Company Overview
Cosmic CRF Limited presented its H2 & FY26 investor presentation covering financial performance, operational updates, and strategic direction. The company is a manufacturer of Cold Rolled Form (CRF) sections, sheet piles, and railway components for wagon manufacturing.
Performance Highlights - FY26 Consolidated
- Revenue from Operations: ₹720.3 crore
- EBITDA: ₹78.4 crore with 10.9% margin
- PAT: ₹50.6 crore with 7.1% margin
- EPS: ₹55.03
- Sales Volume: 106,370 MTPA, showing 90% YoY growth
- Installed Capacity: 133,600 MTPA, showing 94% YoY growth
- Order Book: ₹760 crore, showing 38% YoY growth
Half-Yearly Performance (Consolidated)
| Particulars (₹ in Cr) | H2FY26 | H1FY26 | H2FY25 | YoY% |
| Revenue From Operations | 409.8 | 310.5 | 231.2 | 77.2 |
| EBITDA | 40.6 | 37.8 | 22.4 | 81.1 |
| EBITDA Margin (%) | 9.9% | 12.4% | 9.7% | 20bps |
| PAT | 26.1 | 24.5 | 11.5 | 127.6 |
| PAT Margin (%) | 6.3% | 8.0% | 4.9% | 139bps |
| EPS (₹) | 25.14 | 29.89 | 13.71 | 83.4 |
Capacity Expansion Details
The company achieved significant capacity expansion across its operations:
- Standalone (Singur unit): 55,000 MTPA capacity
- NSEPPL subsidiary: 65,000 MTPA capacity with 24,000 MT p.a. galvanizing bath capacity
- CSEL Spring Division: 3,600 MTPA capacity
- Forging Unit: Enhanced from original target of 6,800 MTPA to 11,000 MTPA
- Total installed capacity: 133,600 MTPA (94% YoY growth)
- Capacity utilization: ~80% in FY26
Strategic Developments
- Successful pivot from railways to infrastructure segment, establishing market leadership in sheet piles
- NS Engineering Projects acquisition delivered 65,000 MT operational capacity within 15 months
- Spring business integration with forged components capacity of 11,000 MTPA
- Cash flow turnaround from negative ₹89.16 crore to positive ₹3.59 crore operating cash flow
Amzen Transportation Acquisition Update
The Supreme Court allowed Cosmic CRF to participate in CIRP, setting aside NCLAT order. The order reinstates Cosmic CRF as the H1 bidder of the concluded Swiss challenge. Final resolution plan was already submitted by Cosmic CRF before the proceedings started in NCLAT. LOI is presently been awaited from COC.
Amzen snapshot:
- Established wagon manufacturing plant in Chandigarh
- Current annual capacity: 3,600 wagons (as per RDSO assessment)
- Scalable to 7,200 wagons per annum
- Bridge fabrication capacity: 20,000 MTPA for Dedicated Freight Corridor
- Container production: 10,000 sea freight containers per annum
Manufacturing Facilities Overview
| Company | Location | Land Area | Products | Present Capacity | Future Capacity (FY28) |
| Cosmic CRF | Singur, WB | 4.94 acre | CRF Products, Fabrication | 55,000 MT | 65,000 MT |
| NSEPPL | Howrah, WB | 7.12 acre | CRF Sections, Sheet Piles, Crash Barriers | 65,000 MT | 85,000 MT |
| CSEL | Jangalpur, WB | 1.12 acre | Helical Springs, Casnub Springs | 13,600 MT | 13,600 MT |
| Forging Division | Jangalpur, WB | 0.83 acre | Forging Components | - | 11,000 MT |
Future Growth Targets
- Targeted consolidated volume by FY28 (excl Amzen): 175,000 MTPA
- Additional railway/wagon/infrastructure unit to add 150,000 tons capacity by FY29
- Growth ambition: 27x growth from FY23 to FY29 (achieved 12x from FY23 to FY26)
- R&D developing products for defense sector
- Container capacity: 7,500 containers (20Ft and 40Ft) per annum being set up
Financial Position (Standalone FY26)
- Share Capital: ₹9.21 crore
- Reserves & Surplus: ₹395.40 crore
- Total Equity: ₹416.56 crore
- Fixed Assets: ₹148.90 crore
- Inventories: ₹107.86 crore
- Trade Receivables: ₹205.29 crore
- Cash & Bank Balances: ₹110.70 crore
Industry Context
- Indian Railways planned 100,000 wagons mega tender (₹40,000 crore) as per May 2026 announcement
- ₹2.93 lakh crore capital outlay allocated to Railways in Budget 2026-27
- Infrastructure sector capital investment outlay: ₹11.21 lakh crore (US$128.64 billion) in Budget 2024-25
- India spring market: USD 563.7 million in 2024, expected to reach USD 861.0 million by 2030 (7.4% CAGR)