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Latest filing: 2026-10-08 19:39
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CMNL H1 FY27 Production Up: Sponge Iron +25% YoY, MS Billets Reaches 45,244 MT
Chaman Metallics reported strong operational volume growth for H1 FY27, driven by newly ramped-up integrated capacities. Sponge iron production grew 24.9% YoY (66.7% sequentially) to 79,553 MT with an 84.86% capacity utilization. Production of downstream MS Billets reached 45,243.52 MT (utilization at 45.70%), while Silico Manganese production surged 119.3% YoY to 9,981.39 MT. External sponge iron sales declined 43.9% YoY to 35,067 MT, reflecting higher captive consumption for internal steel billet production.
Confidence: HIGH
What changedChaman Metallics disclosed operational metrics for H1 FY27 showing significant ramp-up in steel billets and silico manganese alongside high sponge iron utilization.
Why it mattersThe ramp-up confirms backward/forward integration is taking effect, moving the company into higher-value MS Billets and improving power self-sufficiency.
Sponge Iron Production: 79,553.00 MTMS Billets Production: 45,243.52 MTSilico Manganese Production YoY Growth: 119.3%Captive Power Generation: 10,83,19,613 Units
📅 Short termPositive operational volumes should support top-line expectations ahead of the half-yearly financial results.
📈 Long termIncreased downstream integration into billets and captive power reduces exposure to merchant sponge iron cyclicality, though balance sheet leverage remains elevated.
⚠ Risk flags
- High balance sheet leverage (Debt of Rs 440 Cr vs Net Worth of Rs 95 Cr, D/E of 4.63)
- Commodity steel pricing volatility impacting realization margins
Key Highlights
Sponge Iron production reached 79,553.00 MT in H1 FY27, up 24.9% YoY and 66.7% QoQ/sequential, at 84.86% utilization
MS Billets output stood at 45,243.52 MT with sales of 45,309.11 MT, operating at 45.70% capacity utilization
Silico Manganese production surged 119.3% YoY to 9,981.39 MT, with sales of 9,710.00 MT
Captive power generation increased sharply to 10,83,19,613 units compared to 2,48,48,568 units in H1 FY26
👀 What to Watch
Watch the upcoming H1 FY27 financial results to assess if higher production and captive integration translate into operating profit margin expansion, especially given the company's high D/E ratio of 4.63.
CMNL FY26 Revenue Jumps 215% to ₹541.26 Cr; 30 MW Captive Power Plant Commissioned
Chaman Metallics Limited released its FY26 investor presentation detailing full-year operational performance post-expansion. FY26 revenue grew 215% YoY to ₹541.26 Cr, while EBITDA rose 164% YoY to ₹39.96 Cr from ₹15.18 Cr in FY25. However, higher finance costs of ₹29.46 Cr and depreciation of ₹14.32 Cr led to a net loss of ₹4.17 Cr. The company has fully commissioned its 30 MW captive power plant, generating power at ₹4.06/unit versus ₹8.44/unit grid cost, delivering an estimated ₹52 Cr in annual power savings.
Confidence: HIGH
What changedThe company published its FY26 investor presentation detailing financial results and the operational status of its completed integrated steel and captive power capex.
Why it mattersDemonstrates substantial top-line scaling and power cost integration, though high debt service obligations remain a key drag on bottom-line profitability.
FY26 Revenue: ₹541.26 CrFY26 EBITDA: ₹39.96 CrFY26 Net Loss: ₹4.17 CrCPP Installed Capacity: 30 MWEstimated CPP Power Savings: ₹52 CrTotal Borrowings: ₹440.46 Cr
📅 Short termProvides clarity on revenue scale and operating profitability following capex completion; market focus will center on interest coverage and bottom-line turnaround.
📈 Long termIntegrated manufacturing with captive power and value-added steel billets positions the company for higher structural margins once capacity utilization normalizes and debt is repaid.
⚠ Risk flags
- High debt burden of ₹440.46 Cr against net worth of ₹95.25 Cr (D/E ~4.6x)
- Interest costs (₹29.46 Cr) severely depressing bottom-line profitability
- Commodity cyclicality and steel realization volatility
Key Highlights
Revenue grew 215% YoY to ₹541.26 Cr in FY26 compared to ₹172.18 Cr in FY25.
EBITDA increased 164% YoY to ₹39.96 Cr, up from ₹15.18 Cr in the previous year.
Fully commissioned 30 MW captive power plant, expected to deliver ~₹52 Cr in cost savings with power cost of ₹4.06/unit vs ₹8.44/unit grid tariff.
Post-expansion integrated platform now comprises 550 TPD Sponge Iron, 400 TPD Billets, and 65 TPD Silico Manganese.
Net loss stood at ₹4.17 Cr for FY26 due to ₹29.46 Cr in finance costs on ₹440.46 Cr total borrowings.
👀 What to Watch
Track capacity utilization ramp-up in the newly added Billets and Silico Manganese lines, margin expansion from captive power savings, and progress on debt reduction from operational cash flows.
Promoters Acquire 3.38 Lakh Shares via Open Market; Stake Reaches 75.00% Cap
Chaman Metallics Limited announced that members of its Promoter and Promoter Group have acquired 3,38,250 equity shares through open market purchases. Consequently, aggregate promoter shareholding increased from ~73.60% to 75.00%, reaching the maximum permissible promoter shareholding threshold under SEBI listing norms. The total purchase consideration recorded in the filing is ₹365.76 (units as stated).
Confidence: HIGH
What changedPromoter group acquired 3,38,250 shares in the open market, moving the total promoter stake from 73.60% to exactly 75.00%.
Why it mattersOpen-market buying signals promoter confidence in ongoing expansion projects, but hits the statutory 75% ceiling, preventing further creeping acquisitions.
Total shares acquired: 3,38,250New promoter holding: 75.00%Prior promoter holding: 73.60%Total consideration stated: ₹ 365.76
📅 Short termSignals insider buying and confidence, which is generally viewed positively in the near term.
📈 Long termLimited incremental structural impact beyond reaching the maximum 75% holding ceiling, leaving future focus on debt reduction and execution of expanded capacity.
⚠ Risk flags
- Elevated leverage with Debt of ₹440 Cr against Net Worth of ₹95 Cr (D/E ~4.63x)
- Commodity cycle exposure and power supply risks in sponge iron and steel operations
Key Highlights
Promoter group acquired a total of 3,38,250 equity shares through open market purchases.
Promoter holding increased from approximately 73.60% to the regulatory maximum limit of 75.00%.
G.R. Integrated Steel Private Limited made the largest purchase of 3,06,750 equity shares.
Individual promoters Chetan Kumar Agrawal and Ramesh Kumar Agrawal acquired 19,500 and 12,000 shares respectively.
👀 What to Watch
Track operational capacity ramp-up and quarterly financial performance; note that promoters cannot increase their stake further without violating minimum public shareholding requirements.
