Kalana IspatShare price, financial results, shareholding and management
- Market cap
- ₹26 cr
- Stock P/E
- 27.1peers 16.9
- Book value
- ₹30.1
- Price to book
- 0.60
- EV / operating profit
- 22.3
- Market cap to sales
- 0.51
- ROCE · FY26
- 3.5%
- ROE · FY26
- 2.2%
- ROE, 3-year average
- 12.5%
- Operating margin · FY26
- 2.2%peers 16.9%
- Sales growth, 3 years
- -14.5%
- Profit growth, 3 years
- 24.7%
- Debt to equity
- 0.05peers 0.97
- Borrowings
- ₹2.1 cr
- Interest cover
- 6.7×
- Cash from business / op. profit
- -22%
- Debtor days
- 15
- Pledged
- 0.00%
- Promoter holding
- 66.88%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,260
- 52-week high / low
- ₹31 / ₹15
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Kalana Ispat share price chart
Close on 4 Nov 2026 · +2.86% on the day · Vol 2,000
Daily prices to 4 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 4 Nov 2026
- 1 month
- +0.3%
- 3 months
- -2.7%
- 6 months
- -24.2%
- 1 year
- -37.2%
- Since IPO
- -72.7%
- Traded a day, 20 days
- ₹0.02 cr
- Taken for delivery
- 94%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -6% | -20% |
| 3 years, a year | -15% | +25% |
| Latest half, H2 FY26 | -2% | +92% |
About Kalana Ispat: business, products and customers
Kalana Ispat melts steel scrap and sponge iron into billets, the rough steel bars that rolling mills turn into rods and bars, at a plant near Ahmedabad. It is building its own rolling mill. Its shares trade on NSE Emerge.
Kalana Ispat makes mild steel and alloy steel billets and ingots at its plant at Kalana village in Sanand taluka, near Ahmedabad, by melting steel scrap, sponge iron and ferro alloys. It sells them order by order to rolling mills and other makers serving infrastructure, construction and engineering, and also trades some scrap, iron ore and ingots. The business began as a trader of imported and ship-breaking scrap before it moved into melting.
Billets are a commodity, and raw material alone took about four fifths of sales in FY26, so the company keeps a thin spread between what it pays for scrap and what it gets for billets, and that spread moves with steel prices. When it has spare capacity it also casts billets for customers who bring their own metal and charges only a fee, so that job work shows up as a small service income rather than the full price of the steel; there was none in FY26. In the latest year most of the profit came from interest on IPO money held in deposits, and that money has since been spent.
Read more about the business
The IPO money has gone into a 1.4 MW ground mounted solar plant at Bhabhar in Banaskantha, meant to supply the existing plant, and a rolling mill at Khegariya in Viramgam taluka to make alloy steel round bars of 20 to 160 mm. The company says the mill is in the last steps of installation but has not started operating, and it gives no capacity or start date. The annual reports name no rivals and say the market has many organised and unorganised players, several with far larger resources.
Some business runs through promoter-linked firms. The company has lent money at 8% to Mika Steel & Alloys LLP, a promoter group shareholder that is also a customer and supplier, and it buys goods from Zaara Steel Traders and Shifa Steel Traders, whose owners are relatives of key managerial personnel.
From the FY26 and FY25 annual reports and the exchange disclosure of 27 August 2026.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.05.
- The promoters own a large part of the company: 66.88%.
To watch
- Start of commercial operations at the rolling mill at Khegariya, Viramgam, which had not begun at the FY26 annual report.
- Conversion of the remaining warrants issued at ₹22.50 to the promoter group, after the conversions of 26 August 2026.
- Repayment of the ₹3.0 cr loan to Mika Steel & Alloys LLP, which has no fixed repayment schedule.
- The move of ₹2.0 cr of unspent IPO money from solar plants to the rolling mill, put to shareholders at the June 2026 AGM.
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Kalana Ispat revenue and profit growth
Half-yearly results · Profit and lossSales have fallen. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew faster than sales.
