Business Model Overview

Kamdhenu Limited operates an asset-light franchise business model with decentralized manufacturing and marketing network:

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

The company focuses on brand creation and provides technology, design, and quality specifications to franchisees who manufacture products. Each franchisee is assigned a specific geographical area and must sell through designated distributors.

Product Portfolio

The company offers a strong product portfolio including:

  • Kamdhenu Next Generation Interlock Steel: Features angular double rib design with rights to manufacture, market, and sell double rib TMT bars
  • Kamdhenu Structural Steel: Angles, channels, beams, flats, rounds, and squares
  • MS Pipes: Entire range of MS pipes
  • Kamdhenu PAS 10000: Unique rib design providing 360-degree locking, better rust-proof qualities, and double earthquake prevention capability
  • Colour Coated profile sheets: For industrial warehouses and housing

Financial Performance - Q4 FY26 vs Q4 FY25

| Particulars (₹ Crores) | Q4 FY26 | Q4 FY25 | Y-o-Y Change |

| Revenue from Operations | 207.6 | 197.8 | 5% |

| Gross Profit | 67.0 | 61.2 | 10% |

| GP Margin (%) | 32.3% | 30.9% | |

| Profit Before Tax | 24.4 | 22.5 | 8% |

| PBT Margin (%) | 11.7% | 11.4% | |

| Profit After Tax | 17.4 | 17.1 | 2% |

| PAT Margin (%) | 8.4% | 8.6% | |

Financial Performance - FY26 vs FY25

| Particulars (₹ Crores) | FY26 | FY25 | Y-o-Y Change |

| Revenue from Operations | 763.4 | 747.5 | 2% |

| Gross Profit | 252.0 | 225.0 | 12% |

| GP Margin (%) | 33.0% | 30.1% | |

| Profit Before Tax | 105.5 | 80.4 | 31% |

| PBT Margin (%) | 13.8% | 10.8% | |

| Profit After Tax | 78.4 | 60.9 | 29% |

| PAT Margin (%) | 10.3% | 8.1% | |

Expense Breakdown (FY26)

  • Employee Expenses: ₹53.3 crores
  • Finance Cost: ₹0.8 crores
  • Depreciation: ₹5.8 crores
  • Other Expenses: ₹97.9 crores
  • Other Income: ₹11.3 crores
  • Tax: ₹27.2 crores

Balance Sheet Position (as of March 2026)

Total Equity and Liabilities: ₹449.5 crores (Mar-25: ₹368.4 crores)

Equity:

  • Other Equity: ₹368.2 crores
  • Money received against share warrants: ₹0.0 crores (Mar-25: ₹17.2 crores)
  • Total Equity: ₹396.4 crores (Mar-25: ₹316.3 crores)

Non-Current Liabilities: ₹19.1 crores (Mar-25: ₹13.1 crores)

  • Financial Liabilities: ₹8.0 crores
  • Lease Liabilities: ₹6.1 crores
  • Provisions: ₹1.7 crores
  • Deferred Tax Liabilities (Net): ₹3.3 crores

Current Liabilities: ₹34.1 crores (Mar-25: ₹39.0 crores)

  • Financial Liabilities: ₹1.5 crores
  • Lease Liabilities: ₹18.8 crores
  • Trade Payables: ₹5.4 crores
  • Other Financial Liabilities: ₹4.8 crores
  • Other Current Liabilities: ₹0.1 crores
  • Provisions: ₹3.6 crores
  • Current Tax Liabilities (Net): Not specified separately

Total Assets: ₹449.5 crores (Mar-25: ₹368.4 crores)

Non-Current Assets: ₹109.4 crores (Mar-25: ₹91.1 crores)

  • Property, Plant and Equipment: ₹39.5 crores
  • Capital work-in-progress: ₹10.8 crores
  • Right of Use Assets: ₹9.3 crores
  • Investments: ₹46.2 crores
  • Loans: ₹0.0 crores (Mar-25: ₹10.0 crores)
  • Other Financial Assets: ₹2.7 crores
  • Other Non-Current Assets: ₹1.0 crores

Current Assets: ₹340.1 crores (Mar-25: ₹277.3 crores)

  • Inventories: ₹8.9 crores
  • Investments: ₹230.3 crores
  • Trade Receivables: ₹52.6 crores
  • Cash and Cash Equivalents: ₹27.8 crores
  • Bank Balances: ₹0.0 crores (Mar-25: ₹8.2 crores)
  • Loans: ₹0.1 crores
  • Other Financial Assets: ₹9.4 crores
  • Other Current Assets: ₹11.1 crores

Cash Flow Statement (FY26)

  • Net Profit Before Tax: ₹105.5 crores
  • Cash generated from Operations: ₹92.8 crores
  • Direct taxes paid (net): ₹26.8 crores
  • Net Cash from Operating Activities: ₹66.0 crores
  • Net Cash from Investing Activities: ₹-76.1 crores
  • Net Cash from Financing Activities: ₹2.8 crores
  • Net Decrease in Cash and Cash equivalents: ₹-7.3 crores
  • Cash & Cash equivalents at beginning: ₹35.2 crores
  • Cash & Cash equivalents at end: ₹27.8 crores

Dividend Proposal

The Board has proposed a dividend of ₹0.40 per share (40% of face value of Re.1 each), subject to shareholder approval.

Manufacturing Infrastructure

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

  • Production Capacity: 1,20,000 MT per annum (realigned to support future innovation)
  • Innovation Centre for Research & Development
  • Training center for franchisee technical staff

Brand Promotion Activities

The company engages in extensive brand promotion through:

  • Outdoor campaigns
  • Television campaigns on national and regional channels (Aajtak, Zee News, Zee Business, ABP, CNBC)
  • Brand educational activities including dealer & distributor meets, customer meets, seminars, conferences, workshops, international trips, and motivational sessions
  • Participation of noted celebrities

Key Business Advantages

The presentation highlights several competitive advantages:

  • Local manufacturing enabling better communication and understanding of customer preferences
  • Ability to fulfill smaller quantity orders efficiently
  • Faster manufacturing turnaround time
  • Reduced transportation costs with manufacturing near end customers
  • Penetration capability in Tier II & III cities