KAMOPAINTS - Kamdhenu Venture
📢 Recent Corporate Announcements
Kamdhenu Ventures Limited has successfully passed two major resolutions during its Extraordinary General Meeting held on March 13, 2026. Shareholders approved an increase in the company's authorized share capital and the issuance of convertible warrants to the promoter group on a preferential basis. Both resolutions received near-unanimous support, with 99.9995% of the total 161,527,512 votes cast in favor. This capital infusion strategy indicates strong promoter commitment and provides the company with additional financial flexibility for future growth.
- Approved the issuance of warrants convertible into equity shares to the Promoter Group on a preferential basis.
- Authorized an increase in the company's Share Capital and consequential amendment to the Memorandum of Association.
- Both resolutions passed with an overwhelming majority of 99.9995% of the total valid votes cast.
- A total of 161,527,512 votes were polled, including 158,209,800 votes from the Promoter and Promoter Group.
Kamdhenu Ventures Limited held an Extraordinary General Meeting (EGM) on March 13, 2026, to seek shareholder approval for key financial restructuring. The primary agenda included increasing the company's Authorized Share Capital and the issuance of convertible warrants to the Promoter Group on a preferential basis. These moves indicate a strategic intent to strengthen the balance sheet and signal strong promoter confidence in the company's future growth. The final voting results will be disclosed within the stipulated timelines following the scrutinizer's report.
- Approval sought for increasing the Authorized Share Capital of the company to accommodate future growth.
- Proposed issuance of warrants convertible into Equity Shares specifically to the Promoter Group on a preferential basis.
- The EGM was attended by 74 members through video conferencing and other audio-visual means.
- Remote e-voting was conducted between March 10 and March 12, 2026, with a cut-off date of March 6, 2026.
- The meeting concluded with an Instapoll for members who had not previously cast their votes.
Kamdhenu Ventures Limited (KAMOPAINTS) has announced an Extraordinary General Meeting (EGM) on March 13, 2026, to seek approval for a preferential issue of 2,96,45,000 warrants to its promoter group entity, Kamdhenu Limited. The warrants are priced at ₹6.80 each, implying a total fundraise of approximately ₹20.16 crore. To accommodate this issuance, the company also proposes to increase its authorized share capital from ₹36.50 crore to ₹41.50 crore. This move indicates strong promoter backing and provides the company with fresh capital for its strategic objectives.
- Proposed issuance of 2,96,45,000 convertible warrants to promoter group entity Kamdhenu Limited on a preferential basis.
- Warrants priced at ₹6.80 per unit, including a premium of ₹5.80 over the face value of ₹1.
- Authorized share capital to be increased from ₹36.50 crore to ₹41.50 crore.
- Warrant holders must pay 25% of the issue price upfront, with the remaining 75% payable within 18 months upon conversion into equity.
- The relevant date for determining the floor price of the preferential issue is February 11, 2026.
Kamdhenu Ventures reported a weak performance for 9M FY26, with consolidated revenue falling 7% YoY to ₹170.3 crore. Profitability was hit significantly as PAT for the nine-month period dropped 40% to ₹2.9 crore, and Q3 FY26 PAT fell 50% to ₹1.0 crore. The company is actively pursuing a premiumization strategy, increasing its premium product share to 43% and improving its average selling price to ₹82 per liter. While the dealer network has expanded to 4,466, the current financial de-growth reflects significant market headwinds.
- 9M FY26 consolidated revenue fell 7% YoY to ₹170.3 crore, with Q3 revenue down 15% to ₹63.2 crore.
- Net profit (PAT) for 9M FY26 saw a sharp 40% decline to ₹2.9 crore compared to ₹4.8 crore in 9M FY25.
- Premium products now constitute 43% of the portfolio, up from 22% in FY15, driving ASP to ₹82/Ltr.
- The company maintains a network of 4,466 dealers, with 76% of revenue coming from Tier II and III cities.
- EBITDA margins remained relatively stable at 6.5% for 9M FY26 despite the drop in top-line growth.