Kalana Ispat half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 30.77 | 42.95 | 27.62 | 27.57 | 24.87 | 26.97 |
| Expenses | 29.27 | 40.71 | 26.35 | 27.34 | 25.16 | 25.52 |
| Operating profit | 1.50 | 2.24 | 1.27 | 0.23 | -0.29 | 1.45 |
| OPM | 4.9% | 5.2% | 4.6% | 0.8% | -1.2% | 5.4% |
| Interest | 0.24 | 0.07 | 0.16 | 0.16 | 0.13 | 0.12 |
| Depreciation | 0.19 | 0.19 | 0.18 | 0.18 | 0.21 | 0.40 |
| Profit before tax | 1.10 | 2.16 | 0.94 | 0.79 | 0.01 | 1.35 |
| Net profit | 0.82 | 1.53 | 0.71 | 0.50 | 0.01 | 0.96 |
Kalana Ispat profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 42.87 | 57.75 | 83.04 | 73.73 | 55.19 | 51.84 |
| Expenses | 42.20 | 57.10 | 81.77 | 70 | 53.68 | 50.68 |
| Operating profit | 0.67 | 0.65 | 1.27 | 3.73 | 1.51 | 1.16 |
| OPM | 1.6% | 1.1% | 1.5% | 5.1% | 2.7% | 2.2% |
| Other income | 0.12 | 0.18 | 0.32 | 0.22 | 0.91 | 1.06 |
| Interest | 0.16 | 0.26 | 0.56 | 0.31 | 0.32 | 0.24 |
| Depreciation | 0.39 | 0.38 | 0.35 | 0.38 | 0.36 | 0.61 |
| Profit before tax | 0.24 | 0.19 | 0.68 | 3.26 | 1.73 | 1.36 |
| Tax rate | 37.5% | 15.8% | 26.5% | 27.9% | 30.1% | 28.7% |
| Net profit | 0.14 | 0.15 | 0.50 | 2.35 | 1.21 | 0.97 |
| EPS ₹ | 1.40 | 1.50 | 5 | 2.90 | 1.14 | 0.74 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Kalana Ispat profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 1.6% | 1.1% | 1.5% | 5.1% | 2.7% | 2.2% |
| Tax rate | 37.5% | 15.8% | 26.5% | 27.9% | 30.1% | 28.7% |
| ROCE | · | 7.0% | 12.7% | 25.1% | 6.7% | 3.5% |
| ROE | · | 3.9% | 12.0% | 30.9% | 4.5% | 2.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Kalana Ispat debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and drew on its cash. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Kalana Ispat balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 8.10 | 13.04 | 13.04 |
| Reserves | 2.76 | 2.92 | 3.40 | 2.70 | 29.99 | 30.96 |
| Net worth | 3.76 | 3.92 | 4.40 | 10.80 | 43.03 | 44 |
| Borrowings | 2.62 | 2.61 | 8.62 | 4.61 | 2.59 | 2.12 |
| Other liabilities | 6.93 | 6.14 | 3.15 | 3.44 | 2.30 | 4.03 |
| Total liabilities | 13.31 | 12.67 | 16.17 | 18.85 | 47.92 | 50.15 |
| Fixed assets | 4.50 | 4.12 | 4.04 | 3.68 | 4.61 | 12.44 |
| Capital work in progress | 0 | 0 | 0 | 0 | 5.18 | 15.58 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 8.81 | 8.55 | 12.13 | 15.17 | 38.13 | 22.13 |
| Receivables | · | · | · | · | 2.20 | 2.11 |
| Inventory | · | · | · | · | 3.09 | 4.47 |
| Cash | · | · | · | · | 19.44 | 2.53 |
| Trade payables | · | · | · | · | 0.99 | 2.55 |
Kalana Ispat cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 2.24 | -2.24 | -4.68 | -0.04 | 5.04 | -0.25 |
| Cash from investing | 0.21 | 0.05 | -0.21 | 0.02 | -15.37 | -15.94 |
| Cash from financing | 0.21 | -0.28 | 5.46 | -0.27 | 28.68 | -0.72 |
| Net cash flow | 2.66 | -2.47 | 0.57 | -0.29 | 18.35 | -16.91 |
| Capital spending | · | · | · | · | 6.48 | 15.82 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 16 | 10 | 6 | 31 | 15 | 15 |
| Inventory days | 21 | 26 | 43 | 32 | 25 | 38 |
| Days payable | 59 | 37 | 11 | 10 | 8 | 22 |
| Cash conversion cycle | -22 | -1 | 37 | 53 | 31 | 31 |
| Working capital days | -30 | -3 | -3 | 32 | 49 | 68 |
Kalana Ispat peers and competitors
Listed SME companies in the same industryBy sales, Kalana Ispat is number 123 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Anand Seamless | 82 | 14.9 | 56 | 5.5 | 18.3% | 1.44 |
| Maks Energy Solutions India | 10 | 14.9 | 54.1 | 0.7 | 5.5% | 1.02 |
| Jiwanram Sheoduttrai Industries | 10 | 9.6 | 53.9 | 1 | -0.9% | 0.68 |
| Rappid Valves (India) | 171 | 26.4 | 53.2 | 6.5 | 19.4% | 0.35 |
| Manas Polymers and Energies | 55 | 6.4 | 53 | 8.5 | 24.1% | 0.54 |
| Kalana Ispat | 26 | 27.1 | 51.8 | 1 | 2.2% | 0.05 |
| KVS Castings | 134 | 19.0 | 51.4 | 7.1 | 21.6% | 0.38 |
| Diksha Polymers | 97 | 23.6 | 51.3 | 4.1 | 14.6% | 1.77 |
| Pentagon Rubber | 66 | 35.9 | 50.9 | 1.8 | 9.5% | 0.92 |
| Advance Technoforge | 50 | 12.3 | 50 | 4.1 | 15.5% | 1.26 |
| Horizon Reclaim (India) | 290 | 29.0 | 49 | 10 | 32.0% | 1.44 |
| Median of the 10 others | 74 | 17 | 52.2 | 4.8 | 16.9% | 0.97 |
Kalana Ispat shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.
