Industrials · Q2FY27 · Standalone

Kamdhenu's operating profit jumps, but lower other income cuts net profit

Standalone operating margin improved 3.34 percentage points sequentially, while other income fell 70.21% and remained 16.5% of pre-tax profit.

By Ashutosh

Filed 28 Oct 2026, 14:33 IST · Kamdhenu Ltd (KAMDHENU)

Key takeaways

  • Standalone operating profit rose 34.71% sequentially as expenses fell 2.97% while revenue grew 0.76%.
  • Net profit declined 17.04% sequentially because other income fell 70.21% and the tax rate rose 2.93 percentage points.
  • Operating margin at 13.22% was 2.19 percentage points above the Industrials median across 41 reporting peers.

Price around the results

Lower expenses lifted Q2 operating performance

Kamdhenu's standalone revenue grew 0.76% sequentially, while expenses declined 2.97%, allowing operating profit to rise 34.71%. This widened operating margin by 3.34 percentage points to 13.22%, indicating that cost control, rather than sales growth, drove the operating improvement.

Other income drove the gap between operating and net profit

Other income fell 70.21% sequentially to Rs 5.18 cr and contributed 16.5% of pre-tax profit, so reported profit quality was partly dependent on this non-operating line. The tax rate rose 2.93 percentage points to 24.18%, and net profit fell 17.04% despite the improvement in operating profit.

Margin stayed above the Industrials peer median

Kamdhenu's 13.22% operating margin was 2.19 percentage points above the 11.03% median for the 41 Industrials companies that had reported the same quarter. With only Q1FY27 available for comparison, the quarter shows a sequential margin recovery from 9.88%, rather than a longer multi-quarter trend.

Q2FY27 at a glance

Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.

Line itemQ2FY27Q1FY27QoQ
Revenue₹215 cr₹213 cr+0.76%
Other income₹5 cr₹17 cr-70.21%
Expenses₹187 cr₹192 cr-2.97%
Operating profit₹28 cr₹21 cr+34.71%
Operating margin (%)13.22%9.88%—
Interest₹0 cr₹0 cr-4.55%
Depreciation₹2 cr₹2 cr+9.29%
Profit before tax₹31 cr₹36 cr-13.83%
Tax₹8 cr₹8 cr-1.94%
Net profit₹24 cr₹29 cr-17.04%
EPS (₹)₹0.84₹1.02-17.65%

Operating margin of 13.22% compares with a Industrials sector median of 11.03% across 41 peers that have reported Q2FY27.

How the stock reacted

WindowStockvs NIFTY
Results day+1.75%+0.70%
Next session+1.11%—

Volume on the results session was 1.12× its 20-day average.

What to watch

  • Whether operating margin holds above 13.22% next quarter.
  • Whether other income's share of pre-tax profit declines from 16.5%.
  • Whether expenses continue to grow slower than revenue after falling 2.97% against revenue growth of 0.76%.