Kamdhenu Ventures reported a weak performance for Q3 FY26, with revenue declining 15% YoY to ₹63.2 crore and Profit After Tax (PAT) falling 50% to ₹1.0 crore. For the nine-month period (9M FY26), revenue stood at ₹170.3 crore, down 7% compared to the previous year, while PAT dropped 40% to ₹2.9 crore. The company cited extended monsoons and a shortened renovation cycle due to an early Diwali as primary reasons for the volume impact. Despite the top-line pressure, EBITDA margins remained stable at 6.3% for the quarter and 6.5% for the nine-month period.
- Q3 FY26 Revenue from operations fell 15% YoY to ₹63.2 crore from ₹74.0 crore.
- Net Profit (PAT) for the quarter declined by 50% to ₹1.0 crore compared to ₹2.0 crore in Q3 FY25.
- EBITDA for 9M FY26 stood at ₹11.0 crore with a steady margin of 6.5%.
- Company proposed a fundraise of up to ₹20 crore through a preferential issue of equity shares and warrants.
- Expanded product portfolio with a new high-margin wood-finishing range to drive premiumization.
Kamdhenu Ventures has approved a preferential issue of 2.96 crore convertible warrants to its promoter group, Kamdhenu Limited, at a price of ₹6.80 per warrant, totaling approximately ₹20.16 crores. This capital infusion is intended to strengthen the company's financial position and requires an increase in authorized share capital to ₹41.50 crores. However, the company's Q3 FY26 financial performance was weak, with consolidated net profit falling to ₹99.13 lakhs from ₹198.76 lakhs in the previous year's corresponding quarter. Revenue also declined by 14.6% YoY to ₹63.23 crores, reflecting operational challenges.
- Approved issuance of 2,96,45,000 convertible warrants to promoter group at ₹6.80 per warrant.
- Total fundraise of ₹20.16 crores via preferential allotment to Kamdhenu Limited.
- Consolidated Q3 FY26 revenue decreased to ₹63.23 crores from ₹74.05 crores YoY.
- Consolidated net profit for Q3 FY26 halved to ₹99.13 lakhs compared to ₹198.76 lakhs YoY.
- Authorised share capital increased by ₹5 crores to reach a total of ₹41.50 crores.
Kamdhenu Ventures has approved a preferential issue of 2,96,45,000 convertible warrants to its promoter group entity, Kamdhenu Limited, at a price of Rs 6.80 per warrant, totaling approximately Rs 20.16 crore. This capital infusion comes alongside weak Q3 FY26 results, where consolidated revenue declined to Rs 63.23 crore from Rs 74.05 crore in the previous year. Net profit for the quarter also saw a significant decline of 50.1% YoY, falling to Rs 99.13 lakhs. The company is seeking shareholder approval for these actions in an EGM scheduled for March 13, 2026.
- Preferential issuance of 2.96 crore warrants to promoter group at Rs 6.80 per warrant.
- Total fundraise of Rs 20.16 crore to be completed within 18 months upon conversion.
- Consolidated Q3 FY26 revenue decreased 14.6% YoY to Rs 63.23 crore.
- Consolidated Q3 FY26 net profit fell 50.1% YoY to Rs 99.13 lakhs from Rs 198.76 lakhs.
- Authorized share capital increased by Rs 5 crore to a total of Rs 41.50 crore.
Kamdhenu Ventures Limited reported a weak set of numbers for Q3 FY26, with consolidated revenue declining 14.6% YoY to ₹63.23 crore. Net profit halved to ₹99.13 lakhs from ₹198.76 lakhs in the corresponding quarter of the previous year. To bolster its capital base, the board has approved a preferential issue of 2.96 crore warrants to the promoter group entity, Kamdhenu Limited, at a price of ₹6.80 per warrant. This fundraise, totaling approximately ₹20.16 crore, signals promoter support despite the current operational slowdown.
- Consolidated Revenue from operations fell to ₹6,323.20 lakhs in Q3 FY26 from ₹7,404.70 lakhs in Q3 FY25.
- Net Profit after tax for the quarter stood at ₹99.13 lakhs, a significant decline from ₹198.76 lakhs YoY.
- Approved issuance of 2,96,45,000 convertible warrants to promoter group at ₹6.80 per warrant (Total ₹20.16 Cr).
- Nine-month (9M FY26) consolidated profit decreased to ₹287.57 lakhs compared to ₹477.65 lakhs in 9M FY25.
