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CMI Limited (CMICABLES)

📊 NSE: CMICABLES 🏢 Cables - Power 📢 Latest filing: 16 Sep 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, CMI's revenue was ₹14.7 Cr (+9.4% year on year, +24.3% on the previous quarter), and net profit ₹-3.5 Cr (a bigger loss than a year earlier); the operating margin was -9.7%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹14.7	+9.4%	+24.3%
Operating profit	₹-1.4	loss widened	loss widened
Net profit	₹-3.5	loss widened	loss widened
EPS (₹)	-0.22	loss narrowed	loss widened
Operating margin	-9.7%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

CMI Limited Reports FY26 Net Loss of ₹11.36 Cr; Revenue Drops to ₹55.04 Cr Amid Ongoing CIRP

🔴 NEGATIVE ⭐ 6/10

EARNINGS 📅 16 Sep 2026, 06:43 PM

CMI Limited, currently operating under the Corporate Insolvency Resolution Process (CIRP), announced its audited financial results for Q4 and FY26. For the full year ended March 31, 2026, revenue from operations dropped to ₹55.04 Cr from ₹57.46 Cr in FY25, while net losses expanded to ₹11.36 Cr from ₹11.03 Cr. For Q4 FY26, revenue was ₹14.73 Cr with a net loss of ₹3.49 Cr. The company's net worth remains heavily negative at ₹-157.80 Cr as of March 31, 2026, and the statutory auditor issued a disclaimer of opinion regarding internal financial controls.

Full-year FY26 revenue from operations stood at ₹5,504.06 Lakhs (₹55.04 Cr) vs ₹5,746.22 Lakhs in FY25
Net loss for FY26 widened to ₹1,135.80 Lakhs (₹11.36 Cr) vs ₹1,103.15 Lakhs in FY25
Q4 FY26 revenue reached ₹1,472.82 Lakhs with a quarterly net loss of ₹349.10 Lakhs
Total equity deficit expanded further to ₹-15,780.01 Lakhs (₹-157.80 Cr) as of March 31, 2026
Auditors issued a Disclaimer of Opinion on the adequacy of internal financial controls

💡 Track the ongoing Corporate Insolvency Resolution Process (CIRP) under NCLT and any progress on a resolution plan or liquidation orders.

CMI Limited Reports Q3 FY26 Results Under CIRP; Accumulated Losses Reach Rs 170.43 Cr

🔴 NEGATIVE ⭐ 6/10

EARNINGS 📅 15 Sep 2026, 05:05 PM

CMI Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), approved its unaudited financial results for the quarter and nine months ended December 31, 2025. The statutory auditor issued a disclaimer of opinion, citing an inability to obtain sufficient audit evidence. Accumulated losses mounted to Rs 17,043.21 lakhs (Rs 170.43 Cr), completely eroding the paid-up equity share capital of Rs 1,603.07 lakhs (Rs 16.03 Cr). Critical records including the fixed asset register, stock quantitative details, and bank or loan balance confirmations were not made available to the auditors.

Accumulated losses stood at Rs 17,043.21 lakhs (Rs 170.43 Cr) as of December 31, 2025, completely eroding net worth.
Paid-up equity share capital of the company was reported at Rs 1,603.07 lakhs (Rs 16.03 Cr).
Auditor issued a disclaimer of opinion due to ongoing CIRP and lack of underlying records.
Fixed asset register, physical inventory verification, and bank loan confirmations were unavailable for review.
Results prepared under AS Rules 2014 instead of Ind AS 34 principles.

💡 Track progress of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the IBC and subsequent resolution plan submissions with the NCLT.

CMI Limited Schedules 48th Committee of Creditors Meeting Under Ongoing CIRP

🔵 WATCH ⭐ 4/10

LEGAL 📅 14 Sep 2026, 05:04 PM

CMI Limited has scheduled the 48th meeting of its Committee of Creditors (CoC) for September 15, 2026, under the ongoing Corporate Insolvency Resolution Process (CIRP). The company operates under severe financial distress with negative net worth of Rs -146 Cr, debt of Rs 381 Cr, and promoter holding reduced to 0.5%. Powers of the board remain suspended while the Resolution Professional oversees operations and creditor resolution. Outcome disclosures from the meeting will be critical in understanding whether resolution plans or liquidation are being pursued.

