KAMDHENU

Kamdhenu financials

Market cap
₹1.1k Cr
Sector
Capital Goods
Calls analysed
2
Latest concall · Q4 FY26 · call held 29 May 2026

Kamdhenu Q4 FY26

FY26 Total Revenue ₹763 cr +2%FY26 PAT ₹78 cr +29%FY26 PBT ₹106 cr +31%ROCE 26.8%

What went well

  • FY26 PBT increased 31% YoY to INR106 crores from INR80 crores in FY25.
  • FY26 total sales volume grew 10% YoY to 39 lakh metric tons.
  • FY26 royalty income through franchisee increased 25% YoY to INR175 crores.

What to watch

  • Geopolitical disruptions continued to create volatility in crude oil and natural gas prices, exerting near-term pressure on margins.
  • Steel volume from own manufacturing was flat YoY in both Q4 FY26 (31,624 metric tons) and FY26 (121,092 metric tons).
Read the full call →

What Kamdhenu Limited does

Kamdhenu Limited manufactures and markets TMT bars, structural steel and colour-coated profile sheets under the Kamdhenu brand. It runs its own steel plant at Bhiwadi, Rajasthan for in-house production, R&D and training, while the bulk of volumes are made by third-party franchisee units under Kamdhenu's technology, design and quality specifications and sold under its brand. Revenue comes both from direct sale of steel produced at its own facility and from royalty income earned on sales made by franchisees, which are distributed through a nationwide network of distributors and dealers.

Segments

  • Steel Rebars (TMT bars)
  • Structural Steel
  • Colour Coated Profile Sheets
Franchisee production capacity
4+ Mn MT per annum
Steel rebar (TMT) capacity
40 Lakh MT per annum
Structural steel capacity
10 Lakh MT per annum
Colour-coated sheets capacity
2.5 Lakh MT per annum
Own manufacturing plant (Bhiwadi, Rajasthan)
1,20,000 MT per annum TMT production
Franchisee units
100+
Founded 1994Headquarters Gurugram, Haryana, IndiaEmployees 700 (FY25) Company website

Guidance record · Q4 FY26

what the last two calls moved 7 tracked 0 delivered 4 missed 3 open
  • Steel Business Volume Growth missed said Q4 FY25 Promised: We are targeting around 14% over the last year, 14%. We have made projections for 14% increase in this financial year. Q4 FY26: Achieved 10% YoY total sales volume growth in FY26, missing the 14% target.
  • Bottom Line Growth on track said Q4 FY25 Promised: And with regard to revenue, we are also expecting the increase of the bottom line by 20% to 25% in FY '26-'27. Q4 FY26: Achieved 29% PAT growth in FY26, exceeding the 20-25% target range for the first year of the two-year period.

All 7 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 8.7%, net profit up 38.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue190 175 198 196 191 +1%169 −3%208 +5%213 +9%
EBITDA16 21 24 21 24 +50%22 +5%34 +42%21 +0%
Net profit16 12 17 21 19 +19%21 +75%17 +0%29 +38%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +36.3% 1Y

₹20.0₹25.0₹30.0₹35.0₹40.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 29 May 2026

1Y: ₹28.67 on 10 Sept 2025 → ₹39.09. High ₹40.25 (8 Sept 2026), low ₹17.29 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−5.8%
29 May

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 4.1% a year over 5 years, FY21 to FY26. Operating margin widened to 13.2%.

