# Kamdhenu share price today (Kamdhenu Ltd, NSE: KAMDHENU)

> Kamdhenu share price today: ₹37.69 at the NSE close on 3 November 2026, up 36.2% in a year. Kamdhenu (NSE: KAMDHENU) is worth ₹1,061 crore, trades at a P/E of 11.7 and has closed between ₹18.61 and ₹41.05 over the past 52 weeks. > Kamdhenu Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. KAMDHENU · Steel Products · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/kamdhenu-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹37.69 (+36.2% in a year)
- P/E: 11.7× (lower than 54% of the last 10 years)
- Revenue (Sep 2026): ₹215 Cr (+12.6% on a year ago)
- Profit (Sep 2026): ₹24.0 Cr (+26.3% on a year ago)
- Operating margin: 13.0% (+1.0 points on a year ago)
- ROCE: 30%, FY26
- ROIC: 53.4%, against a 12.0% cost of capital: +41.4 points

The main question: foreign institutions moved −7.9 percentage points over 8 quarters while the business went the other way. ## What is the Kamdhenu share price today? Kamdhenu Ltd's share price was ₹37.69 at the close on 3 November 2026. It has been rising for 18 weeks. That is 18.4% 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 85% of the way up from that low. 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 +1,518% 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. ## What changed at Kamdhenu this quarter? 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. ## What are Kamdhenu's latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹215 crore | ₹191 crore | +12.6% |
| Profit | ₹24.0 crore | ₹19.0 crore | +26.3% |
| Earnings per share | ₹0.84 | ₹0.66 | +27.3% |
| Operating margin | 13.0% | 12.0% | +1.0 points |

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.)

## What is the Kamdhenu share price history? Kamdhenu closed at ₹37.69 on 3 November 2026, up 36.2% from ₹27.67 a year earlier (31 October 2025) and up 211.2% over five years. Its highest weekly close since February 2016 was ₹65.33 on 2 March 2024. ### Kamdhenu share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹32.92 | +14.5% |
| 1 month ago · 1 Oct 2026 | ₹37.59 | +0.3% |
| 6 months ago · 30 Apr 2026 | ₹23.12 | +63.0% |
| 1 year ago · 31 Oct 2025 | ₹27.67 | +36.2% |
| 3 years ago · 3 Nov 2023 | ₹28.73 | +31.2% |
| 5 years ago · 4 Nov 2021 | ₹12.11 | +211.2% |
| 10 years ago · 4 Nov 2016 | ₹4.60 | +719.3% |
| Earliest and lowest weekly close in our records · 26 Feb 2016 | ₹2.33 | +1,517.6% |
| Highest weekly close since February 2016 · 2 Mar 2024 | ₹65.33 | −42.3% |
| 52-week high (weekly close) · 18 Sep 2026 | ₹41.05 | −8.2% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹18.61 | +102.5% |

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 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (566 weekly closes from 26 February 2016 to 3 November 2026.)

## What is the latest news on Kamdhenu? 3 Nov 2026: Kamdhenu closed at ₹37.69, up 14.5% on the week and up 0.3% 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.)

## What dividend does Kamdhenu pay? Kamdhenu paid ₹0.40 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 1.06% at the ₹37.69 close on 3 November 2026. The last was a dividend of ₹0.40 a share, ex-date 18 September 2026. ### Kamdhenu dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 18 Sep 2026 | ₹0.40 | Dividend | same day |
| 18 Sep 2025 | ₹0.25 | Dividend | same day |
| 31 Jul 2024 | ₹2 | Dividend | same day |
| 14 Aug 2023 | ₹1.50 | Dividend | 16 Aug 2023 |
| 25 Jul 2022 | ₹1 | Dividend | n/a |
| 8 Sep 2021 | ₹0.80 | Dividend | 10 Sep 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did Kamdhenu management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/4632-29-May-2026.pdf). (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.)

