KIOCL
KIOCL
Metals & MiningKey Fundamentals
SmallcapSponge IronMetals & MiningTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company is expected to give good quarter
- Company's working capital requirements have reduced from 59.0 days to 10.6 days
Weaknesses
4- Stock is trading at 12.5 times its book value
- The company has delivered a poor sales growth of -23.7% over past five years.
- Company has a low return on equity of -4.97% over last 3 years.
- Earnings include an other income of Rs.98.2 Cr.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoKIOCL Ltd, a government-owned iron ore mining and pelletisation company, trades at a market cap of ₹22,727 Cr with an elevated P/E of 588.1x and P/B of 13.2x. While TTM sales growth has rebounded to 27% and TTM profit growth stands at 120%, the company's longer-term track record shows compounded sales decline of -24% over five years and a negative 3-year average ROE of -5%, pointing to highly cyclical and inconsistent earnings.
- TTM revenue growth has sharply recovered to 27%, signalling a turnaround in top-line momentum after years of decline
- TTM profit growth of 120% indicates a strong earnings rebound from a low base, suggesting improved operational performance
- 10-year compounded sales growth of 13% demonstrates that the company has delivered reasonable long-cycle revenue expansion despite interim volatility
- 10-year compounded profit growth of 8% shows the business can generate earnings over a full commodity cycle
- 10-year average ROE of 3% confirms the company is capable of earning positive returns on equity during favourable commodity environments
- Company is expected to deliver a good upcoming quarter based on market consensus, which could further support the earnings recovery narrative
- As a government-owned entity in a strategic sector (iron ore and pellets), KIOCL carries lower bankruptcy or going-concern risk and benefits from policy support for domestic mining and steel value chains
- P/E ratio of 588.1x is extremely elevated, implying the current share price is pricing in a level of earnings growth far beyond what the company has historically delivered
- P/B ratio of 13.2x is very high for a metals and mining company, suggesting the stock trades at a steep premium to its asset base
- 5-year compounded sales growth of -24% reflects a prolonged period of revenue erosion that the recent one-year rebound has not yet offset
- 3-year average ROE of -5% indicates the company destroyed shareholder value over a meaningful period, failing to earn its cost of equity
- 5-year compounded profit growth of -44% highlights severe earnings deterioration over a medium-term horizon
- Earnings quality is a concern as other income of ₹98.2 Cr forms a notable portion of reported profits, meaning core operating earnings are weaker than headline numbers suggest
- Dividend yield of just 0.47% offers minimal income support to shareholders given the high valuation and volatile earnings profile
- Stock has declined 21% over the past one year, underperforming broader markets and reflecting waning investor confidence despite the reported profit rebound
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Net loss persists at ₹155 crore Sep 8
KIOCL reported a net loss of ₹155 crore in Q1FY27, showing the company remains unprofitable despite improved operations. Results approved by the Board on August 13, 2026.
- Revenue surges 67% YoY Sep 8
Standalone revenue rose 67% YoY to ₹1,805 crore in Q1FY27 vs ₹1,081 crore in Q1FY26, signaling strong top-line momentum and improved operational efficiency.
- Net loss narrows from Q1FY26 Sep 8
Net loss improved significantly from ₹378 crore in Q1FY26 to ₹155 crore in Q1FY27, a reduction of nearly 59% indicating a clear trajectory toward breakeven.
- 50th AGM set for Sep 29 Sep 8
KIOCL scheduled its 50th AGM for September 29, 2026 via video conferencing. The FY26 annual report was released on September 10 and is available on the company website.
TL;DR: KIOCL is showing clear operational improvement with 67% revenue growth and a sharp narrowing of net losses from ₹378 crore to ₹155 crore YoY in Q1FY27. The key risk remains that the company is still loss-making at the bottom line. The trend is improving — if revenue momentum holds and losses continue narrowing, a return to profitability could be on the horizon in the coming quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 501 | 431 | 549 | 372 | 147 | 16 | 181 | 246 | 91 | 143 | 160 | 220 | 158 |
