Skip to content
Menu

Sağlama record · BIST: KCAER

Kocaer Çelik

Kocaer Çelik (KCAER) shares are on Borsa Istanbul's participation index list (BIST Participation All Shares) for the period from October 1, 2026 to April 30, 2027. Source: Borsa Istanbul's list of participation index constituents, Oct 1, 2026. The shares are also in the BIST Participation 30, BIST Participation 30 Equal Weighted Return, BIST Participation 50, BIST Participation 100 and BIST Participation Dividend indices.

Dated October 17, 2026No. SGL-2026-3A-KCAER

The reading of all three ratios in the financial statements for Q1 2026 is not complete; the ratios rest on the items read. The statements will be read again, and the record's result will be given after that.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

statements to be read again
28.4%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 8,124,581,592÷TRY 28,652,178,825 (total assets)× 100

RatioInterest-bearing loans / total assets

Debts proven not to count (line 6J of the KAFİF form) were deducted as far as the notes prove them; items that could not be separated stayed in the numerator, as a precaution. The ratio rests on the items read from the financial statements; the statements will be read again. Note 11: “Ödenecek Diğer Yükümlülükler” TRY 268,875: undetermined, kept in the numerator; “Ödenecek Vergi, Harç ve Diğer Kesintiler” TRY 282,625,749: not counted (proven); “Diğer Borçlar” TRY 1,035,430: undetermined, kept in the numerator; “İlişkili Taraflara Diğer Borçlar (Bkz Not.37)” TRY 310,021: undetermined, kept in the numerator. Note 8: “Banka Kredileri” TRY 6,259,074,125: undetermined, kept in the numerator; “Finansal Kiralama İşlemlerinden Borçlar” TRY 1,978,595: not counted (proven); “Kiralama İşlemlerinden Borçlar” TRY 17,767,671: not counted (proven); “Diğer” TRY 20,695,011: undetermined, kept in the numerator. Note 8: “Uzun Vadeli Kredilerin Anapara Taksitleri ve Faizleri” TRY 193,655,854: counted in the ratio (proven). Note 8: “Banka Kredileri” TRY 1,649,542,276: undetermined, kept in the numerator; “Kiralama İşlemlerinden Borçlar” TRY 209,691,924: not counted (proven). On the items read, the measured range is 0.68% to 28.36%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Ödenecek Diğer Yükümlülükler · Other payables, note 11268,875undetermined, kept in the numeratorTKBB Guideline 4.1
Ödenecek Vergi, Harç ve Diğer Kesintiler · Other payables, note 11282,625,749not counted (proven)TKBB Guideline 6.2
Diğer Borçlar · Other payables, note 111,035,430undetermined, kept in the numeratorTKBB Guideline 4.1
İlişkili Taraflara Diğer Borçlar (Bkz Not.37) · Other payables, note 11310,021undetermined, kept in the numeratorTKBB Guideline 6.1
Banka Kredileri · Short-term borrowings, note 86,259,074,125undetermined, kept in the numeratorTKBB Guideline 6.1
Finansal Kiralama İşlemlerinden Borçlar · Short-term borrowings, note 81,978,595not counted (proven)TKBB Guideline 6.2
Kiralama İşlemlerinden Borçlar · Short-term borrowings, note 817,767,671not counted (proven)TKBB Guideline 6.2
Diğer · Short-term borrowings, note 820,695,011undetermined, kept in the numeratorTKBB Guideline 4.1
Uzun Vadeli Kredilerin Anapara Taksitleri ve Faizleri · Current portion of long-term borrowings, note 8193,655,854counted in the ratio (proven)TKBB Guideline 6.1
Banka Kredileri · Long-term borrowings, note 81,649,542,276undetermined, kept in the numeratorTKBB Guideline 6.1
Kiralama İşlemlerinden Borçlar · Long-term borrowings, note 8209,691,924not counted (proven)TKBB Guideline 6.2

KAFİF declaration 26.1% (first half 2026) · Sağlama measurement on the items read 0.7% to 28.4% (Q1 2026) · the statements will be read again · View the form on KAP

Source: company financial report, Q1 2026 statements · Mar 31, 2026

View the documentMethod

Interest-bearing assets

statements to be read again
10.6%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 3,031,226,593÷TRY 28,652,178,825 (total assets)× 100

