Kamdhenu share price today

Kamdhenu Ltd's share price was ₹37.32 at the close on 4 November 2026. It has been rising for 18 weeks. That is 17.3% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹19 and ₹41, and at that close it sat 83% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Kamdhenu Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 38 weeks in a row.

Over the last 11 years the share price moved +1,502% while the NIFTY 500 moved +257%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

One change stood out: highest quarterly revenue in 14 quarters.

1. Highest quarterly revenue in 14 quarters

   Revenue of ₹215 crore in the September 2026 quarter is the highest of the last 14 quarters.

For July to September 2026 (the quarter ended 30 September 2026), Kamdhenu reported revenue of ₹215 crore, up 12.6% from ₹191 crore a year earlier, and a profit of ₹24.0 crore, up 26.3% from ₹19.0 crore.

Kamdhenu results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 29 May 2026, about January to March 2026; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Kamdhenu closed at ₹37.32 on 4 November 2026, up 38.3% from ₹26.98 a year earlier (7 November 2025) and up 208.2% over five years. Its highest weekly close since February 2016 was ₹65.33 on 2 March 2024.

Kamdhenu share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

566 weekly closes from 26 February 2016 to 4 November 2026.

4 Nov 2026: Kamdhenu closed at ₹37.32, up 6.4% on the week and down 0.7% on the month. Results for July to September 2026: Revenue up 12.6% and profit up 26.3% on a year earlier.

Earlier

• 18 Sep 2026: ex-date for a dividend of ₹0.40 a share.
• Our read, 19 Jul 2026: Kamdhenu monetizes the Kamdhenu brand through a franchise royalty model: 100 units pay per-ton fees (₹435/MT in FY26) on 39 lakh MT of TMT volume, with own manufacturing flat at 1.25 lakh MT at full utilization. Royalty income of ₹175 Cr in FY26 (25% on a year earlier, 23% of revenue) drives superior return ratios, FY26 ROCE 26.8% and ROE 19.8% per concall disclosure.
• 29 May 2026: Kamdhenu held its results call for January to March 2026. Management guided: Royalty rate: Planning 10-15 percent annual increases going forward beyond FY26 baseline of ₹435 per MT.
• 8 Jan 2025: Share split: face value cut from ₹10 to ₹1 a share (ex-date).

Our read of the business

Kamdhenu monetizes the Kamdhenu brand through a franchise royalty model: 100 units pay per-ton fees (₹435/MT in FY26) on 39 lakh MT of TMT volume, with own manufacturing flat at 1.25 lakh MT at full utilization. Royalty income of ₹175 Cr in FY26 (25% on a year earlier, 23% of revenue) drives superior return ratios, FY26 ROCE 26.8% and ROE 19.8% per concall disclosure.

Latest quarter: FY26: royalty ₹175 Cr (+25%) drove profit ₹78 Cr (+29%) on flat manufacturing revenue.

Our read after the latest results, written 19 July 2026.

Kamdhenu paid ₹0.40 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 1.07% at the ₹37.32 close on 4 November 2026. The last was a dividend of ₹0.40 a share, ex-date 18 September 2026.

Kamdhenu dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Kamdhenu Ltd paid out 14% of its profit as dividends in FY26, and it paid a dividend in each of its last 12 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for January to March 2026, held on 29 May 2026, Kamdhenu's management guided: Royalty rate: Planning 10-15 percent annual increases going forward beyond FY26 baseline of ₹435 per MT.

“This royalty-led revenue model is, in our view, the defining financial characteristic of Kamdhenu's business, and we expect it to contribute an increasingly larger proportion of our overall earnings over the coming years.”Satish Agarwal, MD, on the call for January to March 2026

What management guided

• Volume growth: Expected to maintain approximately 10 percent annually in line with 2-3 year track record.
• Own manufacturing utilization: Expected to sustain 100 percent utilization on 1.25 lakh MT capacity in near-term.
• South region expansion: Planning new franchise additions in South region while prioritizing capacity expansion of existing units elsewhere.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for January to March 2026, 29 May 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

The per-ton royalty rate hike cadence breaks, either franchisees refuse the increases citing margin pressure from steel price deflation, or franchise volume growth stalls below 5%, removing the top-line leverage that makes higher per-ton rates acceptable to the network.

Each change stops working if

• : The per-ton royalty rate hike cadence breaks, either franchisees refuse the increases citing margin pressure from steel price deflation, or franchise volume growth stalls below 5%, removing the top-line leverage that makes higher per-ton rates acceptable to the network.
• : New franchise additions in South do not materialize within 2 quarters, or South volume share stays flat at 15%, suggesting the geographic penetration argument lacks execution traction.
• : Input-output price sync breaks, either during a rapid raw material spike that cannot be immediately passed through to retail, or if regional steel oversupply compresses realization while input costs remain elevated.

