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Chaman Metallics Limited (CMNL)

📊 NSE: CMNL 🏢 Steel - Sponge Iron 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (H2 FY26)

In its latest reported quarter, H2 FY26, Chaman Metallics' revenue was ₹345 Cr (+326.7% year on year, +75.6% on the previous half-year), and net profit ₹-2.0 Cr (against a profit a year earlier); the operating margin was 8.1%.

H2 FY26 (₹ Cr)	Value	YoY vs H2 FY25	vs prev. half
Revenue	₹345	+326.7%	+75.6%
Operating profit	₹28.0	+394.0%	+134.5%
Net profit	₹-2.0	to loss	loss narrowed
EPS (₹)	-0.67	to loss	loss narrowed
Operating margin	8.1%	—	—

Full quarterly financials → Results calendar →

CMNL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 91.67% of the CMNL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 79.56%. That is close to its usual level. Turnover was only ₹10 lakh, so a handful of trades can move this figure.

91.67%Delivery, 16 Oct

79.56%Own 20-session average

0.8×Volume vs its average

₹114.90NSE close · -0.09%

Delivery in the last 5 sessions: 100.0% · 66.7% · 70.6% · 77.8% · 91.7%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Chaman Metallics Submits Reg 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 15 Oct 2026, 06:58 PM

Chaman Metallics Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was provided by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It confirms that share certificates received for dematerialisation during the period were duly processed, cancelled, and updated in depository records within prescribed timelines. This is a standard quarterly administrative filing with zero impact on operational or financial metrics.

Compliance certificate submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Pertains to the quarter ended September 30, 2026
Issued by RTA MUFG Intime India Private Limited (formerly Link Intime India Private Limited) on October 15, 2026

💡 No investor action required. Investors should focus on upcoming quarterly financial results for Q2 FY27 for fundamental assessment.

CMNL H1 FY27 Production Up: Sponge Iron +25% YoY, MS Billets Reaches 45,244 MT

🟢 POSITIVE ⭐ 6/10

OTHER 📅 08 Oct 2026, 07:39 PM

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.

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

💡 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.

Chaman Metallics Closes Trading Window From Oct 1, 2026 for H1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Sep 2026, 07:24 PM

Chaman Metallics Limited has announced the closure of its trading window effective October 1, 2026, in compliance with SEBI Insider Trading Regulations. The closure applies to Directors, KMP, designated persons, and their immediate relatives ahead of the declaration of half-yearly financial results for the period ended September 30, 2026. The window will reopen 48 hours following the formal announcement of the un-audited financial results. The date for the board meeting to consider the results will be intimated separately.

Trading window closure effective from 01st October, 2026
Applies to financial results for the half year ended 30th September, 2026
Window to reopen 48 hours after declaration of un-audited financial results
Board meeting date to consider results to be intimated separately

💡 Track the upcoming exchange filing for the board meeting date when H1 FY27 financial results will be announced.

Chaman Metallics Convenes 23rd AGM on Sep 30, 2026; Re-appointments of MD & CFO on Agenda

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 11:01 PM

Chaman Metallics Limited has scheduled its 23rd Annual General Meeting (AGM) for September 30, 2026, to be conducted via Video Conferencing. Remote e-voting is set from September 27 to September 29, 2026, with a cut-off date of September 23, 2026. Key agenda items include the adoption of FY2026 financial statements and the five-year reappointment of Mr. Keshav Kumar Agrawal as Joint Managing Director and CFO starting August 17, 2027, alongside the reappointment of Mr. Chetan Kumar Agrawal as Managing Director.

23rd AGM scheduled for September 30, 2026 at 04:00 PM IST via VC/OAVM
Remote e-voting window opens September 27, 2026 (09:00 AM) and closes September 29, 2026 (05:00 PM)
Cut-off date for voting eligibility is fixed as September 23, 2026
Re-appointment of Joint-MD & CFO Keshav Kumar Agrawal proposed for 5 years from August 17, 2027 to August 16, 2032

💡 Shareholders holding equity as of September 23, 2026, can participate in e-voting from September 27 to 29, 2026, and track AGM voting results due within two working days of the meeting.

Chaman Metallics Approves 5-Year Re-Appointments for Key KMPs and Appoints Cost Auditor

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Aug 2026, 09:00 PM

Chaman Metallics Limited held a board meeting on August 27, 2026, approving key governance and leadership resolutions subject to shareholder approval at the upcoming AGM. The board recommended 5-year re-appointments for Managing Director Chetan Kumar Agrawal (tenure from July 12, 2027 to July 11, 2032) and Joint MD & CFO Keshav Kumar Agrawal (tenure from August 17, 2027 to August 16, 2032). Additionally, two independent directors were re-appointed for 5-year terms, and M/s SN & Company was appointed as the Cost Auditor for FY2026-27.

