Kamdhenu Limited (KAMDHENU.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-6.5%

₹35.68

vs ₹38.16 price

Levered DCF

₹34.29

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	6.22×	13.58×	29.11×	20.61×	1.16×	1.24×	3.3×	0.95×
P/B	1.23×	2.61×	6.14×	0.51×	0.14×	0.1×	0.03×	0.12×
P/S	0.64×	1.11×	2.01×	0.12×	0.05×	0.03×	0.01×	0.02×
EV / EBITDA	4.18×	9.23×	19.63×	1.24×	1.95×	2.72×	6.62×	1.91×
Gross margin	25.3%	30.1%	17.2%	14.5%	25.6%	31.0%	22.7%	20.8%
Operating margin	12.4%	9.4%	8.2%	7.6%	8.3%	6.8%	4.1%	3.8%
Net margin	10.3%	8.1%	6.9%	5.6%	4.5%	2.4%	0.2%	1.8%
Current ratio	9.97×	7.11×	6.1×	4.86×	1.75×	1.52×	1.39×	1.49×
Debt / equity	0.02×	0×	0.01×	0.02×	0.43×	0.51×	0.7×	0.49×
Interest coverage	122.99×	341.69×	132.77×	29.13×	13.48×	3.06×	3.12×	4.16×
Dividend yield	1.4%	0.7%	0.3%	3.3%	6.9%	7.2%	51.3%	12.7%
Payout ratio	9.0%	9.1%	8.1%	6.7%	8.0%	8.9%	170.2%	12.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	19.8%	19.2%	21.1%	24.6%	12.3%	7.7%	1.0%	12.4%
Return on invested capital	16.9%	16.1%	17.7%	23.1%	12.1%	9.8%	-48.0%	10.3%
Return on assets	17.4%	16.5%	17.6%	19.7%	6.0%	3.5%	0.4%	5.4%
Free cash flow yield	13.2%	6.7%	6.8%	72.8%	75.5%	216.3%	-279.4%	-6.2%
Earnings yield	16.1%	7.4%	3.4%	48.6%	86.1%	80.6%	30.2%	99.4%
Enterprise value	₹4.7B	₹7.9B	₹14.2B	₹762.1M	₹1.1B	₹1.2B	₹1.3B	₹1B
Net debt / EBITDA	-0.16×	-0.4×	-0.52×	-0.13×	1.42×	2.28×	6.31×	1.48×
Cash conversion cycle (days)	19	15	26	38	110	114	61	53