The main risks

• : Management stated two contradictory facts across consecutive concalls, capacity and M&A strategy, without proactive disclosure. ⚠ estimate
• : Promoter stake fell 9.71 percentage points from Dec 2023 to Mar 2026; FII peaked at 9.57% (Sep 2024) and has since retreated to 2.06% (Jun 2026) ⚠ estimate
• : Paint business subsidiary performance has been deteriorating, revenue down 14% in H1 FY25, profit down 50%, with competitive pressure from new entrants. ⚠ estimate

Our read after the latest results, written 19 July 2026.

When Kamdhenu reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Royalty realization per MT: Management planned 10-15 percent annual increase on ₹435 FY26 base; April to June 2026 should show movement toward ₹478-501 range if guidance on track, validating 25 percent plus royalty income yearly growth expectations.

Kamdhenu is on 4 of our India lists: Undervalued stocks, Momentum stocks, Penny stocks and Copper & metal stocks.

Kamdhenu Ltd earned ₹24.0 Cr of net profit in the Sep 2026 quarter, +26.3% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹78.0 Cr. Over 10 years profit has grown 25.6% a year on average. That is 11.2% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹19.0 Cr.

For the full year, FY26 profit was ₹78.0 Cr (+27.9% on the year before).

Why profit moved: revenue changed +12.6% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +34.9% and revenue +5.8%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY27-Q1. revenue ₹213 Cr and profit ₹29 Cr as reported.

FY27-Q2. revenue ₹215 Cr and profit ₹24 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Kamdhenu Ltd reported ₹215 Cr of revenue in the Sep 2026 quarter, +12.6% on the same quarter a year earlier. That is the 3rd quarter in a row with growth on the year before. Over 10 years it has grown −1.0% a year on average. The last full year, FY26, came in at ₹763 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. FY26 royalty income reached ₹175 Cr (+25% YoY from ₹139 Cr in FY25), driven by a dual lever: franchise volume grew to 37.9 lakh MT (+10%) AND royalty rate per MT was raised to ₹435 from ₹398 (+9.3%). Management has guided 10-15% annual rate increases going forward, aiming for a path toward ₹500/MT. At current volume and a ₹478-501/MT realized rate, royalty income in FY27 would reach ₹215-225 Cr, a 23-29% growth on FY26. This royalty line carries minimal incremental cost post the established dealer network infrastructure, making it the primary driver of PBT expansion.

The last four reported quarters add to ₹805 Cr.

FY26 revenue was ₹763 Cr, +2.1% on the year before.

Recent pace: the last four quarters grew +5.8% on average, against −1.0% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +5.9%, against +6.8% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +31.9%, against +24.2% a year (accelerating).

FY27-Q1. revenue ₹213 Cr and profit ₹29 Cr as reported.

FY27-Q2. revenue ₹215 Cr and profit ₹24 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Kamdhenu Ltd's operating margin was 13.0% in the Sep 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 12 years it has been between 3.1% and 13.0%. The latest quarter is within that range.

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

Why this happened. North and East together represent 66% of FY26 franchise volume (31% and 35% respectively), while South contributes only 15% despite national brand presence. Management indicated South will receive new franchise additions as the primary geographic expansion priority, while other regions grow through capacity expansion of existing units. New franchise additions in an established-brand region follow the asset-light model: Kamdhenu funds no capital, the franchisee bears the plant spending while paying a per-ton royalty from day one of production.

Why the margin moved: operating margin changed +0.9 percentage points on the year while gross margin changed −0.6 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

FY27-Q1. revenue ₹213 Cr and profit ₹29 Cr as reported.

FY27-Q2. revenue ₹215 Cr and profit ₹24 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Over the last 3 years, 125% of Kamdhenu Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹66.0 Cr of operating cash against ₹78.0 Cr of profit. After ₹24.0 Cr of spending on assets, ₹42.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 125% of profit came in as cash: the cash cycle got 71 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 1.8× depreciation over three years. The next section checks what that spending is building.

Kamdhenu Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 18 days in FY26, down from 89 days in FY21. It spent ₹29.0 Cr on assets over the last 3 years. Customers take 25 days to pay, and stock sits for 6 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹763 Cr, each day of that cycle ties up about ₹2.1 Cr, so roughly ₹38.0 Cr is tied up in the business at any time.

FY26: customers took 25 days to pay and stock sat for 6 days, about 0.2 months of sales sitting as stock, for a full cycle of 18 days, shorter than FY21's 89.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 6 days. Customers pay about 25 days after that. Suppliers are paid at 13 days. Together that makes the 18-day cycle.

Spending on assets: ₹29.0 Cr over the last 3 years, against ₹16.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹11.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Kamdhenu Ltd's P/E is 11.6×, in the middle of its own history: higher than 45% of past readings. Its usual P/E (the middle reading) is 12.2×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.