RatioInterest-bearing cash and securities / total assets

Assets proven not to count (line 5G of the KAFİF form) were deducted as far as the notes prove them; items that could not be separated stayed in the numerator, as a precaution. The ratio rests on the items read from the financial statements; the statements will be read again. Note 7: “Gerçeğe Uygun Değer Farkı Kar/(Zarara) Yansıtılan Finansal Varlıklar” TRY 992,260,360: undetermined, kept in the numerator; “Kocaer Steel Ireland Limited (*)” TRY 6,711: undetermined, kept in the numerator. Note 6: “Kasa” TRY 11,116: not counted (proven); “Banka / -Vadesiz Mevduat” TRY 2,381,465,564: not counted (proven); “Banka / -Vadeli Mevduat” TRY 2,038,959,522: counted in the ratio (proven). On the items read, the measured range is 7.12% to 10.58%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Gerçeğe Uygun Değer Farkı Kar/(Zarara) Yansıtılan Finansal Varlıklar · Financial investments, note 7992,260,360undetermined, kept in the numerator
Kocaer Steel Ireland Limited (*) · Financial investments, note 7The company's note says: “Kocaer Steel Ireland Limited tam konsolidasyon kapsamına dahil edilen, Kocaer Steel UK Ltd. tarafından 23.11.2022 tarihinde, Avrupa pazarındaki ihracatı arttırmak sebebi ile 100 € sermaye ile İrlanda’da kurulmuş olup 31.03.2026 tarihi itibariyle gayrifaal durumdadır.”6,711undetermined, kept in the numerator
Kasa · Cash and cash equivalents, note 611,116not counted (proven)TKBB Guideline 5.2
Banka / -Vadesiz Mevduat · Cash and cash equivalents, note 62,381,465,564not counted (proven)TKBB Guideline 5.2
Banka / -Vadeli Mevduat · Cash and cash equivalents, note 62,038,959,522counted in the ratio (proven)TKBB Guideline 5.1

KAFİF declaration 11.2% (first half 2026) · Sağlama measurement on the items read 7.1% to 10.6% (Q1 2026) · the statements will be read again · View the form on KAP

Source: company financial report, Q1 2026 statements · Mar 31, 2026

View the documentMethod

Excluded income

statements to be read again
9.0%

On the items read: 0.1% to 9.0%

Calculation and source

Calculation: numerator ÷ denominatorTRY 506,329,322÷TRY 5,628,858,536 (total income)× 100

RatioExcluded income / total income

On the KAP form this item is titled “Katılım Finans İlkelerine Uygun Olmayan Gelir”, which means income not in line with participation finance principles.

This range rests on the items read from the financial statements, and the statements will be read again.

Income that the notes prove does not count (line 4D of the KAFİF form) was deducted. Items that could not be separated stayed in the numerator, as a precaution. The ratio rests on the items read from the financial statements; the statements will be read again. Excluded income from business activities (line 4B of the KAFİF form) does not appear in the financial statements; it is only in the company's KAFİF declaration on KAP. This measurement sets it to 0. If there is a declaration, the record shows it separately, with a link. Note 31: “Konusu Kalmayan Karş (ŞAK)” TRY 8,061,197: not counted (proven); “Konusu Kalmayan Karş (Dava)” TRY 0: not counted (proven); “Kur Farkı Gelirleri (Ticari Alacak Borç)” TRY 37,797,268: not counted (proven); “Satışlardan Elimine Edilen Faiz” TRY 44,271,505: undetermined, kept in the numerator; “Cari Dönem Reeskont Geliri” TRY 82,334,825: undetermined, kept in the numerator; “Önceki Dönem Reeskont İptali” TRY 81,904,886: undetermined, kept in the numerator; “Diğer Gelirler ve Karlar-679” TRY 13,943,782: undetermined, kept in the numerator. Note 33: “Finansman Faaliyetlerinden Faiz Gelirleri” TRY 5,633,204: counted in the ratio (proven); “Kur Farkı Gelirleri” TRY 21,614,752: not counted (proven); “Grup Şirket ve Şahıs Ortak Faiz Gelirleri” TRY 0: counted in the ratio (proven). Note 32: “Menkul Kıymet Satış Karları” TRY 278,241,120: undetermined, kept in the numerator. On the items read, the measured range is 0.10% to 9.00%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Konusu Kalmayan Karş (ŞAK) · Other income from operating activities, note 318,061,197not counted (proven)TKBB Guideline 4.2
Konusu Kalmayan Karş (Dava) · Other income from operating activities, note 310not counted (proven)TKBB Guideline 4.2
Kur Farkı Gelirleri (Ticari Alacak Borç) · Other income from operating activities, note 3137,797,268not counted (proven)TKBB Guideline 4.2
Satışlardan Elimine Edilen Faiz · Other income from operating activities, note 3144,271,505undetermined, kept in the numeratorTKBB Guideline 4.1
Cari Dönem Reeskont Geliri · Other income from operating activities, note 3182,334,825undetermined, kept in the numeratorTKBB Guideline 4.1
Önceki Dönem Reeskont İptali · Other income from operating activities, note 3181,904,886undetermined, kept in the numeratorTKBB Guideline 4.1
Diğer Gelirler ve Karlar-679 · Other income from operating activities, note 3113,943,782undetermined, kept in the numeratorTKBB Guideline 4.1
Finansman Faaliyetlerinden Faiz Gelirleri · Finance income, note 335,633,204counted in the ratio (proven)TKBB Guideline 4.1
Kur Farkı Gelirleri · Finance income, note 3321,614,752not counted (proven)TKBB Guideline 4.2
Grup Şirket ve Şahıs Ortak Faiz Gelirleri · Finance income, note 330counted in the ratio (proven)TKBB Guideline 4.1
Menkul Kıymet Satış Karları · Income from investing activities, note 32278,241,120undetermined, kept in the numeratorTKBB Guideline 4.1

KAFİF declaration 5.0% (first half 2026) · Sağlama measurement on the items read 0.1% to 9.0% (Q1 2026) · the statements will be read again · View the form on KAP

Source: company financial report, Q1 2026 statements · Mar 31, 2026

View the documentMethod

The three ratios are calculated from the financial statements, and each bar is scaled to its own threshold. The measurement uses the company's latest published statements, and every record states the period. The official review uses audited six- and twelve-month statements (Standard 3.4), so the periods can differ. Method

This record is produced by Sağlama's calculation from the financial statements the company publishes. The method and the corrections log are public. Responsible for this record: Savaş Tutumlu, founder.

