Kamdhenu Ventures LimitedQ2 FY27 Results & Financial Update
Kamdhenu Ventures Limited: Q2 FY27 consolidated results and company financials – revenue ₹58.21 Cr, PAT ₹-1.54 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Kamdhenu Ventures Q2 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
Kamdhenu Ventures Limited registered a top-line recovery during the second quarter of fiscal 2027, with consolidated revenue from operations expanding sequentially from the June 2026 quarter. The company reported quarterly revenue of Rs. 58.21 crore, reflecting an increase of 25.45 percent compared to the previous quarter.
Consolidated net profit after tax for Q2 FY27 stood at Rs. -1.54 crore, translating to a basic and diluted earnings per share of Rs. -0.05. The sequential bottom-line movement reflects sustained input cost pressures and operational overheads despite stronger seasonal off-take.
According to the company's investor presentation for October 2026, the subsidiary Kamdhenu Colour and Coatings Limited recorded standalone revenue from operations of Rs. 58.1 crore for Q2 FY27, which represents a 2 percent growth compared to Rs. 56.8 crore reported in Q2 FY26. Standalone EBITDA for Q2 FY27 stood at Rs. 1.4 crore compared to Rs. 3.9 crore in the corresponding period of the previous year.
Management noted that the brand is deliberately prioritizing premium product offerings and refocusing dealer engagement toward higher-margin SKUs. This strategic shift involves gradually reducing lower-priced dealer relationships in favor of premium-focused stockists, impacting short-term volume realizations while building a higher-value base.
The company's balance sheet as of September 30, 2026, reflects total equity of Rs. 172.9 crore on a consolidated basis, alongside total borrowings of 32.1 crore across non-current and current financial liabilities.
01 · Business model
What does Kamdhenu Ventures do?
Kamdhenu Ventures Limited operates primarily in the Indian decorative paints and coatings segment through its wholly owned subsidiary, Kamdhenu Colour and Coatings Limited (KCCL). Established in 2008, the company manufactures and markets a diverse portfolio of paints under the flagship Kamdhenu Paints brand.
The product portfolio spans over 40 SKUs across exterior and interior emulsions, primers, wood finishes, textured and designer paints, water-based products, solvent-based coatings, and construction chemicals. Water-based paints represent the dominant share of product mix.
The company targets retail and decorative end-markets, maintaining a deep presence across tier II and tier III emerging cities as well as rural hinterland regions, leveraging an extensive distributor and dealer network supported by dedicated sales depots and tinting infrastructure.
Kamdhenu's economic model emphasizes premiumization of its product mix, dealer incentivization programs, and localized technical quality assurance at both its own manufacturing facility and outsourced contract units.
02 · Historical context
What shaped the business before this quarter
In its initial years following establishment in 2008, the company focused on affordable variants such as powder-based paints, putty, and distempers to build initial dealer and painter network loyalty.
Having established a distributor base and brand recognition, the company transitioned its strategy to prioritize premium offerings, aiming to increase the proportion of high-value emulsions and designer finishes.
The dealer network expanded from 3,230 dealers in FY10 to 4,457 active dealers by the end of H1 FY27, backed by structured incentive programs and annual recognition events.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹58.21 Cr | ₹46.40 Cr |
| Total income | ₹58.21 Cr | ₹46.40 Cr |
| Profit before tax | ₹-1.68 Cr | ₹-4.53 Cr |
| Profit after tax | ₹-1.54 Cr | ₹-4.41 Cr |
| EPS | ₹-0.05 | ₹-0.10 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Consolidated revenue rose to Rs. 58.21 crore in Q2 FY27, representing a sequential increase of 25.45 percent over Q1 FY27.
Water-based products constitute 81 percent of the product mix as of H1 FY27, with solvent-based products at 12 percent and powder-based products at 7 percent.
What drove margins
The subsidiary Kamdhenu Colour and Coatings Limited reported a gross profit of Rs. 25.4 crore for Q2 FY27, delivering a gross profit margin of 43.7 percent, compared to 44.0 percent in Q2 FY26.
Standalone EBITDA for Q2 FY27 stood at Rs. 1.4 crore with an EBITDA margin of 2.3 percent, lower than the 6.8 percent reported in Q2 FY26, driven by higher employee expenses and operating overheads.
05 · Demand, customers & order book
Where demand is coming from
The company maintained a network of 4,457 active dealers and over 20,000 registered painters as of September 30, 2026.
