Which companies are Kalyani Steels's closest peers?

The cockpit's peer set: Steelcast (STEELCAS.NS), Kirloskar Industries (KIRLOSIND.NS), Venus Pipes & Tubes (VENUSPIPES.NS), Vardhman Special Steels (VSSL.NS), China Oriental (0581.HK), Osaka Steel (5449.T), Shengtak New Material (300881.SZ), Hsin Kuang Steel (2031.TW).

How has Kalyani Steels stock performed?

Over six months to 6 Nov 2026 the shares returned -5.2% against -7.3% for the median peer; over one year -1.4%.

← CockpitCompetitor Analysis › KSL.NS Kalyani Steels LtdOpen in the cockpit ↗

Kalyani Steels LtdKSL.NSCompetitor analysis, valuation and peers

India · INR·Metal & Mining›Steel

Momentum neutral 44

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$392M

US dollars, full cap

Free float

35%

of shares outstanding

$/day

$762,370

20-day average traded

Fwd P/E

n/m

no positive forecast

ROIC−WACC

-5.0 pp

WACC 16.1%

Hurdle

+10 pp

Req g minus delivered

Next earnings

77 days

22 Jan 2027

Close · INR₹847.55

1D-2.2%

1W+3.0%

1M-9.1%

3M-3.9%

6M-5.2%

YTD+9.9%

1Y-1.4%

ATR %4.4%

Beta1.01

52w lowhigh17.9% off high

What Kalyani Steels does

Employees: 2,805

Kalyani Steels at a glance

Size Kalyani Steels (KSL.NS) is an India Materials company (Steel) with a market value of $392M, the 949th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹847.55 on 6 Nov 2026.

Performance Over six months the shares fell 5.2%, against -7.3% for the median peer and 0.0% for the India market (cap-weighted) — 10th highest of 21 in its peer set.

Growth Revenue fell 4.9% over the last twelve months (peer median +2.1%); the operating margin is 16.7% (peer median 3.0%).

Valuation It trades at 2.0× enterprise value to sales against a peer median of 1.1× (5th most expensive of 21).

Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.

Capital Return on invested capital runs 5.0 points below its cost of capital (16.1% WACC).

Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Kalyani Steels against the median of its 20 peers (local-currency closes).

Kalyani Steels financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹18.7B	₹18.5B	₹19.8B	₹19.6B	₹19.0B
Revenue growth	—	-7%	+1%	+3%	—
Gross profit	₹4.12B	₹4.02B	₹4.10B	₹3.92B	₹3.12B
EBITDA	₹3.67B	₹3.69B	₹3.84B	₹3.76B	₹2.84B
Net income	₹2.64B	₹2.58B	₹2.56B	₹2.49B	₹1.67B
Free cash flow	n/a	₹1.01B	₹3.51B	-₹2.42B	-₹2.34B
Capital expenditure	n/a	₹614M	₹251M	₹5.76B	₹1.11B
Total debt	n/a	₹5.79B	₹4.38B	₹5.96B	₹5.06B

Quarterly statements and history in the cockpit →

Kalyani Steels competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Kalyani Steels is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Kalyani Steels is the large dot.

Capital: growth delivered against growth the price implies

Above the diagonal = the price needs more growth than the company has been delivering; below = the price already allows for a slowdown. Kalyani Steels is the large dot.

Kalyani Steels competitors and peer comparison

How Kalyani Steels compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Kalyani Steels against its 20 peers (data as of 6 Nov 2026)
Measure	KSL.NS	Peer median	Rank in peer set
1-month return	-9.1%	-8.7%	10th lowest of 21
6-month return	-5.2%	-7.3%	10th highest of 21
Distance from 52-week high	-17.9%	-27.5%	7th highest of 21
Revenue growth (TTM)	-4.9%	+2.1%	7th lowest of 21
Operating margin	16.7%	3.0%	2nd highest of 21
EV / Sales	2.0×	1.1×	5th most expensive of 21
Growth the price implies (Req g, 7 yrs)	19.1%	6.6%	4th most demanding of 12
Growth delivered (Del g)	+9.4%	+7.5%	5th highest of 12
Hurdle (Req g minus delivered)	+9.7 pp	+1.3 pp	3rd most demanding of 12
ROIC minus cost of capital	-5.0 pp	-3.6 pp	7th lowest of 20
EV / EBITDA	10.1×	14.5×	6th cheapest of 13
Net debt / EBITDA	-0.7×	1.6×	4th least indebted of 18