Official list record

Official list
On the BIST Participation All Shares list · Index period from October 2026 to April 2027Source: Borsa Istanbul's list of constituents, Oct 1, 2026
In these sub-indices
BIST Participation 30 · BIST Participation 30 Equal Weighted Return · BIST Participation 50 · BIST Participation 100 · BIST Participation Dividend
Not in these sub-indices
BIST Participation Sustainability
Latest official change

Added to the BIST Participation 30 index as of October 1, 2026, for the period from October 2026 to April 2027. Source: Borsa Istanbul announcement, Sep 29, 2026 · KAP disclosure 1669816

All changes for the period from October 2026 to April 2027

Next period
Starts on May 1, 2027. Borsa Istanbul is expected to announce the new list by April 29, 2027 at the latest (Ground Rules 2.17). Sağlama's expectation for each member is on the Review forecast page. This is a forecast, not the official list.

Status history

4 entries

Each period's record and every correction are kept with their dates. Method

  1. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 10.19% · assets 18.89% · loans 30.14%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 9.00% · assets 10.58% · loans 28.36%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 9.00% · assets 10.58% · loans 28.36%.
  4. MeasurementTKBB rules, August 2025, version 3 · Q1 2026: statements to be read again. Income 0.10% to 9.00% · assets 7.12% to 10.58% · loans 0.68% to 28.36%. The ratios rest on the items read.THIS RECORD

Documents and sources

Source links lead to documents published by the company and by Borsa Istanbul. We do not copy KAP documents. Method

  • KCAER financial report, Mar 31, 2026 (company investor relations site)Mar 31, 2026 · Fingerprint ab6fb247b223… · fingerprint of the downloaded file c173e96ed1f9…View the document
  • Sağlama's calculation and methodTKBB rules, August 2025, version 3Read the method

If a figure looks wrong, write to bilgi@saglama.com. We correct it and record the correction with its date in the corrections log.

What this measurement covers

This record's financial statements will be read again. The ratios rest on the items read; the record's result will be given after the new reading. Method

The company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 5.0%, interest-bearing assets 11.2%, interest-bearing loans 26.1%. The three declared ratios are within the thresholds. View the form on KAP

The company's answers to the four yes/no questions on the form:

Do the articles of association of the company, its corporate shareholders or its affiliates include an activity that does not follow participation finance principles?
No
Do the company's articles of association grant a privilege that does not follow participation finance principles?
No
Has the company made a statement or decision supporting the actions defined in Standard 1.5 and TKBB Guideline 1.D?
No
Does the company have activities or income directly contrary to participation finance principles?
No

Purification calculation

Dividend-based method · CALCULATOR (DIVIDEND-BASED METHOD)

Purification calculator

A company within the threshold can still have a small amount of excluded income (interest income and other income the standard excludes). Under the TKBB standard, the part of this income that falls to your shares is given to charitable causes. This duty applies whether the company made a profit or a loss, and whether or not it paid a dividend. The amount set aside does not replace zakat or sadaqa.

CALCULATION SLIPKCAER · Q1 2026
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
9.0%
Purification amount
TRY 108.00

Purification amount = gross dividend × excluded income ratio

The number of shares and the dividend are sample inputs. The ratio comes from the company's measurement. To calculate with your own figures, use the purification page.

Purification amount = gross dividend × excluded income ratio (dividend-based method). Under TKBB Standard 3.6.1, purification is needed even if the company makes a loss or pays no dividend. The method page quotes TKBB Standard 3.6, including the inflation deduction under 3.6.2. The ratio rests on the items read; the statements will be read again, so the ratio and the amount may change. On the items read, the measured range is 0.10% to 9.00%; the purification amount is calculated with the 9.00% found from the items read.

  • Excluded income is the part of a company's earnings that is not in line with participation finance principles. On the KAP form it is called “income not in line with participation finance principles.”
  • Purification is done even if the company makes a loss.
  • Purification is needed even if no dividend is paid. The calculation here uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method), which this calculator does not do yet.
  • The purification amount does not replace zakat or sadaqa. Under the TKBB standard, it is given away, not kept.
  • You give the amount yourself, to a charitable cause of your choice. Sağlama does not direct donations.

This calculation uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method). The standard is quoted on the method page.

Get an alert if it changes

Your address is kept so that we can tell you when the status of KCAER changes. Alerts start when the sending service goes live. At most one or two e-mails a month. You can unsubscribe with one click.

Your address is used only for these alerts.

Companies in the same index

The 12 companies just before and after this one in alphabetical order in BIST Participation 30.