Date: 28th October, 2026

Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue from Operations: ₹215.0 crore (up 12% from ₹191.1 crore)
  • Profit Before Tax (PBT): ₹31.4 crore (up 22% from ₹25.7 crore)
  • PBT Margin: 14.6% (expanded 110 bps from 13.5%)
  • Profit After Tax (PAT): ₹23.8 crore (up 27% from ₹18.7 crore)
  • PAT Margin: 11.1% (expanded 130 bps from 9.8%)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Revenue from Operations: ₹428.3 crore (up 11% from ₹386.9 crore)
  • Profit Before Tax (PBT): ₹67.8 crore (up 25% from ₹54.3 crore)
  • PBT Margin: 15.8% (expanded 180 bps from 14.0%)
  • Profit After Tax (PAT): ₹52.5 crore (up 31% from ₹40.1 crore)
  • PAT Margin: 12.3% (expanded 190 bps from 10.4%)

Operational Breakdown

Revenue Streams (H1 FY27):

  • Revenue from Own Facilities: ₹332.5 crore (up 10% YoY)
  • Volume from Own Facilities: 64.7 thousand MT (up 5% YoY)
  • Revenue from Royalty Income: ₹95.8 crore (up 11% YoY)
  • Franchise Volumes: 20.0 lakh MT (up 11% YoY)

Quarterly Operational Metrics (Q2 FY27):

  • Revenue from Own Facilities: ₹167.3 crore (up 14% YoY)
  • Volume from Own Facilities: 32.8 thousand MT (up 5% YoY)
  • Revenue from Royalty Income: ₹47.7 crore (up 7% YoY)
  • Franchise Volumes: 9.7 lakh MT (up 13% YoY)

Management Commentary

Mr. Satish Kumar Agarwal, Chairman & Managing Director, highlighted:

  • H1 FY27 demonstrated resilience of the brand and operating leverage of the asset-light, franchise-led model
  • Franchisee volumes grew 11% YoY to 20 lakh MT, lifting brand sales turnover by 16% to more than ₹12,700 crore
  • Higher franchise volumes coupled with increase in selling price pushed royalty income up by 11% to ₹96 crore
  • Royalty income was the key contributor to margin expansion
  • Revenue from own facilities increased 14% in Q2 supported by higher steel prices

Strategic Initiatives

  • Commissioned a 5 MWp captive solar power plant in Rajasthan in June 2026
  • The solar plant provides energy-efficient solutions to production plants
  • Expected to generate annual cost savings for Kamdhenu
  • Company maintains a debt-free balance sheet

Market Outlook

  • Second half traditionally stronger due to post-monsoon revival in construction activity
  • Demand supported by sustained public investment in infrastructure and housing
  • Wider adoption of TMT bars and structural steel expected
  • Greater emphasis on quality standards accelerating shift from unbranded to branded TMT bars
  • Structural trend favors established brands like Kamdhenu

Business Model Highlights

  • Franchise-led business model with over 12,500 dealers and over 500 distributors in India
  • Royalty income represents capital-light revenue stream
  • Brand sales turnover reached approximately ₹23,000 crores in FY26
  • Company is ISO 9001:2015 and 'Great Place to Work' certified