- Authorized Share Capital increased by ₹5 crore to a total of ₹41.50 crore to facilitate the warrant issuance.
Kamdhenu Ventures Limited has filed a report regarding physical share transfer requests re-lodged under a special SEBI window. The report covers the period from December 1, 2025, to January 6, 2026, as per the SEBI circular dated July 2, 2025. According to the data provided by the Registrar and Transfer Agent, Skyline Financial Services, zero requests were received or processed during this timeframe. This is a standard regulatory disclosure and does not impact the company's operations or financials.
- Report covers the period from December 1, 2025, to January 6, 2026.
- Zero (0) requests for physical share transfers were received during the special window.
- Zero (0) requests were processed, approved, or rejected by the Registrar and Transfer Agent.
- Compliance filing follows SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97.
Kamdhenu Ventures Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by Skyline Financial Services Private Limited, pertains to the quarter ended December 31, 2025. It confirms that no physical share certificates were received for dematerialization during this period. This is a standard regulatory filing required to maintain the integrity of the electronic shareholding system.
- Quarterly compliance certificate submitted for the period ending December 31, 2025.
- Confirmation received from Registrar & Share Transfer Agent, Skyline Financial Services Private Limited.
- Reported zero physical share certificates received for dematerialization during the quarter.
- The filing ensures adherence to SEBI (Depositories and Participants) Regulations, 2018.
Kamdhenu Ventures Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This mandatory regulatory step is taken ahead of the declaration of the un-audited financial results for the third quarter and nine-month period ending December 31, 2025. The window will remain closed until 48 hours after the financial results are officially declared to the stock exchanges. The company has also initiated PAN freezing for insiders through the National Securities Depository Limited as per SEBI guidelines.
- Trading window closure effective from January 1, 2026, for Q3 FY2025-26 results.
- Restriction applies to promoters, directors, KMPs, and designated persons.
- Window to reopen 48 hours after the announcement of un-audited standalone and consolidated results.
- Compliance with SEBI (Prohibition of Insider Trading) Regulations and Master Circulars ensured via PAN freezing.
Kamdhenu Ventures Limited has submitted a report on the transfer requests of physical shares re-lodged under the special window, as per SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated 2nd July, 2025. The report, received from Skyline Financial Services Private Limited, covers the period from 1st November, 2025 to 30th November, 2025. During this period, there were 0 requests received, 0 requests processed, 0 requests approved and 0 requests rejected. The average time taken for processing these requests was 0 days.
- Report on transfer requests of physical shares re-lodged under special window
- SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated 2nd July, 2025
- Period covered: 1st November, 2025 to 30th November, 2025
- 0 transfer requests received during November 2025
- Average processing time: 0 days
Financial Performance
Revenue Growth by Segment
The paint business, operated through Kamdhenu Colour and Coatings Limited, reported revenue of INR 266.1 Cr in FY25, representing an 8.8% YoY decline from INR 291.7 Cr in FY24. However, Q2 FY26 showed a recovery with revenue of INR 56.8 Cr, a 4% YoY increase from INR 54.8 Cr in Q2 FY25.
Geographic Revenue Split
The company maintains a pan-India reach through an asset-light franchise model. A new depot was specifically opened in New Delhi in November 2025 to strengthen the distribution network in the Northern region. Specific regional percentage splits are not disclosed.
Profitability Margins
Gross Profit Margin for FY25 stood at 44.1%, a slight compression from 45.2% in FY24. In Q2 FY26, the GP margin was 44.0%. Net Profit Ratio for FY25 declined significantly to 2.50% from 4.74% in the previous year due to lower overall profitability.
EBITDA Margin
EBITDA margin for FY25 was 6.3% (INR 16.8 Cr), down from 7.7% (INR 22.4 Cr) in FY24. For Q2 FY26, the EBITDA margin showed slight improvement to 6.5% (INR 3.7 Cr) compared to 6.3% (INR 3.5 Cr) in Q2 FY25.
Capital Expenditure
Capital Work in Progress (CWIP) was reported at INR 0.8 Cr as of September 2025, up from INR 0.1 Cr in March 2025. The company follows an asset-light model, prioritizing franchise partnerships over heavy manufacturing CAPEX.
