Kalyani Steels Limited (KSL)
₹947.40 +0.05% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Kalyani Steels' revenue was ₹465 Cr (+4.9% year on year, -4.1% on the previous quarter), and net profit ₹68.2 Cr (+10.6% year on year); the operating margin was 19.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹465 | +4.9% | -4.1% |
| Operating profit | ₹91.4 | +7.1% | -7.7% |
| Net profit | ₹68.2 | +10.6% | -4.8% |
| EPS (₹) | 15.63 | +10.6% | -4.8% |
| Operating margin | 19.7% | — | — |
KSL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 47.54% of the KSL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.23%. That is close to its usual level. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 38.3% · 51.3% · 61.3% · 60.2% · 47.5%
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
Kalyani Steels Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The confirmation letter from Registrar and Transfer Agent MUFG Intime India Private Limited confirms all dematerialisation requests received during the period were processed and settled within prescribed timelines. This is a mandatory administrative disclosure confirming routine operational compliance. There is no financial or commercial impact on the company.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Applies to dematerialisation requests for the quarter ended September 30, 2026
- RTA confirmation issued by MUFG Intime India Private Limited on October 6, 2026
Kalyani Steels Limited announced that ICRA Limited has reaffirmed/assigned its [ICRA] A1+ rating for the company's Commercial Paper program of ₹75.00 crore. The rated CP program represents approximately 15.8% of the company's total outstanding debt of ₹475 crore and ~4% of its TTM revenue (₹1,867 crore). The top-tier short-term rating underscores the company's strong liquidity and conservative balance sheet (D/E of 0.23).
- ICRA reaffirmed/assigned highest short-term rating of [ICRA] A1+
- Rated instrument is Commercial Paper with an amount of ₹75.00 crore
- Commercial Paper limit represents ~15.8% of total debt of ₹475 crore
- Filing dated September 29, 2026 under Regulation 30
Kalyani Steels Limited has issued a Postal Ballot notice seeking shareholder approval for the appointment of Mr. Ajay Kirtane as an Independent Director for a 5-year term from September 7, 2026 to September 6, 2031. The e-voting period runs from September 19, 2026 to October 18, 2026, with results to be declared on or before October 21, 2026. The cut-off date to determine member eligibility for voting was September 11, 2026. Mr. Kirtane brings over 34 years of experience in financial management, debt syndication, and M&A.
- Appointment of Mr. Ajay Kirtane as Independent Director for a 5-year term from September 7, 2026 to September 6, 2031
- e-Voting window opens on September 19, 2026 (9:00 AM IST) and closes on October 18, 2026 (5:00 PM IST)
- Voting eligibility cut-off date fixed as Friday, September 11, 2026
- Results of the postal ballot to be announced on or before October 21, 2026
- Appointee holds 0 shares and has over 34 years of experience in financial management and M&A
Kalyani Steels Limited has appointed Mr. Ajay Kirtane as an Additional Non-Executive Independent Director for a 5-year term effective September 7, 2026, to September 6, 2031. The appointment is subject to shareholder approval through a postal ballot. Mr. Kirtane is a Cost & Works Accountant with over 34 years of experience in financial management, debt syndication, and M&A. The move is a routine board strengthening measure with no direct operational or financial impact.
- Appointed for a 5-year term from September 7, 2026, to September 6, 2031
- Appointment is subject to shareholder approval via Postal Ballot
- Appointee brings over 34 years of experience across financial management, M&A, and debt syndication
- Independent appointee is not related to any existing Director on the Board
Kalyani Steels Limited informed exchanges that shareholders at its 53rd Annual General Meeting held on August 27, 2026, approved the re-appointment of Mr. B.N. Kalyani and Mr. M.U. Takale as Directors liable to retire by rotation. Mr. B.N. Kalyani's re-appointment was passed via Special Resolution, while Mr. M.U. Takale's was approved via Ordinary Resolution. Both appointments are effective immediately from August 27, 2026. The announcement reflects standard corporate governance continuity with no change in executive roles.
