Key Metrics of Kalyani Steels Ltd
About Kalyani Steels Ltd
Sectors
Company details
- Registered office
- Mundhwa, Pune, In-mh, 411036
- Listed
- NSE: KSL · ₹822.95
Operational Areas of Kalyani Steels Ltd
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 30 Sep 2026 | ICRA | Reaffirmed | — | A1+ | — | ₹75.0 Cr | View |
| 31 Jul 2026 | ICRA | Reaffirmed | — | A1+ | — | ₹50.0 Cr | View |
| 22 Jul 2026 | CARE | Other | — | — | — | — | View |
| 15 Dec 2025 | CARE | Reaffirmed | AA | A1+ | Stable | ₹952 Cr | View |
| 04 Dec 2024 | CARE | Reaffirmed | AA | A1+ | Stable | ₹952 Cr | View |
| 05 Dec 2023 | CARE | Reaffirmed | AA | A1+ | Stable | ₹907 Cr | View |
| 06 Dec 2022 | CARE | Reaffirmed | AA | A1+ | Stable | ₹832 Cr | View |
| 17 Jan 2022 | CARE | Reaffirmed | AA | A1+ | Stable | ₹1,664 Cr | View |
| 07 Dec 2021 | CARE | Reaffirmed (from AA) | AA | A1+ | Stable | ₹832 Cr | View |
| 07 Oct 2021 | CARE | Reaffirmed | — | A1+ | — | ₹150 Cr | View |
| 08 Oct 2020 | CARE | Reaffirmed | AA | A1+ | Stable | ₹692 Cr | View |
| 30 Sep 2019 | CARE | Reaffirmed | AA | A1+ | Stable | ₹659 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Strong parent group
KSL is a part of the diversified Pune-based Kalyani Group, promoted by Babasaheb Neelkanth Kalyani.
+ Healthy financial risk profile characterised by low gearing, comfortable debt coverage and liquidity
KSL’s healthy profits and cash accruals, together with its limited debt repayments, continue to support its debt coverage indicators (debt service coverage ratio (DSCR) of ~37 times in FY2026).
+ Established relationships with clients, which are reputed players in the domestic auto ancillary industry
KSL has established selling arrangements with approved vendor status from reputed automobile OEMs in the domestic market, such as Tata Motors, Maruti Suzuki India Limited, Hyundai Motor India Limited, Force Motors Limited and Mahindra & Mahindra.
Credit challenges
− Vulnerable to cyclicality in steel and automobile sectors
KSL’s operations remain susceptible to the cyclical downturns in the automobile industry, given its high dependence on the sector, which can also render the company’s RoCE volatile.
− Profitability susceptible to volatility in raw material prices
KSL remains exposed to the volatility in iron ore and coking coal prices as the company resorts to the open market to fulfil its requirements.
Could lead to a downgrade
The rating could witness a downward revision in case of any adverse impact on the revenue/ profitability of the company leading to deterioration in debt protection metrics. Further, any sizeable dividend payout or large capital expenditure adversely impacting the
Agency-reported financials (ICRA, 30 Sep 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹1,981 Cr | ₹1,845 Cr |
| PAT | ₹253 Cr | ₹255 Cr |
| OPBDITA/OI | 18.8% | 19.7% |
| PAT/OI | 12.8% | 13.8% |
| Total outside liabilities/Tangible net worth (times) | 0.40× | 0.42× |
| Total debt/OPBDITA (times) | 1.20× | 1.30× |
| Interest coverage (times) | 20.00× | 42.00× |
| Revenue growth (YoY) | — | −6.9% |
| EBITDA (margin × income) | ₹372 Cr | ₹363 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹447 Cr | ₹473 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹18.62 Cr | ₹8.65 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term Bank Facilities | Working capital & bank lines | — | ₹277 Cr | — | AA (Stable) | Reaffirmed | CARE |
| Short Term Bank Facilities | Working capital & bank lines | — | ₹600 Cr | — | A1+ | Reaffirmed | CARE |
| Commercial Paper | Commercial paper | — | ₹75.0 Cr | — | A1+ | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹300 Cr | CARE A1+ |
| Cash Credit | ₹150 Cr | CARE AA; Stable |
| Commercial Paper (Standalone) | ₹75.0 Cr | CARE A1+ |
| External Commercial Borrowings | — | Withdrawn |
| Long Term | ₹127 Cr | CARE AA; Stable |
| Short Term | ₹300 Cr | CARE A1+ |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | Canara Bank |
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Cash Credit | HSBC Ltd. |
| Fund-based - LT | Cash Credit | Union Bank of India |
| Fund-based/Non-fund-based | Short Term | Kotak Mahindra Bank Ltd. |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | Bank of Baroda |
| Non-fund-based - ST | BG/LC | Canara Bank |
| Non-fund-based - ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | HSBC Ltd. |
| Non-fund-based - ST | BG/LC | Union Bank of India |
| Term Loan | Long Term | Proposed |
Credit assessment · Iron & steel
ICRA Rating Methodology – Iron & Steel (Jun 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 64% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 47% chance the next rating action is stable or better
- Interest coverage 42×
Rated limits by facility
Timeline
From the report
September 30, 2026 Kalyani Steels Limited: Rating reaffirmed and assigned for enhanced amount Summary of rating action Previous rated Current rated Financial Sector Instrument* amount amount Rating action # Regulator (Rs. crore) (Rs. crore) [ICRA]A1+; reaffirmed/ assigned for Commercial Paper 50.00 75.00 RBI enhanced amount Total 50.00 75.00 *Instrument details are provided in Annexure I #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Fi
From the report
Liquidity remained comfortable, supported by cash and liquid investments of Rs. 818 crore as on March 31, 2026.