48th Meeting of the Committee of Creditors scheduled for September 15, 2026
Intimation submitted pursuant to Regulation 30, Schedule III, Clause A, sub-clause 16(g) of SEBI LODR
Company continues under insolvency with suspended board powers against Rs 381 Cr debt and Rs -146 Cr net worth

💡 Monitor post-meeting filings for outcomes regarding potential resolution plans, prospective resolution applicants, or liquidation recommendations.

CMI Limited Reports Q2 FY26 Loss; Accumulated Losses Reach Rs 168.64 Cr Amid CIRP

🔴 NEGATIVE ⭐ 6/10

EARNINGS 📅 14 Sep 2026, 04:48 PM

CMI Limited reported its financial results for the quarter and half-year ended September 30, 2025, approved under authorization of its Resolution Professional as the company remains in Corporate Insolvency Resolution Process (CIRP). Accumulated losses rose to Rs 16,863.91 lakhs (Rs 168.64 Cr), totally eroding the paid-up capital of Rs 1,603.07 lakhs (Rs 16.03 Cr). Statutory auditors issued a disclaimer of opinion citing non-compliance with Ind AS, absence of fixed asset registers, missing inventory quantitative details, and unconfirmed bank and loan balances.

Accumulated losses stood at Rs 16,863.91 lakhs as of September 30, 2025, completely eroding net worth against a paid-up equity capital of Rs 1,603.07 lakhs
Auditors issued a disclaimer of opinion, stating inability to obtain sufficient appropriate audit evidence under CIRP
Company failed to prepare accounts under Ind AS 34, using Companies (Accounts) Rules, 2014 framework instead
Key audit records missing, including fixed assets register, inventory physical details, and third-party loan/bank confirmations

💡 Track proceedings and potential resolution plans submitted under the Corporate Insolvency Resolution Process (IBC) at the NCLT.

CMI Limited Q1 FY26 Results: Auditor Disclaims Opinion; Accumulated Losses Reach Rs 163.76 Cr

🔴 NEGATIVE ⭐ 6/10

EARNINGS 📅 11 Sep 2026, 04:10 PM

CMI Limited reported its unaudited financial results for the quarter ended June 30, 2025, approved under authorization of its Resolution Professional as the company remains in Corporate Insolvency Resolution Process (CIRP). Accumulated losses reached Rs 16,375.79 lakhs (Rs 163.76 Cr) against a paid-up share capital of Rs 1,603.07 lakhs (Rs 16.03 Cr), completely eroding net worth. The statutory auditor issued a disclaimer of opinion due to lack of asset registers, missing stock verification, absent bank/loan confirmations, and non-compliance with Ind AS. The company's market cap stands at just Rs 4 Cr against total debt of Rs 381 Cr.

Accumulated losses stood at Rs 16,375.79 lakhs as of June 30, 2025, completely eroding net worth.
Paid-up equity share capital was Rs 1,603.07 lakhs.
Auditors issued a disclaimer of opinion due to unverified fixed assets, inventories, bank balances, and pending litigations.
Results were prepared under GAAP/Rule 7 of Companies (Accounts) Rules, 2014, and not in compliance with Ind AS 34.
Company continues under CIRP initiated by Canara Bank under Section 7 of IBC.

💡 Track the outcome of the ongoing Corporate Insolvency Resolution Process (CIRP) under IBC, including whether a resolution plan is approved or liquidation is initiated.

CMI Limited: 47th Committee of Creditors Meeting Scheduled for August 17, 2026

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 14 Aug 2026, 06:09 PM

CMI Limited has informed the exchanges that the 47th meeting of its Committee of Creditors (CoC) is scheduled for Monday, August 17, 2026. The company remains under the Corporate Insolvency Resolution Process (CIRP), with management powers vested in the Resolution Professional. CMI faces severe distress with debt standing at Rs 381 Cr against a market cap of Rs 4 Cr and a negative net worth of Rs -146 Cr.

47th meeting of the Committee of Creditors (CoC) convened under CIRP.
Meeting scheduled to be held on Monday, August 17, 2026.
Intimation submitted pursuant to Regulation 30 sub-clause 16(g) of Schedule III of SEBI LODR.

💡 Track subsequent exchange filings for outcomes of the 47th CoC meeting regarding resolution plan evaluations or liquidation decisions.

