Cosmic CRF Ltd (543928)
Snapshot
Events
- Latest results
- H1 FY27, filed 4 Nov 2026
- Board meeting filing
- 5 Sep 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
H1 FY27 results
Cosmic CRF Ltd reported H1 FY27 results on 4 Nov 2026: revenue ₹318 Cr (+4.7% year on year, -22.7% on the previous half-year), and net profit ₹26.2 Cr (+9.1% year on year); the operating margin was 13.7%.
| H1 FY27 (₹ Cr) | Value | YoY vs H1 FY26 | vs prev. half |
|---|---|---|---|
| Revenue | ₹318 | +4.7% | -22.7% |
| Operating profit | ₹43.5 | +14.5% | +6.1% |
| Net profit | ₹26.2 | +9.1% | +0.7% |
| EPS (₹) | 28.31 | +6.1% | +0.0% |
| Operating margin | 13.7% | — | — |
- Profit -41% below its own trend
- Operating margin expanded 117 bps YoY
Quality of profit: of pre-tax profit of ₹33.6 Cr, ₹29.9 Cr (89%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +3.1% year on year.
Against its own trend: net profit of ₹26.2 Cr was -41.0% against the ₹44.4 Cr its recent growth pointed to (below trend). This is a statistical baseline, not an analyst estimate.
📢 Recent Corporate Announcements
Cosmic CRF Limited has submitted its Statement of Deviation or Variation under Regulation 32 of SEBI LODR Regulations for the half-year ended September 30, 2026. The company confirmed that there was no deviation or variation in the utilization of proceeds raised via the Preferential Issue of Equity Shares and Convertible Share Warrants. The statement was reviewed by the Audit Committee and taken on record by the Board of Directors on November 4, 2026.
- Confirmed nil deviation or variation in utilization of preferential issue proceeds during H1 ended September 30, 2026
- Statement reviewed by the Audit Committee and approved by the Board on November 4, 2026
- Submission made pursuant to Regulation 32 of SEBI Listing Regulations
Cosmic CRF Ltd's subsidiary, N.S. Engineering Projects Private Limited, has secured a domestic purchase order valued at Rs 1234.10 Lakhs (inclusive of GST) from Jai Balaji Industries Ltd. The contract involves supplying 1,300.00 MT of fabricated MS steel items within a fast turnaround of 2 months. Compared to Cosmic CRF's TTM revenue of Rs 1,117 Cr, this single order represents approximately 1.1% of top-line revenue. The transaction is between domestic entities and does not fall under related party transactions.
- Subsidiary N.S. Engineering Projects Pvt Ltd wins order worth Rs 1234.10 Lakhs (gross value inclusive of GST)
- Contract is for 1300.00 MT of Fabricated MS Steel Items
- Execution timeline is within 2 months
- Customer is domestic entity Jai Balaji Industries Ltd with no promoter interest
Cosmic CRF Ltd's subsidiary, N.S. Engineering Projects Private Limited, has secured multiple purchase orders aggregating to Rs 1302.45 Lakhs (Rs 13.02 Cr, gross) from an Kolkata-based infrastructure company. The orders entail supplying 1,591 MT of cold-formed sheet piling products across four separate contracts. Execution timelines are short, with three orders scheduled within 6 months and one within 3 months. Compared to Cosmic CRF's TTM revenue of Rs 1,117 Cr, this win represents approximately 1.2% of annual turnover, representing steady incremental business.
- Subsidiary N.S. Engineering Projects Pvt Ltd secured orders worth Rs 1302.45 Lakhs (inclusive of GST)
- Total product quantity across 4 orders stands at 1,591 MT of cold-formed Z sheet piling
- Execution period is within 3 to 6 months from the date of the order
- Counterparty is a domestic infrastructure company based in Kolkata with no promoter interest
Cosmic CRF Limited announced that its subsidiary, N.S. Engineering Projects Private Limited, has secured a domestic purchase order valued at Rs 250.46 Lakhs (Rs 2.50 crore, gross inclusive of GST). The contract involves supplying 150 MT of Fabricated MS Beams and 150 MT of MS Square Bars (Hollow) to an infrastructure and steel customer in Kolkata. The order is slated for execution within a tight window of 2 weeks. Compared to the company's TTM revenue of Rs 1,117 crore, the order is immaterial at approximately 0.22% of revenue.