From the report
Liquidity remained comfortable, supported by cash and liquid investments of Rs. 818 croreas on March 31, 2026.
From the report
Resultantly, KSL has delivered gross cash accruals of ₹323 crores in FY25 and ₹152 crores in H1FY26.
From the report
Even after such large acquisition, KSL had cash and liquid investments of ₹752 crores as on March 31, 2025, and ₹827 crore as on September 30, 2025, on consolidated basis.
From the report
The foreign currency term loan loan availed by the company during FY22 to fund the projected capital expenditure of ₹211 crore has been entirely repaid as on Mar 31, 2025.
From the report
Furthermore, KSL had cash and liquid investments of ₹827 crore as on September 30, 2025 and ₹752 crore as on March 31, 2025.
From the report
Resultantly, KSL has delivered gross cash accruals of ₹312.73 crores in FY24 and at ₹150.25 crores in H1FY25.
From the report
Even after such large acquisition, KSL had free cash and bank balance of ₹539.84 crore as on March 31, 2024 and ₹589.36 crore as on September 30, 2024.
From the report
The term loan comprises foreig n currency loan availed by the company during FY22 to fund the projected capital expenditure of ₹211 crore.
From the report
Furthermore, KSL had free cash and bank balance of ₹589.36 crore as on September 30, 2024 and ₹539.84 crore as on March 31, 2024.
From the report
The liquidity continues to be strong supported by cash and liquid investments of ₹590.70 crore as on September 30, 2023, and moderately utilised bank lines providing sufficient cushion in terms of funding requirements.Net debt has been consistently negative over the past few fiscals.
From the report
Negative factors - Factors likely to lead to negative rating action • Decline in the TOI and/or profitability leading to net cash accruals below ₹100 crore on a sustained basis . • Deterioration in the credit profile of the group companies with which KSL shares substantial trade linkages. • Delayed realisation of debtors from the group companies. • Increased financial leverage indicated by overall gearing ratio of 0.65x or more . 1Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications 1 CARE Ratings Ltd.
From the report
The term loan comprises foreign currency loan availed by the company during FY22 to fund the projected capital expenditure of ₹211 crore.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Kalyani Steels Ltd
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Pipes & Tubes · Steel, Metals & Pipes | surya.co.in | — | Bahadurgarh, India | |
 Mukand Ltd |
TMT Bars & Secondary Steel · Steel, Metals & Pipes | mukand.com | 1955 | India |
| Steel Strips Wheels Limited | TMT Bars & Secondary Steel · Steel, Metals & Pipes | — | — | Mohali, Chandigarh, India |
| Gallantt Ispat Limited | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Gorakhpur, Uttar Pradesh, India |
 Pennar Industries Limited |
TMT Bars & Secondary Steel · Steel, Metals & Pipes | pennarindia.com | 1977 | Hyderabad, Telangana, India |
| Vardhman Special Steels Limited | TMT Bars & Secondary Steel · Steel, Metals & Pipes | — | — | Ludhiana, Punjab, India |
| Aarti Steels Limited | TMT Bars & Secondary Steel · Steel, Metals & Pipes | — | — | Ludhiana, Punjab, India |
| Steel Exchange India Limited | · Community, personal and Social Services | — | — | Hyderabad, Telangana, India |
| TMT Bars & Secondary Steel · Manufacturing (Metals and Chemicals, and products thereof) | kamdhenulimited.com | — | Gurgaon, Haryana, India | |
 agni steels |
TMT Bars & Secondary Steel · Steel, Metals & Pipes | agnisteels.com | 1989 | Erode, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.