Kamdhenu LimitedQ1 FY27 Results & Financial Update

Kamdhenu Limited: Q1 FY27 standalone results and company financials – revenue ₹213.35 Cr, PAT ₹28.69 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.

NSE: KAMDHENUPublished 24 Oct 2026Updated 24 Oct 2026~7 min read
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Revenue from operations₹213.35 CrReported Q1 FY27
Profit after tax₹28.69 CrReported Q1 FY27
EPS₹1.02Reported Q1 FY27

Find an answer

Ask this result

Chart · Market context

Kamdhenu price & chart

Market priceLoading…
1Y return—Price return
Loading market chart…
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Kamdhenu Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.

Quarter overview

Quarterly earnings analysis

01

Kamdhenu Limited posted its highest-ever quarterly royalty income, franchisee volumes, profit before tax, and profit after tax in Q1 FY27, demonstrating robust execution across its core branded steel business.

02

Total revenue from operations reached ₹213.35 crore, marking a 9% year-on-year increase from ₹195.8 crore in Q1 FY26, driven by higher own-facility sales and expanding royalty collections.

03

Profitability expanded significantly, with Profit Before Tax (PBT) rising 27% year-on-year to ₹36.43 crore and PBT margin improving by 250 basis points to 17.1%, aided by operating leverage and favorable product mix.

04

Profit After Tax (PAT) grew by 34% year-on-year to ₹28.69 crore compared to ₹21.4 crore in the corresponding quarter of the previous fiscal year, pushing the PAT margin up by 250 basis points to 13.4%.

05

Franchisee-driven revenue expanded through robust volume growth, as franchisee steel volumes increased by 9% year-on-year to 1.03 million metric tonnes, pushing royalty income up by 16% to ₹48.1 crore.

06

The quarter's profitability absorbed certain extraordinary operational headwinds, including approximately ₹1.76 crore in additional legal expenses and roughly ₹3.0 crore in fuel cost pressures stemming from the West Asia conflict; management noted that adjusting for these items, underlying PBT growth would have reached 44% year-on-year.

07

During June 2026, the company successfully commissioned a 5 MWp captive solar power plant in the Phalodi District of Rajasthan, expected to generate annual savings of ₹4 crore to ₹5 crore and structurally reduce energy costs going forward.

08

Kamdhenu Limited began FY27 with a strong operating performance, posting its highest-ever royalty income, franchisee volumes, PBT, and PAT for the first quarter ended 30 June 2026.

01 · Business model

What does Kamdhenu do?

Kamdhenu Limited is India's largest manufacturer and seller of branded TMT bars in the retail segment, operating through an asset-light franchisee business model designed for scalability and minimal capital expenditure.

The company's core product portfolio includes Kamdhenu Nxt (next-generation interlock steel with angular double ribs), Kamdhenu Structural Steel (angles, channels, beams, flats, and MS pipes), Kamdhenu PAS 10000 (seismic-resistant bars), and Kamdhenu Colour Max (color-coated metal profile sheets).

Kamdhenu maintains a vast decentralized distribution network comprising over 100 franchisees, 500 distributors, and 12,500 dealers across India, bringing production closer to end consumers to reduce freight costs and delivery times.

In addition to its franchisee network, the company operates its own steel manufacturing facility at Bhiwadi, Rajasthan, with an annual capacity of 120,000 metric tonnes, which serves as an innovation center, R&D hub, and training facility for franchisee technical staff.

02 · Historical context

What shaped the business before this quarter

Company Inception and Model Innovation

Founded in 1994 with a steel plant in Rajasthan, Kamdhenu innovated its decentralized franchisee business model in 2004 to scale cost-efficiently without heavy capital deployment.

Strategic Reorganization

Following a Scheme of Arrangement approved by the NCLT Chandigarh Bench, Kamdhenu Ventures Limited (its decorative paints business) was successfully listed on NSE and BSE in January 2023, allowing Kamdhenu Limited to focus exclusively on its core steel and branding operations.

