Kamdhenu Ltd.

•

kamdhenulimited.comBSE: 532741NSE: KAMDHENU

Market Cap₹ 1,101 Cr.

Current Price

High / Low₹ 39 / 16

Stock P/E12.9

Book Value₹ 15

Price to Book2.74

Dividend Yield1.02 %

ROCE29.1 %

ROE23.8 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Steels: 71.3% • Paints: 28.7%

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence

61%

View full sector analysis →

PROS

Company has delivered good profit growth of 100.4% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 28.8%
Company has a good return on equity (ROE) track record: 3 Years ROE 23.7%
Latest quarter profit grew 33.9% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.56x)

CONS

Promoter holding has decreased over last 2 years: -8.0pp
Company's sales have been declining over the last five years
Growth is decelerating - 3Y profit CAGR (15.5%) trails the 5Y trend (100.4%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	JSWSTEEL	1309.00	12.92	320109.92	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	183.65	20.78	229258.67	2.18	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	196.00	18.95	80958.30	1.20	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2646.15	30.23	69802.96	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	737.80	18.72	60825.68	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2151.00	48.59	59724.32	0.40	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1081.75	26.88	30195.09	0.42	350.73	20.66	5455.09	23.45	13.88	14.03
8.	JINDALSAW	310.70	30.41	19869.52	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2666.75	43.18	18691.78	0.38	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	506.95	15.81	17863.97	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	239.75	20.01	16140.90	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	KAMDHENU	39.07	41.86	1101.32	1.02	5.41	37.35	252.83	13.70	29.12	2.60

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	209	185	155	176	185	190	175	198	196	191	169	208	213
	193	172	141	160	170	174	154	174	174	168	147	173	194
Operating Profit	16	13	14	16	15	16	21	24	21	24	22	34	19
OPM %	7.53%	7.19%	9.13%	8.98%	8.03%	8.58%	11.79%	11.96%	10.89%	12.35%	12.73%	16.56%	8.92%
	2	2	2	8	7	6	-2	0	9	4	7	-8	17
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	1	1	1	1	1	1	1	1	2	2	2
Profit before Tax	16	14	15	22	20	21	17	22	29	26	27	24	36
Tax %	25.51%	24.57%	25.83%	24.54%	22.99%	24.08%	26.51%	23.98%	25.08%	27.38%	22.47%	28.42%	21.25%
Net Profit	12	10	11	17	15	16	12	17	21	19	21	17	29
	4.48	3.78	0.41	0.62	0.57	0.57	0.45	0.62	0.76	0.67	0.74	0.62	1.02

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	841	825	1,180	1,232	924	625	600	732	725	747	781
	809	792	1,136	1,179	879	575	545	672	666	672	682
Operating Profit	32	33	44	54	45	50	55	60	59	75	99
OPM %	3.79%	3.97%	3.73%	4.36%	4.84%	8.01%	9.12%	8.20%	8.14%	10.09%	12.62%
	0	1	1	0	-25	-7	3	2	14	10	20
Interest	15	14	13	12	12	14	4	2	1	0	1
Depreciation	5	8	8	7	8	9	5	5	5	5	6
Profit before Tax	12	12	24	35	-0	21	49	55	67	80	113
Tax %	34.36%	30.93%	35.82%	35.70%	519.73%	28.00%	19.86%	25.25%	25.09%	24.30%	24.47%
Net Profit	8	8	16	22	2	15	39	41	50	61	86
EPS	0.00	0.00	0.00	0.00	0.00	5.62	9.93	15.23	18.61	2.19	—
Dividend Payout %	20.11%	23.10%	14.94%	11.75%	70.50%	14.28%	6.83%	9.85%	10.75%	11.39%	—

COMPOUNDED SALES GROWTH

10 Years:: -3%
5 Years:: -4%
3 Years:: 8%

COMPOUNDED PROFIT GROWTH

10 Years:: 22%
5 Years:: 100%
3 Years:: 16%

STOCK PRICE CAGR

10 Years:: 22%
5 Years:: 17%
3 Years:: 9%
1 Year:: 37%

RETURN ON EQUITY

10 Years:: 14%
5 Years:: 20%
3 Years:: 24%
Last Year:: 24%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	23	23	23	26	27	27	27	27	27	28
	82	92	105	151	153	168	197	140	186	271
	117	115	96	97	132	106	102	8	7	7
Trade Payables	55	85	106	110	122	99	90	19	24	27
	18	28	45	31	30	31	43	15	40	35
Total Liabilities	296	344	375	415	464	431	460	209	284	368
	47	80	74	90	86	91	94	47	45	42
Capital Work in Progress	0	0	0	1	1	1	1	0	0	0
	3	3	3	3	6	9	16	14	84	187
	71	62	67	58	78	67	77	15	12	17
	0	0	0	0	0	0	0	0	55	45
Cash & Bank	10	10	10	11	5	4	16	12	54	43
	165	190	221	253	287	260	256	120	34	34
Total Assets	296	344	375	415	464	431	460	209	284	368

