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Kamdhenu Q2 FY27 results: net profit up 27.3% to ₹23.80 crore, revenue up 12.5%
Kamdhenu Limited reported standalone Q2 FY27 revenue of ₹214.97 crore, up 12.5% from Q2 FY26, while net profit after tax rose 27.3% to ₹23.80 crore. EBITDA increased to ₹28.41 crore and the margin improved to 13.2% from 12.4%, although profit and EPS were lower than in Q1 FY27.
Key points
- Standalone Q2 FY27 revenue was ₹214.97 crore, up 12.5% from ₹191.14 crore in Q2 FY26 and 0.8% from ₹213.35 crore in Q1 FY27.
- Q2 FY27 EBITDA was ₹28.41 crore, up 20.3% year on year, while the EBITDA margin rose to 13.2% from 12.4%.
- Net profit after tax was ₹23.80 crore in Q2 FY27, up 27.3% from ₹18.70 crore a year earlier but down 17.0% from ₹28.69 crore in Q1 FY27.
- Basic EPS was ₹0.84 in Q2 FY27, compared with ₹0.67 in Q2 FY26 and ₹1.02 in Q1 FY27.
- For H1 FY27, revenue rose 10.7% to ₹428.33 crore and net profit after tax increased 30.8% to ₹52.49 crore.
How did Kamdhenu perform in Q2 FY27?
Kamdhenu’s standalone revenue from operations was ₹214.97 crore in Q2 FY27, up 12.5% from ₹191.14 crore in Q2 FY26 and 0.8% from ₹213.35 crore in Q1 FY27. Total income was ₹220.16 crore, against ₹194.90 crore a year earlier and ₹230.74 crore in the previous quarter. The consolidated basis was not provided in the supplied results.
EBITDA rose to ₹28.41 crore from ₹23.61 crore in Q2 FY26, and the margin increased to 13.2% from 12.4%. From Q1 FY27, EBITDA increased by ₹7.32 crore and the margin rose 3.3 percentage points, from 9.9% to 13.2%.
Profit before tax was ₹31.39 crore, up 21.9% from ₹25.75 crore in Q2 FY26 but down 13.8% from ₹36.43 crore in Q1 FY27. Net profit after tax was ₹23.80 crore, compared with ₹18.70 crore a year earlier and ₹28.69 crore in the previous quarter. Basic EPS was ₹0.84, against ₹0.67 in Q2 FY26 and ₹1.02 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 214.97 | 213.35 | 191.14 | +12.5% | +0.8% |
| Other income | 5.18 | 17.39 | 3.76 | +37.8% | −70.2% |
| Total expenses | 188.77 | 194.32 | 169.15 | +11.6% | −2.9% |
| EBITDA | 28.41 | 21.09 | 23.61 | +20.3% | +34.7% |
| EBITDA margin | 13.2% | 9.9% | 12.4% | +0.8 pp | +3.3 pp |
| Profit before tax | 31.39 | 36.43 | 25.75 | +21.9% | −13.8% |
| Tax | 7.59 | 7.74 | 7.05 | +7.7% | −1.9% |
| Net profit | 23.80 | 28.69 | 18.70 | +27.3% | −17.0% |
| EPS (₹) | 0.84 | 1.02 | 0.67 | +25.4% | −17.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Kamdhenu's costs and profit?
Total expenses were ₹188.77 crore in Q2 FY27, up ₹19.62 crore from ₹169.15 crore in Q2 FY26 but down ₹5.55 crore from ₹194.32 crore in Q1 FY27. Cost of materials was ₹142.97 crore, an increase of ₹17.26 crore year on year and a decline of ₹4.45 crore sequentially.
Employee cost rose to ₹16.13 crore from ₹13.21 crore a year earlier, while depreciation rose to ₹2 crore from ₹1.35 crore. Finance costs fell to ₹0.21 crore from ₹0.28 crore, and other expenses declined to ₹25.64 crore from ₹26.62 crore. Other income increased to ₹5.18 crore from ₹3.76 crore, a year-on-year difference of ₹1.42 crore.
