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KAMDHENU LIMITED (KAMDHENU)

Non-Energy Minerals · Steel · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.45 / 100
Profitability 57Growth 31Balance sheet 48
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.43 / 100
Price 77Earnings 45FII/DII 9
Compare withJSW STEELTATA STEELJINDAL STEEL

Share price

Closing priceAdjusted for splits and bonus issues.

₹37 latest close · +18.4% over the last 90 sessions

₹30₹35₹40Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹30₹35₹40Jul 3Sep 4Nov 9

₹37 month-end · +41.8% over 12 months

₹20₹30₹40Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹20₹30₹40Nov '25May '26Nov '26

₹37 month-end · +28.2% over 3 years

₹20₹40₹60Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹20₹40₹60Nov '23May '25Nov '26

₹37 month-end · +406.8% since Jun '20

₹20₹40₹60Jun '20Sep '21Jan '23Apr '24Aug '25Nov '26 ₹20₹40₹60Jun '20Sep '23Nov '26

52-week range ₹16.15 to ₹43.70 · 1-year volatility 44.2%

Was the rally earned?

+42%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 26.6x to 37.8x); per-share earnings added 0 points.
  • The share count barely moved.
P/E change: +42 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+42 ptsP/E changeShare price: +42%+42%Share priceP/E change: +42 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+42P/EShare price: +42%+42%Share price
Net profit growth0 ptsNet profit was little changed.
P/E change+42 ptsThe P/E rose from 26.6x to 37.8x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+28%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 29.4x to 37.8x); per-share earnings added 0 points.
  • The share count barely moved.
P/E change: +28 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+28 ptsP/E changeShare price: +28%+28%Share priceP/E change: +28 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+28P/EShare price: +28%+28%Share price
Net profit growth0 ptsNet profit was little changed.
P/E change+28 ptsThe P/E rose from 29.4x to 37.8x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+69%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 41 points and the multiple added 28 points (P/E 30.4x to 37.8x).
  • The share count barely moved.
Net profit growth: +41 pts. Points of the price return explained by net profit growing (or shrinking).+41 ptsNet profit growthP/E change: +28 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+28 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: +69%+69%Share priceNet profit growth: +41 pts. Points of the price return explained by net profit growing (or shrinking).+41ProfitP/E change: +28 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+28P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +69%+69%Share price
Net profit growth+41 ptsNet profit rose about 37%, which lifts the price.
P/E change+28 ptsThe P/E rose from 30.4x to 37.8x, which lifts the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with JSW STEEL

How rough has the ride been?

Maximum drawdown-77.7%recovered 2021-09
1-year volatility44.2%annualised
Beta vs sector index1.013-year daily, correlation 0.42
Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−77.4% 0%−25%−50%−75%2020202220242026−77.4%
Largest drawdowns

-77.7% (2019-04 peak to 2020-03 low, recovered 2021-09)

-73.5% (2024-03 peak to 2026-03 low, not yet recovered)

-54.8% (2022-08 peak to 2022-10 low, recovered 2022-12)

Most recent volume spikes

2026-11-05: 19x the 50-day median, price -3.5% that day

2026-11-02: 6x the 50-day median, price +6.7% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Non-Energy Minerals peers?

Each cell is the company's percentile rank among its Non-Energy Minerals peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE78th▲ 5 pts vs a year ago
  • Op. margin35th▲ 6 pts vs a year ago
  • Revenue growth24th▼ 20 pts vs a year ago
  • EPS growth43rd▼ 12 pts vs a year ago
  • Debt/equity ↓41st▼ 4 pts vs a year ago
  • Cash cycle ↓55thflat vs a year ago
  • P/E ↓31st
  • 12M momentum88th▲ 81 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Non-Energy Minerals sector page Watch it move against Non-Energy Minerals in the Observatory

What is the price implying?

~30%annual earnings growth implied by the price

At a P/E of 69.3x, the price would imply about 29.9%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Earnings figures have not updated recently, so the company is left out of the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Non-Energy Minerals The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹37.00
ROCE
17.0%
Market Cap
₹1041 cr
Revenue (TTM)
₹841 cr
ROE
12.7%
Operating Margin
7.2%
Debt / Equity
0.4x
Promoter Holding
49.0%
12M Momentum
41.8%

52-week range

₹16.15₹43.70
76% of the way from its 52-week low to its high

Price risk

1Y volatility
44.2%
Beta vs sector
1-year daily
0.85

Balance sheet & cash

Interest cover
operating profit ÷ interest
4.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.12x
Share count, 1Y
unchanged

Per-share figures around a recent split, bonus issue or demerger may not yet be consistent.

