Kamdhenu Limited reported a Profit After Tax of ₹78.35 crore for FY 2025-26, up 28.73% from ₹60.87 crore in FY 2024-25, as royalty income and franchise volumes drove profitability despite softer steel realisations.

Financial Performance at a Glance

Revenue from operations rose to ₹763.39 crore in FY 2025-26 from ₹747.49 crore in FY 2024-25, a year-on-year increase of approximately 2%. Profit Before Tax grew 31.25% to ₹10,552.29 Lakhs (₹105.52 crore) from ₹8,040.09 Lakhs (₹80.40 crore) in the prior year. Total income for FY 2025-26 stood at ₹77,469.59 Lakhs, up 2.21% over ₹75,794.51 Lakhs in FY 2024-25.

Royalty and Franchise Business

Royalty income through franchisee sales reached ₹174.46 crore in FY 2025-26, up 25.4% from ₹139.07 crore in FY 2024-25. The contribution of royalty income to total revenue increased to 22.9% from 18.6% in the prior year. Franchisee volumes grew 10.3% to 37.9 Lakh MT, while total volumes sold rose 10% to 39.1 Lakh MT. Brand sales turnover reached approximately ₹23,000 crore.

Balance Sheet and Return Metrics

Kamdhenu maintained a near debt-free balance sheet, with the debt-equity ratio at 0.02 in FY 2025-26, attributable solely to lease liabilities under Ind AS. Net worth strengthened to ₹396.37 crore from ₹316.35 crore in FY 2024-25. Return on Capital Employed stood at 25.98% and Return on Equity at 21.99%.

Dividend and AGM

The Board of Directors recommended a final dividend of ₹0.40 per equity share (40% of face value of ₹1 per equity share) for FY 2025-26, the highest ever declared by the company, subject to shareholder approval at the 32nd Annual General Meeting scheduled for September 25, 2026. The total cash outflow on account of the dividend, if approved, would be ₹11.28 crore, representing a dividend payout of 14.39% of profits.

CSR and Workforce

During FY 2025-26, Kamdhenu was required to spend ₹130 Lakhs toward its CSR obligation. The company incurred CSR expenditure of ₹271.40 Lakhs on the Kamdhenu Skill Development Program — Ongoing Project II, resulting in an excess spend of ₹141.40 Lakhs over the prescribed obligation. As of March 31, 2026, the company had 618 permanent employees on its payroll.

Multi-Year Financial Trends

The following tables capture key multi-year performance trends reported in the annual report.

Revenue from Operations (₹ Crore)

PAT (₹ Crore)

Dividend Payout (%)

Kamdhenu has outlined plans for expansion in FY27, driven by a growing franchise network and rising royalty income, while maintaining its debt-free status.

Expansion strategy and growth drivers

The company's expansion plans for FY27 are supported by two key pillars: a growing franchise network and increasing royalty revenues. The franchise model has been a central element of Kamdhenu's business structure, enabling the company to scale operations without taking on debt.

Debt-free status

Kamdhenu continues to maintain a debt-free balance sheet, which positions it to pursue its FY27 expansion plans from a position of financial stability. The absence of debt obligations underscores the company's disciplined capital management approach.

Key highlights

• Plans for expansion targeting FY27
• Growth supported by an expanding franchise network
• Rising royalty income contributing to revenue
• Debt-free status maintained