Kalana Ispat shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 24 | Mar 25 | Sep 25 | Mar 26 | Aug 26 | Sep 26 | |
|---|---|---|---|---|---|---|
| Promoters | 62.13% | 62.90% | 62.91% | 62.91% | 66.88% | 66.88% |
| Foreign investors (FIIs) | 0.41% | - | - | - | 0.00% | - |
| Indian institutions (DIIs) | 0.14% | - | - | - | 0.00% | - |
| HNIs (over ₹2 lakh each) | 0.37% | 5.60% | 5.69% | 6.55% | 5.85% | 6.31% |
| Small holders (up to ₹2 lakh) | 30.19% | 23.85% | 22.16% | 22.99% | 20.53% | 21.04% |
| Companies and others | 6.76% | 7.65% | 9.24% | 7.55% | 6.74% | 5.77% |
| Number of shareholders | 2,066 | 1,457 | 1,337 | 1,276 | 1,276 | 1,260 |
The named holders are at 30 Sept 2026, beside 26 Aug 2026, each under the group the pattern files them in.
Kalana Ispat study: the business from its own documents
Read from 2 of the company's own documentsKalana Ispat so far
From the company's own record
- 26 Sept 2024Listed on NSE Emerge at ₹66
- 24 Aug 2026An order announced
- 30 Sept 2026Promoters at 66.88%
- 24 March 2025Highest close since listing, ₹42.33
Kalana Ispat key facts from the filings
Each figure with the document it comes from
- Sales
- ₹51.8 cr
- Revenue from operations in FY26, down from ₹55.2 cr in FY25 and ₹73.7 cr in FY24.Annual report FY26, p.30; Annual report FY25, p.35
- Profit
- ₹0.97 cr
- Profit after tax in FY26, down from ₹1.21 cr in FY25.Annual report FY26, p.30
- Interest income
- ₹0.98 cr
- Earned on deposits in FY26, against profit before tax of ₹1.36 cr, so the steel business itself earned little.Annual report FY26, p.84 and p.67
- Rolling mill
- ₹15.6 cr
- Spent on the mill's plant and shed by March 2026, still work in progress; operations have not begun.Annual report FY26, p.81 and p.6
- Solar plant
- ₹8.4 cr
- Added to fixed assets in FY26 for the 1.4 MW ground mounted solar plant at Bhabhar.Annual report FY26, p.81 and p.5
Show 5 more facts
- Cash
- ₹2.5 cr
- Cash and deposits at March 2026, down from ₹19.4 cr a year earlier as the projects were paid for.Annual report FY26, p.66 and p.68
- Loan to a promoter firm
- ₹3.0 cr
- Unsecured loan at 8% to Mika Steel & Alloys LLP at March 2026, with no repayment schedule set.Annual report FY26, p.91 and p.60
- Warrants
- 45 lakh
- Warrants at ₹22.50 each for the promoter group, approved on 27 March 2026; conversions on 26 August 2026 took the share count to 1.46 crore.Annual report FY26, p.32; Exchange disclosure, 27 August 2026
- IPO
- ₹32.6 cr
- Raised at ₹66 a share and listed on NSE Emerge on 26 September 2024; ₹2.0 cr left unspent was proposed to move from solar plants to the rolling mill.Annual report FY25, p.56; Annual report FY26, p.22 and p.92
- Return on capital employed
- 3.43%
- For FY26, as reported by the company, with much of the capital still in unfinished projects.Annual report FY26, p.48
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Kalana Ispat earns a thin spread by melting scrap into billets and selling them to other steel makers, and the latest year's profit came mostly from interest rather than steel.
Its weak spots are falling sales, prices it does not control, an unfinished rolling mill and money lent to a promoter-linked firm.
WatchCan it set its own prices?No. Billets are a commodity and raw material takes most of each rupee of sales, so the company takes the market price.
WatchHow strong is it against rivals?It is a small melt shop in a crowded market, and the company itself says many rivals are bigger.
WatchWho are its customers?Rolling mills and other steel users buying order by order; no customer is named, and one buyer is a promoter-linked firm.
