NSE: KALYANI
KALYANI COMMERCIALS LTD
Distributes commercial vehicles, tractors and construction vehicles, with the Automobiles segment accounting for 98.9% of FY26 revenue at Rs 582.50 crore and an 'Others' segment contributing the remaining 1.1% at Rs 6.59 crore. Total revenue for FY26 was Rs 587.18 crore against a net profit of Rs 2.67 crore, with an EBITDA margin of 1.94%. The business runs on very thin margins, with employee cost at 1.2% of revenue and other operating expenses at 1.0%. Operating cash flow was deeply negative at minus Rs 2,940.55 lakhs in FY26, driven by an inventory increase of Rs 2,487 lakhs and a Rs 466.87 lakh rise in trade receivables, while total borrowings climbed from Rs 5,186 lakhs to Rs 9,225 lakhs. Filings with NSE are mostly routine compliance items such as trading window closures, dematerialisation certificates, structured digital database filings and corporate governance exemption letters, with no operating metrics like store count, dealership network, or unit volume disclosed in the available facts. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Automobiles (99%), Others (1%). Thin-margin, working-capital-heavy dealership of vehicles and equipment
Exhibit 1: Financial summary, FY20–FY22 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 |
|---|---|---|---|
| Revenue | 641 | 227 | 230 |
| EBITDA (ex other income) | 17 | 8 | 4 |
| margin % | 2.7 | 3.4 | 1.6 |
| Owners' profit | 1 | 0 | 2 |
| EPS, as reported (₹) | 8.53 | 16.16 | 22.90 |
| ROE % · ROCE % | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — |
| Cash from operations | — | (0) | (1) |
| Capex | — | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY21 | Q2 FY21 | Q3 FY21 | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15 | 47 | 89 | 76 | 36 | 39 | 63 | 91 |
| Profit before tax | 0 | 1 | 0 | 1 | 0 | 0 | 2 | (0) |
| Net profit | 0 | 1 | 0 | — | 1 | — | — | (0) |
| EPS (₹) | 0.01 | 10.26 | 14.74 | 7.65 | 10.72 | 1.90 | 12.76 | (2.48) |
Exhibit 3: Segment revenue, FY22
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Automobiles | 150 | 65.2 |
| Others | 5 | 2.0 |
| AUTOMOBILES | 38 | 16.3 |
| OTHERS | 2 | 0.7 |
| Automobile | 34 | 14.8 |
| Other | 2 | 0.9 |
| Total, before eliminations | 231 | 100.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.3 | 27.8 | 1 of 11 | 100% |
| EBITDA margin | (0.3) | 15.2 | 12 of 12 | 0% |
| Revenue growth | 20.1 | 20.1 | 6 of 11 | 50% |
| Market cap | 15 | 6625 | 12 of 12 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Corporate Governance Report not applicable for Q2 FY27 | compliance | minimal | — | — |
| 9 Oct 2026 · RTA compliance certificate filed for September 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed for Q2 results from Oct 1 | compliance | minimal | — | — |
| 10 Sept 2026 · AGM Results: All 5 resolutions passed, related party deal of up to 200 Cr approved | board shareholder meetings | low | — | — |
| 8 Sept 2026 · 41st AGM held Sep 8 2026; RPT of 200 Cr approved; MD and WTD reappointed for 5 years | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Newspaper publication of 41st AGM notice | compliance | minimal | — | — |
| 17 Aug 2026 · Notice of 41st AGM on September 8, 2026 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Kalyani Commercials Q1 FY27 Results, 200 Cr Related Party Deal Approved | results | high | — | — |
| 14 Aug 2026 · Newspaper publication of Q1 FY27 unaudited results | compliance | minimal | — | — |
| 13 Aug 2026 · Kalyani Commercials Q1 FY27 results: profit falls 34% YoY | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.