- Shareholders approved re-appointments at the 53rd AGM held on August 27, 2026
- Mr. B.N. Kalyani re-appointed as Director liable to retire by rotation via Special Resolution
- Mr. M.U. Takale re-appointed as Director liable to retire by rotation via Ordinary Resolution
- Both re-appointments took effect from August 27, 2026
Kalyani Steels Limited has submitted the voting results and scrutinizer's report for its 53rd Annual General Meeting held on August 27, 2026. All seven resolutions were approved with requisite majorities, including the adoption of FY26 financial statements, dividend declaration, and material related party transactions (RPTs) with Bharat Forge Limited and Kalyani Technoforge Limited. Notably, the re-appointment of Director Mr. B.N. Kalyani was approved with 91.50% overall votes in favour, despite 53.14% of institutional votes cast against it. Similarly, the re-appointment of Mr. M.U. Takale passed with 90.04% overall favour despite 62.31% institutional dissent.
- Material related party transactions with Bharat Forge Limited approved with 99.9979% valid non-promoter votes in favour (62,68,980 votes)
- Material RPTs with Kalyani Technoforge Limited approved with 99.9979% valid non-promoter votes in favour (62,68,960 votes)
- Special resolution for re-appointment of Mr. B.N. Kalyani approved with 91.5015% overall votes in favour (3,14,97,250 votes)
- Dividend declaration for FY26 approved with 99.9997% votes in favour (3,44,22,566 votes)
- Total shareholder count on record date stood at 42,658
Kalyani Steels Limited conducted its 53rd Annual General Meeting on August 27, 2026, via video conferencing. Key resolutions tabled for voting included adoption of FY26 audited financial statements, dividend declaration, re-appointment of Director Mr. B.N. Kalyani, and approvals for material Related Party Transactions (RPTs) with Bharat Forge Limited and Kalyani Technoforge Limited. The meeting concluded at 11:55 a.m. IST, and scrutinizer voting results will be declared separately.
- 53rd Annual General Meeting held successfully on August 27, 2026, via video conferencing.
- Total of 7 agenda items transacted, comprising 3 ordinary business items and 4 special business items.
- Material related-party transaction approvals tabled for Bharat Forge Limited and Kalyani Technoforge Limited.
- E-voting remained accessible for 15 minutes post-conclusion of the meeting at 11:55 a.m. IST.
Stock exchanges NSE and BSE have imposed fines of Rs 12,92,100 and Rs 15,28,100 respectively (totaling ~Rs 28.20 lakh) on Kalyani Steels Limited for non-compliance with Regulation 17(1) regarding Board composition. The violation pertained to the quarters ended December 31, 2025, March 31, 2026, and June 30, 2026. The company noted that it has already regularized the board composition by appointing Mr. Shishir Joshipura and Mrs. Vartika Shukla as Independent Directors effective May 8, 2026, and June 24, 2026, respectively. The entire fine amount was paid on August 26, 2026, with negligible impact on financials against TTM PAT of Rs 264 Cr.
- NSE levied a penalty of Rs 1,292,100 (inclusive of GST) for Regulation 17(1) non-compliance
- BSE levied a penalty of Rs 1,528,100 (inclusive of GST), bringing total exchange fines to Rs 28,20,200
- Non-compliance pertained to three consecutive quarters ended Dec 31, 2025, Mar 31, 2026, and Jun 30, 2026
- Two Independent Directors appointed w.e.f May 8, 2026 (Mr. Shishir Joshipura) and June 24, 2026 (Mrs. Vartika Shukla)
- Entire fine amount settled and paid by KSL on August 26, 2026
Kalyani Steels Limited (KSL) reported a steady Q1 FY27 with standalone revenue from operations at ₹464.58 Cr, a 4.9% increase compared to ₹442.77 Cr in Q1 FY26. Net profit for the quarter rose 10.9% YoY to ₹67.61 Cr, up from ₹60.97 Cr. On a sequential basis, revenue and profit saw a slight decline of 4.1% and 4.8% respectively compared to the March 2026 quarter. The company maintained a stable EPS of ₹15.49 for the quarter.
