KAMDHENU VENTURES LIMITED

Operates a decorative paints business under the Kamdhenu Paints brand, selling through an asset-light franchise distribution model to retail and project customers across India via 4,448+ dealers, with focus on Tier II/III cities and rural markets. FY26 consolidated revenue was Rs 245.3 crore, down 8% YoY from Rs 266.1 crore in FY25, as raw-material inflation and competitive pressure from three new entrants weighed on volumes and pricing. EBITDA fell to Rs 9.5 crore with margin compressing to 3.9% from 6.3% in FY25, and profit after tax dropped 97% to Rs 0.2 crore; Q4 FY26 was loss-making at the EBITDA level at Rs -1.5 crore. The product mix is shifting toward premium offerings, with average selling price reaching a record Rs 97 in Q4 FY26 versus Rs 58 in FY15 and premium products at 43% of the mix. Raw materials — crude-linked solvents, binders and monomers — are the dominant input cost at 48.6% of revenue, with employee costs at 15.4% and other operating expenses at 22.8%.