Kamdhenu Ltd Q1 FY27 Results

Kamdhenu's standalone Q1 FY27 (quarter ended 30 June 2026) results show revenue from operations of ₹213.35 Cr, up 8.98% YoY (+2.75% QoQ), tracking the 10.1% rise in sales volume to 11.32 lakh MT the company had already flagged on 13 July 2026 — broadly in line with management's guided high-single-digit steel-consumption growth. Reported PBT of ₹36.43 Cr (+27.4% YoY) and PAT of ₹28.69 Cr (+33.9% YoY) were flagged by the company itself as the "highest ever" quarterly PBT/PAT. However, ₹15.91 Cr of the ₹17.39 Cr other income this quarter was an unrealized/realized fair-value gain on investments (Note 4) — against just ₹6.99 Cr of such gains in the year-ago quarter. Stripping this out, adjusted PBT is down roughly 5% YoY and adjusted PAT is essentially flat (~-0.15% YoY) — the reported profit growth is almost entirely a treasury/investment-gain effect, not an operating one.

Core profitability actually weakened on that basis: operating margin (EBITDA/revenue) fell to 9.88% from 10.89% a year ago and from 16.56% in the March 2026 quarter, as cost of materials consumed rose to 69.1% of revenue from 66.3% YoY, alongside higher employee costs (₹15.73 Cr vs ₹13.02 Cr) and other expenses (₹34.51 Cr vs ₹29.44 Cr). Reported net margin instead rose to 12.43% from 10.48% YoY purely because of the investment gains sitting in other income. The QoQ PAT jump of 64.6% is a similar artifact — Q4 FY26 carried an ₹11.38 Cr investment fair-value LOSS against this quarter's ₹15.91 Cr gain, a roughly ₹27 Cr swing unrelated to the steel business.

The stock went into the print at ₹29.76, up 23.3% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records.

There is no visible analyst/street coverage or consensus estimate for this small-cap print, so the result cannot be benchmarked against street expectations (unknown). Against management's own May 2026 guidance — sustained high-single-digit steel consumption growth, ~10% volume growth and 10-15% royalty rate hikes — only the volume/revenue trajectory is verifiable from this filing and was met; royalty income isn't broken out separately in this statement and the claimed 100% capacity utilization isn't disclosed here either. The quarter's other developments — CARE Ratings' upgrade of Kamdhenu to CARE A+/Stable from CARE A on 26 June 2026, and the commissioning of a 5 MW captive solar plant in Rajasthan targeting ₹4-5 Cr in annual power savings (management pegs the EBITDA benefit at 20-30 bps) — are incremental positives for the cost structure in coming quarters but don't show up in this quarter's compressed operating margin. Management's press-release framing ("achieved the highest ever PBT and PAT") should be read against the fact that the increase is fully explained by non-operating investment gains rather than core steel-business performance.