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance-11%Within range

Other income as a share of pre-tax profit (trailing twelve months): -11.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate29%Within range

Median quarterly effective tax rate over about 2.5 years: 28.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.12xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.12x (cash from operations ₹91 cr, net profit ₹43 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 3 yrsNear threshold

Fiscal years with positive free cash flow in the last 3: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history0 daysWithin range

Debtor days are below the median of the previous three fiscal years by 0 days (86 vs 86). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days0 days / 2 yrsWithin range

Days payable changed by 0 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, promoters trimmed 9.7 pts; FIIs added 1.5 pts.
  • The number of shareholders rose from 16,996 to 48,824 (+187%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters58.7%49.0%-9.7 pts
FIIs0.6%2.1%+1.5 pts
DIIs0.2%0.0%-0.2 pts
Public and others40.5%48.9%+8.4 pts

Number of shareholders

48,824shareholders+187% since Dec '23
17k28k40k51k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 16,996
Mar '24: 17,169
Jun '24: 19,359
Sep '24: 21,277
Dec '24: 27,463
Mar '25: 37,476
Jun '25: 44,689
Sep '25: 48,576
Dec '25: 49,598
Mar '26: 50,779
Jun '26: 48,824
 17k28k40k51k Dec '23Dec '24Dec '25Jun '26
Dec '23: 16,996
Mar '24: 17,169
Jun '24: 19,359
Sep '24: 21,277
Dec '24: 27,463
Mar '25: 37,476
Jun '25: 44,689
Sep '25: 48,576
Dec '25: 49,598
Mar '26: 50,779
Jun '26: 48,824

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

Not enough comparable history to show analogs for this company yet.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

PUNJAB CHEMICALS AND CROP PROTPUNJABCHEM
Process Industries
69%similar
market capdebt/equity
UNITED POLYFAB GUJARATUNITEDPOLY
Process Industries
67%similar
operating marginmarket cap
KIRLOSKAR ELECTRIC COMPANYKECL
Producer Manufacturing
63%similar
promoter holdingmarket cap
VIKRAN ENGINEERINGVIKRAN
Industrial Services
60%similar
ROCEoperating margin
GO FASHION INDIA GO COLORSGOCOLORS
Consumer Non-Durables
57%similar
revenue growthEPS growth
GREENPANEL INDUSTRIESGREENPANEL
Non-Energy Minerals
55%similar
revenue growthpromoter holding
HARIOM PIPE INDUSTRIESHARIOMPIPE
Non-Energy Minerals
52%similar
market capROCE
PRAKASH INDUSTRIESPRAKASH
Non-Energy Minerals
50%similar
revenue growthEPS growth

