Kamdhenu Q2 FY27: standalone PAT +27% YoY to ₹23.8 Cr as operating margin expands to 13.2%

Kamdhenu's Q2 FY27 standalone print: revenue ₹214.97 Cr (+12.5% YoY, +0.8% QoQ), PAT ₹23.80 Cr (+27.3% YoY, -17.0% QoQ), basic EPS ₹0.84 (vs ₹0.67 a year ago, ₹1.02 last quarter). YoY is the primary read here — both lines grew, with profit growth comfortably outpacing revenue, a sign of margin improvement rather than just volume.

The margin bridge explains the apparent QoQ softness. Operating margin (EBITDA excluding other income, as a % of revenue) expanded to 13.22% from 12.35% a year ago and from 9.88% last quarter — core operating profit grew roughly 20% YoY and ~35% QoQ to ₹28.41 Cr, genuine operational improvement. Net margin rose YoY to 10.81% from 9.59%, but fell from Q1's 12.43% purely because other income dropped to ₹5.18 Cr from ₹17.39 Cr: Q1's other income carried a ₹15.91 Cr investment fair-value gain versus just ₹2.23 Cr this quarter (Note 3). So the sequential PAT dip is a treasury mark-to-market swing, not a core-business slowdown.

The stock went into the print at ₹33.66, down 15.7% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

Current-investment/treasury book at ₹276.17 Cr (Mar-26 — ₹230.30 Cr) — the source of the other-income swings seen quarter to quarter

No consolidated financials prepared — sole subsidiary (Kamdhenu Jeevandhara Foundation) is a not-for-profit CSR vehicle deemed immaterial (Note 5)

No analyst previews or consensus estimates specific to this Q2 FY27 print turned up in search, so vsStreet is unknown. Against management's own May-2026 concall guidance — continued high-single-digit steel-consumption-led growth, 10-15% annual royalty-rate hikes with ~10% royalty volume growth, and full utilisation at own manufacturing — the 12.5% YoY revenue growth and expanding operating margin are broadly consistent with that trajectory, though the company reports only one segment (Note 4), so royalty income's specific contribution can't be isolated from this statement. No standalone press release or management commentary accompanied the filing beyond the routine SEBI outcome letter, so there is no additional management framing to reconcile against the numbers. The only other board items this quarter were procedural — an amended Risk Management Policy approved the same day, plus routine governance filings (BRSR submission, AGM notice, nil-physical-transfer disclosures) through the quarter — none bear on the P&L.