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	EV / Sales	Req g	Delivered g
Kalyani Steels KSL.NS	India	$392M	-5%	-5%	17%	2.0×	19.1%	+9.4%
Steelcast STEELCAS.NS	India	$387M	+23%	+9%	24%	8.3×	30.2%	+22.2%
Kirloskar Industries KIRLOSIND.NS	India	$381M	+2%	+4%	8%	0.5×	3.2%	+27.5%
Venus Pipes & Tubes VENUSPIPES.NS	India	$377M	+21%	+22%	14%	2.9×	n/a	n/a
Vardhman Special Steels VSSL.NS	India	$371M	+31%	+15%	11%	1.8×	n/a	n/a
China Oriental 0581.HK	Hong Kong	$413M	-31%	0%	2%	0.2×	n/a	n/a
Osaka Steel 5449.T	Japan	$416M	-11%	-17%	-2%	0.8×	n/a	n/a
Shengtak New Material 300881.SZ	China	$416M	-50%	+9%	4%	1.3×	n/a	n/a
Hsin Kuang Steel 2031.TW	Taiwan	$418M	+6%	-3%	8%	1.4×	1.3%	+11.3%
Jiangsu Wujin Stainless Steel Pipe 603878.SS	China	$360M	-46%	-9%	-4%	1.2×	6.6%	-0.6%
John Cockerill India COCKERILL.NS	India	$358M	+23%	+174%	-1%	3.6×	21.5%	+0.4%
Tubacex TUB.MC	Spain	$358M	-6%	-7%	-2%	1.2×	15.7%	+9.3%
SK oceanplant 100090.KS	South Korea	$430M	-62%	-5%	8%	0.9×	n/a	n/a
Kg Dongbusteel 016380.KS	South Korea	$354M	-32%	+6%	2%	0.1×	-14.9%	+6.4%
Chubu Steel Plate 5461.T	Japan	$353M	-3%	+19%	0%	0.8×	n/a	n/a
Liaoning Fu-An Heavy Industry 603315.SS	China	$439M	-46%	-4%	3%	3.2×	31.1%	+7.5%
Topy Industries 7231.T	Japan	$440M	+1%	+2%	2%	0.3×	6.0%	+5.8%
SeAH 058650.KS	South Korea	$346M	-27%	+16%	4%	0.5×	n/a	n/a
Chun Yuan Steel Industry 2010.TW	Taiwan	$445M	-8%	+2%	8%	0.7×	-11.7%	+4.7%
YC Inox 2034.TW	Taiwan	$344M	+4%	-20%	3%	1.9×	n/a	n/a
Electrosteel Castings ELECTCAST.NS	India	$450M	-25%	-16%	2%	0.7×	12.6%	+11.3%

Questions

Which companies are Kalyani Steels's closest peers?: The cockpit's peer set: Steelcast (STEELCAS.NS), Kirloskar Industries (KIRLOSIND.NS), Venus Pipes & Tubes (VENUSPIPES.NS), Vardhman Special Steels (VSSL.NS), China Oriental (0581.HK), Osaka Steel (5449.T), Shengtak New Material (300881.SZ), Hsin Kuang Steel (2031.TW).
Is Kalyani Steels expensive compared with its peers?: On ev / sales it trades at 2.0× against a peer median of 1.1×, 5th most expensive of 21 in its peer set. For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
How has Kalyani Steels stock performed?: Over six months to 6 Nov 2026 the shares returned -5.2% against -7.3% for the median peer; over one year -1.4%.