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Oct '22

  1. NovPriceVolume reached 19.0x its 50-day median on 2026-11-05; price -3.5% that day.
  2. JunPeer rankMoved into the top quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  3. JunPriceVolume reached 10.7x its 50-day median on 2026-06-04; price +5.4% that day.
  4. MarPriceFell 74% from the Mar 2024 peak to the Mar 2026 low.
  5. JanPriceVolume reached 13.5x its 50-day median on 2026-01-28; price -5.5% that day.
  6. DecInstitutionsFII + DII holding fell 3.2 pts over 2 quarters to 3.2%.
  7. DecPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  8. NovPriceVolume reached 11.0x its 50-day median on 2025-11-10; price +7.6% that day.
Show 22 earlier events
  1. JulPriceVolume reached 17.6x its 50-day median on 2025-07-02; price -1.8% that day.
  2. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  3. MayPriceVolume reached 8.3x its 50-day median on 2025-05-27; price -0.1% that day.
  4. MarInstitutionsFII + DII holding fell 3.7 pts over 1 quarter to 6.0%.
  5. JanPriceVolume reached 12.5x its 50-day median on 2025-01-09; price +14.6% that day.
  6. DecPromoterPromoter holding fell 7.2 pts to 49.8%.
  7. SepPriceVolume reached 19.0x its 50-day median on 2024-09-11; price -5.6% that day.
  8. JunInstitutionsFII + DII holding rose 3.4 pts over 1 quarter to 4.2%.
  9. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  10. MayPriceVolume reached 10.1x its 50-day median on 2024-05-28; price +1.9% that day.
  11. JanPriceRegained the 2023-01 peak, 1 month after the low.
  12. JanPriceVolume reached 15.5x its 50-day median on 2024-01-09; price +16.8% that day.
  13. DecPriceFell 38% from the Jan 2023 peak to the Dec 2023 low.
  14. DecPeer rankMoved into the 3rd quartile of Non-Energy Minerals on operating margin (from the bottom quartile).
  15. DecPriceVolume reached 24.3x its 50-day median on 2023-12-27; price +18.1% that day.
  16. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  17. AprPriceVolume reached 7.3x its 50-day median on 2023-04-10; price +4.8% that day.
  18. JanPriceVolume reached 5.1x its 50-day median on 2023-01-02; price +4.8% that day.
  19. DecPriceRegained the 2022-08 peak, 2 months after the low.
  20. DecPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  21. NovPriceVolume reached 47.0x its 50-day median on 2022-11-18; price +4.7% that day.
  22. OctPriceFell 55% from the Aug 2022 peak to the Oct 2022 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history78 months · 2020-06 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-11—₹841 cr12.7%17.0%0.4x
2026-10—₹841 cr12.7%17.0%0.4x
2026-09—₹841 cr12.7%17.0%0.4x
2026-08—₹841 cr12.7%17.0%0.4x
2026-07—₹841 cr12.7%17.0%0.4x
2026-06—₹841 cr12.7%17.0%0.4x
2026-05—₹841 cr12.7%17.0%0.4x
2026-04—₹841 cr12.7%17.0%0.4x
2026-03—₹841 cr12.7%17.0%0.4x
2026-02—₹841 cr12.7%17.0%0.4x
2026-01—₹841 cr12.7%17.0%0.4x
2025-12—₹841 cr12.7%17.0%0.4x
2025-11—₹841 cr12.7%17.0%0.4x
2025-10—₹841 cr12.7%17.0%0.4x
2025-09—₹841 cr12.7%17.0%0.4x
2025-08—₹841 cr12.7%17.0%0.4x
2025-07—₹841 cr12.7%17.0%0.4x
2025-06—₹841 cr12.7%17.0%0.4x
2025-05—₹841 cr12.7%17.0%0.4x
2025-04—₹841 cr12.7%17.0%0.4x
2025-03—₹841 cr12.7%17.0%0.4x
2025-02—₹841 cr12.7%17.0%0.4x
2025-01—₹841 cr12.7%17.0%0.4x
2024-12—₹841 cr12.7%17.0%0.4x
2024-11—₹841 cr12.7%17.0%0.4x
2024-10—₹841 cr12.7%17.0%0.4x
2024-09—₹841 cr12.7%17.0%0.4x
2024-08—₹841 cr12.7%17.0%0.4x
2024-07—₹841 cr12.7%17.0%0.4x
2024-06—₹841 cr12.7%17.0%0.4x
2024-05—₹841 cr12.7%17.0%0.4x
2024-04—₹841 cr12.7%17.0%0.4x
2024-03—₹841 cr12.7%17.0%0.4x
2024-02—₹841 cr12.7%17.0%0.4x
2024-01—₹841 cr12.7%17.0%0.4x
2023-12—₹841 cr12.7%17.0%0.4x
2023-11—₹841 cr12.7%17.0%0.4x
2023-10—₹841 cr12.7%17.0%0.4x
2023-09—₹841 cr12.7%17.0%0.4x
2023-08—₹841 cr12.7%17.0%0.4x
2023-07—₹841 cr12.7%17.0%0.4x
2023-06—₹841 cr12.7%17.0%0.4x
2023-05—₹841 cr12.7%17.0%0.4x
2023-04—₹841 cr12.7%17.0%0.4x
2023-03—₹841 cr12.7%17.0%0.4x
2023-02—₹841 cr12.7%17.0%0.4x
2023-01—₹841 cr12.7%17.0%0.4x
2022-12—₹841 cr12.7%17.0%0.4x
2022-11—₹841 cr12.7%17.0%0.4x
2022-10—₹841 cr12.7%17.0%0.4x
2022-09—₹841 cr12.7%17.0%0.4x
2022-0829.8x₹841 cr12.7%17.0%0.4x
2022-0719.9x₹841 cr12.7%17.0%0.4x
2022-0619.6x₹841 cr12.7%17.0%0.4x
2022-0520.3x₹810 cr13.4%15.0%0.5x
2022-0425.7x₹810 cr13.4%15.0%0.5x
2022-0324.8x₹810 cr13.4%15.0%0.5x
2022-0222.2x₹767 cr13.1%15.0%0.5x
2022-0124.7x₹767 cr13.1%15.0%0.5x
2021-1223.7x₹767 cr13.1%15.0%0.5x
2021-1130.4x₹688 cr10.3%15.0%0.5x
2021-1031.5x₹688 cr10.3%15.0%0.5x
2021-0928.9x₹688 cr10.3%15.0%0.5x
2021-0832.3x₹625 cr8.1%15.0%0.5x
2021-0732.2x₹625 cr8.1%15.0%0.5x
2021-0628.4x₹625 cr8.1%15.0%0.5x
2021-0530.0x₹638 cr7.8%—0.7x
2021-0431.6x₹638 cr7.8%—0.7x
2021-0327.8x₹638 cr7.8%—0.7x
2021-02174.3x₹924 cr1.1%—0.7x
2021-01167.9x₹924 cr1.1%—0.7x
2020-12162.9x₹924 cr1.1%—0.7x
2020-11107.9x₹924 cr1.1%—0.7x
2020-10105.0x₹924 cr1.1%—0.7x
2020-0997.9x₹924 cr1.1%—0.7x
2020-08109.3x₹924 cr1.1%—0.7x
2020-07101.4x₹924 cr1.1%—0.7x
2020-06104.3x₹924 cr1.1%—0.7x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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