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	16	23	30	38	-1	56	54	81	102	69
Cash from Investing	-4	-2	-2	-26	-19	-10	-13	-4	-92	-88
Cash from Financing	-8	-17	-18	2	15	-41	-20	-55	18	14
	0	-1	-0	1	-7	-0	10	8	28	-5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	3.48	3.46	6.70	8.51	0.71	5.60	14.65	15.23	18.61	2.19
Book Value (₹)	45.16	49.11	54.73	67.31	67.58	72.31	83.31	61.88	79.12	10.79
Dividend per Share (₹)	0.70	0.80	1.00	1.00	0.50	0.80	1.00	1.50	2.00	0.25
Cash EPS (₹)	0.57	0.67	1.00	1.13	0.39	0.88	1.64	1.70	2.05	2.38
PROFITABILITY
Operating Margin %	3.66%	3.83%	3.77%	4.26%	4.55%	7.72%	9.50%	8.32%	8.05%	9.96%
Net Margin %	0.92%	0.93%	1.32%	1.77%	0.19%	2.17%	6.50%	5.54%	6.84%	8.04%
ROE %	7.94%	7.35%	12.90%	14.70%	1.05%	8.07%	18.82%	20.98%	26.40%	23.76%
ROCE %	13.18%	11.78%	16.38%	18.65%	4.14%	11.88%	17.65%	23.76%	33.43%	29.12%
	2.81%	2.53%	4.36%	5.69%	0.43%	3.37%	8.86%	12.28%	20.36%	18.66%
EFFICIENCY
Debtor Days	57	64	53	59	80	108	120	69	34	24
Inventory Days	28	28	20	18	25	38	43	23	7	7
Payable Days	32	41	37	42	61	97	78	36	15	18
	53	50	36	35	44	50	86	55	26	13
FINANCIAL HEALTH
Debt to Equity (x)	1.02x	0.93x	0.68x	0.50x	0.66x	0.48x	0.39x	0.00x	0.00x	0.00x
Interest Coverage (x)	1.84x	1.85x	2.93x	3.98x	0.96x	2.50x	14.17x	29.38x	107.94x	380.43x
	1.37x	1.24x	1.40x	1.49x	1.39x	1.52x	1.72x	4.86x	6.10x	7.11x
GROWTH
Revenue Growth %	-13.10%	-1.94%	43.03%	4.46%	-25.04%	-32.32%	-4.10%	22.10%	-1.01%	3.14%
Operating Profit Growth %	6.04%	2.78%	34.58%	20.75%	-16.13%	18.22%	7.63%	6.76%	17.85%	18.31%
Net Profit Growth %	1.48%	-0.52%	93.35%	43.42%	-91.62%	701.65%	161.45%	3.98%	22.21%	21.41%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.21%	-88.21%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.78x	13.47x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.53x	2.74x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.39%	0.85%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	18.43x	9.04x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	57.04	49.83	49.83	49.83	49.12	49.03	49.03	49.03	49.03
	6.12	9.57	6.02	6.44	5.12	3.21	2.52	1.88	2.06
	0.18	0.18	0.00	0.00	0.32	0.00	0.00	0.00	0.02
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	36.66	40.42	44.15	43.73	45.44	47.76	48.46	49.09	48.90

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Copy of Newspaper Publication

2026-09-01 - Kamdhenu Limited has informed the Exchange about Copy of Newspaper Publication for Dispatch of Notice of 32nd AGM.

2026-09-01

General Updates

2026-09-01 - Kamdhenu Limited has informed the Exchange about intimation of dispatch of letter to shareholders whose e-mail addresses are not registered with Company/Registrar & Transfer Agent/Depository Participants.

2026-08-31

Shareholders meeting

2026-08-31 - Kamdhenu Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026

2026-08-21

General Updates

2026-08-21 - Kamdhenu Limited has informed the Exchange about the submission of copies of newspapers with respect to the pre-dispatch intimation to shareholders of the 32nd Annual General Meeting and E-Voting.

2026-08-21

General Updates

2026-08-21 - Kamdhenu Limited has informed the Exchange about communication sent to the shareholders w.r.t. TDS on dividend payout of financial year 2025-26.

2026-08-20

Record Date

2026-08-20 - Kamdhenu Limited has informed the Exchange that Record date for the purpose of Dividend is 18-Sep-2026.

2026-08-20

General Updates

2026-08-20 - Kamdhenu Limited has informed the Exchange about intimation of 32nd Annual General Meeting and Record Date.

2026-07-30

Copy of Newspaper Publication

2026-07-30 - Kamdhenu Limited has informed the Exchange about Copy of Newspaper Publication of Financial Results for the Quarter ended 30th June, 2026.

2026-07-30

Investor Presentation

2026-07-30 - Kamdhenu Limited has informed the Exchange about Investor Presentation

News

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