Business Overview

Kamdhenu operates with an asset-light franchise business model manufacturing structural steel products including Next Generation Interlock Steel with angular double rib design, TMT bars, MS Pipes, and Colour Coated profile sheets. The company highlights product features including 360-degree locking capability, better rust-proof qualities, earthquake prevention capabilities, and aesthetic appeal for industrial and housing applications.

Distribution Network

The company maintains a pan-India decentralized manufacturing and marketing network with:

  • 4 million MT franchisee capacity
  • 100+ franchisees
  • 12,500+ dealers
  • 500+ distributors

The franchise model provides advantages including local communication, low minimum order quantities, quick turnaround times, and reduced transportation costs.

Financial Performance - H1 FY27

| Particulars (₹ Crores) | H1 FY27 | H1 FY26 | Y-o-Y Growth |

| Revenue from Operations | 428.3 | 386.9 | 11% |

| Gross Profit | 141.5 | 127.2 | 11% |

| GP Margin (%) | 33.0% | 32.9% | 10 bps |

| Profit Before Tax | 67.8 | 54.3 | 25% |

| PBT Margin (%) | 15.8% | 14.0% | 180 bps |

| Profit After Tax | 52.5 | 40.1 | 31% |

| PAT Margin (%) | 12.3% | 10.4% | 190 bps |

Q2 FY27 Performance

| Particulars (₹ Crores) | Q2 FY27 | Q2 FY26 | Y-o-Y Growth |

| Revenue from Operations | 215.0 | 191.1 | 12% |

| Gross Profit | 70.2 | 63.4 | 11% |

| GP Margin (%) | 32.6% | 33.2% | -60 bps |

| Profit Before Tax | 31.4 | 25.7 | 22% |

| PBT Margin (%) | 14.6% | 13.5% | 110 bps |

| Profit After Tax | 23.8 | 18.7 | 27% |

| PAT Margin (%) | 11.1% | 9.8% | 130 bps |

Expense Breakdown (H1 FY27)

  • Employee Expenses: ₹31.9 crore
  • Finance Cost: ₹0.4 crore
  • Depreciation: ₹3.8 crore
  • Other Expenses: ₹60.2 crore
  • Other Income: ₹22.6 crore
  • Tax: ₹15.3 crore

Balance Sheet Position (as of September 2026)

Equity:

  • Equity Share Capital: ₹28.2 crore (unchanged from March 2026)
  • Other Equity: ₹407.0 crore (increased from ₹368.2 crore in March 2026)
  • Total Equity: ₹435.2 crore

Assets:

  • Property, Plant and Equipment: ₹56.4 crore (increased from ₹39.5 crore)
  • Investments: ₹53.9 crore (non-current) + ₹276.2 crore (current) = ₹330.1 crore total
  • Cash and Cash Equivalents: ₹34.7 crore
  • Trade Receivables: ₹47.3 crore
  • Inventories: ₹16.8 crore
  • Total Assets: ₹517.0 crore

Liabilities:

  • Total Non-Current Liabilities: ₹19.7 crore
  • Total Current Liabilities: ₹62.1 crore
  • Company maintains nil debt position

Cash Flow Statement (H1 FY27)

  • Net Cash from Operating Activities: ₹54.8 crore
  • Net Cash from Investing Activities: -₹35.5 crore
  • Net Cash from Financing Activities: -₹12.4 crore
  • Net Increase in Cash: ₹6.9 crore
  • Cash & Cash equivalents at period end: ₹34.7 crore

Key Metrics

  • Return on Capital Employed (ROCE): 27% in FY26, 31% in H1 FY27 (annualized)
  • Return on Equity (ROE): 20% in FY26, 24% in H1 FY27 (annualized)
  • ROCE calculation: EBIT excl. treasury income/(Debt + Equity excl. treasury)
  • ROE calculation: PAT excl. treasury income/(Equity excl. treasury)
  • Treasury defined as net current investments + non-current investments + cash & bank

Manufacturing Capacity

The company owns a steel division at Bhiwadi, Rajasthan with:

  • Production Capacity: 1,20,000 MT per annum (realigned for innovation and training)
  • Serves as Innovation Centre for R&D and new product development
  • Functions as training center for franchisee technical staff