- Gross order value of Rs 250.46 Lakhs inclusive of GST
- Delivery of 150 MT Fabricated MS Beams and 150 MT MS Square Bar (Hollow)
- Execution timeline set within 2 weeks
- Client is a domestic entity in the Infrastructure & Iron & Steel Industry, Kolkata
Cosmic CRF Limited has scheduled a meeting of its Board of Directors on September 9, 2026. The agenda includes considering and approving the conversion of 1,54,400 convertible share warrants held by the Promoter Group into equity shares. Following the conversion, the board will also consider and approve the allotment of 1,54,400 corresponding equity shares.
- Board meeting scheduled for September 9, 2026, at 11:30 AM IST.
- Proposal to convert 1,54,400 convertible share warrants held by the Promoter Group.
- Proposal to allot 1,54,400 equity shares upon warrant conversion.
Cosmic CRF's Board has approved the conversion of 1,42,000 convertible share warrants into fully paid-up equity shares for promoter group entities at Rs 1,614 per share. The company received Rs 17.19 crore (Rs 1,210.50 per warrant, representing the balance 75% exercise price), completing the total warrant issue value of Rs 22.92 crore. Consequently, the company's paid-up share capital expanded from 92,06,243 shares to 93,48,243 shares (a ~1.54% dilution). In addition, retired Calcutta High Court Judge Mr. Pranab Kumar Chatterjee was appointed as an Additional Director.
- Allotted 1,42,000 equity shares of face value Rs 10 each at an issue price of Rs 1,614 upon warrant conversion
- Received balance 75% exercise price of Rs 1,210.50 per warrant, aggregating to Rs 17.19 crore
- Total warrant proceeds stand at Rs 22.92 crore, with Rs 5.73 crore received upfront during issuance
- Allottee promoter holding increased from 36.60% (33.70 lakh shares) to 37.56% (35.12 lakh shares)
- Appointed Mr. Pranab Kumar Chatterjee, former Senior most Puisne Judge of Calcutta High Court, as Additional Director
Cosmic CRF Limited has scheduled a Board of Directors meeting on Thursday, August 27, 2026. The board will consider and approve the conversion and allotment of 1,42,000 convertible share warrants held by the promoter group into equity shares. Additionally, the board will consider appointing Mr. Pranab Kumar Chatterjee as an Additional Director of the company.
- Board meeting scheduled for August 27, 2026 at 11:00 AM IST
- Proposal to convert 1,42,000 convertible share warrants held by the promoter group into equity shares
- Proposal to allot 1,42,000 equity shares upon conversion of warrants
- Proposal to appoint Mr. Pranab Kumar Chatterjee (DIN: 11898028) as an Additional Director
Cosmic CRF Limited has informed exchanges regarding the rescheduling of its virtual 1x1 investor meeting with Shanghvi Family Office. The interaction, originally scheduled for August 22, 2026, at 12:00 Noon IST, will now take place on Monday, August 24, 2026, at 12:30 PM IST. The meeting is coordinated by the company's IR firm, Kaptify, and no unpublished price-sensitive information (UPSI) will be shared.
- Meeting rescheduled to Monday, August 24, 2026, at 12:30 PM IST
- Original meeting date was August 22, 2026, at 12:00 Noon IST
- Interaction is a virtual 1x1 meeting with Shanghvi Family Office organized by Kaptify
- Discussions will be strictly limited to publicly available information
Cosmic CRF Ltd has informed the exchange about a scheduled virtual 1x1 meeting with the Shanghvi Family Office on August 22, 2026, at 12:00 PM IST. The meeting is organized by the company's investor relations firm, Kaptify. The company affirmed that no unpublished price-sensitive information (UPSI) will be discussed during the interaction.
