Kamdhenu Ventures Ltd Q4 FY26 Results

Q4 FY26 was marked by a challenging external environment driven by elevated crude oil prices, geopolitical disruptions and USD appreciation. The industry witnessed sharp inflation across key raw materials, including solvents, binders, monomers, and other key derivatives, alongside higher fuel and labour costs. The shortage of certain raw materials further impacted production and profitability. For FY26, Revenue from Operations stood at Rs. 245 crore, reflecting a decline of 8% year-on-year. EBITDA stood at Rs. 9.5 crore, with EBITDA margins at 3.9%, representing a contraction of ~240 basis points compared to last year. In response, the Company aims to undertake calibrated and phased price increases of 5%–6%, planned over the next couple of quarters, while continuing to focus on product premiumization and value-added offerings. Reflecting on these efforts, the Company recorded its highest-ever ASP of Rs. 97 in Q4 FY26, supported by improvement in product mix realization. Furthermore, we have remained focused on deeper dealer engagement, operational efficiencies, and distribution stability during the quarter, which is expected to support recovery as market conditions improve. During the quarter, the Company raised ₹5.04 crore through preferential allotment of 2.96 crore convertible warrants to Kamdhenu Limited. Kamdhenu Limited converted 1.46 crore warrants into equity shares, bringing in an additional ₹7.47 crore. The shares were allotted on March 30, 2026. As of year-end, 1.50 crore warrants remained outstanding for conversion within the prescribed 18-month period, against which the Company has already received ₹2.55 crore. The enhanced liquidity is also expected to improve the Company’s ability to negotiate procurement volumes, optimize inventory planning, and reduce operational disruptions arising from raw material availability constraints. In addition, a portion of the proceeds is being utilized to accelerate market expansion initiatives, higher dealer penetration across key regions, and strengthen the Company’s distribution reach in high-growth markets. While the near-term environment continues to warrant caution, the Company remains confident in the long-term fundamentals of the sector. Management believes that the strategic actions undertaken during the year across pricing, product development, and capital allocation have positioned the business well to benefit from an eventual recovery going forward.