- Standalone Revenue from Operations stood at ₹464.58 Cr, representing ~25% of TTM revenue.
- Net Profit after tax increased to ₹67.61 Cr from ₹60.97 Cr in the year-ago period.
- Earnings Per Share (EPS) for the quarter was ₹15.49, compared to ₹13.97 in Q1 FY26.
- Raw material costs accounted for ₹239.58 Cr, approximately 51.6% of revenue from operations.
- Consolidated results include a small contribution from subsidiary DGM Realties, which reported a net profit of ₹0.64 Cr.
Kalyani Steels Limited (KSL) has received shareholder approval for the appointment of Ms. Vartika Shukla as an Independent Director. The resolution, passed via postal ballot, received overwhelming support with 99.9561% of the 3.44 crore votes cast in favor. The appointment is for a five-year term effective from June 24, 2026, to June 23, 2031. This is a routine governance update ensuring compliance with SEBI Listing Regulations.
- Appointment of Ms. Vartika Shukla as Independent Director approved for a 5-year term until June 23, 2031
- Resolution passed with 3,43,98,217 votes (99.9561%) in favor
- Minimal opposition recorded with only 15,108 votes (0.0439%) against the resolution
- The e-voting process concluded on August 1, 2026, following the board's circular resolution dated June 24, 2026
Kalyani Steels Limited (KSL) has successfully passed a Special Resolution for the appointment of Ms. Vartika Shukla as an Independent Director. The resolution received overwhelming support with 99.95% of the 3.44 crore valid votes cast in favor. Participation was high, with approximately 78.8% of the eligible voting shares represented in the postal ballot. This governance update is procedural as the company maintains a steady financial performance with a TTM PAT of Rs 257 Cr.
- 99.95% of total valid votes (3,43,98,217) were cast in favor of the appointment
- Promoter group provided 100% support with 2,81,53,561 votes in favor
- Public institutional support was strong with 99.88% of their 55,03,090 votes cast in favor
- Total valid votes cast amounted to 3,44,13,325 across 256 voting members
- Only 0.0439% of votes (15,108) were cast against the resolution
ICRA Limited has reaffirmed its [ICRA] A1+ rating for Kalyani Steels Limited's (KSL) Rs 50.00 crore Commercial Paper program. This rating signifies the highest degree of safety regarding timely payment of financial obligations. The rated amount is relatively small, representing approximately 10.5% of the company's total debt of Rs 475 crore and 2.7% of its TTM revenue of Rs 1,846 crore. The reaffirmation underscores KSL's stable financial position, characterized by a low Debt-to-Equity ratio of 0.23.
- ICRA reaffirmed the [ICRA] A1+ rating for the company's Commercial Paper program.
- The total rated amount for the instrument is Rs 50.00 Crore.
- The rated amount constitutes approximately 10.5% of the company's total debt of Rs 475 Crore.
- KSL maintains a healthy financial profile with a Debt-to-Equity ratio of 0.23 and TTM PAT of Rs 257 Crore.
Kalyani Steels Limited (KSL) has scheduled its 53rd Annual General Meeting (AGM) for August 27, 2026. Key agenda items include the approval of FY26 financial statements, dividend declaration, and the re-appointment of Chairman B.N. Kalyani (aged 75). Crucially, the company is seeking shareholder approval for material related party transactions (RPT) with Bharat Forge and Kalyani Technoforge, with limits set at ₹700 crore each for FY 2027-28. These combined limits of ₹1,400 crore represent approximately 76% of KSL's TTM revenue, reflecting its deep integration within the Kalyani Group.
- AGM scheduled for August 27, 2026, to approve FY26 results and declare dividends.
- Proposed Material Related Party Transaction limit of ₹700 crore for Bharat Forge Limited for FY 2027-28.
- Proposed Material Related Party Transaction limit of ₹700 crore for Kalyani Technoforge Limited for FY 2027-28.
