BSE: 513693
KIC METALIKS LTD.
Makes and sells iron and steel products as its sole line of business, operating entirely in a single Iron & Steel segment. The cost structure is dominated by raw materials — coal, coke, sinter, pellets and steel scrap — which accounted for 81% of FY26 revenue. Employee cost is 3% of revenue, other operating expenses 5.3%, depreciation 1.9% and capex 1%. The company sources a portion of these inputs from related party Bengal Energy Limited, with FY26 related party transactions approved by shareholders at a cap of Rs 500 crore, equal to 69.71% of annual consolidated turnover as stated in the postal ballot notice. In FY26, the business returned to a net profit of Rs. 186.32 lakhs from a net loss in FY25, on full-year revenue of Rs. 7,829 lakhs. Q3 FY26 revenue was Rs. 20,143.93 lakhs, while nine-month FY26 revenue was Rs. 53,586.04 lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron & Steel. Single-segment, raw-material intensive iron and steel manufacturer
Exhibit 1: Financial summary, FY20–FY22 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 |
|---|---|---|---|
| Revenue | 496 | 551 | 514 |
| EBITDA (ex other income) | 27 | 27 | 64 |
| margin % | 5.4 | 5.0 | 12.5 |
| Owners' profit | 8 | 10 | 39 |
| EPS, as reported (₹) | 2.32 | 2.95 | 10.90 |
| ROE % · ROCE % | 7.5 · 12.5 | 8.7 · 12.4 | 24.3 · 34.2 |
| Debt / equity (x) | 0.96 | 0.93 | 0.98 |
| Cash from operations | — | 12 | (0) |
| Capex | — | (6) | (35) |
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 | 61 | 109 | 166 | 216 | 153 | 141 | 135 | 85 |
| Profit before tax | (6) | (3) | 8 | 16 | 16 | 17 | 23 | 2 |
| Net profit | (4) | (2) | 4 | 12 | 11 | 11 | 15 | 2 |
| EPS (₹) | (1.15) | (0.50) | 1.11 | 3.49 | 3.02 | 3.04 | 4.29 | 0.55 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JSW STEEL LIMITED | 3,02,853 | 12.2 | 2.87 | 7.4 | 24.2 | 14.8 | 18.4 | 21.3 |
| TATA STEEL LIMITED | 2,11,351 | 19.1 | 2.04 | 8.5 | 10.5 | 7.6 | 8.2 | 15.1 |
| JINDAL STEEL LIMITED | 1,07,368 | 39.5 | 2.07 | 14.0 | 6.5 | 5.6 | 6.4 | 17.3 |
| STEEL AUTHORITY OF INDIA | 66,915 | 15.7 | 1.11 | 8.1 | 5.6 | 4.4 | 9.9 | 16.1 |
| JINDAL STAINLESS LIMITED | 56,393 | 17.4 | 2.84 | 10.8 | 16.0 | 15.8 | 28.7 | 13.1 |
| SARDA ENERGY & MIN LTD | 16,029 | 14.2 | 2.14 | 9.1 | 14.8 | 14.0 | 20.9 | 47.4 |
| NMDC STEEL LIMITED | 11,444 | 126.0 | 0.87 | — | 0.4 | 0.5 | — | 12.1 |
| SANDUR MANG & IRON ORES L | 8,360 | 11.7 | 2.56 | 7.4 | 20.1 | 20.9 | — | 26.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.7 | 14.2 | 1 of 11 | 100% |
| P/B | 0.7 | 2.0 | 3 of 11 | 80% |
| ROCE | 25.7 | 8.1 | 1 of 11 | 100% |
| ROE | 24.3 | 10.5 | 1 of 11 | 100% |
| Debt / Equity | 1.0 | 0.4 | 11 of 11 | 0% |
| EBITDA margin | 9.5 | 15.1 | 10 of 11 | 10% |
| Revenue growth | (60.5) | 9.8 | 11 of 11 | 0% |
| Profit growth | (84.3) | 18.8 | 11 of 11 | 0% |
| Market cap | 104 | 16029 | 11 of 11 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Resumption of MBF plant operations at Durgapur from Oct 15, 2026 | capex operations | medium | — | — |
| 6 Oct 2026 · Routine SEBI compliance certificate for Q2 FY26 dematerialisation | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 results declaration | compliance | minimal | — | — |
| 16 Sept 2026 · CARE upgrades KIC Metaliks rating to BBB Plus Stable on improved performance | credit debt | high | — | — |
| 12 Sept 2026 · CARE Ratings upgrades KIC Metaliks credit rating from BBB to BBB+ | credit debt | medium | — | — |
| 10 Sept 2026 · KIC Metaliks Durgapur Plant Shut Down for Blast Furnace Repairs | capex operations | high | — | — |
| 27 Aug 2026 · 39th AGM voting results: all 6 resolutions passed | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Scrutinizer Report of 39th AGM - All 6 Resolutions Passed | compliance | minimal | — | — |
| 25 Aug 2026 · KIC Metaliks 39th AGM: financials adopted, RPT with Bengal Energy approved | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Shareholders approve all six resolutions at 39th AGM | board shareholder meetings | low | — | — |
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.