Kamdhenu Limited (KAMDHENU) AI Stock Analysis

• Market Cap: ₹6.35B
• Dividend Yield: 1.07%
• Average Volume (3M): 80.50K
• Price to Earnings (P/E): 8.5
• Beta (1Y): 1.50
• Revenue Growth: 7.64%
• EPS Growth: 15.01%
• Country: IN
• Employees: 549
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 0.74
• Shares Outstanding: 281,883,000
• 10 Day Avg. Volume: 65,861
• 30 Day Avg. Volume: 80,501
• PEG Ratio: 0.72
• Price to Book (P/B): 2.61
• Price to Sales (P/S): 1.11
• P/FCF Ratio: 14.87
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: ₹26.00 ▲(2.56% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is driven primarily by strong financial performance (growth, profitability, low leverage, and healthy cash generation) and supported by an attractive low P/E with a modest dividend yield. Technical signals are weaker/mixed due to the stock trading below longer-term moving averages and negative MACD, which tempers the overall rating.

Positive Factors

Strong cash generation

Consistent positive operating cash flow and strong free-cash-flow growth provide durable internal funding for maintenance capex, working capital and shareholder returns. Reliable cash conversion reduces need for external financing and supports strategic investments through cycles.

Conservative balance sheet and low leverage

A low debt-to-equity profile and high equity ratio lower financial risk and increase flexibility for capex, acquisitions or downturns. Strong ROE indicates efficient capital use, supporting sustainable returns without heavy borrowing.

Branded, dual-segment business (steel + paints)

A recognized brand across steel and paints gives distribution and pricing advantages. Diversified revenue across construction steel and decorative paints smooths seasonal/project volatility and enables cross-selling and channel leverage over the medium term.

Negative Factors

Cyclical demand exposure

Revenue and volumes are structurally tied to construction and infrastructure cycles; prolonged slowdowns in real estate or capex can materially reduce steel and paints demand, pressuring utilization and long-term growth visibility.

Input-price sensitivity (steel commodities)

Margins depend on volatile raw material prices and product mix. Without transparent hedging or integrated upstream capacity, cost shocks can compress gross margins and force price competition, making profitability more variable over time.

Modest top-line growth pace

Reported revenue growth ~3.8% indicates a modest organic expansion rate. Sustained low top-line growth limits operating leverage and increases reliance on margin gains or cost efficiencies to lift earnings over the medium term.

Kamdhenu Limited Business Overview & Revenue Model

Company Description

Kamdhenu Limited manufactures, distributes, and markets steel, and paint and allied products under the Kamdhenu brand name in India. It operates through two segments, Steel and Paints. The company offers thermo mechanical treatment bars and rebars; MS pipes and tubes; structural steel, such as angles, channels, beams, flats, rounds, and squares; and pre-engineered buildings, roofing systems, air ventilators, deck systems, and crimp curves, as well as accessories. It also provides paint products comprising exterior and interior emulsions, acrylic washable distemper, premium enamel paint, wood coating products, water proofing solutions, roof coating solutions, textures, stains, colorants, water based primers, wood finishes, aluminum paints, and textured and designer paints. In addition, the company offers arch/curved profiles, SDF screws, and fiber sheets. It offers its products through a network of dealers and distributors. The company was formerly known as Kamdhenu Ispat Limited and changed its name to Kamdhenu Limited in January 2016. Kamdhenu Limited was incorporated in 1994 and is based in Gurugram, India.

How the Company Makes Money

Kamdhenu generates revenue primarily through the sale of construction materials, including TMT bars and cement. The company operates through a network of franchisees and distributors, enabling it to reach a wide customer base across India. Key revenue streams include direct sales to construction companies, retail sales through distributors, and exports. Additionally, Kamdhenu has established significant partnerships with various suppliers and contractors, enhancing its market presence and operational efficiencies. The company also benefits from rising demand in the construction sector, driven by ongoing infrastructure projects and urbanization trends in India.

Kamdhenu Limited Financial Statement Overview

Summary

Strong overall fundamentals: income statement shows consistent revenue growth and robust profitability margins; balance sheet is stable with low leverage and strong ROE; cash flows are healthy with positive operating cash flow and strong free-cash-flow generation.

Income Statement

Kamdhenu Limited has demonstrated consistent revenue growth over the years, with a notable increase from 2024 to 2025. The company maintains strong profitability margins, as evidenced by a rising gross profit margin and a healthy net profit margin. EBIT and EBITDA margins are also robust, indicating effective cost management and operational efficiency. Overall, the income statement reflects a positive growth trajectory and strong profitability.