- Special Resolution required for the re-appointment of Mr. B.N. Kalyani as Director, having attained 75 years of age.
- Remote e-voting period set from August 24 to August 26, 2026, with a cut-off date of August 20.
Kalyani Steels has announced a final dividend of Rs 10 per share (200% of face value) for FY 2025-26, representing an estimated total payout of ~Rs 43.6 crore based on current market capitalization. The company has fixed July 31, 2026, as the record date for determining eligibility and the deadline for submitting tax-related documents. The dividend is scheduled for payment on September 4, 2026, subject to shareholder approval at the AGM on August 27, 2026. This communication specifically outlines TDS procedures, including a 10% withholding tax for resident individuals with a valid PAN.
- Final dividend of Rs 10 per equity share of Rs 5 face value (200%) recommended for FY 2025-26.
- Record date for dividend eligibility and tax document submission is July 31, 2026.
- Dividend payout date is scheduled for September 4, 2026, following the AGM on August 27, 2026.
- TDS of 10% will be deducted for resident individuals with PAN if the total dividend exceeds Rs 10,000.
- Non-resident shareholders can avail DTAA benefits by submitting a Tax Residency Certificate (TRC) and Form 41.
Kalyani Steels Limited has announced a final dividend of Rs 10 per equity share (200% of face value) for the financial year. The company has fixed July 31, 2026, as the record date to determine shareholder eligibility. This payout follows a steady financial performance in FY25, where the company recorded a net profit of Rs 256.25 Cr. The dividend is subject to approval at the upcoming 53rd Annual General Meeting on August 27, 2026.
- Dividend declared at Rs 10 per equity share of face value Rs 5
- Record date for dividend eligibility is July 31, 2026
- 53rd Annual General Meeting scheduled for August 27, 2026
- Dividend payment to be completed on or before September 4, 2026
- Dividend yield stands at approximately 1.08% based on the current price of Rs 921.7
Financial Performance
Revenue Growth by Segment
Total operating revenue grew by 1.3% from INR 1,955.8 Cr in FY2024 to INR 1,981.2 Cr in FY2025. The automotive segment contributes approximately 80% of total revenue, while the remaining 20% is derived from engineering, energy, and seamless pipe segments.
Geographic Revenue Split
Not disclosed in available documents; however, the company serves both national and international OEMs in the automotive and engineering sectors.
Profitability Margins
Operating profit (OPBDIT) margin remained stable at 18.8% in both FY2024 and FY2025. Net profit (PAT) margin improved slightly from 12.7% in FY2024 to 12.8% in FY2025, with PAT increasing 2.2% from INR 247.5 Cr to INR 253.0 Cr.
EBITDA Margin
EBITDA margin (OPBDIT/OI) was 18.8% in FY2025. Core profitability per tonne reached a peak of INR 14,497 in FY2024, compared to a 10-year average of INR 10,300 per tonne, reflecting high efficiency in specialty steel production.
Capital Expenditure
KSL acquired assets of Kamineni Steel & Power for INR 504.72 Cr in FY2024. The company has signed an MoU with the Government of Odisha for a massive expansion project estimated at INR 11,750 Cr (or INR 11,000 Cr in phased execution) to be funded over the medium term.
Credit Rating & Borrowing
Short-term rating of [ICRA]A1+ reaffirmed. Borrowing costs are characterized by an interest coverage ratio that improved from 15.0x in FY2024 to 20.1x in FY2025, indicating very low interest burden relative to earnings.
Operational Drivers
Raw Materials
Key raw materials include iron ore/iron ore fines, coking coal, fluxes (limestone and dolomite), ferro alloys, and solid charge. Raw material costs represent the largest cost component, though specific percentage splits per material are not disclosed.
Import Sources
Coking coal is primarily imported from international markets, while iron ore and other fluxes are sourced domestically within India.
Key Suppliers
Not specifically named, but the company utilizes a diversified base of domestic and overseas suppliers and employs a competitive bidding process (taking quotes) to mitigate concentration risk.