Year endingFY21FY22FY23FY24FY25FY26
Revenue₹625 Cr₹841 Cr₹732 Cr₹725 Cr₹748 Cr₹764 Cr
Operating profit₹50 Cr₹58 Cr₹59 Cr₹59 Cr₹76 Cr₹101 Cr
Operating margin8.0%6.9%8.1%8.1%10.2%13.2%
Interest₹14 Cr₹10 Cr₹1 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹9 Cr₹9 Cr₹4 Cr₹4 Cr₹4 Cr₹6 Cr
Net profit₹15 Cr₹26 Cr₹41 Cr₹50 Cr₹60 Cr₹78 Cr
Net margin2.4%3.1%5.6%6.9%8.0%10.2%
Cash from operations₹50 Cr₹44 Cr₹67 Cr₹102 Cr₹69 Cr₹66 Cr
Free cash flow₹40 Cr₹32 Cr₹62 Cr₹100 Cr₹56 Cr₹55 Cr
ROCE15.0%17.0%————
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹27 Cr₹27 Cr₹27 Cr₹27 Cr₹28 Cr₹28 Cr
Reserves₹168 Cr₹191 Cr₹140 Cr₹210 Cr₹336 Cr₹368 Cr
Borrowings₹100 Cr₹94 Cr₹4 Cr₹3 Cr₹1 Cr₹9 Cr
Other liabilities₹136 Cr₹131 Cr₹38 Cr₹44 Cr₹61 Cr₹44 Cr
Total liabilities₹431 Cr₹442 Cr₹208 Cr₹284 Cr₹426 Cr₹450 Cr
Fixed assets₹91 Cr₹93 Cr₹47 Cr₹45 Cr₹41 Cr₹49 Cr
Capital work in progress₹1 Cr₹1 Cr₹0 Cr₹0 Cr₹0 Cr₹11 Cr
Investments₹9 Cr₹12 Cr₹14 Cr₹84 Cr₹250 Cr₹276 Cr
Other assets₹331 Cr₹337 Cr₹147 Cr₹155 Cr₹135 Cr₹114 Cr
Total assets₹431 Cr₹442 Cr₹208 Cr₹284 Cr₹426 Cr₹450 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +3.45 pp while FIIs trimmed −3.06 pp. The shareholder count grew 9% to 48,824.

Promoters
49.0%
FIIs
2.1%
DIIs
0.0%
Public
48.9%

Since Jun 2025

  • Public +3.45 pp
  • FIIs −3.06 pp
  • DIIs −0.30 pp

How it drifted, 12 quarters

Over this window promoters fell from 58.7% to 49.0% — −9.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 58.7%, FIIs 0.6%, DIIs 0.4%, Public 40.3%.Dec '23: Promoters 58.7%, FIIs 0.6%, DIIs 0.2%, Public 40.5%.Mar '24: Promoters 58.7%, FIIs 4.0%, DIIs 0.2%, Public 37.1%.Jun '24: Promoters 57.0%, FIIs 6.1%, DIIs 0.2%, Public 36.6%.Sep '24: Promoters 49.8%, FIIs 9.6%, DIIs 0.2%, Public 40.4%.Dec '24: Promoters 49.8%, FIIs 6.0%, DIIs 0.0%, Public 44.1%.Mar '25: Promoters 49.8%, FIIs 6.4%, DIIs 0.0%, Public 43.7%.Jun '25: Promoters 49.1%, FIIs 5.1%, DIIs 0.3%, Public 45.4%.Sep '25: Promoters 49.0%, FIIs 3.2%, DIIs 0.0%, Public 47.8%.Dec '25: Promoters 49.0%, FIIs 2.5%, DIIs 0.0%, Public 48.5%.Mar '26: Promoters 49.0%, FIIs 1.9%, DIIs 0.0%, Public 49.1%.Jun '26: Promoters 49.0%, FIIs 2.1%, DIIs 0.0%, Public 48.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Kamdhenu Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Sarita Agarwal 9.16%unchanged
Saurabh Agarwal 7.66%unchanged
Sachin Agarwal 6.92%unchanged
Sunil Kumar Agarwal 5.96%unchanged
Radha Agarwal 3.76%unchanged
Satish Kumar Agarwal 2.77%unchanged
Shafali Agrawal 2.71%unchanged
SATISH KUMAR AGARWAL HUF (Karta: Satish Kumar Agarwal) 2.15%unchanged
Pradeep Kumar Garg 2.11%+0.29 pp
Shatul Agarwal 1.64%unchanged
Somya Agarwal 1.33%unchanged
SUNIL KUMAR HUF (Karta: Sunil Kumar Agarwal) 1.26%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹39, this stock must grow earnings at 9% every year for 7 years. Our analysis caps realistic growth at ~31%. At that growth it is worth ₹121 — upside of 208%.

Growth the price implies
9.2% a year
for 7 years, fading to 4%
It has actually compounded at
32.3% a year
net profit, FY21–FY26 · EPS 31.2%
The gap
-0.2 pp
208% downside if it only repeats history
Price today ₹39.09 Value at the reference growth ₹120.5

Change the assumptions yourself →

All earnings calls (2)

Read the Q4 FY26 call →

Learn to analyse Kamdhenu Limited

Guides on how to read this kind of business and the numbers that matter.