CMI Limited Clarifies Audit Qualification Filing Amid Ongoing Insolvency Process

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 10 Aug 2026, 11:04 AM

CMI Limited has responded to stock exchange queries regarding the non-standard format of its 'Statement of Impact of Audit Qualifications' for the quarter ended March 31, 2025. The company clarified that due to the ongoing Corporate Insolvency Resolution Process (CIRP), the Board of Directors is suspended and the company currently lacks a Chief Financial Officer (CFO). To comply with SEBI requirements, the statement was signed by a suspended director authorized by the Resolution Professional (RP) and countersigned by the RP and Statutory Auditor. This filing is procedural and highlights the administrative constraints of the company under insolvency.

Clarification provided for the financial results of the quarter ended March 31, 2025
Company is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the IBC, 2016
Company confirmed it currently does not have a Chief Financial Officer (CFO)
Statement was signed by Mr. Amit Jain, Suspended Director, under authorization from the Resolution Professional
Promoter holding remains critically low at 0.5% as of March 2023

💡 Investors should focus on the progress of the Corporate Insolvency Resolution Process (CIRP) and any potential resolution plans, given the company's negative net worth of ₹-146 Cr.

46th CoC Meeting Scheduled for July 22, 2026, Amid Ongoing Insolvency Process

🔵 WATCH ⭐ 4/10

LEGAL 📅 21 Jul 2026, 05:27 PM

CMI Limited has scheduled the 46th meeting of its Committee of Creditors (CoC) for July 22, 2026, as part of the ongoing Corporate Insolvency Resolution Process (CIRP). The company is in severe financial distress with a negative net worth of -₹146 Cr and a massive debt burden of ₹381 Cr. With promoter holding at a negligible 0.5%, the control of the company effectively rests with the creditors. Investors should be aware that equity value in such cases is frequently written off or heavily diluted during the final resolution.

46th meeting of the Committee of Creditors (CoC) is scheduled for July 22, 2026.
Company carries a total debt of ₹381 Cr, which is approximately 95 times its current market capitalization of ₹4 Cr.
Net worth has completely eroded to -₹146 Cr, necessitating the ongoing insolvency process.
Promoter holding remains at a minimal 0.5% as of the latest available data in March 2023.
Inventory turnover ratio improved to 5.46x in FY25 from 2.94x in FY24 despite the insolvency proceedings.

💡 Monitor for any official announcements regarding the approval of a resolution plan or a liquidation order from the NCLT, as these will determine the final value (if any) for equity shareholders.

CMI Limited Submits Quarterly Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Jul 2026, 05:03 PM

CMI Limited has submitted its quarterly compliance certificate for the period ended June 30, 2026, as per SEBI (Depositories and Participants) Regulations. The company's Registrar and Share Transfer Agent (RTA), Beetal Financial & Computer Services, confirmed that all dematerialization requests were processed and certificates mutilated within the mandatory 15-day window. This is a standard administrative filing and does not alter the company's current financial status. Investors should note the company remains under the Corporate Insolvency Resolution Process (CIRP) with a negative net worth of ‹-146 Cr.

Compliance certificate issued for the quarter ended June 30, 2026
Dematerialization requests confirmed and processed within 15 days
RTA confirmed that securities are listed on the stock exchanges where earlier securities were listed
Company is currently undergoing Corporate Insolvency Resolution Process (CIRP)
Promoter holding remains critically low at 0.5% as of March 2023

💡 Focus on updates regarding the Corporate Insolvency Resolution Process (CIRP) and potential resolution plans, as this routine filing has no impact on the company's valuation or debt situation.

CMI Limited Schedules 44th Committee of Creditors (CoC) Meeting for May 27, 2026

🔴 NEGATIVE ⭐ 9/10

LEGAL 📅 26 May 2026, 05:34 PM

CMI Limited is currently undergoing the Corporate Insolvency Resolution Process (CIRP) and has scheduled its 44th Committee of Creditors (CoC) meeting for May 27, 2026. This meeting is part of the ongoing legal proceedings to resolve the company's debt obligations under the Insolvency and Bankruptcy Code. The high frequency of meetings (44th) suggests a prolonged resolution process which typically involves evaluating resolution plans or liquidation possibilities. Equity shareholders should remain cautious as insolvency proceedings often result in significant dilution or total loss of equity value.

44th meeting of the Committee of Creditors (CoC) scheduled for May 27, 2026
Company is currently under Corporate Insolvency Resolution Process (CIRP)
Notification issued under Regulation 30 of SEBI (LODR) Regulations, 2015
The meeting involves critical discussions regarding the corporate debtor's future and creditor settlements

💡 Investors should be extremely wary as equity holders are last in the priority of payments during insolvency; consider the high risk of capital loss. Monitor the outcome of the CoC meeting for any news regarding a successful resolution plan or potential liquidation.

