Kamdhenu LimitedQuarter Ended 30.09.2026 Results & Financial Update
Kamdhenu Limited: Quarter Ended 30.09.2026 standalone results and company financials – revenue ₹214.97 Cr, PAT ₹23.80 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Kamdhenu Quarter Ended 30.09.2026 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 Limited posted a consolidated revenue from operations of Rs. 215.0 crore for the quarter ended September 30, 2026, marking a 12% increase compared to Rs. 191.1 crore recorded in the corresponding period of the previous fiscal year.
Profit after tax for Q2 FY27 expanded by 27% year-on-year to Rs. 23.8 crore, up from Rs. 18.7 crore in Q2 FY26, supported by operating leverage and higher realizations from its manufacturing and franchise segments.
Profit before tax for the quarter reached Rs. 31.4 crore, representing a 22% expansion over the Rs. 25.7 crore reported in the same quarter last year, reflecting disciplined expense management alongside top-line growth.
Profitability margins showed meaningful improvement during the quarter, with PBT margin advancing by 110 basis points year-on-year to 14.6% and PAT margin rising by 130 basis points to 11.1%.
Revenue generated from the company's own facilities grew 14% year-on-year to Rs. 167.3 crore in Q2 FY27, backed by a 5% increase in physical sales volume to 32,800 metric tonnes alongside higher prevailing steel selling prices.
Royalty income climbed 7% year-on-year to Rs. 47.7 crore during the quarter, propelled by a 13% expansion in franchise volumes to 9.7 lakh MT, sustaining the capital-light revenue channel that bolsters overall return ratios.
Management noted that the operational efficiency of the franchise model and cost control measures continue to maintain a debt-free balance sheet capable of supporting consistent capital allocation.
01 · Business model
What does Kamdhenu do?
Kamdhenu Limited operates as a prominent manufacturer and seller of branded TMT bars within the Indian retail steel segment, leveraging a structured asset-light, franchise-led operational model.
The company's revenue streams combine direct operations from its own manufacturing facilities with a royalty income model generated through franchise arrangements across various regional production units.
Kamdhenu reaches its end customers through a widespread distribution network comprising over 500 distributors and more than 12,500 dealers throughout India.
Beyond standard TMT re-bars, the product portfolio incorporates specialized offerings such as Kamdhenu PAS 10000 steel engineered for seismic zones and Kamdhenu Nxt earthquake-resistant interlock steel.
02 · Historical context
What shaped the business before this quarter
Founded in 1994, Kamdhenu transitioned into an asset-light, franchise-led business model to scale its branded retail steel footprint across India with greater operational transparency.
By FY26, the company had established a brand sales turnover of approximately Rs. 23,000 crores through its extensive dealer and distributor network.
In June of FY27, the company commissioned a 5 MWp captive solar power plant in Rajasthan to supply energy-efficient power to its production facilities and lower long-term operating costs.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter Ended 30.09.2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹214.97 Cr | ₹191.14 Cr | ₹213.35 Cr |
| Total income | ₹220.16 Cr | ₹194.90 Cr | ₹230.74 Cr |
| Profit before tax | ₹31.39 Cr | ₹25.75 Cr | ₹36.43 Cr |
| Profit after tax | ₹23.80 Cr | ₹18.70 Cr | ₹28.69 Cr |
| EPS | ₹0.84 | ₹0.67 | ₹1.02 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 11.1% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 14.6% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹5.18 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Royalty income increased 7% year-on-year to Rs. 47.7 crore during Q2 FY27, driven by a 13% increase in franchise sales volume to 9.7 lakh MT.
For the half year ended September 30, 2026, revenue from operations grew 11% year-on-year to Rs. 428.3 crore, with franchise volumes reaching 20 lakh MT and lifting brand sales turnover by 16% to over Rs. 12,700 crore.
What drove margins
PBT margin for Q2 FY27 expanded by 110 basis points year-on-year to 14.6%, reflecting favorable operating leverage from the franchise model and improved realizations.
PAT margin improved by 130 basis points year-on-year to 11.1% in Q2 FY27, while H1 FY27 PAT margin expanded by 190 basis points to 12.3%.
The commissioning of a 5 MWp captive solar power plant in Rajasthan in June is expected to generate recurring annual energy cost savings for production plants.
05 · Demand, customers & order book
Where demand is coming from
The company operates through a committed network of over 12,500 dealers and more than 500 distributors pan-India.
Franchisee volumes of 20 lakh MT in H1 FY27 drove total brand sales turnover up by 16% year-on-year to exceed Rs. 12,700 crore.
06 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
The company commissioned a 5 MWp captive solar power plant in Rajasthan during June to serve its production units with energy-efficient solutions.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Production and sales volume from own facilities reached 32,800 metric tonnes in Q2 FY27, marking a 5% increase over 31,200 metric tonnes in Q2 FY26.
Franchisee production volumes expanded by 13% year-on-year to 9.7 lakh MT for Q2 FY27 and by 11% to 20.0 lakh MT for H1 FY27.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Management continues to prioritize the capital-light franchise model, allowing the addition of new partners and royalty expansion without heavy capital expenditure.
09 · Reported developments
What changed operationally
H1 FY27 Profit After Tax rose 31% year-on-year to a record Rs. 52.5 crore, accompanied by a 190 basis point expansion in PAT margin to 12.3%.
Increased emphasis on quality standards continues to accelerate a structural transition from unbranded to branded TMT bars, favoring established market leaders.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Management highlighted that the company maintains a debt-free balance sheet supported by disciplined spending and prudent capital allocation.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Brand Recognitions
Kamdhenu was recently conferred with Most Trusted Brand – Infrastructure & Building Materials at the India 2030 Leadership Conclave 2025-2026.
12 · Key Q&A
The quarter, answered directly
What does Kamdhenu do?
Kamdhenu Limited operates as a prominent manufacturer and seller of branded TMT bars within the Indian retail steel segment, leveraging a structured asset-light, franchise-led operational model.
What is the clearest takeaway from Quarter Ended 30.09.2026?
Kamdhenu Limited posted a consolidated revenue from operations of Rs. 215.0 crore for the quarter ended September 30, 2026, marking a 12% increase compared to Rs. 191.1 crore recorded in the corresponding period of the previous fiscal year.
What drove revenue or demand?
Royalty income increased 7% year-on-year to Rs. 47.7 crore during Q2 FY27, driven by a 13% increase in franchise sales volume to 9.7 lakh MT.
What mattered most for margins or profitability?
PBT margin for Q2 FY27 expanded by 110 basis points year-on-year to 14.6%, reflecting favorable operating leverage from the franchise model and improved realizations.
What changed operationally beyond the headline numbers?
Production and sales volume from own facilities reached 32,800 metric tonnes in Q2 FY27, marking a 5% increase over 31,200 metric tonnes in Q2 FY26.
What should the next disclosure help confirm?
Monitor post-monsoon construction activity and public infrastructure spending trends in H2 FY27 to assess demand continuity for TMT bars and structural steel.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
H2 Construction Demand: Monitor post-monsoon construction activity and public infrastructure spending trends in H2 FY27 to assess demand continuity for TMT bars and structural steel.
- 02
Solar Cost Savings Realisation: Track the impact of the newly operational 5 MWp Rajasthan solar plant on power and fuel cost efficiencies in subsequent quarters.
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