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Kalyani Steels Q2 FY27 results: net profit up 27.7% to ₹79.87 crore, revenue up 8.4%
Kalyani Steels Limited reported higher consolidated revenue and profit in Q2 FY27, with revenue of ₹494.38 crore and net profit of ₹79.87 crore. EBITDA rose to ₹107.19 crore and the margin expanded to 21.7%, while basic EPS increased to ₹18.30.
Key points
- Consolidated revenue rose 8.4% year on year to ₹494.38 crore and increased 6.4% from Q1 FY27.
- EBITDA was ₹107.19 crore, up 25.5% from Q2 FY26, while the margin rose to 21.7% from 18.7%.
- Net profit rose 27.7% year on year to ₹79.87 crore; basic EPS was ₹18.30.
- H1 FY27 revenue was ₹958.96 crore and net profit was ₹148.12 crore, up 6.7% and 19.2%, respectively.
- The board approved the results and appointed Amit B. Kalyani as Chairman with effect from 29 October 2026.
How did Kalyani Steels perform in Q2 FY27?
Kalyani Steels reported consolidated revenue of ₹494.38 crore for Q2 FY27, up 8.4% from ₹456.07 crore in Q2 FY26 and 6.4% from ₹464.58 crore in Q1 FY27. EBITDA was ₹107.19 crore, compared with ₹85.41 crore a year earlier and ₹77.83 crore in the previous quarter. The EBITDA margin rose to 21.7% from 18.7% year on year and 16.8% sequentially.
Net profit for the quarter was ₹79.87 crore, compared with ₹62.53 crore in Q2 FY26, while profit before tax was ₹108.37 crore against ₹83.72 crore a year earlier. Basic EPS was ₹18.30, up from ₹14.33 in Q2 FY26 and ₹15.63 in Q1 FY27. On the standalone basis, revenue was ₹494.38 crore, profit before tax was ₹61.82 crore and net profit was ₹79.22 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 494.38 | 464.58 | 456.07 | +8.4% | +6.4% |
| Other income | 16.98 | 15.80 | 15.16 | +12.0% | +7.5% |
| Total expenses | 402.98 | 388.55 | 387.51 | +4.0% | +3.7% |
| EBITDA | 107.19 | 77.83 | 85.41 | +25.5% | +37.7% |
| EBITDA margin | 21.7% | 16.8% | 18.7% | +3.0 pp | +4.9 pp |
| Profit before tax | 108.37 | 91.83 | 83.72 | +29.4% | +18.0% |
| Tax | 28.51 | 23.59 | 21.18 | +34.6% | +20.9% |
| Net profit | 79.87 | 62.53 | +27.7% | ||
| EPS (₹) | 18.30 | 15.63 | 14.33 | +27.7% | +17.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Kalyani Steels' costs and profit?
Total expenses increased 4.0% year on year to ₹402.98 crore. Cost of materials rose ₹24.60 crore to ₹262.36 crore, employee cost increased ₹1.26 crore to ₹23.27 crore, and other expenses increased ₹17.93 crore to ₹105.73 crore. Finance costs fell ₹0.03 crore to ₹1.99 crore, while depreciation fell ₹1.02 crore to ₹13.80 crore.
Other income increased ₹1.82 crore to ₹16.98 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26. Tax expense rose ₹7.33 crore to ₹28.51 crore. Against Q1 FY27, total expenses were higher by ₹14.43 crore, cost of materials by ₹22.78 crore and other expenses by ₹7.06 crore, while employee cost was lower by ₹0.78 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 262.36 | 237.76 | +24.60 | +10.3% |
| Employee cost | 23.27 | 22.01 | +1.26 | +5.7% |
| Finance costs | 1.99 | 2.02 | −0.03 | −1.5% |
| Depreciation | 13.80 | 14.82 | −1.02 | −6.9% |
| Other expenses | 105.73 | 87.80 | +17.93 | +20.4% |
| Total expenses | 402.98 | 387.51 | +15.47 | +4.0% |
| Other income | 16.98 | 15.16 | +1.82 | +12.0% |
| Tax | 28.51 | 21.18 | +7.33 | +34.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹958.96 crore, up 6.7% from ₹898.84 crore in H1 FY26. Total income rose 6.7% to ₹991.74 crore from ₹929.23 crore, while profit before tax increased 20.0% to ₹200.21 crore.
Net profit for H1 FY27 was ₹148.12 crore, up 19.2% from ₹124.22 crore in H1 FY26. Basic EPS rose to ₹33.93 from ₹28.46.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 958.96 | 898.84 | +6.7% |
| Profit before tax | 200.21 | 166.79 | +20.0% |
| Net profit | 148.12 | 124.22 | +19.2% |
| EPS (₹) | 33.93 | 28.46 | +19.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, consolidated total assets were ₹3,123.17 crore, compared with ₹2,995.76 crore at 31 March 2026. Total equity was ₹2,209.04 crore against ₹2,104.92 crore, while borrowings rose to ₹529.88 crore from ₹475.03 crore. Cash and cash equivalents increased to ₹381.40 crore from ₹76.70 crore.
