Cochin Minerals & Rutiles Ltd (513353)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Cochin Minerals' revenue was ₹131 Cr (+75.5% year on year, +53.5% on the previous quarter), and net profit ₹12.4 Cr (+278.6% year on year); the operating margin was 11.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹131 | +75.5% | +53.5% |
| Operating profit | ₹15.3 | +478.2% | +96.2% |
| Net profit | ₹12.4 | +278.6% | +274.1% |
| EPS (₹) | 15.81 | +278.2% | +273.8% |
| Operating margin | 11.7% | — | — |
📢 Recent Corporate Announcements
Cochin Minerals & Rutiles Ltd has issued a clarification regarding media reports on October 13, 2026, alleging that Kerala's Vigilance and Anti-Corruption Bureau (VACB) filed an FIR. The alleged probe relates to financial transactions between the company and Exalogic Solutions Pvt. Ltd. The company stated it has not received any formal copy of the FIR or official communication from the investigating agency. Financial exposure, if any, is currently unquantified relative to the company's ₹243 Cr market cap and ₹344 Cr TTM revenue.
- Clarification issued following media reports published on October 13, 2026
- FIR reportedly registered by Vigilance and Anti-Corruption Bureau (VACB), Kerala
- Pertains to allegations surrounding financial transactions with Exalogic Solutions Pvt. Ltd.
- Company confirms zero formal copies of the FIR or official intimations received to date
Cochin Minerals & Rutiles Ltd has obtained an interim stay order from the High Court of Kerala on September 25, 2026, against a GST Show Cause Notice. The dispute involves a tax demand of Rs 120.26 crore issued under Section 74 of the CGST Act for FY21 to FY24 regarding product HSN classification prior to an Advance Ruling. The disputed amount is highly material, representing ~70% of the company's net worth (Rs 172 crore) and ~35% of its TTM revenue (Rs 344 crore). The High Court has stayed all further proceedings pursuant to the notice dated July 31, 2026.
- High Court of Kerala stayed operation and proceedings of the Show Cause Notice on September 25, 2026
- Disputed tax amount involved stands at Rs 120.26 crore, relating to FY 2020-21 through FY 2023-24
- Show Cause Notice dated July 31, 2026, was issued under Section 74 of the CGST Act / IGST Act
- Dispute relates to HSN classification of products prior to an Advance Ruling obtained by the company
Cochin Minerals & Rutiles has announced its 37th Annual General Meeting on September 25, 2026, and fixed book closure from September 19 to September 25, 2026. The Board has recommended a dividend of 80% (₹8 per share) for FY 2025-26, subject to shareholder approval. The record date for determining eligible shareholders for dividend payout is September 18, 2026. At the current market price of ₹296.6, this translates to a dividend yield of approximately 2.70% on an FY26 EPS of ₹15.99.
- Board recommended a dividend of 80% (₹8 per equity share) for FY 2025-26
- Record date fixed as September 18, 2026 for dividend entitlement
- Book closure scheduled from September 19, 2026 to September 25, 2026 (both days inclusive)
- 37th Annual General Meeting to be held on September 25, 2026 at 10:30 AM via VC/OAVM
Cochin Minerals and Rutile Limited has announced that its Annual General Meeting (AGM) will be held on Friday, September 25, 2026, at 10:30 AM IST via Video Conferencing. The decision was formalized at the Board of Directors meeting held on August 22, 2026. This is a standard annual compliance requirement with no direct financial impact on the company's operations.
- AGM scheduled for Friday, September 25, 2026, at 10:30 AM IST
- Meeting to be conducted entirely via Video Conferencing (VC)
- Board approval for the AGM date was granted on August 22, 2026
Mr. Ram Kanwar Garg has resigned from his position as Chairman and Non-Executive Non-Independent Director of Cochin Minerals & Rutiles Ltd, effective August 5, 2026. The resignation is attributed to ill health, with the outgoing Chairman confirming no other material reasons for his departure. This leadership change occurs as the company manages a market cap of ‡195 Cr and navigates a period of declining profitability, with FY26 PAT at ‡13 Cr compared to ‡24 Cr in FY25.
- Resignation of Mr. Ram Kanwar Garg (DIN: 00644462) effective from the close of business hours on August 5, 2026.
- The company reported a TTM revenue of ‡287 Cr and an Operating Profit Margin of 5.5%.
- Promoter holding remains stable at 51.36% as of the June 2026 quarter.
- The company maintains a low Debt-to-Equity ratio of 0.03 with total debt of ‡6 Cr.