## What could change the Kamdhenu story? What are the risks? 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.)

## What to watch in Kamdhenu's next results? 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. - What to check (from the call)
- 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. - South region volume contribution acceleration: Currently 15 percent baseline; April to June 2026 should show if new franchise additions and penetration strategy materializing, tracking whether 15 percent share threshold is being exited. - Franchise capacity data release: Management indicated approximately 5 million MT total capacity with detailed breakdown to be released in April to June 2026; utilization rate against 39 lakh MT FY26 volumes will validate existing headroom narrative. - Brand premium maintenance: Track if ₹2,600 average premium per ton sustains or contracts; compression amid stable brand claims would signal rising competitive intensity not captured in current guidance. ## Which stock lists is Kamdhenu on? Kamdhenu is on 4 of our India lists: Undervalued stocks, Momentum stocks, Penny stocks and Copper & metal stocks. - [Undervalued stocks Profit growth x: 1.318840579710145](https://www.sectoralpha.in/markets/in/deep-value-stocks)
- [Momentum stocks Market cap cr: 1054.5054192812322](https://www.sectoralpha.in/momentum-stocks-india)
- [Penny stocks Earnings growth, 12 months (%): 29.32](https://www.sectoralpha.in/penny-stocks-india)
- [Copper & metal stocks Group on the list: Steel, stainless steel and ferro alloys](https://www.sectoralpha.in/copper-stocks-india)