Recommended 5-year re-appointment of Managing Director Chetan Kumar Agrawal from July 12, 2027 to July 11, 2032
Recommended 5-year re-appointment of Joint MD & CFO Keshav Kumar Agrawal from August 17, 2027 to August 16, 2032
Recommended 5-year re-appointments of Independent Directors Sumit Dahiya and Disha Keshariya from July 26, 2027 to July 25, 2032
Appointed M/s SN & Company as Cost Auditor and re-appointed SRKN & Associates (Internal Auditor) and Amit Dhamani (Secretarial Auditor) for FY2026-27

💡 Track voting outcomes in the upcoming Annual General Meeting for confirmation of director and KMP re-appointments.

Chaman Metallics Re-Appoints MD, JMD & CFO, and Independent Directors for 5-Year Terms

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Aug 2026, 08:57 PM

Chaman Metallics Limited held a board meeting on August 27, 2026, approving the Directors' Report for FY 2025-26 and recommending key leadership re-appointments subject to shareholder approval. Managing Director Chetan Kumar Agrawal and Joint Managing Director & CFO Keshav Kumar Agrawal have been recommended for 5-year extensions starting July 2027 and August 2027, respectively. Independent Directors Sumit Dahiya and Disha Keshariya were also proposed for 5-year renewals from July 2027. Additionally, the company appointed and renewed its internal, secretarial, and cost auditors for FY 2026-27.

Managing Director Chetan Kumar Agrawal recommended for re-appointment for a 5-year term (12 July 2027 to 11 July 2032)
Joint Managing Director and CFO Keshav Kumar Agrawal recommended for a 5-year term (17 August 2027 to 16 August 2032)
Independent Directors Sumit Dahiya and Disha Keshariya recommended for 5-year terms (26 July 2027 to 25 July 2032)
Appointed M/s SN & Company as Cost Auditor and re-appointed Internal and Secretarial Auditors for FY 2026-27

💡 Track shareholder voting outcomes at the upcoming Annual General Meeting for the formal approval of director re-appointments and the release of the FY 2025-26 Annual Report.

Chaman Metallics Board Approves 5-Year Term Extensions for Key Directors & Auditors

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Aug 2026, 08:34 PM

Chaman Metallics announced the outcome of its board meeting held on August 27, 2026. The board approved the Directors' Report for FY2025-26 and recommended the re-appointment of Managing Director Chetan Kumar Agrawal and Joint MD & CFO Keshav Kumar Agrawal for fresh 5-year terms starting July/August 2027. Additionally, two Independent Directors were recommended for 5-year re-appointments subject to shareholder approval at the upcoming AGM. The board also approved the appointments of Internal, Secretarial, and Cost Auditors for FY2026-27.

Recommended 5-year term extension for Managing Director Chetan Kumar Agrawal from July 12, 2027, to July 11, 2032
Recommended 5-year term extension for Joint MD & CFO Keshav Kumar Agrawal from August 17, 2027, to August 16, 2032
Recommended 5-year re-appointments for Independent Directors Sumit Dahiya and Disha Keshariya from July 26, 2027
Appointed M/s SN & Company as Cost Auditor and re-appointed Internal and Secretarial Auditors for FY2026-27

💡 Track voting outcomes at the upcoming Annual General Meeting for shareholder ratification of the managerial appointments.

CMNL FY26 Revenue Jumps 215% to ₹541.26 Cr; 30 MW Captive Power Plant Commissioned

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 26 Aug 2026, 08:39 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 5/10

OTHER 📅 26 Aug 2026, 08:29 PM

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).

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.

💡 Track operational capacity ramp-up and quarterly financial performance; note that promoters cannot increase their stake further without violating minimum public shareholding requirements.

View All CMNL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total operating revenue grew 3.27% YoY to INR 903.03 Cr in FY2025 (Prov.) from INR 874.41 Cr in FY2024. For Q1FY2026, the group achieved revenue of ~INR 375 Cr, indicating a significant scale-up following the commencement of new capacities.

Geographic Revenue Split

Not disclosed in available documents; however, operations are centered in Tadali, Maharashtra, with strategic proximity to metal supply players.

Profitability Margins

PAT margin significantly improved to 5.56% in FY2025 (Prov.) from 2.40% in FY2024. Operating margins stood at 10.27% in FY2024 (E) compared to 9.96% in FY2023, driven by stabilized raw material costs.