Sequentially, other expenses fell by ₹8.87 crore and cost of materials declined by ₹4.45 crore, while other income fell by ₹12.21 crore to ₹5.18 crore from ₹17.39 crore. Tax expense was ₹7.59 crore, against ₹7.05 crore a year earlier and ₹7.74 crore in Q1 FY27. There was no exceptional item in the quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 142.97 | 125.71 | +17.26 | +13.7% |
| Employee cost | 16.13 | 13.21 | +2.92 | +22.1% |
| Finance costs | 0.21 | 0.28 | −0.07 | −25.0% |
| Depreciation | 2 | 1.35 | +0.65 | +48.1% |
| Other expenses | 25.64 | 26.62 | −0.98 | −3.7% |
| Total expenses | 188.77 | 169.15 | +19.62 | +11.6% |
| Other income | 5.18 | 3.76 | +1.42 | +37.8% |
| Tax | 7.59 | 7.05 | +0.54 | +7.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, revenue rose to ₹428.33 crore from ₹386.92 crore in H1 FY26, an increase of ₹41.41 crore or 10.7%. Total income increased by ₹51.61 crore to ₹450.90 crore, while profit before tax rose to ₹67.82 crore from ₹54.34 crore.
Net profit after tax for the first half was ₹52.49 crore, up ₹12.37 crore or 30.8% from ₹40.12 crore in H1 FY26. Basic EPS increased to ₹1.86 from ₹1.43, a rise of ₹0.43 or 30.1%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 428.33 | 386.92 | +10.7% |
| Profit before tax | 67.82 | 54.34 | +24.8% |
| Net profit | 52.49 | 40.12 | +30.8% |
| EPS (₹) | 1.86 | 1.43 | +30.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹517.02 crore, compared with ₹449.55 crore at 31 March 2026. Total equity increased to ₹435.20 crore from ₹396.37 crore, cash and cash equivalents rose to ₹34.72 crore from ₹27.82 crore, and borrowings remained nil.
Inventories increased to ₹16.81 crore from ₹8.87 crore. Trade receivables declined to ₹47.28 crore from ₹52.59 crore, while trade payables rose to ₹35.85 crore from ₹18.77 crore. In H1 FY27, operating cash flow was ₹54.79 crore, compared with ₹14.07 crore in H1 FY26.
Investing cash flow was negative ₹35.49 crore in H1 FY27 against negative ₹43.65 crore a year earlier, while financing cash flow was negative ₹12.41 crore against positive ₹10.78 crore. Capital expenditure was ₹8.70 crore in H1 FY27, compared with ₹1.50 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 517.02 | 449.55 |
| Total equity | 435.20 | 396.37 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 34.72 | 27.82 |
| Inventories | 16.81 | 8.87 |
| Trade receivables | 47.28 | 52.59 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 54.79 | 14.07 |
| Cash from investing | −35.49 | −43.65 |
| Cash from financing | −12.41 | 10.78 |
| Capital expenditure | 8.70 | 1.50 |
Source: Company's results filing (XBRL).
How has Kamdhenu done over the last 8 quarters?
Revenue reached ₹214.97 crore in Q2 FY27, the highest level in the eight-quarter series and up from ₹213.35 crore in Q1 FY27. The lowest revenue in the series was ₹168.83 crore in Q3 FY26. Revenue has increased year on year for three consecutive quarters.
Net profit after tax was ₹23.80 crore in Q2 FY27, down from ₹28.69 crore in Q1 FY27 but above ₹18.70 crore in Q2 FY26. The lowest profit in the series was ₹12.45 crore in Q3 FY25, while the highest was ₹28.69 crore in Q1 FY27. Profit has increased year on year for eight consecutive quarters.
The EBITDA margin rose to 13.2% in Q2 FY27 from 9.9% in Q1 FY27. It was lowest at 9.9% in Q1 FY27 and highest at 16.6% in Q4 FY26.
What else did the company announce?
On 28 October 2026, the board approved the unaudited financial results for the quarter and half-year ended 30 September 2026, together with the statutory auditors’ limited review report. The same filing stated that the board had amended the company’s Risk Management Policy with immediate effect. No dividend, fund-raising or appointment was included in the supplied same-day filings.
What did Kamdhenu's management say?
Management described Kamdhenu as an asset-light, franchisee-led steel platform with 100+ franchisees, 500+ distributors and 12,500+ dealers. It said the network sold TMT bars, structural steel and colour-coated sheets across India, with structural steel positioned as the fastest-growing segment.
Management said the company commissioned a 5MWp captive solar plant in Phalodi, Rajasthan in June 2026. It also said the company-owned Bhiwadi steel division has 1,20,000 MT per annum production capacity, realigned to support product development, innovation and franchise staff training.
