NSE: KAMOPAINTS · BSE: 543747
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paint (100%), Company Segment (including other income) (0%). Asset-light franchise distribution in decorative paints; demand tracks construction and real-estate activity
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 260 | 292 | 266 | 245 |
| EBITDA (ex other income) | (0) | 22 | 17 | 9 |
| margin % | (0.2) | 7.7 | 6.3 | 3.9 |
| Owners' profit | (11) | 14 | 7 | 0 |
| EPS, as reported (₹) | (7.48) | 2.21 | 0.21 | 0.01 |
| ROE % · ROCE % | (14.0) · (5.1) | 8.7 · 10.9 | 4.0 · 6.8 | 0.1 · 2.3 |
| Debt / equity (x) | 0.69 | 0.12 | 0.14 | 0.15 |
| Cash from operations | 0 | (16) | 1 | 11 |
| Capex | (3) | (6) | (3) | (9) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 55 | 74 | 83 | 50 | 57 | 63 | 75 | 46 |
| Profit before tax | 2 | 3 | 3 | 1 | 1 | 1 | (4) | (5) |
| Net profit | 1 | 2 | 2 | 1 | 1 | 1 | (3) | (4) |
| EPS (₹) | 0.04 | 0.06 | 0.06 | 0.03 | 0.03 | 0.03 | (0.09) | (0.10) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Company Segment (including other income) | 0 | 0.0 |
| Paint | 246 | 100.0 |
| Total, before eliminations | 246 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ASIAN PAINTS LIMITED | 2,21,729 | 46.5 | 10.07 | 30.8 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD | 54,388 | 44.7 | 7.85 | 29.1 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD | 14,597 | 24.3 | 2.18 | 13.7 | 8.6 | 11.3 | 9.7 | 16.1 |
| JSW DULUX LIMITED | 13,637 | 7.0 | 5.56 | 5.5 | 80.5 | 89.2 | 8.3 | 14.6 |
| INDIGO PAINTS LIMITED | 4,944 | 30.7 | 4.29 | 18.8 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED | 2,280 | 33.6 | 4.80 | 22.0 | 13.7 | 16.9 | — | 19.9 |
| SHALIM PAINTS LTD | 628 | — | 2.50 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED ◆ | 134 | — | 0.75 | 13.8 | 0.1 | 0.3 | — | (4.2) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.8 | 4.5 | 1 of 8 | 100% |
| ROCE | 0.3 | 16.5 | 7 of 8 | 14% |
| ROE | 0.1 | 13.2 | 7 of 8 | 14% |
| Debt / Equity | 0.1 | 0.1 | 7 of 8 | 14% |
| EBITDA margin | (4.2) | 17.1 | 7 of 8 | 14% |
| Revenue growth | (7.9) | 10.9 | 7 of 8 | 14% |
| Profit growth | (605.6) | 10.0 | 8 of 8 | 0% |
| Market cap | 134 | 4944 | 8 of 9 | 13% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Routine SEBI Regulation 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Kamdhenu Ventures 7th AGM: All 4 resolutions passed with over 99.9% approval | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Kamdhenu Ventures 7th AGM held on 25 Sept 2026 via video conferencing | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Independent Director resigns from wholly owned subsidiary | management changes | medium | — | — |
| 23 Sept 2026 · Independent Director Nishal Jain resigns citing personal reasons | management changes | medium | — | — |
| 22 Sept 2026 · Trading window closed from 1 Oct 2026 till Q2 results are declared | compliance | minimal | — | — |
| 1 Sept 2026 · Newspaper ad published for 7th AGM notice | compliance | minimal | — | — |
| 1 Sept 2026 · Letter to shareholders about 7th AGM and FY26 Annual Report access | compliance | minimal | — | — |
| 31 Aug 2026 · Kamdhenu Ventures 7th AGM on 25 Sep 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · Annual Report FY26 and 7th AGM Notice Submitted | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.