Kalyani Commercials Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Kalyani Commercials Ltd trades at ₹138, between stages. That is +15.4% against its own 200-day average. It sits at 100% of a 52-week range of ₹119 to ₹138. On relative strength it has no relative-strength read yet.

Today the stock is between stages. At ₹138 it trades +15.4% versus its 200-day average and sits at 100% of its 52-week range (₹119–₹138).

Against the market, two honest reads. Cumulative: over the last 3.3 years the stock moved +16% while the NIFTY 500 moved +69% — behind the index over the full window. Recent form: no trailing-13-week read yet — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Kalyani Commercials Ltd trades at 5.5× P/E, against too little history to rank. Its long-run median P/E is 5.5×, measured across 3.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 5.5× is against too little history to rank, against a long-run median of 5.5× measured over 3.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Kalyani Commercials Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at 12.0% — the per-curve reads carry the story. The read is built from 9 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Kalyani Commercials Ltd reported ₹84.9 Cr of revenue in the Jun 26 quarter, −10.6% year on year. Over 10 years it has compounded at 1.1% a year. The last full year, FY26, came in at ₹587 Cr. The last four reported quarters add to ₹577 Cr.

FY26 revenue came in at ₹587 Cr (+51.7% on the year), capping 10 years at 1.1% compound. The latest quarter (Jun 26) printed ₹84.9 Cr, −10.6% year on year.

Pace check: the last four quarters averaged +35.2% growth against the decade's 1.1% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +35.9% over the last 4 quarters against +45.1%/yr over the last 8 — rolling over; TTM profit +7.2% vs +12.2%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Kalyani Commercials Ltd's operating margin is 2.4% in the Jun 26 quarter, +0.8 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 1.2% to 2.4%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 2.4%, +0.8 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 1.2%–2.4%.

Why the margin moved: operating margin went +0.8 pp year on year while gross margin went +2.0 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Kalyani Commercials Ltd earned ₹0.4 Cr of net profit in the Jun 26 quarter, −34.9% year on year. Full-year FY26 profit was ₹3.0 Cr. The 10-year compound rate is 11.6%. That is 0.5% of the quarter's revenue. The same quarter a year earlier earned ₹0.6 Cr.

Jun 26 profit was ₹0.4 Cr, −34.9% year on year. On the full year, FY26 printed ₹3.0 Cr (+50.0%), and the 10-year compound rate is 11.6%.

🚨 Why profit moved: revenue contributed −10.6% and the margin +0.8 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +28.0% vs revenue +35.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −414% of Kalyani Commercials Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−29.0 Cr of operating cash against ₹3.0 Cr of profit. After ₹0.0 Cr of capital spending, ₹−29.0 Cr was left as free cash.

FY26: operating cash of ₹−29.0 Cr against reported profit of ₹3.0 Cr, leaving free cash of ₹−29.0 Cr after ₹0.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −414% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −414%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Kalyani Commercials Ltd's cash conversion cycle runs 57 days in FY26, up from 54 days in FY21. Capital spending ran ₹−1.0 Cr over the last 3 years. At FY26 sales of ₹587 Cr each day of that cycle holds about ₹1.6 Cr, so roughly ₹92.0 Cr sits inside the business at any moment.

FY26: debtors at 21 days, inventory at 36 days — roughly 1.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 57 days, looser than FY21's 54.

The full loop: cash goes out to suppliers and production on day 0; stock waits 36 days to sell; customers pay about 21 days after that; and suppliers themselves are paid at 1 days — netting out to the 57-day cycle.

In money terms: at FY26 sales of ₹587 Cr, each day of the cycle holds about ₹1.6 Cr — so the 57-day loop keeps roughly ₹92.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−1.0 Cr over the last 3 fiscal years. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Kalyani Commercials Ltd earns a ROCE of 12% in FY26. That is up from a trough of 6% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 0.5% net margin on 4.77× asset turns.

FY26 ROCE is 12%, recovered from a FY21 trough of 6% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 0.5% net margin × 4.77× asset turns × 5.59× balance-sheet leverage ≈ 13.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Kalyani Commercials Ltd carries ₹92.0 Cr of borrowings against ₹22.0 Cr of equity in FY26, a debt-to-equity of 4.18. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹32.0 Cr to ₹92.0 Cr. Capital spending ran ₹−1.0 Cr across the last 3 of those years.

FY26: borrowings of ₹92.0 Cr against equity of ₹22.0 Cr — a debt-to-equity of 4.18. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹32.0 Cr to ₹92.0 Cr while capital spending ran ₹−1.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Kalyani Commercials Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +0.0 points over 8 quarters to 53.1%.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Kalyani Commercials Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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