- Virtual 1x1 interaction scheduled with Shanghvi Family Office on August 22, 2026, at 12:00 Noon IST
- Meeting organized via Investor Relations partner Kaptify
- Company confirmed discussions will strictly rely on publicly available information with no UPSI shared
Cosmic CRF has issued a corrigendum to its August 3, 2026 EOGM notice regarding the shareholding pattern for a proposed preferential issue. The total share count will expand from 92,06,243 shares to 99,31,284 shares (an issuance of 7,25,041 shares). Following the issue, promoter shareholding will increase from 55.15% (50,76,800 shares) to 57.81% (57,41,045 shares), while public shareholding will dilute accordingly. The EOGM is scheduled for September 2, 2026.
- Proposed preferential issue expands total equity share base from 92,06,243 to 99,31,284 shares (+7,25,041 shares)
- Promoter holding to increase from 55.15% (50,76,800 shares) to 57.81% (57,41,045 shares)
- Alternate Investment Funds (AIF) to hold 60,796 shares (0.61%) post-issue
- Non-institutional public holding will adjust from 43.63% to 40.44% post-issue
- EOGM for shareholder approval to be conducted via e-voting on September 2, 2026
Cosmic CRF has scheduled an EGM on September 2, 2026, to approve a preferential issue of 7,25,041 shares at Rs 1,330 each to acquire the remaining 26% stake in N. S. Engineering Projects Pvt. Ltd. (NSEPPL). This share-swap transaction, valued at Rs 96.43 Cr, will make NSEPPL a 100% subsidiary, consolidating a key asset that provides 65,000 MTPA of the company's 120,000 MTPA total capacity. Additionally, the company is seeking shareholder approval to migrate from the BSE SME platform to the Main Boards of both BSE and NSE, a move typically aimed at increasing institutional participation and liquidity.
- Preferential issue of 7,25,041 equity shares at a price of Rs 1,330 per share (including Rs 1,320 premium).
- Total transaction value of Rs 96.43 Cr to acquire 30,71,025 shares (26% stake) of NSEPPL.
- Share swap ratio fixed at 236.09 Cosmic CRF shares for every 1,000 shares of NSEPPL.
- NSEPPL represents 65,000 MTPA of the company's total 120,000 MTPA manufacturing capacity.
- Migration to Main Board requires non-promoter 'favor' votes to be at least 2x the 'against' votes.
Cosmic CRF has deposited Rs 60 crore as a security deposit to acquire Amzen Transportation Industries Private Limited through the Corporate Insolvency Resolution Process (CIRP). The deposit includes a cash payment of Rs 31.60 crore to secured financial creditors (UCO Bank & Prudent ARC) and a Bank Guarantee of Rs 28.40 crore. The Bank Guarantee represents 10% of the total amount payable to stakeholders, implying a total acquisition value of approximately Rs 284 crore, which is significant compared to the company's TTM revenue of Rs 636 crore.
- Rs 31.60 crore paid via RTGS on August 6, 2026, to UCO Bank and Prudent ARC.
- Rs 28.40 crore Bank Guarantee issued on August 7, 2026, as performance security.
- Total security deposit of Rs 60 crore represents approximately 14.4% of the company's Net Worth (Rs 416 Cr).
- The acquisition follows a Letter of Intent (LOI) received on July 30, 2026.
- Implied total deal value of ~Rs 284 crore represents ~44.6% of TTM Revenue.
Cosmic CRF is acquiring the remaining 26% stake in its subsidiary, N.S. Engineering Projects Pvt. Ltd. (NSEPPL), to make it a wholly-owned subsidiary. The transaction is valued at approximately Rs 96.43 crore, settled via a share swap of 7,25,041 equity shares at an issue price of Rs 1,330 per share. NSEPPL has demonstrated significant growth, with FY26 turnover reaching Rs 326.51 crore and a PAT of Rs 22.57 crore. This consolidation allows Cosmic CRF to fully capture the earnings of this high-growth unit, which contributes over 50% of the group's consolidated revenue.
- Acquisition of 26% stake (30,71,025 shares) in NSEPPL to achieve 100% ownership.