## Is Kamdhenu profitable? 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. 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. ## How much revenue does Kamdhenu make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Kamdhenu keep? 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. 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. ## Is Kamdhenu's profit turning into cash? 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. 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. ## Where does Kamdhenu's cash go? 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. 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. ## What is Kamdhenu's P/E ratio, and how does it compare with its own history? Kamdhenu Ltd's P/E is 11.7×, in the middle of its own history: higher than 46% 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. 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. Why the multiple is where it is: over the past year earnings per share moved +26.9% while the price moved +36.2%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +25.5% a year; about +26.9% a year came from earnings growth and about −1.4 percentage points from the multiple (the market paying less); over 10 years the price moved +23.4% a year; about +24.2% a year came from earnings growth and about −0.8 percentage points from the multiple (roughly no change). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Kamdhenu share price assume? Worked out from its price on 27 August 2026, Kamdhenu Ltd's share price assumed profit growth of about 3.8% a year. Over the past 10 years its profit actually grew 25.6% a year. Today its P/E is 11.7×, lower than 54% of its own last 10 years. This is a one-day reading, taken on 27 August 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Kamdhenu business getting better or worse? Kamdhenu Ltd's business is growing steadily. Profit and EPS growth have stayed positive throughout, and ROCE is steady at 28.3%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Kamdhenu story, and has it been checked? Kamdhenu Ltd's story is not scored yet against the checks our research set on 19 July 2026. Where it sits in its own cycle: Not stated in the research file. Our read, 19 July 2026. What is proven. What is not proven yet. What would change our mind. What the company does. 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% YoY, 23% of revenue) drives superior return ratios, FY26 ROCE 26.8% and ROE 19.8% per concall disclosure. What the surface reading misses. At mid-cycle normalized margins (4.6%), normalized PAT falls to approximately ₹17 Cr vs trailing ₹26 Cr, a 35% reduction. What the surface reading misses. The promoter reduction of 9.71pp from Dec 2023 to Mar 2026 partially reflects warrant dilution (₹100 Cr raise in FY24) but the quantum is large and the pace is notable. Sources: our stock research file (19 July 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Kamdhenu management deliver what it promised? What Kamdhenu Ltd's management promised, against what actually happened: 2 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Capital Allocation Pivot · 29 May 2026. In the May 2025 call, management highlighted a strategic initiative to acquire stakes in select franchisee units to reshape their business model and expand in-house capacity. However, in the May 2026 call, this M&A strategy was completely abandoned without explanation, with management shifting focus to utilizing their treasury funds solely for organic steel business operations and rewarding shareholders. Unexplained Capacity Contradiction · 29 May 2026. During the May 2025 call, management stated their franchisee capacity was 52.5 lakh metric tons (5.25 million MT) and elsewhere committed to a 20% expansion over the year. However, in the May 2026 call, they stated the existing capacity was only around 5 million metric tons, indicating an undisclosed contraction rather than the promised growth. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Kamdhenu earn on its capital? Kamdhenu Ltd earned a ROCE of 30% in FY26. That is up from a low of 12% in FY17. Its return on capital used (ROIC) is 41.4 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 10.2% net margin and 1.70× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 10.2% net margin × 1.70× asset turnover × 1.14× leverage (assets divided by equity) ≈ 19.8% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 53.4% − 12.0% = +41.4 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 53.4% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 54.4%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Kamdhenu have too much debt? Kamdhenu Ltd has total debt of ₹9.0 Cr against shareholder equity of ₹435 Cr as of Sep 2026, so its debt is 0.02× its equity, which is very little. Year by year, that ratio went from 0.43 in FY22 to 0.02 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Kamdhenu shareholding pattern? Foreign institutions cut their stake in Kamdhenu Ltd by 7.9 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 1.6% of the company. Domestic institutions moved +1.9 points over the same period, to 2.