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Kalyani Investment Company (KICL) Fair Value & Analysis

Financial Services · IN · Market cap ₹22.8B

KI Kalyani Investment Company KICL · BSE
Price₹5,222
Fair Value₹10,444
Upside+100.0%
Quality49/100
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Strengths

Trades 100% below our fair value of ₹10,444
Highly profitable · 52.0% net margin

Risks

!Mixed Growth
!negative free cash flow
!Moderate moat 55/100
!Evidence only medium, so the estimate is less certain
Mixed Growth
Highly profitable · 52.0% net margin
negative free cash flow
Moderate moat 55/100
Evidence: Medium Range ₹7,833 – ₹13,055 Share as image

Fair value as of: Aug 21, 2026

From 2 valuation models · updated today

Share price −6.2% over the past month.

Below-average quality, screening 100% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (₹7,833). The market is more pessimistic than our downside scenario.
  • Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

₹8,190 ₹1,397 Fair Value ₹10,444 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range ₹1,397 – ₹8,190 · fair‑value band ₹7,833 – ₹13,055 · the ₹5,222 price screens below the ₹10,444 fair value. Dashed = 300-day average. As of Aug 21, 2026.

Full chart & analysis →

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Analysis

Kalyani Investment Company (KICL) currently trades at ₹5,222, while our model-based Fair Value estimate is ₹10,444, implying the stock looks roughly 100.0% undervalued today. The Quality Score stands at 49/100 (below-average quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Kalyani Investment Company generated revenue of ₹782M at a net margin of 52.0%. Revenue grew 2.9% year over year. It earns a return on equity of 0.4%. The stock trades on a trailing P/E of 56.2. Fundamentals as of Aug 21, 2026

Our scenario range runs from ₹7,833 (bear case) to ₹13,055 (bull case); at ₹5,222, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 20% below its 52-week high and 30% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -33% fair-value upside, at 100%, KICL screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
P/B Multiple ₹16,636 ₹22,181 ₹27,726 55
NCAV (Graham) ₹13,048 ₹17,484 ₹26,095 50
All 2 models by family
Multiples
P/B Multiple ₹16,636 ₹22,181 ₹27,726 55
Asset-Based
NCAV (Graham) ₹13,048 ₹17,484 ₹26,095 50

Widest divergence: Multiples (₹22,181) versus Asset-Based (₹17,484). Highest evidence: P/B Multiple (55).

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Key figures & financial health

Revenue (TTM) ₹782M
Revenue growth (YoY) +2.9%
Net margin 52.0%
Return on equity 0.4%
Free cash flow −₹179M FY2026
P/E ratio 56.2
More key figures
Operating margin 55.7%
EPS (TTM) ₹92.88
EPS growth (YoY) -24.8%

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 49 · Market factors (momentum, volatility) 59

Profitability 28
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Kalyani Investment Company Limited, a non-deposit taking core investment company, engages in making investments in group companies in India. It invests in companies, including forging, steel, power generation, chemicals, and banking sectors. The company was incorporated in 2009 and is based in Pune, India.

Full company description

Kalyani Investment Company Limited, a non-deposit taking core investment company, engages in making investments in group companies in India. It invests in companies, including forging, steel, power generation, chemicals, and banking sectors. The company was incorporated in 2009 and is based in Pune, India. Kalyani Investment Company Limited operates as a subsidiary of Sundaram Trading and Investment Private Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Kalyani Investment Company reported revenue of ₹564M in FY2026 versus ₹273M in FY2022, a compound +19.9%/yr. Reported net income was ₹368M in FY2026, compounding −10.4%/yr from FY2022.

Growth Quality 24/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹564M
Latest YoY
−5.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.5%
Avg. growth/yr (7Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.4%
Revenue +19.9%/yr
FY22 ₹273M
FY23 ₹510M
FY24 ₹536M
FY25 ₹598M
FY26 ₹564M
Net income −10.4%/yr
FY22 ₹572M
FY23 ₹426M
FY24 ₹701M
FY25 ₹715M
FY26 ₹368M

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Cite: Fair Value Calculator (2026). "Kalyani Investment Company Fair Value". https://www.fairvalue-calculator.com/stock/KICL.BSE

Peer Group

Asset Management · 714 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 51 · Below median
Fair Value upside +100% · Top 25%
Return on equity (TTM) 0% · Below median
Return on assets 0% · Below median
Net margin (TTM) 52% · Above median
Operating margin (TTM) 56% · Above median
Revenue growth 3% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 56.2× · Pricier than 75% of peers
P/B 0.20× · Cheaper than 75% of peers
P/S (TTM) 29.14× · Pricier than 75% of peers
EV/EBITDA 35.5× · Pricier than 75% of peers

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
BlackRock, Inc BLK $1,161 $465.75 -60%
Investor AB INVEB kr 417.90 kr 835.80 +100%
AB Industrivärden INDUA kr 544.00 kr 375.93 -31%
ICICIAMC ICICIAMC ₹3,077 ₹1,132 -63%
Jio Financial Services Limited JIOFIN ₹256.05 ₹171.84 -33%
Hedef Holding HEDEF 267.25 TRY 321.44 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹11,294 ₹11,257 -0%
HDFC Asset Management Company HDFCAMC ₹2,490 ₹866.78 -65%
Nippon Life Asset Management Limited NAMINDIA ₹1,233 ₹311.00 -75%
360 One Wam Limited 360ONE ₹1,185 ₹255.94 -78%

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Frequently asked questions

Is Kalyani Investment Company (KICL) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of ₹10,444 versus a price of ₹5,222, about +100% (undervalued).
What is the fair value of KICL?
Our model-based fair value for Kalyani Investment Company is ₹10,444 (as of Aug 21, 2026), built from audited fundamentals. The current price: ₹5,222.
What is the quality score of KICL?
Kalyani Investment Company has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Kalyani Investment Company (KICL)?
Kalyani Investment Company reported trailing-twelve-month revenue of about ₹782M (latest available figure, as of Aug 21, 2026).
What is the net profit margin of KICL?
The net profit margin of Kalyani Investment Company is about 52.0%, meaning it keeps roughly 52.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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