CMI Limited Appoints New Statutory Auditors for FY26-FY28 Amid Insolvency Proceedings

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 18 May 2026, 06:40 PM

CMI Limited, which is currently undergoing the Corporate Insolvency Resolution Process (CIRP), has appointed M/s. Kumar Pramod & Associates as its new statutory auditors. The appointment was made by the Resolution Professional as the Board's powers remain suspended following an NCLT order initiated by Canara Bank. The new auditors are appointed for a three-year term covering the financial years ending March 31, 2026, 2027, and 2028. This move is a procedural requirement to ensure financial compliance while the company seeks a resolution under the Insolvency and Bankruptcy Code.

M/s. Kumar Pramod & Associates appointed as Statutory Auditors for a 3-year term (FY2025-26 to FY2027-28).
Company is currently under CIRP following an application by Canara Bank under Section 7 of the IBC.
The appointment was finalized on May 16, 2026, by the Resolution Professional on behalf of the suspended Board.
The new audit firm, established in 1992, has experience with major PSUs including SBI, PNB, and NHPC.

💡 Investors should exercise extreme caution as the company is in insolvency proceedings, which often leads to significant equity value erosion. Focus on the progress of the resolution plan rather than routine administrative appointments like auditor changes.

CMI Limited Statutory Auditor Resigns Citing Unavoidable Reasons and Pending Fees

🔴 NEGATIVE ⭐ 8/10

REGULATORY 📅 18 May 2026, 06:19 PM

M/s. Bagchi Kejriwal & Co. has resigned as the Statutory and Tax Auditor of CMI Limited effective April 18, 2026. The resignation comes while the company is under a Resolution Professional, indicating ongoing insolvency proceedings. Notably, the outgoing auditor highlighted 'long due pending fees' in their resignation letter, which points toward severe liquidity constraints. This development adds significant governance and financial reporting risk to a company already in distress.

Statutory and Tax Auditor M/s. Bagchi Kejriwal & Co. resigned effective from the Financial Year 2026-27.
The auditor explicitly requested the release of 'long due pending fees' for their previous work.
The company is currently managed by a Resolution Professional (RP) under the Insolvency and Bankruptcy Code.
The formal disclosure to the exchanges was delayed, occurring on May 18, 2026, despite the resignation letter being dated April 18, 2026.

💡 Investors should exercise extreme caution as auditor resignations due to unpaid fees are a major red flag regarding liquidity and governance. Given the company is already under the Corporate Insolvency Resolution Process, the potential for equity value erosion is very high.

CMI Limited Schedules 43rd Committee of Creditors Meeting for Insolvency Resolution

🔴 NEGATIVE ⭐ 9/10

LEGAL 📅 29 Apr 2026, 02:14 PM

CMI Limited is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. The company has scheduled its 43rd Committee of Creditors (CoC) meeting for April 29, 2026, to discuss the ongoing resolution plan. The high number of meetings (43) indicates a prolonged and complex debt restructuring process. Investors should be aware that equity value is often significantly impaired during such proceedings.

43rd meeting of the Committee of Creditors (CoC) scheduled for April 29, 2026.
Company is currently under the Corporate Insolvency Resolution Process (CIRP).
Disclosure made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.
The meeting involves critical discussions between the Corporate Debtor and its financial creditors.

💡 Equity shareholders should exercise extreme caution as insolvency proceedings typically result in severe dilution or total loss of equity value. It is advisable to monitor NCLT updates regarding any approved resolution plans or liquidation orders.

CMI Limited Submits Q4 FY26 Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Apr 2026, 05:13 PM

CMI Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending March 31, 2026. The document confirms that the Registrar and Share Transfer Agent (RTA), Beetal Financial & Computer Services, has processed all dematerialization requests within the stipulated timelines. It ensures that security certificates were properly mutilated and the names of depositories were updated in the register of members. This filing is a standard administrative requirement for listed companies in India to ensure the integrity of electronic shareholding.

Quarterly compliance for the period ending March 31, 2026, successfully completed.
RTA Beetal Financial confirms dematerialized securities are listed on relevant stock exchanges.
Verification and cancellation of physical certificates performed within 15 days of receipt.
Confirmation that the name of depositories has been substituted in the register of members.

💡 This is a routine administrative update with no impact on company fundamentals; investors should continue to monitor financial performance and other material disclosures.

