Key Financial Performance (Consolidated)

Half-Yearly Income Statement (₹ in Crores):

  • Revenue From Operations: ₹318.3 Cr in H1FY27 (up 4.5% YoY from ₹304.5 Cr in H1FY26; down 22.8% HoH from ₹412.1 Cr in H2FY26)
  • Total Expenditure: ₹274.8 Cr in H1FY27 (up 3.1% YoY from ₹266.6 Cr; down 26.0% HoH from ₹371.5 Cr)
  • EBITDA: ₹43.5 Cr in H1FY27 (up 14.9% YoY from ₹37.8 Cr; up 7.1% HoH from ₹40.6 Cr)
  • EBITDA Margin: 13.7% in H1FY27 (improved 124 bps YoY from 12.4% and 381 bps HoH from 9.9%)
  • Other Income: ₹3.7 Cr in H1FY27 (up 36.5% YoY from ₹2.7 Cr; up 6.9% HoH from ₹3.5 Cr)
  • Depreciation: ₹7.0 Cr in H1FY27 (up 62.3% YoY from ₹4.3 Cr; up 10.5% HoH from ₹6.3 Cr)
  • Interest: ₹6.6 Cr in H1FY27 (up 29.6% YoY from ₹5.1 Cr; down 6.9% HoH from ₹7.1 Cr)
  • PBT (after exceptional): ₹33.6 Cr in H1FY27 (up 7.9% YoY from ₹31.2 Cr; up 9.7% HoH from ₹30.6 Cr)
  • Tax: ₹7.4 Cr in H1FY27 (up 11.6% YoY from ₹6.7 Cr; up 61.9% HoH from ₹4.6 Cr)
  • Reported PAT: ₹26.2 Cr in H1FY27 (up 6.9% YoY from ₹24.5 Cr; up 0.5% HoH from ₹26.1 Cr)
  • PAT Margin: 8.2% in H1FY27 (improved 18 bps YoY from 8.0% and 191 bps HoH from 6.3%)
  • Reported EPS: ₹28.31 in H1FY27 (down 5.3% YoY from ₹29.89; up 12.6% HoH from ₹25.14)

Operational Highlights

Capacity & Production:

  • Total Installed Capacity: 133,600 MTPA across 4 manufacturing units spanning ~14 acres
  • Standalone Capacity (Singur): 55,000 MTPA
  • NSEPPL Capacity (Howrah): 65,000 MTPA
  • CSEL Capacity (Jangalpur): 13,600 MTPA
  • H1FY27 Actual Production: 45,384 MT (up 125% YoY)
  • Capacity Utilization: 78.6% in H1FY27
  • Production Breakdown: Standalone 21,110 MTPA, NSEPPL 22,424 MTPA
  • Capacity expansion from 12,000 MT in FY23 to 133,600 MT currently (11x growth)

Order Book:

  • Total Order Book: ₹612 Cr (up 39% YoY)
  • Order Book Split: Railways 22%, Infrastructure 78%

Manufacturing Infrastructure:

  • 1 state-of-the-art galvanizing bath unit adding up to 2.5% to margins
  • ~75% of coach body building (other than interiors) deliverables manufactured in-house

Management Commentary & Outlook

Chairman & Managing Director Aditya Vikram Birla stated the company delivered resilient performance despite challenging industry environment, with disciplined execution and diversified portfolio.

Key Management Statements:

  • Focus shifts to filling capacity with target utilization of ~85% over next two years
  • Pivoted early to infrastructure amid anticipated moderation in railway sector momentum
  • NS Engineering achieved ~22% market share in indigenous organized sheet piles market
  • R&D teams developing defence-sector products to broaden portfolio and de-risk business
  • Targeting 30% installed capacity growth by FY28

FY28 Capacity Targets:

  • Standalone (Singur): 65,000 MT (from 55,000 MT)
  • NSEPPL (Howrah): 85,000 MT (from 65,000 MT)
  • CSEL (Jangalpur): 24,600 MT (from 13,600 MT)
  • Total Targeted Capacity: 174,600 MT (from 133,600 MT)

Growth Initiatives & Future Plans

Product Diversification Timeline:

  • FY24: CRF sections for wagons
  • FY25: Sheet piles, wagon end and side bodies, railway components, fabricated steel items, angles and channels from cold rolling
  • FY26: Tested crash barriers, lighting poles, flag poles, high masts, galvanized products, ST and octagonal poles, Casnub, helical and auto springs
  • Next: Wagon Manufacturing & Repair (3,600 wagons), Forged components (11,000 MT), Containers 20ft and 40ft (10,000/year), Defence-sector products (in R&D), Liquid metal units (under evaluation)

Amzen Transportation Acquisition:

  • Declared Successful Resolution Applicant in CIRP of Amzen Transportation Industries Private Limited
  • Letter of Intent received
  • ₹60 Cr security deposit paid
  • Positive order received from Supreme Court
  • Completion subject to statutory approvals
  • Planned capabilities: 3,600 wagons/year (scalable to 7,200), 10,000 sea freight containers/year, 20,000 MTPA bridge fabrication
  • Makes Cosmic CRF India's most integrated wagon manufacturer

Market Tailwinds

Industry Support Factors:

  • Railways mega tender: 100,000 wagons worth ~₹40,000 Cr (planned May 2026)
  • 300 trains planned: 200 Vande Bharat and 100 Amrit Bharat trains
  • Union Budget 2026-27: ₹2.93 lakh Cr capital outlay to Railways
  • India infrastructure market: Projected 9.6% CAGR from USD 224 Bn to 353 Bn by 2030
  • CRF products market: ~2.25 Mn MT; NSEPPL targets 15-16% share in 3 years
  • India spring market: 7.4% CAGR from USD 564M (2024) to 861M (2030)