Credit Rating & Borrowing
Total consolidated borrowings as of September 2025 stood at INR 28.0 Cr (comprising INR 4.1 Cr non-current and INR 23.9 Cr current borrowings). The Interest Coverage Ratio declined to 4.13 times in FY25 from 6.86 times in FY24 due to decreased profits.
Operational Drivers
Raw Materials
Raw materials for paint manufacturing (including pigments, solvents, and resins) represent the largest cost component. In H1 FY26, total raw material costs were INR 58.1 Cr, accounting for approximately 54.3% of total revenue.
Capacity Expansion
The company utilizes an asset-light franchise model for manufacturing. While specific MTPA capacity is not listed, the strategy focuses on widening the presence and deepening the product range through third-party manufacturing and franchise tie-ups.
Raw Material Costs
Raw material costs for FY25 were INR 148.8 Cr, representing 55.9% of revenue. This was a decrease from INR 159.8 Cr in FY24, though margins compressed due to a sharper decline in top-line revenue.
Manufacturing Efficiency
The company focuses on an asset-light model to maintain stable margins. ROCE declined to 6.44% in FY25 from 10.41% in FY24, reflecting lower capital efficiency during the period.
Logistics & Distribution
The company emphasizes 'distribution speed' as a core advantage. Trade Receivable Turnover Ratio was 1.89 times in FY25, down 19.78% YoY, suggesting a lengthening of the cash conversion cycle.
Strategic Growth
Growth Strategy
Growth is targeted through an asset-light franchise model, strengthening brand trust, widening geographic presence (e.g., New Delhi depot), and deepening the product range to translate active demand into stable margins.
Products & Services
Decorative paints, coatings, and related chemical products for the housing and construction sectors.
Brand Portfolio
Kamdhenu Paints
New Products/Services
The company is focused on deepening its existing product range in the decorative paints segment; specific new product revenue contributions are not disclosed.
Market Expansion
Expansion is focused on a pan-India reach, recently evidenced by the opening of a new depot in New Delhi in November 2025 to better serve the NCR and Northern Indian markets.
Strategic Alliances
The company operates primarily through an asset-light franchise model, involving multiple franchise partners for manufacturing and distribution.
External Factors
Industry Trends
The paint industry is seeing increased competition from new large entrants. Success is increasingly driven by brand trust, product assurance, and distribution speed. The sector is also shifting toward tighter sustainability and environmental requirements.
Competitive Landscape
The industry is highly competitive, featuring established national players, regional brands, and aggressive new entrants from other industrial sectors.
Competitive Moat
The moat is built on an asset-light franchise model, which allows for scalable growth with lower capital intensity, combined with a 'retail-first' brand position and a legacy of trust from the Kamdhenu brand.
Macro Economic Sensitivity
Highly sensitive to domestic economic conditions and the housing/capex cycle, which supports demand for decorative paints.
Consumer Behavior
Evolving consumer preferences toward eco-friendly products and premium decorative finishes are driving product development.
Geopolitical Risks
Uncertainties in global supply chains can impact the availability and cost of imported chemical inputs for paint production.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental safety standards, emissions regulations, and sustainable practice norms typical of the chemical and coatings industry.
Environmental Compliance
The company must comply with evolving norms related to environmental safety and emissions; it invests in eco-friendly products to mitigate regulatory risks.
Taxation Policy Impact
The effective tax expense for FY25 was INR 2.54 Cr on a consolidated PBT of INR 9.20 Cr (approx. 27.6%).
Risk Analysis
Key Uncertainties
Key risks include raw material price volatility (impacting margins by ~1-2%), demand fluctuations in the housing sector, and intense competition from new entrants.
Geographic Concentration Risk
While pan-India, the company is actively strengthening its footprint in North India, as seen with the New Delhi depot opening.
Third Party Dependencies
High dependency on franchise partners for manufacturing due to the asset-light business model.
Technology Obsolescence Risk
The company faces the need to continuously update product formulations to meet shifting environmental standards and consumer preferences for high-performance coatings.
Credit & Counterparty Risk
Trade receivables stood at INR 135.9 Cr as of September 2025; the Trade Receivable Turnover Ratio decline of 19.78% indicates a potential increase in credit risk or slower collections.