Arthneeti

Kamdhenu Q2 FY27 Share Price & Earnings Call Analysis

₹35.06+0.63% today
Market cap
₹989 Cr
P/E
11.56
ROE
22.08%
PEG
0.47
Price to sales
1.27
Debt to equity
0.02
52W high / low
₹42.5 / ₹17.3
Sales growth (5Y)
4.07%
EBITDA margin
12.88%
Net profit margin
10.31%
Promoter holding
49.03%
Sales (last year)
₹781 Cr

Incorporated in 1994, Kamdhenu Ltd is into manufacture, marketing, and distribution of TMT Bars, structural steel and allied products[1]

Guidance scorecard · Q2 FY27 call

What Kamdhenu Ltd's management guided
and where it ranks in Industrial Products

#83of 100 in
Industrial Products
Revenue10–20%MarginsUp 2%+CapexPlannedFundraisingNone plannedOrder bookWhat management said

RevenueQ4 FY26 call

10–20%
  • Volume Growth: Expecting around 10% annual volume growth, consistent with past 2-3 years performance.
  • Royalty Income: Planned increase in royalty rate by 10-15% annually, enhancing revenue growth beyond volume gains.
  • Franchisee Network: Expansion focus primarily on South India with addition of new franchisees; existing units to increase capacity.
  • Revenue Growth: Royalty-led revenue model to contribute an increasing share of overall earnings, supporting sustainable revenue growth.
  • Market Penetration: Deepening presence in underpenetrated markets, especially the South, to capture larger market share.
  • Brand Strength: Continued marketing and brand-building initiatives expected to drive consumer preference for Kamdhenu branded steel products.

2 more points from Kamdhenu Ltd's call on revenue

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Full Q4 FY26 analysis

MarginsQ4 FY26 call

Up 2%+

See what Kamdhenu Ltd said on margins — free account, 30 seconds.

Full Q4 FY26 analysis

CapexQ4 FY26 call

Planned
  • Kamdhenu Limited primarily follows an asset-light franchisee model, focusing on volume growth through existing units and capacity expansion rather than adding new manufacturing units.
  • Current manufacturing capacity is being utilized at 100%, with plans to continue this utilization level.
  • The company added a strategic investment of around INR 20 crores in March 2026 in a paint business, acquiring a 4% equity stake; however, no further investments in paint business are planned.
  • Going forward, all treasury utilization is intended for steel business growth or shareholder returns, with no new large-scale capex announced.
Full Q4 FY26 analysis

FundraisingQ4 FY26 call

None planned

See what Kamdhenu Ltd said on fundraising — free account, 30 seconds.

Full Q4 FY26 analysis

Order bookQ4 FY26 call

  • Kamdhenu's TMT bars are used widely across infrastructure projects, including railways, airports, highways, and residential construction, indicating consistent demand.
  • The company noted strong growth opportunities driven by government infrastructure capex of INR12.2 lakh crores and initiatives like National Steel Policy, Make in India, and Atmanirbhar Bharat.
  • Management highlighted increasing franchisee volume growth and expansion plans, especially in underpenetrated regions like South India.

2 more points from Kamdhenu Ltd's call on the order book

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Full Q4 FY26 analysis
Full Industrial Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Kamdhenu Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹532 Cr21.2
240%+Up 2%+₹450 Cr13.2
340%+Up 2%+₹371 Cr26.1
440%+Up 0–2%₹1,340 Cr32.9
540%+Up 0–2%₹1,196 Cr14.1
640%+Flat₹966 Cr25.0

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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products ranking

Financials of Kamdhenu Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Kamdhenu Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +58.74%58.74%57.04%49.83%49.83%49.83%49.12%49.03%49.03%49.03%49.03%49.03%
FIIs +0.58%4.00%6.12%9.57%6.02%6.44%5.12%3.21%2.52%1.88%2.06%1.65%
DIIs +0.19%0.19%0.18%0.18%0.01%0.01%0.33%0.01%0.01%0.01%0.03%2.09%
Public +40.51%37.09%36.65%40.43%44.14%43.71%45.44%47.75%48.45%49.08%48.89%47.24%
No. of Shareholders16,99617,16919,35921,27727,46337,47644,68948,57649,59850,77948,82445,519

Financials of Kamdhenu Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +185155176185190175198196191169208213215
Expenses +172141160170174154174174168147173192187
Operating Profit13141615162124212422342128
OPM %7%9%9%8%9%12%12%11%12%13%17%10%13%
Other Income +22876-20947-8175
Interest0000000000000
Depreciation1111111112222
Profit before tax14152220211722292627243631
Tax %25%26%25%23%24%27%24%25%27%22%28%21%24%
Net Profit +10111715161217211921172924
EPS in Rs0.380.410.620.560.570.450.620.760.660.740.621.020.84

Financials of Kamdhenu Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +9688418251,1801,232924625600732725747763805
Expenses +9388097921,1361,179879575545672665672662699
Operating Profit3032334454455055605976101105
OPM %3.1%3.8%4.0%3.7%4.4%4.8%8%9%8%8%10%13%13%
Other Income +00110-25-7-10213101121
Interest13151413121214421011
Depreciation5588789555567
Profit before tax1212122435-02137556780106119
Tax %33%34%31%36%36%-518%28%27%25%25%24%26%
Net Profit +8881622215274150617891
EPS in Rs0.340.350.350.670.850.070.560.991.521.862.192.783.22
Dividend Payout %20%20%23%15%12%71%14%10%10%11%11%14%

Financials of Kamdhenu Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital23232323262727272727282828
Reserves768292120155154168197140210289368407
Borrowings +9910810688881271009443199
Other Liabilities +85831221441461571361423844514473
Total Liabilities283296344375415464431460208284368450517
Fixed Assets +48478074908691944745424965
CWIP00001111000110
Investments3333369161484187276330
Other Assets +232246261298322371331349147155139114122
Total Assets283296344375415464431460208284368450517

Financials of Kamdhenu Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +512182125-35043671026966
Cash from Investing Activity +-3-4-2-2-26-19-10-13-14-92-88-76
Cash from Financing Activity +-1-8-17-18215-41-20-5518143
Net Cash Flow10-1-01-7-010-228-5-7
Free Cash Flow171618-1-174132621005655
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit38%51%71%68%70%-2%112%98%136%197%115%92%

Financials of Kamdhenu Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days51627158668411712141272225
Inventory Days3040362622405963108126
Days Payable263150414263877413171913
Cash Conversion Cycle5471574346618911038191518
Working Capital Days192418232837597246221623
ROCE %13%13%12%16%19%13%15%17%23%33%29%30%

Guidance history

How Kamdhenu Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY26 call →10–20%Up 2%+PlannedNone planned—
Q4 FY25 call →10–20%FlatPlanned——
Q2 FY25 call →10–20%FlatPlanned——
Q4 FY24 call →20–40%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

40out of 100

Momentum score · price trend

40 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+24.0%76%
Last 6 months+51.6%90%
Last 3 months+2.2%71%

The price is 46.3% below its all-time high of ₹65.28 (2 Mar 2024). Stocks more than 20% below their peak have their score halved, so 81 became 40.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Kamdhenu Ltd: 0.4 × 76 + 0.4 × 90 + 0.2 × 71 = 81, halved to 40 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Kamdhenu Ltd's management said in earlier quarters

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