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −7.9 points over 8 quarters, to 1.6%; Domestic institutions: +1.9 points over 8 quarters, to 2.1%; Promoters: −0.8 points over 8 quarters, to 49.0%. Why the owners changed: foreign institutions moved −7.9 points and domestic institutions +1.9 points over 8 quarters, while promoters moved −0.8 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Kamdhenu from balance-sheet trouble? For Kamdhenu Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Kamdhenu rank in its industry? 77.3 out of 100, rank 1 of 16 in Steel Products, with 100% of the evidence available. Kamdhenu Ltd scores 77.3 out of 100 against the 16 companies it is compared with in Steel Products, ranking 1. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 22.6 + 20 + 17.1 + 17.6 = 77.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Kamdhenu compared with? Kamdhenu ranks 1 of 16 Steel Products companies on the 4-Factor Sector Score, with 77.3 out of 100. 1. Kamdhenu Ltd this page KAMDHENU · turning · Most evidence points up · 100% evidence 77.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.6/35 · Revenue 5.9% · Profit 31.9% · Operating margin change 1 points · 100% evidence Capital efficiency 20.0/25 · ROCE 29.5% · Operating margin 13% · 100% evidence Valuation 17.1/20 · P/E 10.9× · PEG 0.47 · 100% evidence Relative strength 17.6/20 · Lead over its industry 27.7% · Lead over NIFTY 500 31% · 1 year 26.7% · 100% evidence · 11 of 12 weeks ahead Exact sum: 22.6 + 20 + 17.1 + 17.6 = 77.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Vardhman Special Steels Ltd](https://www.sectoralpha.in/stocks/vardhman-special-steels-ltd) VSSL · leader · Most evidence points up · 100% evidence 75.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.1/35 · Revenue 14.8% · Profit 67.7% · Operating margin change 2 points · 100% evidence Capital efficiency 14.8/25 · ROCE 15.3% · Operating margin 12% · 100% evidence Valuation 14.2/20 · P/E 19.7× · PEG 0.84 · 100% evidence Relative strength 17.0/20 · Lead over its industry 13.2% · Lead over NIFTY 500 16.9% · 1 year 14.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.1 + 14.8 + 14.2 + 17 = 75.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Shyam Metalics & Energy Ltd](https://www.sectoralpha.in/stocks/shyam-metalics-energy-ltd) SHYAMMETL · leader · Most evidence points up · 100% evidence 73.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.6/35 · Revenue 25.6% · Profit 41.7% · Operating margin change 2 points · 100% evidence Capital efficiency 17.4/25 · ROCE 13% · Operating margin 14% · 100% evidence Valuation 8.6/20 · P/E 24× · PEG 1.25 · 100% evidence Relative strength 18.7/20 · Lead over its industry 27.4% · Lead over NIFTY 500 31.7% · 1 year 32.5% · 100% evidence · 11 of 12 weeks ahead Exact sum: 28.6 + 17.4 + 8.6 + 18.7 = 73.3 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 4. [Kalyani Steels Ltd](https://www.sectoralpha.in/stocks/kalyani-steels-ltd) KSL · losing its lead · Evidence leans up · 100% evidence 60.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.6/35 · Revenue -1.1% · Profit 8.1% · Operating margin change 3 points · 100% evidence Capital efficiency 17.4/25 · ROCE 14.8% · Operating margin 22% · 100% evidence Valuation 11.6/20 · P/E 12.5× · PEG 1 · 100% evidence Relative strength 12.9/20 · Lead over its industry 3.7% · Lead over NIFTY 500 7.2% · 1 year -4.9% · 100% evidence · 6 of 12 weeks ahead Exact sum: 18.6 + 17.4 + 11.6 + 12.9 = 60.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [BMW Industries Ltd](https://www.sectoralpha.in/stocks/bmw-industries-ltd) turning · Evidence leans up · 83% evidence 57.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.9/35 · Revenue 5.9% · Profit 8% · Operating margin change -1 points · 83% evidence Capital efficiency 13.2/25 · ROCE 11.9% · Operating margin 20% · 95% evidence Valuation 12.9/20 · P/E 12.7× · PEG n/a · 50% evidence Relative strength 15.9/20 · Lead over its industry 7.5% · Lead over NIFTY 500 10.3% · 1 year 9% · 100% evidence · 1 of 12 weeks ahead Exact sum: 15.9 + 13.2 + 12.9 + 15.9 = 57.9 · What this means: Relative strength against the index is 10.3%, and revenue and profit growth are weak. 6. [Sunflag Iron & Steel Company Ltd](https://www.sectoralpha.in/stocks/sunflag-iron-steel-company-ltd) SUNFLAG · breaking out · Evidence leans up · 96% evidence 56.