Kalyani Commercials Ltd. (KALYANI) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): N/A
• Price to Earnings (P/E): ―
• Beta (1Y): N/A
• Revenue Growth: 57.77%
• EPS Growth: -17.37%
• Country: IN
• Employees: 177
• Sector: Industrials
• Sector Strength: 72
• Industry: Auto - Dealerships
• EPS (TTM): 2.41
• Shares Outstanding: N/A
• 10 Day Avg. Volume: N/A
• 30 Day Avg. Volume: N/A
• PEG Ratio: 0.46
• Price to Book (P/B): 4.33
• Price to Sales (P/S): 2.01
• P/FCF Ratio: 76.71
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: ―

The score is driven primarily by strong recent profitability and a substantially improved, low-leverage balance sheet, partially offset by inconsistent cash-flow conversion and volatility. Technical and valuation inputs were unavailable, limiting confidence from those angles.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust demand and effective market strategies, supporting long-term business expansion and stability.

Balance Sheet Health

Low leverage enhances financial flexibility, reduces risk, and supports sustainable growth by enabling strategic investments without excessive debt.

Profitability

Strong margins reflect efficient operations and pricing power, contributing to long-term profitability and competitive advantage.

Negative Factors

Cash Flow Volatility

Volatile cash flows can hinder strategic planning and investment, posing risks to financial stability and operational flexibility.

Cash Flow Conversion

Moderate cash conversion indicates potential inefficiencies in working capital management, affecting liquidity and reinvestment capacity.

Margin Sustainability

Volatile margins suggest potential challenges in maintaining cost control and pricing power, impacting long-term profitability consistency.

Kalyani Commercials Ltd. Business Overview & Revenue Model

Company Description

Kalyani Commercials Limited engages in the sale and servicing of commercial vehicle and two wheelers, and petroleum products. It retails oils and lubricants, diesel, and petrol. The company was incorporated in 1985 and is based in Delhi, India.

How the Company Makes Money

Kalyani Commercials Ltd. generates revenue through multiple streams, primarily focusing on the sale of automotive components and industrial products. The company sources products from established manufacturers and distributes them to a wide network of clients, including wholesalers, retailers, and end-users in various sectors. Key revenue streams include direct sales of products, long-term supply contracts with businesses, and aftermarket services such as maintenance and support. Additionally, KALYANI may engage in strategic partnerships with key manufacturers to enhance its product offerings and expand market reach, thereby contributing to its overall earnings. The company also benefits from economies of scale and strategic pricing strategies that help improve profitability.

Kalyani Commercials Ltd. Financial Statement Overview

Summary

Operating performance improved meaningfully in FY2025 (revenue up ~20.6% YoY with ~13.9% EBIT margin and ~10.2% net margin) and the balance sheet is conservatively levered (debt-to-equity ~0.08; ROE ~22.1%). The main limiter is cash-flow reliability: FY2025 FCF is positive (₹36.5m) but fell sharply YoY and cash flows have been volatile (including negative FY2024 OCF/FCF).

Income Statement

Profitability and scale improved meaningfully in FY2025: revenue grew ~20.6% year over year, and operating profitability remained strong with ~20.8% gross margin, ~13.9% EBIT margin, and ~10.2% net margin. The multi-year trajectory shows a step-change versus FY2022–FY2023 when margins were much lower, indicating improved operating efficiency and/or mix. Key watch-out: margins were volatile across the history provided, so durability of the higher margin profile still needs to be proven through cycles.

Balance Sheet

The balance sheet looks conservatively levered in FY2025 with low debt relative to equity (debt-to-equity ~0.08), a clear improvement versus earlier years that showed elevated leverage. Equity has expanded strongly alongside asset growth, and returns remain healthy (return on equity ~22.1%). Main risk: the company previously operated with high leverage, so maintaining today’s lower-debt posture and funding growth without re-leveraging is important.

Cash Flow

Cash generation is mixed. FY2025 operating cash flow turned positive (₹82.8m) and free cash flow is positive (₹36.5m), but free cash flow declined sharply year over year (down ~123.6%). Cash conversion is also moderate, with operating cash flow below net income (~0.86x) and free cash flow at ~44% of net income, suggesting working-capital swings and/or higher reinvestment needs. Prior-year volatility is notable (FY2024 negative operating and free cash flow), which elevates reliability risk.

Breakdown	TTM	Dec 2025	Dec 2023	Dec 2022	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.61B	1.39B	944.77M	494.53M	632.70M	112.00M
Gross Profit	234.98M	289.11M	157.51M	33.57M	162.73M	9.12M
EBITDA	220.63M	203.90M	141.23M	22.80M	118.68M	8.26M
Net Income	157.14M	142.66M	95.94M	13.01M	80.38M	2.60M
Balance Sheet
Total Assets	929.68M	749.12M	646.02M	160.66M	242.02M	136.79M
Cash, Cash Equivalents and Short-Term Investments	45.44M	267.11M	249.37M	13.80M	53.97M	1.15M
Total Debt	18.70M	52.76M	76.97M	26.99M	34.21M	49.85M
Total Liabilities	182.30M	98.19M	137.74M	98.23M	99.62M	87.37M
Stockholders Equity	741.87M	646.00M	503.45M	62.43M	142.40M	49.42M
Cash Flow
Free Cash Flow	-111.32M	36.48M	-118.41M	35.53M	33.79M	-3.85M
Operating Cash Flow	69.39M	82.83M	-94.96M	54.42M	40.29M	1.09M
Investing Cash Flow	-56.35M	-40.12M	-165.32M	-18.90M	-5.56M	-4.94M
Financing Cash Flow	-50.08M	-25.99M	305.69M	-22.87M	5.44M	558.00K

Kalyani Commercials Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SONACOMS	74 Outperform	₹308.09B	50.31	―	0.65%	7.34%	2.27%
MMFL	72 Outperform	₹19.72B	20.64	―	1.07%	-4.47%	-17.62%
KALYANI	64 Neutral	―	―	―	―	57.77%	-17.37%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
RKFORGE	54 Neutral	₹92.61B	42.88	―	0.38%	-4.73%	-19.52%
KALYANIFRG	53 Neutral	₹2.22B	29.24	―	0.62%	0.76%	17.16%

Kalyani Commercials Ltd. Corporate Events

Kalyani Commercials Closes Trading Window Ahead of Q3 and Nine-Month Results

Kalyani Commercials Ltd. has announced that its trading window for designated persons and their immediate relatives will be closed from 1 January 2026 until 48 hours after the public announcement of its unaudited financial results for the quarter and nine months ended 31 December 2025, in line with SEBI (Prohibition of Insider Trading) Regulations, 2015 and the company’s internal code of conduct. The move signals the upcoming release of key financial results and is intended to prevent insider trading around this sensitive disclosure period, with the board meeting date for reviewing and approving these unaudited results to be communicated in due course.

Kalyani Commercials Ltd. Submits Compliance Certificate

Kalyani Commercials Ltd. has submitted its Structured Digital Database Compliance Certificate to the National Stock Exchange of India for the quarter and half year ending September 30, 2025. This submission is in accordance with the Securities and Exchange Board of India’s regulations on insider trading, reflecting the company’s commitment to regulatory compliance and transparency in its operations.

Kalyani Commercials Ltd. Submits Compliance Certificate for Q2 2025

Kalyani Commercials Ltd. has submitted its Structured Digital Database Compliance Certificate for the quarter ending June 30, 2025, in accordance with the Securities and Exchange Board of India’s regulations on insider trading. This submission underscores the company’s commitment to regulatory compliance, which is crucial for maintaining transparency and trust with stakeholders.