| Expenses | 565 | 451 | 513 | 398 | 196 | 83 | 224 | 287 | 133 | 164 | 155 | 189 | 185 |
| Operating Profit | -64 | -19 | 36 | -25 | -49 | -67 | -43 | -41 | -42 | -22 | 4 | 32 | -27 |
| OPM % | -13% | -4.5% | 7% | -7% | -33% | -417% | -24% | -17% | -46% | -15% | 2.7% | 14% | -17% |
| Other Income | 13 | 11 | 12 | 15 | 11 | 13 | 11 | 16 | 17 | 18 | 22 | 36 | 22 |
| Interest | 5 | 2 | 4 | 3 | 2 | 6 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Depreciation | 6 | 7 | 7 | 7 | 8 | 10 | 11 | 11 | 10 | 10 | 10 | 9 | 8 |
| PBT | -62 | -18 | 37 | -21 | -49 | -70 | -47 | -40 | -38 | -17 | 13 | 54 | -16 |
| Tax % | -6% | 19% | -6% | 104% | 4% | -1% | 1% | -7% | -2% | 0% | -38% | 2% | -3% |
| Net Profit | -58 | -21 | 39 | -43 | -51 | -69 | -48 | -37 | -38 | -17 | 18 | 53 | -15 |
| EPS in Rs | -0.95 | -0.35 | 0.64 | -0.71 | -0.83 | -1.14 | -0.79 | -0.61 | -0.62 | -0.28 | 0.3 | 0.88 | -0.25 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 534 | 184 | 870 | 1,602 | 1,888 | 1,938 | 2,376 | 3,006 | 1,543 | 1,854 | 591 | 613 | 681 |
| Expenses | 686 | 465 | 970 | 1,644 | 1,808 | 1,955 | 2,025 | 2,626 | 1,708 | 1,926 | 791 | 643 | 693 |
| Operating Profit | -151 | -281 | -100 | -42 | 80 | -18 | 352 | 380 | -164 | -72 | -200 | -29 | -12 |
| OPM % | -28% | -152% | -12% | -2.6% | 4.2% | -0.9% | 15% | 13% | -11% | -3.9% | -34% | -4.7% | -1.8% |
| Other Income | 215 | 214 | 155 | 147 | 125 | 119 | 101 | 74 | 80 | 50 | 50 | 95 | 98 |
| Interest | 0 | 0 | 1 | 1 | 1 | 10 | 15 | 12 | 14 | 15 | 15 | 15 | 15 |
| Depreciation | 32 | 23 | 22 | 19 | 19 | 27 | 27 | 31 | 25 | 27 | 40 | 39 | 37 |
| PBT | 31 | -90 | 31 | 86 | 184 | 64 | 410 | 411 | -123 | -64 | -205 | 12 | 34 |
| Tax % | 1% | -11% | -54% | 5% | 39% | 32% | 27% | 24% | -20% | 31% | 0% | -39% | — |
| Net Profit | 31 | -80 | 48 | 81 | 112 | 43 | 301 | 313 | -98 | -83 | -205 | 17 | 39 |
| EPS in Rs | 0.49 | -1.26 | 0.76 | 1.28 | 1.8 | 0.7 | 4.96 | 5.16 | -1.61 | -1.37 | -3.37 | 0.27 | 0.65 |
| Div. Payout % | 21% | -8% | 49% | 83% | 74% | 100% | 33% | 34% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 635 | 635 | 635 | 635 | 622 | 622 | 608 | 608 | 608 | 608 | 608 | 608 |
| Reserves | 1,504 | 1,428 | 1,467 | 1,511 | 1,372 | 1,294 | 1,378 | 1,536 | 1,394 | 1,311 | 1,104 | 1,128 |
| Borrowings | 1 | 0 | 0 | 0 | 0 | 124 | 120 | 126 | 537 | 180 | 193 | 192 |
| Other Liabilities | 403 | 349 | 440 | 412 | 329 | 342 | 396 | 412 | 419 | 361 | 404 | 435 |
| Total Liabilities | 2,542 | 2,411 | 2,541 | 2,558 | 2,323 | 2,382 | 2,502 | 2,681 | 2,958 | 2,459 | 2,309 | 2,363 |
| Fixed Assets | 249 | 238 | 221 | 202 | 200 | 279 | 271 | 277 | 282 | 895 | 953 | 939 |
| CWIP | 0 | 0 | 1 | 2 | 4 | 21 | 42 | 296 | 702 | 159 | 169 | 167 |
| Investments | 0 | 0 | 0 | 0 | 42 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 2,293 | 2,173 | 2,320 | 2,354 | 2,076 | 2,082 | 2,189 | 2,108 | 1,975 | 1,405 | 1,188 | 1,257 |
| Total Assets | 2,542 | 2,411 | 2,541 | 2,558 | 2,323 | 2,382 | 2,502 | 2,681 | 2,958 | 2,459 | 2,309 | 2,363 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -88 | -44 | -261 | -100 | -126 | -22 | 97 | 70 | -309 | 105 | 343 | 79 |
| Investing | 185 | 46 | 302 | -13 | 581 | 49 | 298 | -132 | 129 | -127 | -308 | -57 |
| Financing | -10 | -8 | -8 | -40 | -274 | -112 | -246 | -165 | 337 | -372 | -80 | -16 |
| Net Cash Flow | 87 | -5 | 33 | -153 | 181 | -85 | 149 | -227 | 157 | -395 | -45 | 6 |
| Free Cash Flow | -90 | -50 | -265 | -86 | -146 | -42 | 56 | -220 | -732 | 9 | 316 | 56 |
| CFO/OP | 57 | 16 | 260 | 239 | -159 | 62 | 47 | 52 | 188 | -145 | -171 | -217 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 9 | 32 | 61 | 12 | 12 | 23 | 37 | 35 | 84 | 2 | 14 | 21 |
| Inventory Days | 353 | 120 | 100 | 77 | 90 | 67 | 79 | 67 | 115 | 134 | 124 | 1,847 |
| Days Payable | 90 | 111 | 97 | 43 | 32 | 29 | 36 | 24 | 54 | 42 | 177 | 2,551 |
| Cash Conversion Cycle | 272 | 41 | 64 | 46 | 71 | 61 | 81 | 78 | 145 | 94 | -39 | -683 |
| Working Capital Days | 174 | 32 | 73 | 51 | 60 | 51 | 66 | 78 | 99 | 115 | 51 | 11 |
| ROCE % | 1% | -4% | 2% | 3% | 9% | 3% | 21% | 19% | -5% | -2% | -9% | 1% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY09–FY26.
Documents
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Company Information
KIOCL is a flagship company under the Ministry of Steel, GoI, with Miniratna status. It is an export-oriented unit with expertise in iron ore mining, filtration technology, and the production of high-quality pellets. [1]
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