Cochin Minerals & Rutiles Ltd (CMRL) reported a robust Q1 FY26, with revenue from operations surging 72.2% YoY to Rs 131.26 Cr. Net profit for the quarter jumped to Rs 12.38 Cr, nearly four times the Rs 3.27 Cr reported in Q1 FY25. This single quarter's revenue represents approximately 45.7% of the company's total TTM revenue, indicating a significant scale-up in operations. Additionally, the company announced a leadership transition, with Dr. Rabinarayan Patra succeeding Mr. R K Garg as Chairman.
- Revenue from operations increased to Rs 131.26 Cr in Q1 FY26 from Rs 76.21 Cr in Q1 FY25.
- Net profit grew by 279% YoY to Rs 12.38 Cr, compared to Rs 3.27 Cr in the year-ago period.
- Basic EPS for the quarter stood at Rs 15.81, nearly matching the full-year TTM EPS of Rs 15.99.
- Cost of materials consumed rose significantly to Rs 55.67 Cr from Rs 26.80 Cr YoY, reflecting higher production volumes.
- Total Comprehensive Income for the period reached Rs 12.44 Cr versus Rs 3.31 Cr YoY.
Cochin Minerals & Rutiles Ltd (CMRL) reported a stellar Q1 FY27, with revenue growing 72.2% YoY to Rs 131.26 Cr. Net profit surged 278% YoY to Rs 12.38 Cr, which is approximately 95% of the total profit earned in the entire previous fiscal year (Rs 13 Cr). Operating margins showed a sharp recovery, with PBT margins reaching 12.8% compared to the 5.5% TTM average. Additionally, the company announced the resignation of Chairman R.K. Garg due to ill health, with Independent Director Dr. Rabinarayan Patra appointed as the new Chairman.
- Revenue from operations increased 72.2% YoY to Rs 131.26 Cr from Rs 76.21 Cr.
- Net profit for the quarter jumped to Rs 12.38 Cr, nearly matching the full-year FY26 PAT of Rs 13.0 Cr.
- Earnings Per Share (EPS) for the quarter rose to Rs 15.81 from Rs 4.18 in the year-ago period.
- Raw material costs increased 107% YoY to Rs 55.67 Cr, yet the company achieved significant bottom-line growth.
- Chairman R.K. Garg resigned effective Aug 5, 2026; Dr. Rabinarayan Patra takes over on Aug 6, 2026.
Mr. Ram Kanwar Garg has resigned from his dual role as Chairman and Non-Executive Non-Independent Director of Cochin Minerals & Rutiles Ltd, effective August 5, 2026. The resignation is attributed to ill health, with the director confirming no other material reasons for his departure. This leadership change comes as the company, with a market cap of ₹195 Cr, manages a specialized synthetic rutile business with high client concentration (93-94% from top 10 clients). The board will need to appoint a successor to maintain oversight of its formula-driven pricing strategies and long-standing Japanese trade relationships.
- Resignation effective from the close of business hours on August 5, 2026
- Notice of resignation received by the company on August 4, 2026
- Mr. Ram Kanwar Garg (DIN: 00644462) cited ill health as the sole reason for stepping down
- Company maintains a TTM revenue of ₹287 Cr and a net worth of ₹172 Cr
- Promoter holding remains stable at 51.36% as of June 2026
Mr. Ram Kanwar Garg has resigned from his position as Chairman and Non-Executive Non-Independent Director of Cochin Minerals & Rutiles Ltd, citing ill health. The resignation is effective from the close of business hours on August 5, 2026. This leadership change comes as the company, with a market cap of ‡195 Cr, manages a period of margin compression, with Operating Profit Margins (OPM) declining from 10% in FY25 to 5% in FY26.
- Resignation effective from the close of business hours on August 5, 2026
- Notice of resignation received by the company on August 4, 2026
- Company maintains a high client concentration with the top 10 clients contributing 93-94% of sales
- TTM Revenue stands at ‡287 Cr with a current P/E ratio of 15.6
Cochin Minerals & Rutiles Ltd (CMRL) has received a Show Cause Notice (SCN) for Rs 120.26 crores from the Commissioner of Central Tax & Central Excise (Audit), Kochi. The dispute involves the HSN classification of products for the period FY 2020-21 to FY 2023-24, specifically for the years prior to an Advanced Ruling obtained by the company. This potential liability is extremely significant, representing approximately 62% of the company's current market capitalization (Rs 193 Cr) and 70% of its net worth (Rs 172 Cr). While the company currently expects no impact, the magnitude of the demand relative to its TTM PAT of Rs 13 Cr is substantial.
- Tax demand of Rs 120.26 crores raised by Central Tax & Central Excise authorities
- Dispute covers a four-year period from FY 2020-21 to FY 2023-24
- Demand amount is equivalent to ~62% of the company's total market capitalization
- Notice pertains to HSN classification issues prior to the company's Advanced Ruling
- The demand is nearly 9.2x the company's TTM Net Profit of Rs 13 crores
Cochin Minerals & Rutiles Ltd (CMRL) has scheduled a board meeting on August 5, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. The company, a micro-cap with a market capitalization of Rs 200 Cr, reported a TTM revenue of Rs 287 Cr and a PAT of Rs 13 Cr. Investors will be monitoring for margin recovery, as operating profit margins (OPM) stood at 5.5% TTM, impacted by global synthetic rutile price volatility. The company maintains a strong balance sheet with a very low debt-to-equity ratio of 0.03.