EBITDA Margin

EBITDA margin improved to 11.07% in FY2025 (Prov.) from 7.35% in FY2024. This 3.72% absolute increase is attributed to backward integration support from GRISPL and the commencement of the captive power plant.

Capital Expenditure

The group undertook a significant capex of INR 296.00 Cr at CML, funded by INR 180.00 Cr in term loans and the remainder from promoter sources. Additional capex at GRISPL materialized in November 2024.

Credit Rating & Borrowing

Long-term rating reaffirmed at ACUITE A- | Stable and short-term rating at ACUITE A2+. Borrowing costs are reflected in an Interest Coverage Ratio (ICR) of 6.06 times in FY2025 (Prov.) compared to 3.73 times in FY2024.

⚙️ Operational Drivers

Raw Materials

Iron ore pellets and beneficiated iron ore (supplying ~40% of captive needs), coal for sponge iron production, and bulk raw materials for steel manufacturing.

Import Sources

Sourced primarily from group company GRISPL (40% captive) and local reputed metal supply players near the Tadali, Maharashtra plant to minimize logistics costs.

Key Suppliers

G R Integrated Steel Private Limited (GRISPL) provides backward integration; other external suppliers are not specifically named but include 'reputed metal supply players'.

Capacity Expansion

Sponge iron capacity expanded from 60,000 MTPA to 175,500 MTPA. New capacities include 39,204 MTPA of Silico Manganese, 198,000 MTPA of Billets, and a 30 MW captive power plant.

Raw Material Costs

Raw material costs decreased in FY2024, contributing to margin stabilization. The group uses bulk procurement strategies to mitigate price fluctuations, which increased inventory days to 125 in FY2025.

Manufacturing Efficiency

Efficiency is driven by the captive power plant and the strategic location of the Tadali plant near raw material sources, though production was hampered in FY2025 by power disruptions at one plant.

Logistics & Distribution

Not disclosed as a specific percentage, but the plant's strategic location near suppliers is noted as a factor easing procurement logistics.

📈 Strategic Growth

Expected Growth Rate

66%

Growth Strategy

Growth will be achieved through the full-year stabilization of expanded capacities (Sponge Iron, Billets, Silico Manganese) and the GRISPL backward integration plant. The group expects cash accruals of INR 100-140 Cr in FY2026-27 to support debt servicing and operations.

Products & Services

Sponge Iron, Silico Manganese, Steel Billets, and captive power generation.

Brand Portfolio

G R Group (Benchmark of Quality), Chaman Metallics Limited.

New Products/Services

Expansion into Steel Billets (198,000 MTPA) and Silico Manganese (39,204 MTPA) represents a shift toward higher value-added downstream products.

Market Expansion

The company listed on the NSE in January 2023 to increase market visibility and access capital for its INR 296 Cr expansion project.

Market Share & Ranking

Not disclosed; the company operates in a heavily fragmented and competitive downstream steel industry.

Strategic Alliances

The group operates as a consolidated entity including NRSPL, GRSPL, CML, GRKFAPL, and GRISPL to leverage operational and financial linkages.

🌍 External Factors

Industry Trends

The steel industry is currently seeing a trend toward semi-integration and captive power to combat high energy costs and margin volatility. The industry remains cyclical and fragmented.

Competitive Landscape

Intense competition from a large number of organized and unorganized players in the downstream steel sector.

Competitive Moat

Moat is built on semi-integrated operations and captive power (30 MW), providing a cost advantage over non-integrated peers. This is sustainable as long as captive raw material links (GRISPL) remain strong.

Macro Economic Sensitivity

Highly sensitive to infrastructure development and real estate demand, which are driven by government spending and GDP growth.

Consumer Behavior

Pick-up in real estate and construction activities by the Government is driving demand for steel long products.

Geopolitical Risks

Exposure to global commodity price cycles which dictate the pricing of sponge iron and steel products.

⚖️ Regulatory & Governance

Industry Regulations

Subject to environmental norms regarding steel manufacturing and power plant emissions; also impacted by government infrastructure policies.

Environmental Compliance

The group repurposes fly ash for brick/cement production and conducts afforestation drives. ESG compliance is integrated into operations through healthcare camps and educational support.

Taxation Policy Impact

Not disclosed; however, the group accounts for deferred tax liabilities and provisions in its financial statements.

Legal Contingencies

Not disclosed; no significant pending court cases or litigation values were mentioned in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices and finished goods realisations could impact profitability by more than 5% given the commodity nature of the business.