50 each
- Received balance 75% warrant exercise consideration of Rs 2,63,43,832 (~Rs 2.63 Cr)
- Paid-up equity capital increased from Rs 13.04 Cr (1.30 Cr shares) to Rs 14.60 Cr (1.46 Cr shares)
- Promoter holdings for Varghese Joseph Pottakerry and Aftabhusen S Khandwawala rose to 19.63% and 19.30% respectively
- Part of the 43,44,446 total equity warrants originally allotted on May 19, 2026
Kalana Ispat Limited submitted a clarification to the National Stock Exchange on August 25, 2026, regarding recent price movement in its shares following an exchange query dated August 24, 2026. The company stated that it has continuously complied with SEBI Regulation 30 disclosures and holds no undisclosed or price-sensitive information. Management confirmed that the recent price volatility is purely market-driven and not linked to any internal unannounced corporate actions. The company reported TTM revenue of Rs 107 Cr and TTM PAT of Rs 2 Cr.
- Responded to NSE surveillance email Ref: NSE/CM/Surveillance/17397 dated 24th August, 2026
- Confirmed no undisclosed price-sensitive information or impending announcements exist as of 25th August, 2026
- Affirmed full compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Financial Performance
Revenue Growth by Segment
The company operates in a single reportable segment: Iron & Steel Products (manufacturing of M.S. Billets/Ingots and Alloy Steel Billets/Ingots). Revenue from operations for FY 2024-25 was INR 55.19 Cr.
Geographic Revenue Split
100% of revenue is generated from operations in India, specifically from manufacturing facilities located in Sanand and Viramgam, Gujarat.
Profitability Margins
For FY 2024-25, the Net Profit Ratio was 2.19%. Profit Before Tax (PBT) was INR 1.73 Cr and Net Profit was INR 1.21 Cr. However, H1 FY26 saw a significant decline, with Net Profit dropping to INR 0.0085 Cr (INR 0.85 Lakhs).
EBITDA Margin
Core operating profitability (PBT + Finance Costs + Depreciation) for FY 2024-25 was approximately INR 5.69 Cr, representing an estimated EBITDA margin of 10.3% on total income of INR 56.10 Cr.
Capital Expenditure
The company raised INR 32.59 Cr through an IPO in September 2024. As of September 30, 2025, INR 21.11 Cr has been utilized for setting up rolling mills at Sanand (INR 2.00 Cr) and Viramgam (INR 10.51 Cr), with INR 11.48 Cr remaining unutilized.
Credit Rating & Borrowing
Not disclosed in available documents. The company maintains a very low Debt-to-Equity ratio of 0.06 and a high Debt Service Coverage Ratio of 1793.10 as of March 31, 2025.
Operational Drivers
Raw Materials
Steel scrap, iron, and various alloys used in the manufacturing of M.S. Billets and Alloy Steel Billets.
Import Sources
Primarily sourced from domestic markets in Gujarat; specific international import sources are not disclosed.
Capacity Expansion
The company is expanding downstream by setting up rolling mills at Sanand (Survey No. 4/1) and Viramgam (Survey No. 452). Total IPO-funded capex for these projects is INR 28.98 Cr.
Raw Material Costs
Not explicitly disclosed as a percentage of revenue; however, the company maintains an inventory turnover of 12.98 days, indicating rapid processing of raw materials.
Manufacturing Efficiency
Inventory turnover of 12.98 days and trade receivable turnover of 13.16 indicate efficient working capital cycles and manufacturing throughput.
Logistics & Distribution
Not disclosed in available documents; however, proximity to the Sanand-Viramgam industrial highway provides a logistical advantage.
Strategic Growth
Growth Strategy
Growth is driven by transitioning from a billet manufacturer to an integrated steel player through the establishment of new rolling mills in Sanand and Viramgam. This INR 32.59 Cr expansion aims to capture higher margins in finished steel products.
Products & Services
M.S. Billets/Ingots and Alloy Steel Billets/Ingots of various grades.
Brand Portfolio
Kalana Ispat.
New Products/Services
Rolling mill products are expected to be launched following the completion of the Sanand and Viramgam facilities, significantly expanding the product portfolio.
Market Expansion
Targeting the industrial and infrastructure sectors within Gujarat and neighboring states.
External Factors
Industry Trends
The Indian steel industry is benefiting from strong long-term fundamentals and large-scale government investments in infrastructure.
Competitive Landscape
Operates in the highly competitive SME steel sector, competing with both local players and larger integrated mills.
Competitive Moat
Localized manufacturing presence in the Sanand industrial hub provides a cost advantage in logistics and proximity to a large B2B customer base in Gujarat.
Macro Economic Sensitivity
Highly sensitive to Indian GDP growth and infrastructure investments, which drive demand for iron and steel products.
Consumer Behavior
Demand is driven by B2B industrial requirements and infrastructure project cycles.
Regulatory & Governance
Industry Regulations
Compliant with the Companies Act 2013, SEBI (LODR) Regulations 2015, and NSE Emerge listing requirements.
Taxation Policy Impact
The company is subject to standard Indian corporate tax rates; effective tax paid in FY 2024-25 was INR 0.74 Cr on PBT of INR 1.73 Cr (~42% including deferred tax adjustments).
Legal Contingencies
No investor complaints were received or pending for the half-year ended September 30, 2025.
Risk Analysis
Key Uncertainties
Significant volatility in raw material prices and the risk of project delays in the Sanand and Viramgam rolling mill expansions.
Geographic Concentration Risk
100% of manufacturing and revenue is concentrated in the Ahmedabad/Gujarat region.
Technology Obsolescence Risk
Risk of competition from larger mills utilizing more advanced integrated furnace and rolling technologies.
Credit & Counterparty Risk
Trade receivable turnover of 13.16 suggests healthy credit management, with receivables at INR 1.53 Cr as of September 2025.