- Board meeting scheduled for August 5, 2026, at 12:00 noon to approve Q1 FY2026 results
- Company operates with an installed capacity of 50,000 MTA of synthetic rutile
- TTM revenue of Rs 287 Cr represents approximately 1.4x the current market capitalization of Rs 200 Cr
- Top 10 clients contribute 93-94% of total sales, highlighting significant client concentration risk
- Operating profit margins (OPM) were 5.5% TTM, down from 10.0% in FY25
Financial Performance
Revenue Growth by Segment
Synthetic Rutile accounts for approximately 90% of total sales; segment-specific growth percentages are not provided, but the company targets a scale of operations above INR 500 crore for rating upgrades.
Geographic Revenue Split
Exports to Japan account for approximately 70% of total revenue, primarily through long-term trading partners.
Profitability Margins
PBILDT margin was 11.00% in FY25, representing a decline from 13.17% in FY24 due to weakening global prices.
EBITDA Margin
11.00% PBILDT margin in FY25, reflecting a 2.17% year-on-year decline from 13.17% in FY24.
Credit Rating & Borrowing
CARE BBB; Stable for long-term facilities (INR 1.50 Cr) and CARE A3+ for short-term facilities (INR 132.00 Cr) as of August 2025.
Operational Drivers
Raw Materials
Ilmenite is the primary raw material, with approximately 25-30% sourced domestically and the remainder imported.
Import Sources
Majority of raw materials are imported from international sources, with procurement arranged by Mitsui & Co. Ltd.
Key Suppliers
Indian Rare Earth Limited (IREL) supplies 25-30% of ilmenite requirement; Mitsui & Co. Ltd. manages the majority of imported raw material sourcing.
Capacity Expansion
Current installed capacity is 50,000 MTA of synthetic rutile, which was scaled up from an initial 10,000 MTA.
Raw Material Costs
Domestic ilmenite sourcing from IREL (25-30%) helps reduce overall procurement costs due to proximity to the Kerala manufacturing plant.
Manufacturing Efficiency
The plant utilizes indigenous technology to produce synthetic rutile and by-products, having scaled capacity by 400% since inception.
Strategic Growth
Growth Strategy
The company aims to sustain margins through formula-driven pricing arrangements with key customers and leveraging 33-year long-standing relationships to ensure repeat business.
Products & Services
Synthetic Rutile, Ferric Chloride, and Ferrous Chloride.
Brand Portfolio
CMRL.
Market Share & Ranking
The company is one of the few Indian manufacturers in the synthetic rutile sector.
Strategic Alliances
Long-term strategic relationship with Mitsui & Co. Ltd. for both raw material supply and product distribution.
External Factors
Industry Trends
The industry is currently facing a downward trend in global synthetic rutile prices, which impacted margins in FY25 and continued into Q1 FY26.
Competitive Landscape
Niche market with few domestic competitors; the company is a significant player in the Indian synthetic rutile industry.
Competitive Moat
The moat is built on indigenous production technology and 33-year relationships with major Japanese trading houses, providing a durable competitive advantage.
Macro Economic Sensitivity
Highly sensitive to global synthetic rutile commodity prices and foreign exchange rate fluctuations due to the export-oriented business model.
Geopolitical Risks
Concentration of 70% of exports in Japan makes the company vulnerable to trade policy changes or economic shifts in the Japanese market.
Regulatory & Governance
Industry Regulations
Operations are subject to the Factories Act 1948, Environment Protection Act 1986, and Air/Water Pollution Control Acts due to the chemical nature of production.
Legal Contingencies
Ongoing Income Tax litigation involving reopened assessments for FY2011-12 to FY2018-19 following a 2019 search operation by the IT Department.
Risk Analysis
Key Uncertainties
Volatility in global synthetic rutile prices and the potential adverse outcome of ongoing Income Tax investigations are the primary business risks.
Geographic Concentration Risk
70% of revenue is concentrated in Japan, creating high regional dependency.
Third Party Dependencies
93-94% of sales are dependent on the top 10 clients, and raw material imports are heavily dependent on Mitsui & Co. Ltd.
Technology Obsolescence Risk
The company uses indigenous technology that has been successfully scaled over two decades, though digital transformation status is not specified.
Credit & Counterparty Risk
Counterparty risk is mitigated by long-standing relationships (over 33 years) with established Japanese firms like Mitsui and Sumitomo.
