Kamdhenu eyes Rs 200 cr investment to achieve Rs 1k cr sales by FY26

23 Feb 2022 CW Team

Chief Financial Officer (CFO) of Kamdhenu Group, Harish Kumar Agarwal, said that the company seeks strategic investors for a Rs 200 crore investment planned in the company’s paint business to achieve a Rs 1,000 crore sales target by FY26.

He added that a strategic investor would help scale business and focus on technology, unlike the private equity investment, focusing on financial investment.

The exact modalities of this fundraising round, whether through a private equity investor, a strategic investor or a combination of on-tap funding and bank borrowing, will be decided after the company gets approval from the National Company Law Tribunal (NCLT).

The investments will be used in setting up a new plant and in branding. Its plant in Rajasthan can scale the business to Rs 450 crore, but more than this, a new plant would be required.

The company plans to set up this plant in Central India.The CFO said that the demerger would enable the company to cater to increasing demand in a sector growing at 18-20% annually.

Its paint business was about Rs 200 crore in FY21, and expects to close FY22 at about Rs 250 crore and further to about Rs 350 crore in FY23.

The paint industry is witnessing around 18-20% annual growth, but the company expects to grow at about 30-40% in the coming years. Kumar said that the successful demerger of the paint business would be the top focus area in FY23.

The paint business witnesses the impact of inflation. Kumar deals with these inflationary pressures by passing on the costs to consumers as to when passed on by the market leader. Kamdhenu Group had last increased the prices of paint products in November-December by about 10-12%.

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Also read: Kamdhenu Paints witnesses 206% growth in net profit in FY22

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