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Kamdhenu Limited (KAMDHENU) Fair Value & Analysis

Basic Materials · IN · Market cap ₹9.6B (≈ $102M) · ISIN INE390H01012

What is Kamdhenu Limited really worth?

KL Kamdhenu Limited KAMDHENU · BSE
Price₹39.05
Fair Value₹24.00
Upside−38.5%
Quality56/100

A solid business, but trading 63% above our fair value of ₹24.00.

As of Aug 21, 2026, the fair value of Kamdhenu Limited is ₹24.00 per share against a price of ₹39.05, so the fair value sits 39% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Solidly profitable · 11.0% net margin
Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +4.1 %/yr)
!Moderate moat 63/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range ₹20.58 – ₹39.44

Fair value as of: Aug 21, 2026

From 22 valuation models · updated 16 days ago

Share price +12.7% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (₹20.58 to ₹39.44) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

₹63.77 ₹7.39 Fair Value ₹24.00 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range ₹7.39 – ₹63.77 · fair‑value band ₹20.58 – ₹39.44 · the ₹39.05 price screens above the ₹24.00 fair value. Dashed = 300-day average. As of Aug 21, 2026.

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Analysis

Kamdhenu Limited (KAMDHENU) currently trades at ₹39.05, while our model-based Fair Value estimate is ₹24.00, implying the stock looks roughly 62.7% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Basic Materials sector. Bull case: the Multiples group reads highest at a median of ₹41.61 per share, and 6 of the 22 models we run sit above the ₹39.05 price. Bear case: the Asset-Based group reads lowest at ₹9.42, and 16 of the 22 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Kamdhenu Limited generated revenue of ₹7.8B at a net margin of 11.0%. Revenue grew 9.0% year over year. It earns a return on equity of 22.0%. Net debt stands at ₹753M. Fundamentals as of Aug 21, 2026

Our scenario range runs from ₹20.58 (bear case) to ₹39.44 (bull case); at ₹39.05, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 130% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −23% fair-value upside, at −39%, KAMDHENU screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹1.30 per share, which is 4.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence ₹18.96 ₹25.42 ₹37.17 81
Growth DCF ₹19.71 ₹25.94 ₹36.39 79
Owner Earnings ₹24.97 ₹33.60 ₹49.27 77
All 22 models by family
DCF Models
FCF DCF best evidence ₹18.96 ₹25.42 ₹37.17 81
Owner Earnings ₹24.97 ₹33.60 ₹49.27 77
5Y Revenue Exit ₹23.86 ₹35.74 ₹53.12 72
5Y EBITDA Exit ₹21.98 ₹32.50 ₹46.50 75
5Y P/E Exit ₹26.42 ₹40.17 ₹56.63 71
10Y Revenue Exit ₹21.02 ₹29.72 ₹39.26 67
10Y EBITDA Exit ₹20.62 ₹27.74 ₹35.41 69
10Y P/E Exit ₹23.26 ₹32.42 ₹41.30 65
Earnings-Based
Graham-Dodd ₹18.90 ₹24.19 ₹27.58 67
EPV ₹28.56 ₹32.91 ₹36.67 74
Multiples
P/E Multiple ₹35.44 ₹47.25 ₹59.07 63
P/S Multiple ₹30.47 ₹40.62 ₹50.78 58
P/B Multiple ₹31.64 ₹42.18 ₹52.73 55
EV/EBIT ₹36.37 ₹48.17 ₹59.96 66
EV/EBITDA ₹27.81 ₹36.76 ₹45.70 67
EV/Revenue ₹29.42 ₹41.61 ₹53.80 54
Asset-Based
NCAV (Graham) ₹7.03 ₹9.42 ₹14.06 54
Growth DCF
Growth DCF ₹19.71 ₹25.94 ₹36.39 79
Rev-Margin DCF ₹23.86 ₹36.17 ₹51.19 72
Economic Profit
Residual Income ₹17.45 ₹23.07 ₹83.28 64
ROIC Compounder ₹28.62 ₹34.02 ₹39.43 72
Growth Earnings
Growth-Adj P/E ₹25.25 ₹36.07 ₹46.89 67

Widest divergence: Multiples (₹41.61) versus Asset-Based (₹9.42). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 13.1
P/S ratio 1.34 P/E × margin
EPS (TTM) ₹2.98 price ÷ EPS = P/E 13.1
Dividend yield 0.7% payout 9.6%
Net margin 10.3% FY2026
Return on equity 22.0% TTM
More key figures
Profitability
Return on assets (EBIT) 19.3% avg 5y
Operating margin 9.0% TTM
Growth
Revenue (TTM) ₹7.8B TTM
Revenue growth (YoY) +9.0% 3y avg +1.4%
EPS growth (YoY) +34.2%
Balance sheet & cash flow
Free cash flow ₹545M FY2026
Net debt ₹753M FY2022 · ≈ 1.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 58 · Market factors (momentum, volatility) 70

Profitability 83
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 45
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 29
Calm price path (market factor)
Momentum 87
Price trend over the last 3–12 months (market factor)
52W Momentum 87
Distance to the 52-week high (market factor)
Net Issuance 32
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Kamdhenu Limited engages in the manufacture, marketing, and distribution of thermo mechanical treatment (TMT) bars, structural steel, and allied products under the Kamdhenu brand name in India.