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.7/35 · Revenue 9% · Profit 4.6% · Operating margin change -1 points · 88% evidence Capital efficiency 9.6/25 · ROCE 4.1% · Operating margin 11% · 100% evidence Valuation 10.3/20 · P/E 33.2× · PEG 0.65 · 100% evidence Relative strength 19.6/20 · Lead over its industry 29% · Lead over NIFTY 500 32.1% · 1 year 46.3% · 100% evidence · 6 of 12 weeks ahead Exact sum: 16.7 + 9.6 + 10.3 + 19.6 = 56.2 · What this means: Relative strength against the index is 32.1%, and revenue and profit growth are weak. 7. [Panchmahal Steel Ltd](https://www.sectoralpha.in/stocks/panchmahal-steel-ltd) PANCHMAHQ · losing its lead · Evidence leans down · 78% evidence 49.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.9/35 · Revenue 10.6% · Profit 100% · Operating margin change 4.9 points · 100% evidence Capital efficiency 7.0/25 · ROCE 3.1% · Operating margin 8.3% · 100% evidence Valuation 3.9/20 · P/E 65.4× · PEG 7.04 · 65% evidence Relative strength 9.8/20 · Lead over its industry n/a · Lead over NIFTY 500 0.3% · 1 year -1.2% · 25% evidence · 2 of 5 weeks ahead Exact sum: 28.9 + 7 + 3.9 + 9.8 = 49.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Prakash Industries Ltd](https://www.sectoralpha.in/stocks/prakash-industries-ltd) PRAKASH · basing · Evidence leans down · 96% evidence 49.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.3/35 · Revenue -10.6% · Profit -12.1% · Operating margin change 1 points · 88% evidence Capital efficiency 12.1/25 · ROCE 9.6% · Operating margin 14% · 100% evidence Valuation 19.1/20 · P/E 6.4× · PEG 0.19 · 100% evidence Relative strength 6.0/20 · Lead over its industry -14.4% · Lead over NIFTY 500 -10.7% · 1 year -31.6% · 100% evidence · 1 of 12 weeks ahead Exact sum: 12.3 + 12.1 + 19.1 + 6 = 49.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 9. [Beekay Steel Industries Ltd](https://www.sectoralpha.in/stocks/beekay-steel-industries-ltd) BEEKAY · breaking out · Evidence leans down · 81% evidence 48.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.5/35 · Revenue 13.9% · Profit -51.1% · Operating margin change 5 points · 88% evidence Capital efficiency 7.7/25 · ROCE 4.2% · Operating margin 11% · 100% evidence Valuation 13.7/20 · P/E 18.1× · PEG 0.45 · 100% evidence Relative strength 11.1/20 · Lead over its industry n/a · Lead over NIFTY 500 5.8% · 1 year -11.5% · 25% evidence · 10 of 12 weeks ahead Exact sum: 15.5 + 7.7 + 13.7 + 11.1 = 48 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 10. [Jindal Steel Ltd](https://www.sectoralpha.in/stocks/jindal-steel-ltd) JINDALSTEL · losing its lead · Evidence leans down · 100% evidence 45.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.9/35 · Revenue 25.5% · Profit 2.4% · Operating margin change -3 points · 100% evidence Capital efficiency 13.3/25 · ROCE 9.7% · Operating margin 15% · 100% evidence Valuation 10.4/20 · P/E 33.6× · PEG 1.09 · 100% evidence Relative strength 8.0/20 · Lead over its industry -4.7% · Lead over NIFTY 500 -0.6% · 1 year -0.5% · 100% evidence · 3 of 12 weeks ahead Exact sum: 13.9 + 13.3 + 10.4 + 8 = 45.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Steel Exchange India Ltd](https://www.sectoralpha.in/stocks/steel-exchange-india-ltd) STEELXIND · quiet · Evidence leans down · 89% evidence 39.7 out of 100 Growth Capital Valuation Relative
12. [Gallantt Ispat Ltd.](https://www.sectoralpha.in/stocks/gallantt-ispat-ltd) GALLANTT · quiet · Evidence leans down · 100% evidence 37.9 out of 100 Growth Capital Valuation Relative
13. [Rhetan TMT Ltd](https://www.sectoralpha.in/stocks/rhetan-tmt-ltd) RHETAN · quiet · Most evidence points down · 89% evidence 34.5 out of 100 Growth Capital Valuation Relative
14. [Electrotherm (India) Ltd](https://www.sectoralpha.in/stocks/electrotherm-indialtd) ELECTHERM · quiet · Most evidence points down · 61% evidence 22.2 out of 100 Growth Capital Valuation Relative
15. [Salasar Techno Engineering Ltd](https://www.sectoralpha.in/stocks/salasar-techno-engineering-ltd) SALASAR · basing · Most evidence points down · 96% evidence 20.4 out of 100 Growth Capital Valuation Relative
16. [Banganga Paper Industries Ltd](https://www.sectoralpha.in/stocks/banganga-paper-industries-ltd) BANGANGA · Too little evidence to rank firmly · 29% evidence 52.5 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Steel Products](https://www.sectoralpha.in/sectors/steel-products), all 16 compared on one page. ## Which companies are close to Kamdhenu in size? Kamdhenu is the 11th largest of 16 Steel Products companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Steel Exchange India, BMW Industries and Rhetan TMT. Just below it: Beekay Steel Industries, Electrotherm (India) and Salasar Techno Engineering. ### Steel Products companies close in size