Balance Sheet

The balance sheet of Kamdhenu Limited shows a stable financial position with a strong equity base. The debt-to-equity ratio is low, indicating minimal leverage and reduced financial risk. Return on equity is strong, reflecting efficient use of shareholder funds. The equity ratio is high, highlighting a solid asset base funded by equity. The company's financial stability is balanced by its ability to maintain low debt levels.

Cash Flow

Kamdhenu Limited has demonstrated strong cash flow management, with positive operating cash flow across the years. The free cash flow growth rate is impressive, indicating effective capital expenditure management. The operating cash flow to net income ratio demonstrates a strong cash conversion capability, while the free cash flow to net income ratio underscores the company's ability to generate cash from operations. Overall, the cash flow statement reflects healthy cash generation and prudent financial management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	7.60B	7.47B	7.25B	7.32B	6.00B	6.25B
Gross Profit	2.42B	2.25B	1.24B	1.06B	1.54B	1.94B
EBITDA	994.80M	858.72M	724.08M	615.67M	622.47M	429.06M
Net Income	696.60M	608.67M	501.33M	410.24M	267.55M	150.76M
Balance Sheet
Total Assets	4.26B	3.68B	2.84B	2.09B	4.42B	4.31B
Cash, Cash Equivalents and Short-Term Investments	2.48B	2.06B	1.33B	215.88M	235.40M	101.15M
Total Debt	5.68M	12.34M	27.02M	37.44M	936.98M	1.00B
Total Liabilities	618.81M	520.79M	466.78M	418.23M	2.24B	2.36B
Stockholders Equity	3.64B	3.16B	2.37B	1.67B	2.18B	1.95B
Cash Flow
Free Cash Flow	125.70M	555.97M	992.16M	614.00M	234.56M	404.63M
Operating Cash Flow	140.66M	688.68M	1.02B	667.58M	436.52M	502.00M
Investing Cash Flow	-436.53M	-878.74M	-923.50M	-40.30M	-140.31M	-95.61M
Financing Cash Flow	107.76M	140.34M	184.50M	-545.21M	-199.85M	-409.36M

Kamdhenu Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 25.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KAMDHENU, the sentiment is Neutral. The current price of 25.35 is above the 20-day moving average (MA) of 22.08, above the 50-day MA of 22.54, and below the 200-day MA of 27.07, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.12 is Neutral, neither overbought nor oversold. The STOCH value of 59.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:KAMDHENU.

Kamdhenu Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KAMDHENU	76 Outperform	₹6.35B	8.45	―	1.07%	7.64%	15.01%
NELCAST	68 Neutral	₹10.47B	14.22	―	0.48%	0.43%	-23.95%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MANAKCOAT	58 Neutral	₹12.21B	47.42	―	0.04%	18.99%	96.30%
TNPL	58 Neutral	₹9.51B	36.69	―	2.08%	4.65%	-127.24%
SAURASHCEM	55 Neutral	₹6.89B	-22.13	―	2.39%	2.37%	55.27%
STEELXIND	54 Neutral	₹10.00B	131.21	―	―	5.31%	30.14%

Kamdhenu Limited Corporate Events

Kamdhenu Shareholders Approve Changes to Preferential Issue Fund Allocation via Postal Ballot

Kamdhenu Limited has conducted a postal ballot through remote e-voting to seek shareholders’ approval for modifying the fund allocation of preferential issue proceeds and extending the timeline for utilization of these funds. The voting process, carried out electronically between November 25 and December 24, 2025, was overseen by an independent scrutinizer and resulted in the proposed resolution being passed with the requisite majority, underscoring shareholder support for the company’s revised capital deployment plans and providing greater flexibility in the use and timing of its preferential issue funds.

Kamdhenu Shareholders Clear Changes in Preferential Issue Fund Use via Postal Ballot

Kamdhenu Limited has disclosed the results of a recent postal ballot, conducted entirely through electronic voting, in which shareholders approved modifications to the allocation of funds raised via a preferential issue and granted an extension of the timeline for utilization of those proceeds. The company has filed the scrutinizer’s report and detailed voting results with both NSE and BSE, and made these documents available on its and the e-voting agency’s websites, underscoring regulatory compliance and signaling to investors that it is formally realigning previously raised capital with revised funding requirements and project timelines.