Capacity Expansion
Current installed capacity is 700,000 MTPA (0.7 MTPA) at the Hospet facility. Planned expansion includes a new project in Odisha (INR 11,750 Cr) and incremental billet capacity expected to be operational by FY2027.
Raw Material Costs
Raw material costs are volatile and linked to global demand-supply; KSL uses pass-through arrangements with customers to mitigate this, though a time lag exists that can impact short-term margins.
Manufacturing Efficiency
KSL maintains a strategic alliance with Mukand Limited, sharing manufacturing facilities where KSL holds 41.38% of the assets, optimizing fixed cost absorption.
Strategic Growth
Growth Strategy
Growth will be driven by the operationalization of incremental billet capacity by FY2027 and the phased execution of the INR 11,750 Cr Odisha expansion. The company also plans to utilize the recently acquired Kamineni Steel assets (INR 504.72 Cr) for future capital expansion.
Products & Services
Carbon and alloy steel of forging and engineering quality, rolled products for the automobile sector, steel blooms for seamless pipes, and cathode collector bars for aluminium smelting.
Brand Portfolio
Kalyani Steels, Kalyani Group.
New Products/Services
Incremental billet capacity and specialty steel products for the defence and energy sectors are expected to contribute to revenue from FY2027 onwards.
Market Expansion
Targeting the Odisha region for a new integrated steel plant to diversify geographic presence and increase total production capacity.
Market Share & Ranking
Not disclosed in available documents; however, KSL is a preferred supplier for leading national and international OEMs in the niche specialty steel segment.
Strategic Alliances
Strategic alliance with Mukand Limited (Bajaj Group) for shared manufacturing facilities at Hospet; KSL owns 41.38% of these assets.
External Factors
Industry Trends
The steel industry is moving toward consolidation and integrated manufacturing. KSL is positioning itself by expanding into a new integrated facility in Odisha to maintain its competitive edge in the specialty steel niche.
Competitive Landscape
Competes with both organized and unorganized players in the alloy steel market, though its niche focus on forging-quality steel for OEMs provides a buffer against commodity-grade steel competition.
Competitive Moat
Moat is built on a 40-year track record, 'preferred supplier' status with major OEMs, and a captive-like customer base through the Kalyani Group (Bharat Forge), which provides high revenue visibility and resilience.
Macro Economic Sensitivity
Highly sensitive to the GDP-linked commercial vehicle cycle and interest rate environments that affect automobile financing and demand.
Consumer Behavior
Shift toward higher quality and specialty alloy steels in the automotive sector to meet evolving engineering and safety standards.
Geopolitical Risks
Exposure to global commodity price volatility and trade barriers affecting the import of coking coal and the export of automotive components by its primary customers.
Regulatory & Governance
Industry Regulations
Operations are governed by pollution control board norms, mining regulations for raw material sourcing, and safety standards for ferrous manufacturing units.
Environmental Compliance
The company is subject to environmental pollution norms; adverse impacts in nearby localities could trigger regulatory action or local protests, impacting expansion plans.
Taxation Policy Impact
Effective tax rate is approximately 25%, with taxes paid amounting to INR 361.26 Cr in H1 FY2025.
Legal Contingencies
Not disclosed in available documents; no specific pending court case values were provided.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing and demand recovery of the commercial vehicle segment, which could impact volume growth by 10-15% during cyclical lows.
Geographic Concentration Risk
High concentration at the Hospet, Karnataka facility; however, the planned Odisha project aims to mitigate this geographic risk.
Third Party Dependencies
55-60% revenue dependency on Kalyani Group companies, particularly Bharat Forge; any deterioration in the group's credit profile would directly impact KSL.
Technology Obsolescence Risk
Risk is mitigated by continuous investment in 'state-of-the-art' integrated manufacturing facilities and a focus on high-end specialty steel.
Credit & Counterparty Risk
Receivables risk is low due to established relationships with reputed OEMs and group companies, though delayed realizations from group entities are noted as a rating sensitivity factor.
