Manufactures and sells steel TMT bars (thermo-mechanically treated reinforcement bars) used in construction, primarily through a franchisee model where independent units produce under the Kamdhenu brand and pay the company royalty. In FY26, franchisee volumes reached 37.9 lakh metric tonnes (MT), while its own facility produced around 1.2 lakh MT. Royalty income from franchisees totalled Rs. 174.5 crore in FY26, up 25% year-on-year, and is the most capital-efficient revenue line. Through Kamdhenu Ventures, it also sells decorative paints under the Kamdhenu Paints brand via a network of over 4,400 dealers and 25,000 painters, earning Rs. 266 crore in revenue in FY25. FY26 consolidated revenue was Rs. 763.4 crore with profit after tax of Rs. 78.4 crore; Q1 FY27 revenue was Rs. 213.3 crore. The biggest cost line is materials at 66.1% of revenue, reflecting the commodity nature of steel input costs. The company is debt-free. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel (TMT bars) (71%), Paints (29%). Asset-light franchisee-led steel brand with capital-efficient royalty income, supplemented by branded decorative paints
| ₹ crore · consolidated | FY20 | FY21 | FY22 |
|---|---|---|---|
| Revenue | 0 | 625 | 841 |
| EBITDA (ex other income) | 0 | 40 | 52 |
| margin % | — | 6.4 | 6.2 |
| Owners' profit | 0 | 15 | 26 |
| EPS, as reported (₹) | 0.00 | 5.62 | 9.77 |
| ROE % · ROCE % | 0.0 · 0.0 | 7.7 · 15.8 | 12.1 · 17.8 |
| Debt / equity (x) | 0.65 | 0.45 | 0.40 |
| Cash from operations | — | 50 | 44 |
| Capex | — | (10) | (12) |
| ₹ crore | Q1 FY21 | Q2 FY21 | Q3 FY21 | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 88 | 146 | 193 | 222 | 146 | 216 | 227 | 253 |
| Profit before tax | 2 | 4 | 10 | 6 | 8 | 10 | 10 | 8 |
| Net profit | 1 | 3 | 7 | 4 | 6 | 8 | 8 | 5 |
| EPS (₹) | 0.54 | 0.94 | 2.68 | 1.47 | 2.07 | 2.84 | 2.85 | 2.01 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Steel | 599 | 71.3 |
| Plant | 68 | 8.1 |
| Paints | 174 | 20.6 |
| Total, before eliminations | 841 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Nil report on physical share transfer re-lodgments for August 2026 | compliance | minimal | — | — |
| 9 Sept 2026 · Newspaper ad copies filed for special window on physical shares conversion | compliance | minimal | — | — |
| 1 Sept 2026 · Newspaper publication of 32nd AGM notice dispatch | compliance | minimal | — | — |
| 1 Sept 2026 · Kamdhenu informs shareholders about 32nd AGM and Annual Report access | compliance | minimal | — | — |
| 31 Aug 2026 · Notice of 32nd AGM on September 25, 2026 with 0.40 paisa final dividend | board shareholder meetings | medium | — | — |
| 21 Aug 2026 · Kamdhenu 32nd AGM notice published, dividend Re 0.40 per share proposed | compliance | minimal | — | — |
| 21 Aug 2026 · TDS communication on FY26 dividend sent to shareholders | compliance | low | — | — |
| 20 Aug 2026 · Kamdhenu fixes record date for dividend at 18 Sep 2026 | corporate actions | high | — | — |
| 20 Aug 2026 · Kamdhenu Limited 32nd AGM on 25 Sept 2026, record date 18 Sept for dividend | corporate actions | medium | — | — |
| 30 Jul 2026 · Newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 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 |
| 11.29 |
| 31.1 |
| 22.7 |
| 26.1 |
| 22.1 |
| 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| RATNAMANI MET & TUB LTD. | 19,815 | 45.8 | 4.71 | 23.1 | 12.7 | 15.6 | 14.4 | 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. | 15,069 | 29.7 | 4.56 | 19.8 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.0 | 16.2 | 17 of 118 | 86% |
| P/B | 5.1 | 1.7 | 88 of 99 | 11% |
| ROCE | 13.8 | 8.7 | 36 of 120 | 71% |
| ROE | 12.1 | 8.6 | 34 of 114 | 71% |
| Debt / Equity | 0.4 | 0.1 | 87 of 114 | 24% |
| EBITDA margin | 4.8 | 11.0 | 76 of 100 | 24% |
| Revenue growth | 13.7 | 13.7 | 49 of 97 | 50% |
| Profit growth | 37.3 | 29.3 | 47 of 105 | 56% |
| Market cap | 1112 | 247 | 40 of 120 | 67% |
| 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 |
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.