03 · Financial snapshot

Current-quarter financial snapshot

MetricQ1 FY27
Revenue from operations₹213.35 Cr
Total income₹230.74 Cr
Profit before tax₹36.43 Cr
Profit after tax₹28.69 Cr
EPS₹1.02

04 · Why it moved

Why the quarter looked the way it did

What drove revenue

Royalty Income Expansion

Royalty income generated through the franchisee business grew by 16% year-on-year to ₹48.1 crore in Q1 FY27, supported by a 9% rise in franchisee volumes to 1.03 lakh metric tonnes.

Own Manufacturing Facilities

Revenue from own manufacturing facilities at Bhiwadi grew by 7% year-on-year to ₹165.2 crore, backed by a 6% increase in manufacturing volumes to 31,900 metric tonnes compared to 30,200 metric tonnes in Q1 FY26.

Royalty Income Growth

Royalty income generated through franchisee sales expanded 16% year-on-year to ₹48.1 crore in Q1 FY27, up from ₹41.6 crore in Q1 FY26.

Own Facility Revenue

Revenue from the company's own manufacturing facility at Bhiwadi increased by 7.1% year-on-year to ₹165.2 crore compared to ₹154.2 crore in Q1 FY26.

What drove margins

Gross Margin Improvement

Gross profit expanded 12% year-on-year to ₹71.3 crore, with gross margin improving by 80 basis points to 33.4%, driven by higher realization and stable product mix.

Input Cost and Fuel Pressures

Total raw material consumed stood at ₹142.0 crore. Operating margins absorbed approximately ₹3.0 crore in elevated fuel costs caused by the West Asia conflict and ₹1.76 crore in legal expenses, though fuel prices subsequently began normalizing.

Gross Profit Expansion

Gross profit for Q1 FY27 reached ₹71.3 crore compared to ₹63.8 crore in Q1 FY26, resulting in a gross profit margin of 33.4%, an expansion of 80 basis points year-on-year.

Operating Cost Pressures

Earnings were impacted by approximately ₹3 crore in incremental fuel expenses stemming from the West Asia war and ₹1.76 crore in additional legal expenses during the quarter.

05 · Demand, customers & order book

Where demand is coming from

Dealer and Distributor Network

The company operates through a committed chain of over 12,500 dealers and more than 500 distributors connected with franchisees and company sales depots across India.

Retail Distribution Reach

The company maintains a committed distribution chain comprising over 500 distributors and 12,500 dealers across India.

06 · Segments, products & geography

Which parts of the business are doing the work

Segments and products

Structural Steel Growth

Structural steel continues to act as a key growth pillar, manufactured under franchisee agreements across various contours including angles, channels, beams, flats, and MS pipes used in infrastructure and industrial projects.

Franchisee Network Scale

Franchisee-operated manufacturing capacity stands at 40 lakh MT for steel rebars, 10 lakh MT for structural steel, and 2.5 lakh MT for colour-coated profile sheets, supported by over 100 franchisees.

Geography and market mix

Southern India Expansion

Management highlighted Southern India as a key strategic focus area offering significant opportunities to expand branded market share in coming quarters.

07 · Capacity, projects & execution

What is being built, commissioned or delivered

Capacity, production and utilisation

Franchisee Capacity Base

Total franchisee production capacity stands at 40 lakh metric tonnes per annum for steel rebars, 10 lakh metric tonnes for structural steel, and 2.5 lakh metric tonnes for color-coated profile sheets.

Projects, capex and execution

Captive Solar Power Plant Commissioning

A 5 MWp captive solar power plant was successfully commissioned in Phalodi District, Rajasthan, in June 2026, projected to deliver annual savings of ₹4 to ₹5 crore.

08 · Strategy & new businesses

How the company is trying to change its growth mix

Asset-Light Scaling

The company continues to pursue an asset-light, high-return model where franchisees manufacture to Kamdhenu's technical and quality specifications while leveraging its centralized marketing, brand equity, and distribution network.

Asset-Light Model Scalability

The company continues to leverage its asset-light franchise association model to drive high capital efficiency and return metrics across core steel operations.

