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.
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 item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| 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
| Window | Stock | vs 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%.