NSE: KAMDHENU · BSE: 532741
KAMDHENU LIMITED
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
Exhibit 1: Financial summary, FY20–FY22 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY22
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Steel | 599 | 71.3 |
| Plant | 68 | 8.1 |
| Paints | 174 | 20.6 |
| Total, before eliminations | 841 | 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. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.5 | 15.4 | 12 of 105 | 89% |
| P/B | 4.4 | 1.5 | 88 of 101 | 13% |
| ROCE | 13.8 | 9.1 | 35 of 115 | 70% |
| ROE | 12.1 | 8.6 | 29 of 103 | 73% |
| Debt / Equity | 0.4 | 0.2 | 74 of 101 | 27% |
| 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 | 965 | 216 | 39 of 122 | 69% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Kamdhenu reports 27% Q2 profit after tax growth and nil debt | investor communications | medium | — | — |
| 28 Oct 2026 · Q2 and H1 FY27 net profit rises 27% and 31% with stronger margins | compliance | low | — | — |
| 28 Oct 2026 · Kamdhenu Q2 net profit rises 27.3% on 12.5% revenue growth | results | high | — | — |
| 28 Oct 2026 · September 2026 quarter profit rises 27.3 percent on higher revenue | results | high | — | — |
| 17 Oct 2026 · Board Meeting on 28 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 9 Oct 2026 · Compliance certificate submission to stock exchanges for September 2026 quarter | compliance | minimal | — | — |
| 6 Oct 2026 · No physical share transfer requests under SEBI special window in September 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · All 6 resolutions passed at Kamdhenu 32nd AGM; Rs 0.40 dividend approved | compliance | minimal | — | — |
| 25 Sept 2026 · Kamdhenu 32nd AGM: 40% Dividend and Director Re-appointments Approved | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1 until 48 hrs after Q2 FY27 results | compliance | minimal | — | — |
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.