KRDMD Metal & Mining
🏢 Company Profile
Manufacture and sale of all kinds of pig iron and steel products, coke and coke by-products (industrial steel, mine props, profiles, construction rebar); Karabük. Source: Midas company cards, 24.10.2026.
- GOLDMAN SACHS INTERNATIONAL — 4.42%
- TURKISH WEALTH FUND — 4.41%
- ÇAĞ ÇELİK DEMİR VE ÇELİK ENDÜSTRİ ANONİM ŞİRKETİ — 3.75%
- MERRILL LYNCH INTERNATIONAL — 3.48%
- TÜRKİYE HAYAT VE EMEKLİLİK A.Ş. OKS KATILIM STANDART EMEKLİLİK YATIRIM FONU — 3.47%
- Last quarter (2026/6): sales 25564895647 TL, net profit margin 16.0% (normal)
- Sales growth: YoY %+-5.4 (contraction).
- Net profit growth: YoY -1879.3% (contraction).
- Owners' Equity Growth: YoY %+16.0 (increase)
- Asset turnover 1.2 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 7.1% (low leverage); total liabilities (short+long) / owners' equity 42.1%.
- Net financial debt 721191390 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 1.4 — balanced liquidity.
- Current ratio (TradingView balance sheet section) 1.4 — balanced liquidity.
- Multiples: P/E 11.0 · P/B 0.5 · EV/EBITDA 5.9.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
| Total Assets | 105.4 mlr TL | Total Debt | 31.2 mlr TL |
| Current Assets | 32.4 billion TL | Equity | 74.2 billion TRY |
| Financial Debt | 5.3 billion TL | Net Profit | 4.1 mlr TL |
📋 Announced Financial Statements· manually added financial table summary · last pull: 2026-09-23
| Period | Sales Revenues (mlr TL) | Net Profit (mlr TL) | Profit Margin | Total Assets (mlr TL) | Equity (mlr TL) | Financial Debt (mlr TL) | Financial Debt / Equity |
|---|---|---|---|---|---|---|---|
| 2026/6 | 25.6 (- 5.4% YoY) | 4.1 (- 1.879.3% YoY) | 16.0% | 105.4 | 74.2 | 5.3 | 7.1% |
| 2026/3 | 10.6 (- 18.0% YoY) | 0.0 (- 101.3% YoY) | 0.2% | 96.6 | 63.9 | 5.6 | 8.8% |
| 2025/12 | 53.8 (+ 6.2% YoY) | -1.4 (- 50.2% YoY) | %-2.5 | 102.4 | 68.2 | 7.0 | 10.3% |
| 2025/9 | 33.0 (- 11.8% YoY) | -0.7 (- 75.8% YoY) | %-2.0 | 68.1 | 43.7 | 6.6 | 15.0% |
| 2025/6 | 27.0 (+ 20.4% YoY) | -0.2 (- 86.4% YoY) | %-0.9 | 64.1 | 40.6 | 6.7 | 16.6% |
| 2025/3 | 12.9 (+ 11.9% YoY) | -1.3 (+ 68.7% YoY) | %-10.3 | 60.4 | 37.7 | 5.3 | 14.2% |
| 2024/12 | 50.6 | -2.7 | %-5.4 | 73.4 | 46.1 | 4.2 | 9.1% |
| 2024/9 | 37.4 | -2.7 | %-7.2 | 54.4 | 33.1 | 3.1 | 9.4% |
| 2024/6 | 22.5 | -1.7 | %-7.5 | 49.2 | 30.9 | 1.2 | 3.8% |
| 2024/3 | 11.5 | -0.8 | %-6.8 | 47.5 | 28.8 | 1.2 | 4.3% |
Income statement items (sales revenues and net profit) are cumulative from the beginning of the year; balance sheet items are period-end balances. Source: İş Yatırım financial statements (based on KAP announcements).
🔎 Fundamental Analysis Summary · automatic
- Revenue (TTM) 70.85 billion TL, EBITDA 8.62 billion TL — EBITDA margin 12.2% (low EBITDA margin).
- Net profit margin 6.4% (normal net profit margin).
- EV/FAVÖK 4.6 — low EV/FAVÖK — cheap zone.
- Net financial debt 721 million TL (2% of market value).
- Current ratio 1.40 — balanced liquidity.
Rule-based summary: It is generated from İş Yatırım financial statements (TTM) and TradingView base data with fixed thresholds; no LLM, no hallucination risk. It is not investment advice.