WatchDoes it need a lot of money?Yes. The IPO money has been spent on a solar plant and a rolling mill, cash is now low, and the promoters are adding money through warrants.
WatchCan it keep finding new work?Sales have fallen two years running, and the new rolling mill, which should add finished bars, has not started.
WatchDo good and bad years swing a lot?Yes. Steel demand and input costs swing, and on such a thin spread small price moves change the profit a lot.
Who runs Kalana Ispat?
Promoters, directors and officers; tap a name for the background
VJVarghese Joseph PottakerryPromoter, Chairman and Managing Director · holds 19.63%
Master's in Commerce from Mysore University, aged 71. Worked as Chief Accountant at Kanan Construction, Ahmedabad and was a partner there from 1983 to 1993, has also been a retailer of consumer products, and moved into metals in 1995. On the board since 15 October 2012 and also a director of Mit Iron and Steel; paid ₹10 lakh in FY26.
Annual report FY25, p.28; Annual report FY26, p.25, p.34 and p.89; Shareholding pattern, September 2026ASAftabhusen S KhandwawalaPromoter and Director · holds 19.30%
Completed senior secondary school before going into business, with 26 years in metals: scrap trading until 2011, then making mild steel billets. On the board since 15 October 2012; paid ₹10 lakh in FY26. Raised the holding through warrant conversion on 26 August 2026.
Annual report FY25, p.29; Annual report FY26, p.34 and p.89; Exchange disclosure, 27 August 2026; Shareholding pattern, September 2026SNSadik Nannabhai QureshiPromoter · holds 9.46%
Promoter shareholder and a director until 2 October 2023; proprietor of Eagle Steels, a related party that sold capital goods to the company in FY26.
Annual report FY26, p.77, p.89 and p.90; Shareholding pattern, September 2026GJGurubaxsing Jamiatsing BaggaPromoter and Non-Executive Director · holds 8.19%
Bachelor's in Commerce and LLB, with about 50 years in the textile business and over 12 years in iron and steel. On the board since 15 October 2012.
Annual report FY25, p.33; Annual report FY26, p.34; Shareholding pattern, September 2026MGManoj Gopinathan PillaiChief Financial Officer
Chief Financial Officer since 17 June 2024.
Annual report FY26, p.34PSPreeti SethiIndependent Director
On the board since 27 August 2025 and chairs the audit committee.
Annual report FY26, p.34 and p.35RSRachna Sandeep LuthraIndependent Director
On the board since 17 June 2024 and a member of the audit committee.
Annual report FY26, p.34 and p.35Kalana Ispat latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹27 cr (-2%), net profit ₹1 cr (+92%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 66.88%.
- 24 Aug 2026: an order announced.
Kalana Ispat announcements
16 on record, latest first; each opens the filing on the exchange
- Updates'Certificate for Non Applicability of Corporate Governance'PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Disclosure under SEBI Takeover RegulationsAftabhusen S Khandwawala has submitted to the Exchange a copy of Disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011PDF ↗
- Outcome of Board MeetingHeld on August 26, 2026PDF ↗
- Updates'Clarification on Price Movement sought by National Stock Exchange of India Limited'PDF ↗
- Price movementSignificant movement in price has been observed in Kalana Ispat Limited. The Exchange, in order to ensure that investors have latest relevant information about PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on Jun 09, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on Jun 09, 2026PDF ↗
Kalana Ispat annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Kalana Ispat share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Kalana Ispat's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,46,00,301 shares).
- !The FY26 results imply 1,30,40,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY23 (₹5.00) and FY24 (₹2.90) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Kalana Ispat
What does Kalana Ispat do?
Kalana Ispat melts steel scrap and sponge iron into billets, the rough steel bars that rolling mills turn into rods and bars, at a plant near Ahmedabad. It is building its own rolling mill. Its shares trade on NSE Emerge.
What is the share price of Kalana Ispat?
₹18 at the close on 4 Nov 2026, from the exchange's daily figures.
What is the market cap of Kalana Ispat?
₹26 cr at the close on 4 Nov 2026, on 1,46,00,301 shares.
What is the P/E of Kalana Ispat?
27.1 times FY26 profit at the close on 4 Nov 2026 (our arithmetic).
What are Kalana Ispat's revenue and profit?
Revenue ₹52 cr and profit after tax ₹1 cr in FY26.
Who are the promoters of Kalana Ispat?
Varghese Joseph Pottakerry, Aftabhusen S Khandwawala, Sadik Nannabhai Qureshi, Gurubaxsing Jamiatsing Bagga; promoters held 66.88% at 30 Sept 2026.
What was the IPO price of Kalana Ispat?
₹66 a share; it listed on 26 Sept 2024.
What is Kalana Ispat's website?
www.kalanaispat.com
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Built from 2 annual reports, 16 exchange announcements, 6 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.