- Issue of 7,25,041 equity shares at Rs 1,330 per share, totaling ~Rs 96.43 crore.
- NSEPPL FY26 revenue of Rs 326.51 crore, up from Rs 101.75 crore in FY25.
- Promoter group holding to increase from 55.15% to 58.42% post-allotment.
- Transaction to be completed within an indicative timeline of 3 months.
Cosmic CRF Ltd has disclosed a minor regulatory penalty of ₹5,900 (inclusive of GST) imposed by BSE Limited. The fine pertains to a one-day delay in filing Related Party Transaction disclosures (Regulation 23(9)) for the period ended March 31, 2026. The company attributed the delay to a technical glitch on the BSE portal and confirmed the fine was paid on July 13, 2026. The Board reviewed the matter on August 3, 2026, and advised management to improve communication protocols with the exchange for future technical issues.
- Fine of ₹5,900 imposed by BSE for delayed compliance with Regulation 23(9)
- Delay of 1 day in filing for the quarter and half-year ended March 31, 2026
- Fine paid via NEFT on July 13, 2026, following a BSE communication dated June 30, 2026
- Board of Directors formally reviewed the incident in a meeting on August 3, 2026
Cosmic CRF's board has approved the acquisition of the remaining 26% stake in N.S. Engineering Projects Pvt. Ltd. (NSEPPL) via a share swap, making it a wholly-owned subsidiary. The company will issue 7,25,041 shares at Rs 1,330 each, totaling approximately Rs 96.43 crore. Furthermore, the board approved a significant 5x increase in borrowing limits from Rs 200 crore to Rs 1,000 crore and initiated the migration from the BSE SME platform to the Main Boards of both BSE and NSE.
- Acquisition of 30,71,025 shares (26%) of NSEPPL to achieve 100% ownership via share swap.
- Issuance of 7,25,041 equity shares at a fixed price of Rs 1,330 per share.
- Proposed increase in borrowing limits under Section 180(1)(c) from Rs 200 crore to Rs 1,000 crore.
- Migration from BSE SME platform to the Main Board of BSE and NSE approved.
- Extra Ordinary General Meeting (EOGM) scheduled for September 2, 2026, to seek shareholder approval.
Company profilewritten 13 Nov 2025
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 80% YoY to INR 304.5 Cr in H1 FY26 from INR 169.4 Cr in H1 FY25. Standalone CRF (Singur) contributed 23,800 MT in volume, NSEPPL contributed 21,000 MT, and Cosmic Springs contributed 4,500 MT during H1 FY26.
Geographic Revenue Split
Not explicitly disclosed by percentage, but operations are heavily concentrated in West Bengal with units in Singur (Hooghly) and Kolkata.
Profitability Margins
Gross profit per ton for non-galvanized material is approximately INR 7,000 on a selling price of INR 53,000 (approx. 13% margin). Net Profit (PAT) for H1 FY26 was INR 24.5 Cr, representing an 8% net margin.
EBITDA Margin
EBITDA margin for H1 FY26 stood at 12.4% (INR 37.8 Cr on INR 304.5 Cr revenue), showing a 73% increase in absolute EBITDA value from INR 21.9 Cr in H1 FY25.
Capital Expenditure
The company invested in acquiring a 74% stake in NSEPPL and a 92% stake in Cosmic Springs & Engineers Limited during FY25. Singur unit capacity was expanded from 36,000 MTPA to 55,000 MTPA (approx. 53% increase).
Credit Rating & Borrowing
Long-term rating upgraded to IVR BBB+/Stable and short-term rating assigned at IVR A2 as of December 2025. Fund-based limit utilization is moderate at ~93%.
Operational Drivers
Raw Materials
Steel coils and sheets used for Cold Rolled Forming (CRF) and fabricated steel products. Raw material inventory is maintained for 2-3 months to ensure uninterrupted production.
Import Sources
Primarily sourced domestically within India, specifically supporting the West Bengal manufacturing clusters.
Key Suppliers
Not specifically named, but the company leverages large-scale purchases to negotiate better pricing for its liquid metal asset business.
