Any current/future new fundraising through debt or equity?

Kamdhenu Limited is planning a fundraising primarily for its paint business post-demerger. They are considering infusion of funds via private equity or strategic partners after the demerger process nears completion (expected by March 2022). The objective of the fundraising is to commission new paint plants, enhance branding, and upgrade painting skills. Currently, the steel business operates on an asset-light model with no major CAPEX planned, and expansion is through franchise routes. The paint business has a planned CAPEX of Rs. 200 crore over the next 2-3 years for capacity expansion in two

Any current/future capex/capital investment/strategic investment?

Steel Business: - Expansion through franchise route from 40 lakh to 50 lakh metric tonnes capacity over next 1-1.5 years. - No major CAPEX planned as expansion is asset-light via franchise partners. Paint Business: - Planned CAPEX of Rs. 200 crore over next 2-3 years for capacity expansion (Rs. 100 crore in Phase 1 and Rs. 100 crore in Phase 2). - CAPEX aimed at commissioning new plants, capacity upgradation, branding, and installing more tinting machines. - Discussions ongoing about establishing new plants or outsourcing, especially for South India to neutralize freight cost disa

Future growth expectations in sales/revenue/volumes?

Kamdhenu Limited targets significant growth in both paint and steel businesses over the next few years. Paint business aims to achieve sales of Rs. 1,000 crore by March 2026, implying a 40-45% annual growth. Steel business plans to increase franchise route capacity from 40 lakh tonnes to 50 lakh tonnes within 1.5-2 years. For H2 FY22, paint business expects 40-45% growth compared to last year. Company intends to increase production capacities, expand dealer network, and strengthen marketing in less penetrated regions. Capacity utilization improvements anticipated: paint plant running around 75

Future growth expectations in earnings/operating earnings/profits/EPS?

Kamdhenu Limited aims to increase paint business sales to Rs. 1,000 crore by FY 2025-26 with a 40-45% growth rate annually. EBITDA margin target is to improve from the current low levels to ~11-12% once scale and dealer network grow. Paint business turnaround shown by positive EBIT of Rs. 3.6 crore in Q2 FY22; paint EBIT for H1 FY22 was Rs. 1.51 crore. Steel segment continues growth via franchise route; capacity expected to expand from 40 lakh to 50 lakh tonnes in 1-1.5 years without CAPEX. Company plans Rs. 200 crore CAPEX over 2-3 years to expand paint manufacturing capacity and network. Rev

Kamdhenu LtdQ2 FY22Industrial Products

Kamdhenu Ltd Q2 FY22 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹35.06P/E: 11.6Market Cap: ₹989 CrSector: Industrial Products

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 1

Kamdhenu Limited targets significant growth in both paint and steel businesses over the next few years.
Paint business aims to achieve sales of Rs. 1,000 crore by March 2026, implying a 40-45% annual growth.
Steel business plans to increase franchise route capacity from 40 lakh tonnes to 50 lakh tonnes within 1.5-2 years.
For H2 FY22, paint business expects 40-45% growth compared to last year.
Company intends to increase production capacities, expand dealer network, and strengthen marketing in less penetrated regions.
Capacity utilization improvements anticipated: paint plant running around 75% currently, with plans for capacity expansion (Rs. 200 crore investment planned over 2-3 years).
Sales growth supported by launching new products, brand-building initiatives, and better market penetration.
Volumes for steel franchisee route have grown 7% YoY in Q2 FY22; branded turnover up 43% YoY.
Overall revenue for H1 FY22 up 65% YoY, showing strong growth momentum.

Margin guidance

Category 3

Kamdhenu Limited aims to increase paint business sales to Rs. 1,000 crore by FY 2025-26 with a 40-45% growth rate annually.
EBITDA margin target is to improve from the current low levels to ~11-12% once scale and dealer network grow.
Paint business turnaround shown by positive EBIT of Rs. 3.6 crore in Q2 FY22; paint EBIT for H1 FY22 was Rs. 1.51 crore.
Steel segment continues growth via franchise route; capacity expected to expand from 40 lakh to 50 lakh tonnes in 1-1.5 years without CAPEX.
Company plans Rs. 200 crore CAPEX over 2-3 years to expand paint manufacturing capacity and network.
Revenue growth drivers include increased capacity utilization, new product launches, and brand building activities.
EPS growth is implied from profit after tax increasing 204% YoY to Rs. 7.7 crore in Q2 FY22 and 234% YoY for H1 FY22.
Overall positive outlook due to improving demand, operational normalization post-COVID, and strong brand equity.

See what Kamdhenu Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Kamdhenu Limited is planning a fundraising primarily for its paint business post-demerger.
They are considering infusion of funds via private equity or strategic partners after the demerger process nears completion (expected by March 2022).
The objective of the fundraising is to commission new paint plants, enhance branding, and upgrade painting skills.
Currently, the steel business operates on an asset-light model with no major CAPEX planned, and expansion is through franchise routes.
The paint business has a planned CAPEX of Rs. 200 crore over the next 2-3 years for capacity expansion in two tranches (Rs. 100 crore each).
Discussions for private/strategic equity partners are at preliminary stages and will become active post-demerger completion.

Order book

The transcript provided does not explicitly mention the current or expected order book or pending orders for Kamdhenu Limited. However, from the discussion, some related points can be inferred: - The company reported good progress and increasing capacity utilization in steel, with two units fully operational and a third unit showing a 10%-12% production increase. - Steel franchise capacity is being expanded from 40 lakh tonnes to 50 lakh tonnes over the next 1.5-2 years, indicating growth in production commitments. - Demand for steel products is robust, supported by infrastructure spending and economic recovery. - Paint business recovery is strong post-COVID-19 disruptions, with a focus on increasing production and dealer network expansion. - No direct reference to specific order book figures or pending orders is provided in the transcript.

See what Kamdhenu Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Steel Business:
- Expansion through franchise route from 40 lakh to 50 lakh metric tonnes capacity over next 1-1.5 years.
- No major CAPEX planned as expansion is asset-light via franchise partners.
Paint Business:
- Planned CAPEX of Rs. 200 crore over next 2-3 years for capacity expansion (Rs. 100 crore in Phase 1 and Rs. 100 crore in Phase 2).
- CAPEX aimed at commissioning new plants, capacity upgradation, branding, and installing more tinting machines.
- Discussions ongoing about establishing new plants or outsourcing, especially for South India to neutralize freight cost disadvantages.
Strategic Investment:
- Exploring private equity or strategic partners post completion of paint business demerger.
- Objective: Infusion of funds for paint business expansion, branding, and skill upgrades.
Branding:
- Increased expenditure planned for marketing including launch of an ad campaign with Preity G. Zinta as brand ambassador.

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