Valuation and Profitability · single source, last 12 months
Last 5 trading days return: -5.8%
| Market value | 28.8 billion TL |
| Equity (2026/6) | 74.2 mlr TL |
| Net profit (last 12 months) | 3.0 mlr TL |
| P/E (last 12 months) | 9.7 |
| P/B | 0.39 |
| ROE (last 12 months) | 4.0% |
| Financial debt / equity | 7% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 8.6 mlr TL |
| EBITDA margin | 12.2% |
| EV / EBITDA | 4.6 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Metal & Mining sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | negative |
| Score | -1 |
| Channels | interest rate increase, domestic demand increase, commodity decrease |
Sector sensitivity matrix x current macro regime; detail Macroeconomic Evaluation.
Technical Status
| General | STRONG SELL |
| Short term (EMA 5-8-13-21) | SELL |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | BEKLE |
| Wave Trend (indicator) | SELL |
| Channel position | 2% |
| Trend strength (r) | -0.38 |
| Score | 0 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- corporate knowledge will be transferred to new generations with kardemir academy — Aksiyon.com.TR · 28.10
- Kardemir Çelik, in the first half increased its revenue by 26% to 13.9 billion TL — Para Analiz · 28.10
- KAP *** KARDEMIR KARABUK IRON AND STEEL INDUSTRY AND TRADE INC. *** KRDMA,KRDMB,KRDMD *** Notification Regarding Share Buyback — Yeni Şafak · 26.10
- Kardemir (KRDMD) Share Buyback Announcement (October 26, 2026) — Finance Line · 26.10
- KAP *** BORSA ISTANBUL BISTECH CIRCUIT BREAKER APPLICATION *** KRDMD *** Stock-Based Circuit Breaker Notification — GZT · 26.10
- Kardemir Çelik’in Van and Muş GES investments get 18.3 million dollar credit from China — CNBC-e · 23.10
📋 KAP Notifications
- 26 Ekim 10:56 — Circuit Breaker Notification on a Share Basis→
- 23 Ekim 10:16 — Circuit Breaker Notification on a Share Basis→
- October 22 09:10 — Share Purchase and Sale Notification→
- October 20 08:57 — Public Disclosure Platform Announcement →
- October 16 17:24 — Share Purchase and Sale Notification→
- October 13 09:24 — Public Disclosure Platform Announcement →
- 12 Ekim 17:42 — Share Purchase and Sale Notification→
- 12 Ekim 09:25 — Share Purchase and Sale Notification→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Kardemir (D), rose by 3.40% on September 23, 2026, to 46.84 TL. The 4/4 STRONG BUY signal is maintained across all horizons; with a channel position of 55 and trend strength (r) of 0.77, a healthy uptrend continues. The stock tested its 60-day high of 46.98 TL during the day, attempting a new peak; it's priced 34% above the 35.02 TL support zone. With a 60-day return of 17.69%, it's among the leaders of the day's rise exceeding the metal industry index's 2.8%.
🌍 Macroeconomic Evaluation
Long-term steel demand is a primary derivative of construction and infrastructure investments: the reconstruction of earthquake zones and public infrastructure programs support Kardemir's main customer base. The decline in inflation to 31.5% and interest rate cut expectations could ease construction financing and stimulate steel demand; the metal industry index's rise exceeding 2.8% shows this expectation is being priced in. USD/TL's level at 48.83 maintains the balance between imported scrap costs and domestic pricing. The bottom formation in global steel prices and China's supply constraints support sector margins. The company's low leverage provides one of the strongest shields against macro shocks among sector players. Main risks: delay in construction demand, shocks in scrap prices, and import competition.
🧾 Balance Sheet Evaluation
Although Kardemir experienced a 5.4% decline in sales in the first half of 2026, it recorded a strong quarterly recovery in the second quarter with 15.0 billion TL in sales (+6.0%) and 4.1 billion TL in net profit (+271.3%); the high volatility in first-half profit reflects the return from last year's loss period. Quarterly net margin reached an extraordinary level of 27.2%; steel price recovery, inventory gains, and low financing costs were effective. The company, which generated 52.3 billion TL in sales and 3.0 billion TL in net profit over the last four quarters, has a market cap of only ~36 billion TL; it carries a deep asset discount with P/E ~12.3x and P/B ~0.5x. FD/EBITDA ~6.6x is at a reasonable level for a cyclical industrial company; the company has ~2.1 billion TL in net cash and operates with very low leverage of 7.1% for net debt/equity. ROE of 4.0% is still low; it could quickly rise to double digits if 2Q profitability is sustained. Its monopoly position in strategic investment goods (rails, profiles) production and capacity modernization fuels the medium-term story. In summary, Kardemir is on the radar of value-focused investors thanks to its clean balance sheet, deep asset discount, and recovery in the steel cycle; the main uncertainty is the sustainability of 2Q margins.
This section is manually updated; for informational purposes only, not investment advice.