09 · Reported developments

What changed operationally

ESG and Sustainability Milestone

Commissioning of the 5 MWp solar installation in Rajasthan enhances operational energy reliability while advancing long-term environmental sustainability goals.

10 · Pressure points & risks

What is not going smoothly

Geopolitical Cost Headwinds

Operational profitability was impacted by temporary spikes in fuel costs due to the West Asia war and additional legal outlays during the quarter.

11 · Items worth noticing

The line items that can distort a quick read

Extraordinary Cost Outlays

Q1 FY27 PBT included approximately ₹1.76 crore in additional legal expenses and ~₹3.0 crore in fuel costs due to West Asia conflict disruptions.

12 · Cash flow & balance sheet

Profit is one thing. Cash and funding tell another part of the story.

Capital allocation & funding

Debt-Free Status

The company maintains a debt-free balance sheet with zero borrowings (Debt is Nil), supporting high return on capital employed (ROCE) and return on equity (ROE).

13 · Management guidance & targets

What management is targeting from here

Industry Outlook

Management expressed optimism regarding steel industry growth in FY27, backed by government investments in infrastructure, urbanisation, roads, railways, urban transit, and commercial, residential, and industrial construction.

14 · Beyond the numbers

What changed beyond the numbers

Reported update

Brand Endorsements and Marketing

Extensive brand promotional campaigns spanning print, digital, television, and outdoor mediums supported by celebrity associations continue to strengthen dealer connectivity and retail consumer recall.

Reported update

Solar Plant Commissioning

Commissioned a 5 MWp captive solar power plant in Rajasthan in June 2026 to reduce operating energy costs and meet ESG objectives.

15 · Key Q&A

The quarter, answered directly

What does Kamdhenu do?

Kamdhenu Limited is India's largest manufacturer and seller of branded TMT bars in the retail segment, operating through an asset-light franchisee business model designed for scalability and minimal capital expenditure.

What is the clearest takeaway from Q1 FY27?

Kamdhenu Limited posted its highest-ever quarterly royalty income, franchisee volumes, profit before tax, and profit after tax in Q1 FY27, demonstrating robust execution across its core branded steel business.

What drove revenue or demand?

Royalty income generated through the franchisee business grew by 16% year-on-year to ₹48.1 crore in Q1 FY27, supported by a 9% rise in franchisee volumes to 1.03 lakh metric tonnes.

What mattered most for margins or profitability?

Gross profit expanded 12% year-on-year to ₹71.3 crore, with gross margin improving by 80 basis points to 33.4%, driven by higher realization and stable product mix.

What changed operationally beyond the headline numbers?

Total franchisee production capacity stands at 40 lakh metric tonnes per annum for steel rebars, 10 lakh metric tonnes for structural steel, and 2.5 lakh metric tonnes for color-coated profile sheets.

What is management guiding or targeting from here?

Management expressed optimism regarding steel industry growth in FY27, backed by government investments in infrastructure, urbanisation, roads, railways, urban transit, and commercial, residential, and industrial construction.

16 · Scenario calculator

Earnings sensitivity: what if growth and margins change?

Starting point

Build your own next-quarter scenario

Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.

Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.

Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%

The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.

17 · Next filing checkpoints

What the next disclosure can confirm or change

  1. 01

    Solar Savings Realization: Monitor the actual realization of energy cost savings from the newly commissioned 5 MWp solar plant in Rajasthan during subsequent quarters of FY27.

  2. 02

    Southern Market Penetration: Track progress on the expansion of franchisee networks and market share gains across Southern India.

  3. 03

    Solar Energy Savings: Track the realization of projected annual savings of ₹4 to ₹5 crore from the newly commissioned Phalodi solar plant in subsequent quarters.

  4. 04

    Franchisee Volume Trajectory: Monitor the pace of franchisee volume expansion and royalty income growth across regional markets, particularly in Southern India.

Learn the metrics

Need the concepts first?

Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.

← Back to Quarterly Results