Management reported FY26 brand sales turnover of Rs. 22,928 Cr, sales of 39.1 Lakh MT and royalty income of about Rs. 175 Cr. The presentation gave no explicit financial, capacity or capex targets, while noting that Q2 gross margin fell 60 bps to 32.6% and H1 gross margin was 10 bps higher at 33.0%.
Management noted that H1 FY27 other income rose to Rs. 22.6 Cr from Rs. 12.4 Cr, while PBT increased to Rs. 67.8 Cr from Rs. 54.3 Cr; the presentation did not explain the increase in other income. It also noted that current liabilities were Rs. 62.1 Cr versus Rs. 34.0 Cr at March 2026, trade payables were Rs. 35.8 Cr versus Rs. 18.8 Cr, and other financial liabilities were Rs. 16.9 Cr versus Rs. 5.4 Cr.
How did Kamdhenu shares react?
After the filing appeared, the share price was up 0.1% after five minutes, down 1.5% after 15 minutes and up 0.5% after 30 minutes. On the reaction day, the stock closed 0.7% above its pre-results close of ₹34.00.
By the next day’s close, the stock was up 2.9% from its pre-results close, while the Iron & Steel Products industry median was unchanged. The stock’s excess return over the industry median was 2.9 percentage points. By the fifth session’s close, the stock was up 10.0%, compared with a 2.9% industry median move and an excess return of 7.1 percentage points.
Earlier reaction-day moves were mixed: 2.0% on 29 July 2026, negative 6.7% on 27 May 2026, negative 2.7% on 13 February 2026, negative 5.0% on 10 November 2025, negative 0.7% on 11 August 2025, negative 5.6% on 7 May 2025, 0.0% on 12 February 2025 and negative 6.4% on 11 November 2024.
| After the filing | Stock | Iron & Steel Products median |
|---|---|---|
| 5 minutes | +0.1% | |
| 15 minutes | −1.5% | |
| 30 minutes | +0.5% | |
| Reaction day | +0.7% | −0.7% |
| Next day | +2.9% | +0.0% |
| 5 days | +10.0% | +2.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 29 July 2026 | +2.0% |
| 27 May 2026 | −6.7% |
| 13 February 2026 | −2.7% |
| 10 November 2025 | −5.0% |
| 11 August 2025 | −0.7% |
| 7 May 2025 | −5.6% |
| 12 February 2025 | +0.0% |
| 11 November 2024 | −6.4% |
Source: MarketPing price-reaction measurement.
How did other Iron & Steel Products companies do?
A total of 26 other Iron & Steel Products companies that had filed for the quarter were compared. Their median revenue growth was 25.5%, above Kamdhenu’s 12.5% revenue growth in Q2 FY27.
Of the peers compared, 9 grew more slowly than Kamdhenu, while 17 grew faster. Among the 31 peers assessed for profit, 20 reported higher profit.
| Kamdhenu revenue growth (YoY) | +12.5% |
|---|---|
| Median of 26 other Iron & Steel Products companies | +25.5% |
| Companies with slower revenue growth than Kamdhenu | 9 of 26 |
| Companies with faster revenue growth than Kamdhenu | 17 of 26 |
| Companies whose net profit rose | 20 of 31 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Kamdhenu's revenue in Q2 FY27?
Revenue from operations was ₹214.97 crore, up 12.5% from ₹191.14 crore in Q2 FY26 (standalone).
Did Kamdhenu make a profit in Q2 FY27?
Yes. Net profit was ₹23.80 crore, against a net profit of ₹18.70 crore in Q2 FY26.
What was Kamdhenu's EPS in Q2 FY27?
Basic earnings per share were ₹0.84, against ₹0.67 in Q2 FY26.
How did Kamdhenu shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.7% from the previous close; the median Iron & Steel Products stock moved −0.7%.
When did Kamdhenu announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Scheduled To Be Held On 28Th October, 2026 (BSE, 17 October 2026) · PDF
- Board Meeting Outcome for Submission Of Outcome Of Board Meeting Held On October 28, 2026. (BSE, 28 October 2026) · PDF
- Submission Of Un-Audited Financial Results For The 2Nd Quarter And Half-Year Ended On 30Th September, 2026 (BSE, 28 October 2026) · PDF
- The investor presentation (28 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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