Kamdhenu Ltd (KAMDHENU)

Metals & Mining · Steel · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹36.14 ↑ 25.53% (1Y)

🎯 Key Takeaways

Kamdhenu Ltd is a mid-cap steel manufacturer operating with an asset-light model, demonstrating consistent profitability and strong returns on capital. The company has maintained stable promoter holding at 49.
Revenue grew 11.6% QoQ to ₹253 in Q4FY22.
⚠️ The company's profitability is heavily reliant on royalty income, which increased 25% to ₹174.50 Crores in FY25-26 — a trend that may not be sustainab

Market Cap

₹1,019

P/E Ratio

3.7

P/B Ratio

4.67

ROE

12.1%

ROCE

15.1%

Debt/Equity

0.37

Div Yield

2.77%

Promoter

49.0%

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📖 The Story

Kamdhenu Ltd is a mid-cap steel manufacturer operating with an asset-light model, demonstrating consistent profitability and strong returns on capital. The company has maintained stable promoter holding at 49.03% while gradually increasing institutional interest, though foreign ownership remains low. ROCE has improved significantly to 26% in FY25-26, up from historical levels, reflecting operational efficiency and capital discipline. Despite modest revenue growth, the business benefits from recurring royalty income and a disciplined capital structure with net debt near zero. Management is focused on capitalizing on infrastructure-driven steel demand in India, supported by brand strength and recurring revenue streams.

📰 What's Happening

In Q1FY27, Kamdhenu announced the closure of its insider trading window ahead of Q1 results, signaling routine compliance with SEBI norms. The company filed its FY25-26 annual report highlighting revenue of ₹763.39 Crores, PAT of ₹78.35 Crores, and ROCE of 26%, up from prior periods. Royalty income rose 25% to ₹174.50 Crores, underscoring the high-margin, asset-light nature of its business model. The board recommended a 40% dividend payout, reinforcing shareholder-friendly policy. The 32nd AGM is scheduled for 25 September 2026, where shareholders will approve the audited results, reappoint independent director Pravin Tripathi until 2032, and declare a final dividend of ₹0.40 per share. Record date for eligibility is 18 September 2026, with dematerialization required by 10 September to receive payout.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2021	Sep 2021	Dec 2021	Mar 2022
Revenue	146	216	227	253
Operating Profit	9	12	12	16
OPM %	6.4%	5.4%	5.3%	6.3%
Net Profit	6	8	8	5
EPS	₹2.07	₹2.84	₹2.85	₹2.01

Revenue has shown an upward trend from ₹146 Crores in Jun 2021 to ₹253 Crores in Mar 2022, with operating margins stabilizing around 6% and net profit growing from ₹6 Crores to ₹5 Crores despite base effects. While absolute profit figures vary quarterly, the annualized performance reflects steady growth, supported by expanding scale and operational efficiency. The improvement in ROCE to 26% in FY25-26 indicates better capital utilization, likely driven by lower leverage and higher asset turnover. The company maintains a debt-free balance sheet with total assets of ₹442 Crores and net borrowings of ₹81 Crores as of March 2022, suggesting conservative financial management.

🔮 Management Outlook & What's Next

Management has emphasized leveraging infrastructure-driven demand and expanding its franchise to capture growth in India's steel market. The focus remains on brand building, operational excellence, and capitalizing on recurring royalty income from its asset-light model. There is no explicit forward guidance provided in the latest filings beyond the annual report's reference to sustained demand growth. The company continues to prioritize profitability and shareholder returns, as evidenced by the proposed 40% dividend payout and reappointment of key directors to ensure governance stability.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2021	Mar 2021	Mar 2022	Mar 2022
Equity Capital	27	27	27	27
Reserves	157	168	179	191
Borrowings	114	100	94	81
Total Liabilities	428	431	442	442
Fixed Assets	83	91	89	93
Investments	7	9	10	12
Total Assets	428	431	442	442

The balance sheet reflects a stable capital structure with equity of ₹27 Crores and reserves growing from ₹168 Crores to ₹191 Crores between FY21 and FY22, indicating retained earnings contributing to financial strength. Borrowings have fluctuated slightly but remain low relative to equity, with total debt at ₹81 Crores as of March 2022, down from ₹100 Crores in FY21. Total assets have remained flat at ₹442 Crores, suggesting efficient asset management without aggressive expansion. The absence of significant capital expenditures or debt accumulation points to a conservative and disciplined approach to capital allocation, with no major acquisitions or large-scale investments disclosed recently.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2022
Operating	+44
Investing	-14
Financing	-20
Net Cash Flow	+10

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	49.0%	49.0%	49.0%	49.0%
FII	3.2%	2.5%	1.9%	2.1%
DII	0.0%	0.0%	0.0%	0.0%
Public	40.4%	40.8%	42.6%	40.8%
# Shareholders	48,576	49,598	50,779	48,824

Promoter holding has remained stable at 49.03% across all reporting periods, indicating no dilution or stake reduction. Foreign institutional interest has declined slightly from 3.21% in Q2FY26 to 2.06% in Q1FY27, while domestic institutional holding (DII) remains negligible at 0.01-0.03%. Public shareholding has increased from 40.39% to 42.6% over the same period, suggesting growing retail interest. The rising number of shareholders (from 48,576 to 49,598) reflects broadening retail participation. No pledging or selling signals from promoters are evident, and no insider transactions are currently active due to the ongoing trading window closure.

⚖️ Peer Comparison — Steel

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
JSWSTEEL	3.20 L Cr	12.9	20.9%	28.0%	0.95
TATASTEEL	2.30 L Cr	20.8	12.7%	11.0%	0.83
JINDALSTEL	1.18 L Cr	43.3	7.4%	5.3%	0.43
SAIL	79,368	18.6	8.8%	7.3%	0.51
JSL	60,451	18.6	18.0%	16.4%	0.37
SHYAMMETL	30,083	26.8	14.2%	9.7%	0.09
SARDAEN	17,517	15.5	19.2%	17.6%	0.45
GPIL	16,370	18.6	19.2%	14.2%	0.07
USHAMART	15,240	30.0	20.6%	15.4%	0.04
VISL	13,878	—	—	—	-1.07

🔗 Peer Stock Analyses

JSWSTEEL TATASTEEL JINDALSTEL SAIL JSL

⚠️ Risk Factors

The company's profitability is heavily reliant on royalty income, which increased 25% to ₹174.50 Crores in FY25-26 — a trend that may not be sustainable if raw material costs rise or contractual terms are renegotiated. Despite strong ROCE, revenue growth has been modest, raising concerns about scalability in a capital-intensive sector. The steel industry is cyclical and sensitive to macroeconomic slowdowns, infrastructure delays, or changes in import-export policies. Additionally, the asset-light model depends on third-party infrastructure and logistics, which could introduce execution risks if partners underperform or terminate contracts.

📋 Recent Filings

🧠 Analyst's Read

Kamdhenu Ltd presents a stable, profitable steel business with strong returns and a disciplined capital structure, supported by recurring royalty income and a shareholder-friendly dividend policy. However, its growth trajectory appears modest, and profitability is increasingly dependent on a single high-margin revenue stream. Investors should monitor the sustainability of royalty income and the company’s ability to scale operations beyond its current franchise model. The upcoming AGM and dividend payout process are near-term catalysts, but long-term performance will hinge on macro demand trends and management’s execution in a competitive steel market.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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