Kamdhenu Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Kamdhenu Ltd trades at ₹33.5, in a confirmed uptrend and 3 weeks into that stage. That is +25.7% against its own 200-day average. It sits at 100% of a 52-week range of ₹19 to ₹34. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 21 straight weeks.

Today the stock is in a confirmed uptrend — week 3 of stage 2, confirmed. At ₹33.5 it trades +25.7% versus its 200-day average and sits at 100% of its 52-week range (₹19–₹34).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +1,339% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 21 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 81st percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Kamdhenu Ltd trades at 33.5× P/E, at the pricey end of its own range (81st percentile). Its long-run median P/E is 23.7×, measured across 6.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 33.5× is at the pricey end of its own range (81st percentile), against a long-run median of 23.7× measured over 6.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +75.0% against a +11.5% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +29.5%/yr price move, ~+6.6%/yr came from earnings growth and ~+22.9 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Kamdhenu Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 5 quarters across 0 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

68.3/100 — rank 3 of 17 in Steel Products · 66% evidence confidence

Kamdhenu Ltd scores 68.3 out of 100 against the 17 companies it is compared with in Steel Products, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19.9 + 18.1 + 10.5 + 19.8 = 68.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Kamdhenu Ltd reported ₹253 Cr of revenue in the Mar 22 quarter, +13.7% year on year. That is the 4th straight quarter of year-on-year growth. Over 2 years it has compounded at −4.6% a year. The last full year, FY22, came in at ₹841 Cr. The last four reported quarters add to ₹841 Cr.

Kamdhenu Ltd reported ₹253 Cr of revenue in the Mar 22 quarter, +13.7% year on year. That is the 4th straight quarter of year-on-year growth. Over 2 years it has compounded at −4.6% a year. The last full year, FY22, came in at ₹841 Cr. The last four reported quarters add to ₹841 Cr.

FY22 revenue came in at ₹841 Cr (+34.6% on the year), capping 2 years at −4.6% compound. The latest quarter (Mar 22) printed ₹253 Cr, +13.7% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +42.6% growth against the decade's −4.6% — the current year is running faster than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 7.2% this quarter (−2.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Kamdhenu Ltd's operating margin is 7.2% in the Mar 22 quarter, −2.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 5.0% to 8.0%. The current quarter sits inside that band.

Kamdhenu Ltd's operating margin is 7.2% in the Mar 22 quarter, −2.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 5.0% to 8.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 7.2%, −2.0 pp against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 5.0%–8.0%.

🚨 Why the margin moved: operating margin went −2.0 pp year on year while gross margin went −2.0 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins slipped — did that reach the bottom line? Next: profit +37.3% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Kamdhenu Ltd earned ₹5.4 Cr of net profit in the Mar 22 quarter, +37.3% year on year. It is the 5th consecutive quarter of growth. Full-year FY22 profit was ₹26.0 Cr. The 2-year compound rate is 260.6%. That is 2.1% of the quarter's revenue. The same quarter a year earlier earned ₹3.9 Cr.

Kamdhenu Ltd earned ₹5.4 Cr of net profit in the Mar 22 quarter, +37.3% year on year. It is the 5th consecutive quarter of growth. Full-year FY22 profit was ₹26.0 Cr. The 2-year compound rate is 260.6%. That is 2.1% of the quarter's revenue. The same quarter a year earlier earned ₹3.9 Cr.

Mar 22 profit was ₹5.4 Cr, +37.3% year on year — the 5th consecutive quarter of growth. On the full year, FY22 printed ₹26.0 Cr (+73.3%), and the 2-year compound rate is 260.6%.

Why profit moved: revenue contributed +13.7% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +134.2% vs revenue +42.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 212% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 212% of Kamdhenu Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY22 that was ₹44.0 Cr of operating cash against ₹26.0 Cr of profit. After ₹11.0 Cr of capital spending, ₹33.0 Cr was left as free cash.

FY22: operating cash of ₹44.0 Cr against reported profit of ₹26.0 Cr, leaving free cash of ₹33.0 Cr after ₹11.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 212% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 212%: the cash cycle stretched 17 days between FY20 and FY22 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 78-day cycle and ₹25.0 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Kamdhenu Ltd's cash conversion cycle runs 78 days in FY22, up from 61 days in FY20. Capital spending ran ₹25.0 Cr over the last 2 years. At FY22 sales of ₹841 Cr each day of that cycle holds about ₹2.3 Cr, so roughly ₹180 Cr sits inside the business at any moment.

FY22: debtors at 86 days, inventory at 49 days — roughly 1.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 78 days, looser than FY20's 61.

The full loop: cash goes out to suppliers and production on day 0; stock waits 49 days to sell; customers pay about 86 days after that; and suppliers themselves are paid at 57 days — netting out to the 78-day cycle.

In money terms: at FY22 sales of ₹841 Cr, each day of the cycle holds about ₹2.3 Cr — so the 78-day loop keeps roughly ₹180 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹25.0 Cr over the last 2 fiscal years against ₹18.0 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹1.0 Cr (FY22) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 17% and the ROIC − WACC spread is +40.0 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Kamdhenu Ltd earns a ROCE of 17% in FY22. Return on invested capital clears the cost of that capital by +40.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 3.1% net margin on 1.90× asset turns.

FY22 ROCE is 17%.

Why the return is what it is — the wiring (FY22): 3.1% net margin × 1.90× asset turns × 2.03× balance-sheet leverage ≈ 12.0% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 52.0% − 12.0% = a +40.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.43.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Kamdhenu Ltd carries total debt of ₹9.0 Cr against shareholder equity of ₹396 Cr as of Mar 26, a debt-to-equity of 0.02 — effectively unlevered. On the annual view that ratio went from 0.43 in FY22 to 0.02 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹9.0 Cr against shareholder equity of ₹396 Cr — a debt-to-equity of 0.02. On the annual view, debt-to-equity went from 0.43 (FY22) to 0.02 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 8.0 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 8.0 points of Kamdhenu Ltd over 8 quarters, the biggest move on the register. That takes promoters to 49.0% of the company. Foreign institutions moved −4.1 points over the same window, to 2.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −8.0 points over 8 quarters to 49.0%; Foreign institutions: −4.1 points over 8 quarters to 2.1%; Domestic institutions: −0.1 points over 8 quarters to 0.0%.

🚨 Why the register moved: promoters drove it (−8.0 points), alongside foreign institutions (−4.1 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Kamdhenu Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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