Revenue growth cut Kamdhenu Ventures’ quarterly loss, but margins remain thin
Revenue grew faster than expenses sequentially, yet higher interest costs and depreciation kept the company in the red.
Filed 30 Oct 2026, 17:27 IST · after market close · Kamdhenu Ventures Ltd (KAMOPAINTS)
Key takeaways
- Revenue rose 25.51% sequentially to Rs 58.1 cr, while expenses grew 17.87%, lifting operating margin by 6.36 percentage points.
- Kamdhenu Ventures remained loss-making at Rs 1.54 cr in Q2FY27, although the loss narrowed 65.08% from the previous quarter.
- Operating margin at 1.93% was 10.57 percentage points below the 12.5% median for 113 Consumer Discretionary peers.
Price around the results
Revenue recovery improved the operating result
Consolidated revenue increased 25.51% sequentially to Rs 58.1 cr, while expenses rose 17.87% to Rs 56.98 cr. That revenue-cost gap moved operating profit from a Rs 2.05 cr loss in Q1FY27 to a Rs 1.12 cr profit in Q2FY27. The improvement reduced the net loss to Rs 1.54 cr from Rs 4.41 cr.
Margin improved, but financing and depreciation stayed heavy
Operating margin expanded 6.36 percentage points to 1.93% because revenue grew faster than expenses. Interest costs rose 20.22% sequentially, while depreciation increased 8.24%, limiting the benefit from the operating recovery. Other income was only 0.11% of revenue and represented -6.55% of pre-tax profit, so it did not materially support earnings.
Kamdhenu remains near the weaker end of its sector
Kamdhenu’s 1.93% operating margin was 10.57 percentage points below the 12.5% median among 113 Consumer Discretionary peers that had reported. The company ranked 15th from the bottom on this measure. With only Q1FY27 available in the trend, the sequential margin move was an improvement rather than evidence of a multi-quarter direction.
Management points to urban markets and regional share
Management said the company is targeting urban markets as part of its growth strategy. It also said Kamdhenu commands strong market share in many sections of the North and East markets. The results were filed after market close, so there is no post-results share-price reaction to assess.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹58 cr | ₹46 cr | +25.51% |
| Other income | ₹0 cr | ₹0 cr | +0.00% |
| Expenses | ₹57 cr | ₹48 cr | +17.87% |
| Operating profit | ₹1 cr | ₹-2 cr | — |
| Operating margin (%) | 1.93% | -4.43% | — |
| Interest | ₹1 cr | ₹1 cr | +20.22% |
| Depreciation | ₹2 cr | ₹2 cr | +8.24% |
| Profit before tax | ₹-2 cr | ₹-5 cr | +62.91% |
| Tax | ₹-0 cr | ₹-0 cr | -16.67% |
| Net profit | ₹-2 cr | ₹-4 cr | +65.08% |
| EPS (₹) | ₹-0.05 | ₹-0.10 | +50.00% |
Operating margin of 1.93% compares with a Consumer Discretionary sector median of 12.50% across 113 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- The company is targeting urban markets as part of its growth strategy.
Competition
- Kamdhenu says it commands strong market share in many sections of the North and East markets.
What to watch
- Whether operating margin moves above 1.93% after the Q2FY27 improvement.
- Whether revenue growth remains ahead of expense growth, following sequential increases of 25.51% and 17.87%.
- Whether the net loss narrows further from Rs 1.54 cr while interest costs remain above the Q1FY27 level of Rs 0.89 cr.