Full company description

Kamdhenu Limited engages in the manufacture, marketing, and distribution of thermo mechanical treatment (TMT) bars, structural steel, and allied products under the Kamdhenu brand name in India. It offers steel and TMT rebars, color coated profile sheets, and galvanized corrugated sheets; MS pipes; structural steel products, such as angles, channels, beams, flats, rounds, and squares; and pre-engineered buildings, roofing systems, air ventilators, deck systems, and crimp curves, as well as accessories. The company also offers arch/curved profiles, SDF screws, and fiber sheets. It offers its products through a network of dealers and distributors. The company was formerly known as Kamdhenu Ispat Limited and changed its name to Kamdhenu Limited in January 2016. Kamdhenu Limited was incorporated in 1994 and is based in Gurgaon, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Kamdhenu Limited reported revenue of ₹7.6B in FY2026 versus ₹6.0B in FY2022, a compound +6.2%/yr. Reported net income was ₹784M in FY2026, compounding +30.8%/yr from FY2022.

Growth Quality 72/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹7.6B
Latest YoY
+2.1%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.4%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.1%
Avg. revenue growth/yr (10Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.0%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−12.4% · in INR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−13.1%
Dividend yield0.7%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y −13.1% vs 10Y −2.2%, flattening
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5.0% (2021) → 12.4% (2026) · rising
Worst earnings drop92% (2020) · in INR
⚠ Revenue per share shrinking 33.4%/yr over ~7Y (margins intact) Structural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Revenue +6.2%/yr
FY22 ₹6.0B
FY23 ₹7.3B
FY24 ₹7.2B
FY25 ₹7.5B
FY26 ₹7.6B
Net income +30.8%/yr
FY22 ₹268M
FY23 ₹410M
FY24 ₹501M
FY25 ₹609M
FY26 ₹784M

KAMDHENU screens 63% overvalued. Compare with Nucor Corporation →

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Cite: Fair Value Calculator (2026). "Kamdhenu Limited Fair Value". https://www.fairvalue-calculator.com/stock/KAMDHENU.BSE

Peer Group

Steel · 399 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 56 · Above median
Fair Value upside −39% · Below median
Return on equity (TTM) 22% · Top 25%
Return on assets 15% · Top 25%
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 9% · Above median
Revenue growth 9% · Above median
Dividend yield (TTM) 0.7% · Below median

Valuation Multiples vs Steel median · lower = cheaper

P/E (TTM) 13.1× · Cheaper than median
P/B 2.43× · Pricier than 75% of peers
P/S (TTM) 1.23× · Pricier than median
P/FCF 0.2× · Cheaper than median
EV/EBITDA 9.3× · Pricier than median

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Steel stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
Nucor Corporation NUE $250.50 $116.05 −54%
ArcelorMittal S.A MT €64.60 €46.04 −29%
JSW Steel Limited JSWSTEEL ₹1,296 ₹1,119 −14%
Steel Dynamics, Inc STLD $234.67 $127.14 −46%
500228 500228 ₹1,292 ₹1,079 −16%
Tata Steel Limited TATASTEEL ₹188.79 ₹145.39 −23%
Reliance, Inc RS $387.59 $217.81 −44%
Baoshan Iron & Steel Co 600019 ¥5.91 ¥8.07 +37%
POSCO Holdings PKX $63.13 $85.21 +35%
Jindal Steel & Power Limited JINDALSTEL ₹1,114 ₹429.44 −61%

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Frequently asked questions

Is Kamdhenu Limited (KAMDHENU) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of ₹24.00 versus a price of ₹39.05, about −39% upside (overvalued).
What is the fair value of KAMDHENU?
Our model-based fair value for Kamdhenu Limited is ₹24.00 (as of Aug 21, 2026), built from audited fundamentals. The current price: ₹39.05.
What is the quality score of KAMDHENU?
Kamdhenu Limited has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Kamdhenu Limited (KAMDHENU)?
Our model-based price target is the fair value of ₹24.00 (as of Aug 21, 2026) from 22 valuation models. Cautious scenario ₹20.58, optimistic scenario ₹39.44. It is a calculation from audited fundamentals, not an analyst target.
What is the Kamdhenu Limited stock forecast for 2026?
Our models put fair value at ₹24.00, about −39% upside versus a price of ₹39.05 (overvalued). Cautious scenario ₹20.58, optimistic scenario ₹39.44. The calculation is refreshed regularly with new filings.
What is the revenue of Kamdhenu Limited (KAMDHENU)?
Kamdhenu Limited reported trailing-twelve-month revenue of about ₹7.8B (latest available figure, as of Aug 21, 2026).
What is the net profit margin of KAMDHENU?
The net profit margin of Kamdhenu Limited is about 11.0%, meaning it keeps roughly 11.0% of revenue as net income. Based on the latest reported figures.
Does Kamdhenu Limited pay a dividend?
Kamdhenu Limited currently shows a dividend yield of about 0.73% relative to its recent price (as of Aug 21, 2026).
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