Inventories rose to ₹319.89 crore from ₹285.39 crore, while trade receivables were ₹492.27 crore compared with ₹496.34 crore. Trade payables fell to ₹240.69 crore from ₹268.81 crore. In H1 FY27, operating cash flow was ₹80.86 crore, compared with ₹139.55 crore in H1 FY26.
Investing cash flow was negative ₹90.28 crore in H1 FY27, against negative ₹76.60 crore a year earlier. Financing cash flow was positive ₹6.39 crore, compared with negative ₹71.03 crore in H1 FY26. Capital expenditure was ₹51.36 crore, up from ₹34.23 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,123 | 2,996 |
| Total equity | 2,209 | 2,105 |
| Borrowings | 529.88 | 475.03 |
| Cash and equivalents | 381.40 | 76.70 |
| Inventories | 319.89 | 285.39 |
| Trade receivables | 492.27 | 496.34 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 80.86 | 139.55 |
| Cash from investing | −90.28 | −76.60 |
| Cash from financing | 6.39 | −71.03 |
| Capital expenditure | 51.36 | 34.23 |
Source: Company's results filing (XBRL).
How has Kalyani Steels done over the last 8 quarters?
Revenue rose year on year in each of the last two quarters. Across the reported quarters, revenue was highest at ₹544.33 crore in Q4 FY25 and lowest at ₹442.77 crore in Q1 FY26. It reached ₹494.38 crore in Q2 FY27 after ₹464.58 crore in Q1 FY27.
The EBITDA margin reached a peak of 21.7% in Q2 FY27 and a low of 16.8% in Q1 FY27. Reported net profit was highest at ₹80.20 crore in Q4 FY25 and lowest at ₹56.45 crore in Q3 FY25; Q2 FY27 net profit was ₹79.87 crore.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. The same-day filing also stated that the auditor’s report carried an unmodified opinion. B.N. Kalyani resigned as Chairman and as a non-executive non-independent director with effect from the close of business on 28 October 2026.
Amit B. Kalyani was appointed Chairman with effect from 29 October 2026, while B.N. Kalyani was appointed Chairman Emeritus from the same date. Geeta Shamrao Jadhav was appointed Chief Human Resource Officer with effect from 28 October 2026. The available same-day filings did not mention a dividend or fund raise.
How did Kalyani Steels shares react?
After the filing appeared, the stock rose 2.9% within five minutes, 4.2% within 15 minutes and 3.7% within 30 minutes. By the close of the first session that could trade on the news, it was down 0.3% from the pre-results close of ₹881.60.
By the next day’s close, the stock was down 4.3% from its pre-results close, and by the fifth session it was down 2.2%. The industry median was down 0.7% on the reaction day and up 3.0% by the fifth session, leaving Kalyani Steels behind the sector by 5.2 percentage points over that period.
Earlier results-day moves were mixed: the stock fell 3.9% on 8 May 2026 and rose 0.7% on 3 February 2026. The largest listed moves were a rise of 9.7% on 5 May 2025 and a fall of 9.7% on 3 February 2025.
| After the filing | Stock | Iron & Steel Products median |
|---|---|---|
| 5 minutes | +2.9% | |
| 15 minutes | +4.2% | |
| 30 minutes | +3.7% | |
| Reaction day | −0.3% | −0.7% |
| Next day | −4.3% | +0.0% |
| 5 days | −2.2% | +3.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 29 July 2026 | −0.9% |
| 8 May 2026 | −3.9% |
| 3 February 2026 | +0.7% |
| 4 November 2025 | −3.6% |
| 31 July 2025 | −3.3% |
| 5 May 2025 | +9.7% |
| 3 February 2025 | −9.7% |
| 28 October 2024 | +1.7% |
Source: MarketPing price-reaction measurement.
How did other Iron & Steel Products companies do?
Among 26 other Iron & Steel Products companies compared for the quarter, the median revenue growth was 25.5%. Twenty peers grew faster than Kalyani Steels, while six grew slower than the company. Of the 31 peers for which profit was compared, 20 reported higher profit.
| Kalyani Steels revenue growth (YoY) | +8.4% |
|---|---|
| Median of 26 other Iron & Steel Products companies | +25.5% |
| Companies with slower revenue growth than Kalyani Steels | 6 of 26 |
| Companies with faster revenue growth than Kalyani Steels | 20 of 26 |
| Companies whose net profit rose | 20 of 31 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Kalyani Steels' revenue in Q2 FY27?
Revenue from operations was ₹494.38 crore, up 8.4% from ₹456.07 crore in Q2 FY26 (consolidated).
Did Kalyani Steels make a profit in Q2 FY27?
Yes. Net profit was ₹79.87 crore, against a net profit of ₹62.53 crore in Q2 FY26.
What was Kalyani Steels' EPS in Q2 FY27?
Basic earnings per share were ₹18.30, against ₹14.33 in Q2 FY26.
How did Kalyani Steels shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.3% from the previous close; the median Iron & Steel Products stock moved −0.7%.
When did Kalyani Steels announce its Q2 FY27 results?
On 28 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Approving The Unaudited Financial Results (Standalone & Consolidated) For The Quarter And Half Year Ended September 30, 2026 (BSE, 21 October 2026) · PDF
- Outcome of Board Meeting (NSE, 28 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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