Kalyani Steels Limited (KSL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-49.4%

₹424.11

vs ₹837.35 price

Levered DCF

₹161.10

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.77

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	9.78×	12.99×	16.06×	7.71×	5.33×	7.31×	4.07×	7.24×
P/B	1.2×	1.76×	2.38×	0.86×	0.95×	1.21×	0.58×	1.07×
P/S	1.37×	1.68×	2.04×	0.68×	0.76×	1.19×	0.47×	0.69×
EV / EBITDA	5.25×	10.06×	10.89×	5.9×	4.44×	5.9×	0.93×	4.04×
Gross margin	21.8%	28.1%	27.0%	22.5%	26.0%	30.1%	27.1%	22.6%
Operating margin	16.5%	23.9%	22.7%	12.4%	17.6%	18.8%	14.1%	12.6%
Net margin	14.0%	12.9%	12.7%	8.8%	14.3%	16.3%	11.6%	9.5%
Current ratio	2.14×	1.95×	1.76×	2.41×	2.03×	2.34×	2.15×	1.78×
Debt / equity	0.23×	0.23×	0.35×	0.34×	0.32×	0.15×	0×	0.03×
Interest coverage	35.22×	25.54×	17.24×	8.37×	22.55×	30.89×	17.27×	23.83×
Dividend yield	1.7%	1.3%	1.1%	3.4%	2.5%	0.0%	9.5%	2.8%
Payout ratio	16.9%	17.0%	17.5%	26.1%	13.5%	0.0%	38.5%	20.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.3%	13.5%	14.8%	11.2%	17.8%	16.5%	14.2%	14.8%
Return on invested capital	8.4%	14.7%	14.4%	8.6%	12.8%	12.0%	13.5%	12.3%
Return on assets	8.6%	9.4%	9.7%	7.1%	10.8%	11.5%	10.0%	9.6%
Free cash flow yield	4.0%	10.7%	-6.5%	-18.4%	14.5%	2.8%	39.9%	27.6%
Earnings yield	10.2%	7.7%	6.2%	13.0%	18.8%	13.7%	24.6%	13.8%
Enterprise value	₹21.7B	₹37.5B	₹45.7B	₹17.8B	₹17.1B	₹15.5B	₹2B	₹9.4B
Net debt / EBITDA	-0.85×	1.13×	1.37×	1.64×	1.08×	0.62×	-1.64×	-0.05×
Cash conversion cycle (days)	102	84	113	99	-2	30	-2	24