CMI Limited Reports FY24 Net Loss of ₹8.33 Cr; Clarifies Financials Under Insolvency Process

🔴 NEGATIVE ⭐ 8/10

REGULATORY 📅 10 Apr 2026, 02:31 PM

CMI Limited has provided clarifications to the Exchange regarding its FY24 financial results, noting that the company is currently undergoing Corporate Insolvency Resolution Process (CIRP) initiated by Canara Bank. For the full year ended March 31, 2024, the company reported a net loss of ₹8.33 crore, which is a substantial reduction from the ₹110.09 crore loss reported in FY23. However, the company's financial position remains extremely weak with a negative net worth (total equity) of ₹135.51 crore and high current borrowings of ₹374.33 crore. The company also confirmed it currently operates without a CFO or an Audit Committee Chairman due to the ongoing insolvency proceedings.

Revenue from operations grew to ₹29.08 crore in FY24 from ₹22.04 crore in the previous year.
Net loss narrowed significantly to ₹8.33 crore in FY24 compared to a loss of ₹110.09 crore in FY23.
Total equity is deeply negative at ₹(135.51) crore, indicating complete erosion of net worth.
Current borrowings stand at ₹374.33 crore, reflecting the high debt burden under CIRP.
The financial results carry a modified audit opinion and were signed by the Resolution Professional (RP) and the suspended Managing Director.

💡 Investors should exercise extreme caution as the company is in the insolvency resolution process and has a completely eroded net worth. The outcome for equity shareholders in CIRP cases is typically highly uncertain and often results in significant capital loss.

View All CMICABLES Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue for FY25 was INR 58.08 Cr. Sales of products grew by 97.6% YoY, increasing from INR 29.08 Cr in FY24 to INR 57.46 Cr in FY25. However, this remains significantly below the FY20 revenue of INR 511.24 Cr, representing an 88.6% decline over five years.

Profitability Margins

Net profit margin for FY25 was -18.99%, an improvement from -27.98% in FY24. Historically, the company maintained a net margin of 7.2% in Q3 Dec 2015. The current negative margins are driven by higher net losses of INR 11.03 Cr in FY25 compared to INR 8.33 Cr in FY24.

EBITDA Margin

EBITDA margin was 14.5% in Q3 Dec 2015 (INR 9.71 Cr). However, the company reported a net operating loss of INR 20.60 Cr in FY21 and continued operating losses in FY25, evidenced by a negative interest coverage ratio of -11.79x.

Credit Rating & Borrowing

Liquidity is rated as 'Poor' due to a squeeze from lockdown impacts. The company was granted a moratorium on interest and installments by lenders and secured ad-hoc limits of INR 7.50 Cr. Interest coverage is severely stressed at -11.79x.

⚙️ Operational Drivers

Raw Materials

Copper, Aluminum, and PVC/Polymers are the primary raw materials for cable manufacturing; specific cost percentages for each are not disclosed.

Manufacturing Efficiency

Inventory turnover ratio (x) improved to 5.46x in FY25 from 2.94x in FY24, an 85.49% increase, indicating improved movement of stock despite insolvency proceedings.

📈 Strategic Growth

Growth Strategy

The company aims for recovery through the Corporate Insolvency Resolution Process (CIRP) and by leveraging its niche product approvals from Indian Railways and PSUs, which act as high entry barriers (1-4 year qualification period).

Products & Services

Niche cable products supplied to Indian Railways, State Electricity Boards (SEBs), BHEL, NTPC, and oil refinery companies.

Brand Portfolio

CMI

🌍 External Factors

Industry Trends

The industry is shifting toward niche cable products with stringent pre-qualification criteria for government projects, creating a 1 to 4-year entry barrier for new players.

Competitive Landscape

The landscape is characterized by high competition from organized and unorganized players, which limits the company's ability to pass on cost increases.

Competitive Moat

Moat is sustainable due to the long lead time (1-4 years) required for new entrants to gain approvals from key government bodies like Indian Railways and NTPC.

Macro Economic Sensitivity

High sensitivity to economic lockdowns and disruptions, which led to a net loss of INR 194.60 Cr in FY21 compared to a profit of INR 3.70 Cr in FY20.

Consumer Behavior

B2B demand is driven by government infrastructure spending and PSU procurement cycles.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by stringent pre-qualification criteria and quality standards set by Indian Railways, SEBs, BHEL, and NTPC.

Legal Contingencies

The company is under the Corporate Insolvency Resolution Process (CIRP) as of November 2025. Powers of the board are suspended, and Deepak Maini has been appointed as the Resolution Professional.