1. [Steel Exchange India Ltd](https://www.sectoralpha.in/stocks/steel-exchange-india-ltd) ₹1,221 crore
2. [BMW Industries Ltd](https://www.sectoralpha.in/stocks/bmw-industries-ltd) ₹1,079 crore
3. [Rhetan TMT Ltd](https://www.sectoralpha.in/stocks/rhetan-tmt-ltd) ₹1,068 crore
4. Kamdhenu Ltd ₹988 crore
5. [Beekay Steel Industries Ltd](https://www.sectoralpha.in/stocks/beekay-steel-industries-ltd) ₹791 crore
6. [Electrotherm (India) Ltd](https://www.sectoralpha.in/stocks/electrotherm-indialtd) ₹738 crore
7. [Salasar Techno Engineering Ltd](https://www.sectoralpha.in/stocks/salasar-techno-engineering-ltd) ₹685 crore

[All 16 Steel Products companies, largest first](https://www.sectoralpha.in/sectors/steel-products#all-companies)

### Companies close in size in other industries

1. [FlySBS Aviation Ltd](https://www.sectoralpha.in/stocks/flysbs-aviation-ltd) ₹989 crore · Transport - Airlines
2. [IRM Energy Ltd](https://www.sectoralpha.in/stocks/irm-energy-ltd) ₹988 crore · LPG Bottling
3. Kamdhenu Ltd ₹988 crore
4. [Gandhi Special Tubes Ltd](https://www.sectoralpha.in/stocks/gandhi-special-tubes-ltd) ₹986 crore · Steel - Tubes/Pipes
5. [Prime Securities Ltd](https://www.sectoralpha.in/stocks/prime-securities-ltd) ₹981 crore · Finance & Investments - Others

## What else do people ask about Kamdhenu? ### What is Kamdhenu's share price today? Kamdhenu Ltd's share price is ₹37.69, +36.2% over the past year. The whole company is worth ₹1,061 Cr on the market. In the last 52 weeks it traded between ₹19 to ₹41; today it is 85% of the way up from the low, 18.4% above its 200-day average (as of 3 November 2026). ### What were Kamdhenu's latest quarterly results? Kamdhenu Ltd reported revenue of ₹215 Cr and net profit of ₹24.0 Cr for the Sep 2026 quarter. Revenue rose 12.6% and profit rose 26.3% compared with a year earlier. Earnings per share were ₹0.84. The operating margin was 13.0%, 1.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Kamdhenu's market cap? Kamdhenu Ltd's market capitalisation is ₹1,061 Cr at a share price of ₹37.69. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Kamdhenu performing? Kamdhenu Ltd's share price has been rising for 18 weeks. In its latest quarter, revenue rose 12.6% and profit rose 26.3% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 38 weeks running (as of 3 November 2026). ### Will Kamdhenu's share price go up? This page does not forecast Kamdhenu Ltd's share price. What it shows instead: the share price is ₹37.69, and it has been rising for 18 weeks. Its P/E of 11.7× is higher than 46% of its own last 10 years (as of 3 November 2026). ### Who owns Kamdhenu? Promoters own 49.0% of Kamdhenu Ltd, foreign institutions 1.6%, domestic institutions 2.1% and the public 47.2% (latest quarter). The biggest change over the last two years: Foreign institutions cut their stake by 7.9 percentage points over 8 quarters (as of 3 November 2026). ### Does Kamdhenu have too much debt? No, Kamdhenu Ltd has little debt: its debt is 0.02× its equity, and its operating profit is more than 100 times its interest bill. FY26 borrowings were ₹9.0 Cr against equity of ₹396 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Kamdhenu in its business cycle? Kamdhenu Ltd's FY26 operating margin was 13.0%, against a 12-year range of 3.1% to 13.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 13.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Kamdhenu story? The main question: foreign institutions moved −7.9 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Kamdhenu a stock worth studying right now? What the numbers show: Kamdhenu Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Kamdhenu share price forecast for 2026? What management itself guided: Royalty rate: Planning 10-15 percent annual increases going forward beyond FY26 baseline of ₹435 per MT. What would change the story: 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. ## Lists

- Undervalued stocks: https://www.sectoralpha.in/markets/in/deep-value-stocks
- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Penny stocks: https://www.sectoralpha.in/penny-stocks-india
- Copper & metal stocks: https://www.sectoralpha.in/copper-stocks-india

This is research, not advice. We’re not SEBI-registered.