Overview

Detailed Summary

Kamdhenu Limited is an India-headquartered branded steel company that manufactures and markets TMT bars, structural steel and colour coated sheets through an asset-light franchisee model, backed by an owned R&D and training centre at Bhiwadi and a national dealer-distributor footprint supporting over 100 franchisees and 10,000+ dealers.
The company operates a high-margin, royalty-driven model: FY25 brand sales turnover was reported around Rs. 22,150+ crore, volumes reached c.35.6 lakh MT in FY25, and franchisee royalty income of Rs. 139 crore in FY25 evidences recurring fee income that boosts profitability without proportional capex.
Recent operating performance shows improving profitability despite a small decline in Q3 FY26 revenues; 9M FY26 PBT increased 40% year-on-year to Rs. 81.2 crore and PAT rose 39% to Rs. 60.9 crore, supported by higher gross margins and a shift toward royalty-led revenue, while the company reports nil debt and healthy ROCE/ROE metrics.
Kamdhenu’s product innovation and brand strategy are noticeable: proprietary product lines such as Kamdhenu Nxt and PAS 10000, licensing of CRM Belgium technology and an Innovation Centre for product development and franchisee training underscore an emphasis on differentiated, premium TMT offerings to capture upstream value.
The company presents a low-capex growth pathway: large aggregate franchisee capacity (4.0 million MT), strong regional diversification of capacity and royalty income, and the strategic demerger and past M&A that have recast the group to focus on branded steel, positioning Kamdhenu Limited to scale via partner-led penetration into Tier II/III markets.

Sector: Steel
Industry: Steel - Medium / Small
Market Cap: 807 Cr
Volatility: High Risk
P/E Ratio: 24.1
Industry P/E: 24.2
PEG Ratio: 1.6
P/B Ratio: 3.3
52W High: 36.51
52W Low: 20.50

Sales CAGR

1Y: 34.47%
3Y: 7.63%
5Y: -4.15%
10Y: -1.86%

Profit CAGR

1Y: 74.47%
3Y: 15.55%
5Y: 100.41%
10Y: 25.04%

ROE

TTM: 13.95%
3Y: 21.10%
5Y: 17.01%
10Y: 13.41%

ROCE

TTM: 15.87%
3Y: 27.04%
5Y: 23.63%
10Y: 21.23%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
VILAS	375.85	920 Cr	25.78	3.37	0.00	14.34	19.33	11.98
ELECTHERM	697.85	889 Cr	5.69	0.00	0.00	-112.43	17.28	7.90
AEROENTER	76.10	858 Cr	14.66	1.18	0.40	6.75	13.19	7.40
KAMDHENU	22.54	807 Cr	24.14	3.28	0.67	13.95	15.87	5.95
MWL	269.35	800 Cr	18.51	2.89	0.07	13.42	13.42	5.60
BMW	33.63	757 Cr	11.60	1.00	1.28	8.63	10.37	6.06
BEEKAY	396.60	756 Cr	12.24	0.72	0.25	6.53	7.57	4.03

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022
Sales	236	83	136	183	222	146	216	227	253
Expenses	227	76	127	170	202	134	202	212	235
Operating Profit	8.67	6.92	8.74	14	20	12	14	14	18
OPM %	3.68	8.31	6.42	7.44	9.19	7.94	6.50	6.38	7.21
Other Income	0.07	0.86	1.12	1.44	-9.97	0.93	0.89	0.34	-6.01
Interest	3.37	3.73	3.88	3.28	2.70	2.68	2.56	2.51	2.38
Depreciation	2.13	2.12	2.14	2.18	2.23	2.30	2.34	2.34	2.28
Profit Before Tax	3.25	1.94	3.84	9.64	5.53	7.53	10	9.95	7.57
Tax %	28.92	25.26	34.64	25.41	28.75	25.90	23.50	22.81	28.53
Net Profit	2.31	1.44	2.51	7.18	3.94	5.58	7.65	7.68	5.41
EPS in Rs	0.08	0.05	0.09	0.26	0.14	0.20	0.27	0.27	0.19

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022
Sales	924	625	841
Expenses	879	575	782
Operating Profit	44	50	58
OPM %	4.80	7.95	6.93
Other Income	-25	-6.54	-3.85
Interest	12	14	10
Depreciation	8.38	8.66	9.26
Profit Before Tax	-0.46	21	35
Tax %	508.84	28.02	24.91
Net Profit	1.87	15	26
EPS in Rs	—	0.54	0.93
Dividend Payout %	71.43	14.23	10.24

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022
Equity Capital	27	27	27
Reserves	154	168	191
Borrowings	126	94	88
Other Liabilities	157	143	137
Total Liabilities	464	431	442
Fixed Assets	86	91	93
CWIP	1.12	0.76	0.99
Investments	6.21	8.53	12
Other Assets	371	331	337
Total Assets	464	431	442

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022
Cash from Operating Activity	-2.55	50	44
Cash from Investing Activity	-19	-9.56	-14
Cash from Financing Activity	15	-41	-20
Net Cash Flow	-6.59	-0.30	9.64

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Apr 2025	Jun 2025	Aug 2025	Sep 2025	Dec 2025
Promoters	58.74%	58.74%	58.74%	57.04%	49.83%	49.83%	49.83%	49.12%	49.12%	49.03%	49.03%	49.03%
FIIs	0.58%	0.58%	3.99%	6.13%	9.57%	6.02%	6.44%	7.92%	5.12%	3.80%	3.21%	2.51%
DIIs	0.40%	0.19%	0.19%	0.19%	0.19%	0.01%	0.01%	0.24%	0.33%	0.38%	0.01%	0.01%
Public	40.29%	40.49%	37.08%	36.65%	40.41%	44.15%	43.72%	42.72%	45.44%	46.79%	47.75%	48.45%
Total Shareholders	17,041	16,996	17,169	19,359	21,277	27,463	37,476	39,021	44,689	46,801	48,576	49,598

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