Capacity Expansion
Current total capacity is approximately 120,000 MTPA (Singur unit at 55,000 MTPA and NSEPPL at 65,000 MTPA). Management targets achieving 100,000 to 110,000 tons of production/sales by the end of FY26.
Raw Material Costs
Raw material costs are subject to price volatility with a lag in passing changes to customers. Inventory holding for 60-90 days increases working capital requirements.
Manufacturing Efficiency
Utilization of 'split role technology' in CRF manufacturing for wagons and bogies to enhance precision and output quality.
Logistics & Distribution
Logistics challenges noted at the Singur facility where handling more than 55,000 MTPA is difficult due to trailer loading constraints (17 trailers at a time).
Strategic Growth
Expected Growth Rate
100%
Growth Strategy
Doubling sales volumes from 55,000 MT to 110,000 MT through the full integration of NSEPPL (65,000 MTPA capacity) and CSEL. The strategy includes aggressive debtor recovery to improve operating cash flow, which moved from negative INR 89 Cr to a significantly improved position in H1 FY26.
Products & Services
Cold Rolled Form (CRF) sections for railway wagons, bogies, and coaches; fabricated steel; monopoles; octagonal poles; and railway components.
Brand Portfolio
Cosmic CRF, N.S. Engineering Projects (NSEPPL), Cosmic Springs & Engineers (CSEL).
New Products/Services
High-value monopoles and octagonal poles for infrastructure, contributing to higher margins due to premium pricing (INR 90,000 per ton).
Market Expansion
Expansion into the 'liquid metal asset business' to leverage bulk raw material purchasing power across all subsidiaries.
Market Share & Ranking
Self-described 'champion' in CRF for wagons and bogies in India.
Strategic Alliances
Acquisition of NSEPPL via NCLT process, retaining its operational legacy since 2006 and existing BIS/pollution control licenses.
External Factors
Industry Trends
The industry is shifting toward higher-capacity wagons and improved coach designs, requiring more sophisticated CRF sections. The sector is growing due to government initiatives in rail infra, though currently hampered by component shortages like wheel sets.
Competitive Landscape
Competes with other steel fabricators and CRF manufacturers supplying the Indian Railways ecosystem.
Competitive Moat
Possession of specialized RDSO licenses and STR approvals which act as entry barriers. The 'split role technology' and long-standing operational legacy of acquired units (since 2006) provide a competitive edge in technical bidding.
Macro Economic Sensitivity
Highly sensitive to Indian Railways' procurement cycles and government infrastructure spending (e.g., the requirement for 2 lakh wagons).
Consumer Behavior
Shift in EPC contractor demand based on seasonal weather patterns (monsoons) and project funding availability.
Geopolitical Risks
Minimal direct exposure, but global steel price fluctuations impact domestic raw material costs.
Regulatory & Governance
Industry Regulations
Strict adherence to RDSO standards and STR (Schedule of Technical Requirements) for all railway-related manufacturing.
Environmental Compliance
Maintains pollution control board approvals and BIS licenses through its subsidiary NSEPPL.
Taxation Policy Impact
Standard corporate tax rates apply; no specific fiscal incentives mentioned.
Legal Contingencies
NSEPPL was acquired through the NCLT process, resolving its previous 'bad financial legacy' while retaining operational approvals.
Risk Analysis
Key Uncertainties
Volatility in steel prices can impact margins by 2-5% if price hikes cannot be immediately passed through. Industry-wide shortages of critical components (wheel sets) pose a volume risk.
Geographic Concentration Risk
High concentration in West Bengal; any regional industrial unrest or policy changes could impact 100% of production.
Third Party Dependencies
Dependency on EPC contractors for off-take of infrastructure products like monopoles and poles.
Technology Obsolescence Risk
Risk of changing railway standards (STRs) requiring constant re-tooling of CRF mills.
Credit & Counterparty Risk
Historical issue with negative operating cash flow (INR 89 Cr) due to stretched debtors; management is now strictly enforcing credit terms to mitigate this.