The company deployed over 1,820 active tinting machines across its dealer network to ensure just-in-time delivery and minimize excess inventory holding.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Operations remain centered entirely on decorative coatings, spanning exterior and interior emulsions, wood finishes, textures, and construction chemicals.
Geography and market mix
North and East India account for 45 percent and 31 percent of H1 FY27 revenue respectively, supported by denser historical dealer footprints, while South and West regions offer headroom for future penetration.
Approximately 70 percent of India's urban population resides in Tier II and III cities where the majority of Kamdhenu's customer base and 34 sales depots are positioned.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Own manufacturing capacity stands at 36,000 kiloliters per annum (KL p.a.), supplemented by outsourced contract manufacturing units.
The company re-aligned capacity at its own manufacturing plant specifically for premium and texture paint production.
Projects, capex and execution
Capital work-in-progress was reported at Rs. 0.5 crore as of September 30, 2026, down from Rs. 3.0 crore as of March 31, 2026.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Management continues to drive premiumization through targeted marketing campaigns, designer color galleries, and incentive schemes for stockists.
09 · Reported developments
What changed operationally
Revenue from operations improved by 25.45 percent sequentially from Q1 FY27 to Q2 FY27.
Standalone revenue for Q2 FY27 grew 2 percent year-on-year to Rs. 58.1 crore according to company presentation disclosures.
10 · Pressure points & risks
What is not going smoothly
The company recorded a consolidated net loss after tax of Rs. 1.54 crore for Q2 FY27.
Standalone EBITDA margin declined to 2.3 percent in Q2 FY27 from 6.8 percent in Q2 FY26 due to higher employee and operational costs.
11 · Items worth noticing
The line items that can distort a quick read
Recorded a negative tax expense of Rs. -0.14 crore for Q2 FY27.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash used in operating activities for H1 FY27 was Rs. -12.0 crore, impacted by working capital changes of Rs. -12.2 crore.
Trade receivables stood at Rs. 145.8 crore as of September 30, 2026, compared to Rs. 147.0 crore as of March 31, 2026.
Inventories increased to Rs. 83.0 crore as of September 30, 2026, up from Rs. 56.0 crore at the end of March 2026.
Capital allocation & funding
Consolidated borrowings totaled Rs. 32.1 crore as of September 30, 2026, comprising non-current borrowings of Rs. 6.1 crore and current borrowings of Rs. 26.0 crore.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Celebrity brand promotions
The company utilized multiple celebrity associations and print and television media campaigns across national and regional channels to strengthen dealer connect and consumer visibility.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue expanded by 46.40 crore in absolute terms from Q1 FY27, reaching Rs. 58.21 crore in Q2 FY27.
15 · Key Q&A
The quarter, answered directly
What does Kamdhenu Ventures do?
Kamdhenu Ventures Limited operates primarily in the Indian decorative paints and coatings segment through its wholly owned subsidiary, Kamdhenu Colour and Coatings Limited (KCCL). Established in 2008, the company manufactures and markets a diverse portfolio of paints under the flagship Kamdhenu Paints brand.
What is the clearest takeaway from Q2 FY27?
Kamdhenu Ventures Limited registered a top-line recovery during the second quarter of fiscal 2027, with consolidated revenue from operations expanding sequentially from the June 2026 quarter. The company reported quarterly revenue of Rs. 58.21 crore, reflecting an increase of 25.45 percent compared to the previous quarter.
What drove revenue or demand?
Consolidated revenue rose to Rs. 58.21 crore in Q2 FY27, representing a sequential increase of 25.45 percent over Q1 FY27.
What mattered most for margins or profitability?
The subsidiary Kamdhenu Colour and Coatings Limited reported a gross profit of Rs. 25.4 crore for Q2 FY27, delivering a gross profit margin of 43.7 percent, compared to 44.0 percent in Q2 FY26.
What changed operationally beyond the headline numbers?
Own manufacturing capacity stands at 36,000 kiloliters per annum (KL p.a.), supplemented by outsourced contract manufacturing units.
What are the main pressure points disclosed for the quarter?
The company recorded a consolidated net loss after tax of Rs. 1.54 crore for Q2 FY27.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Dealer network expansion: Track progress toward management's stated target of tripling dealer penetration over a five-year horizon.
- 02
Margin recovery: Monitor the trajectory of EBITDA margins and premium product share against ongoing raw material cost movements.
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