Date: 26th May, 2026

Financial Performance Summary

Quarterly Performance (Q4 FY26 vs Q4 FY25)

  • Revenue from Operations: ₹75.0 Cr (vs ₹82.8 Cr in Q4 FY25), decline of 9% YoY
  • EBITDA: -₹1.5 Cr (vs ₹4.8 Cr in Q4 FY25)
  • EBITDA Margin: -2.0% (vs 5.8% in Q4 FY25)
  • Profit After Tax: -₹2.7 Cr (vs ₹1.9 Cr in Q4 FY25)

Annual Performance (FY26 vs FY25)

  • Revenue from Operations: ₹245.3 Cr (vs ₹266.1 Cr in FY25), decline of 8% YoY
  • EBITDA: ₹9.5 Cr (vs ₹16.8 Cr in FY25), decline of 44% YoY
  • EBITDA Margin: 3.9% (vs 6.3% in FY25), contraction of ~240 basis points
  • Profit After Tax: ₹0.2 Cr (vs ₹6.7 Cr in FY25), decline of 97% YoY

Performance Drivers and Challenges

The company faced a challenging external environment in Q4 FY26 driven by:

  • Elevated crude oil prices
  • Geopolitical disruptions
  • USD appreciation
  • Sharp inflation across key raw materials including solvents, binders, monomers, and other key derivatives
  • Higher fuel and labour costs
  • Shortage of certain raw materials impacting production and profitability

Strategic Initiatives and Operational Highlights

Pricing and Product Strategy

  • Company plans calibrated and phased price increases of 5%-6% over the next couple of quarters
  • Focus on product premiumization and value-added offerings
  • Achieved highest-ever Average Selling Price (ASP) of ₹97 in Q4 FY26
  • Improvement in product mix realization

Fundraising and Capital Allocation

  • Raised ₹5.04 crore through preferential allotment of 2.96 crore convertible warrants to Kamdhenu Limited
  • Kamdhenu Limited converted 1.46 crore warrants into equity shares, bringing additional ₹7.47 crore
  • Shares allotted on March 30, 2026
  • 1.50 crore warrants remain outstanding for conversion within prescribed 18-month period
  • Company has already received ₹2.55 crore against outstanding warrants

Operational Improvements

  • Enhanced liquidity expected to improve procurement volume negotiations
  • Optimization of inventory planning
  • Reduction of operational disruptions from raw material availability constraints
  • Portion of proceeds utilized to accelerate market expansion initiatives
  • Higher dealer penetration across key regions
  • Strengthening distribution reach in high-growth markets
  • Focus on deeper dealer engagement and operational efficiencies
  • Distribution stability improvements

Business Overview

Kamdhenu Paints is owned by Kamdhenu Colour and Coatings Limited, a wholly owned subsidiary of Kamdhenu Ventures Limited. The company:

  • Established in 2008
  • Leading brand in Indian decorative paints segment
  • Offers comprehensive range of high-quality paint products
  • Product range includes exterior & interior emulsions, waterbased primers, wood finishes, textured & designer paints, and construction chemicals
  • Products available across India with 31 sales depots
  • Dealer network of approximately 4,440+ dealers
  • Offers 40+ SKUs across product categories
  • Uses modern automation methods and technology
  • Robust research and development facilities
  • Environment-friendly waterbased paints with low Volatile Organic Compound (VOC)
  • State-of-the-art manufacturing capabilities

Management Commentary

Mr. Saurabh Agarwal, Managing Director, stated that while the near-term environment continues to warrant caution, the company remains confident in the long-term fundamentals of the sector. Management believes that strategic actions undertaken during the year across pricing, product development, and capital allocation have positioned the business well to benefit from an eventual recovery going forward.