543928
Cosmic CRF financials
- Market cap
- ₹1.3k Cr
- Sector
- Capital Goods
- Calls analysed
- 3
Cosmic CRF Q4 FY26
What went well
- Total order book increased to INR 760 crores from INR 500-550 crores last year, indicating strong revenue visibility.
- H2 FY26 Revenue grew 77% YoY to INR 412 crores, and H2 FY26 Net Profit surged 128% YoY, demonstrating robust financial performance.
- Cash flow from operations turned positive at INR 3.5 crores, a significant improvement from INR 90 crores negative last year.
What to watch
- FY26 PAT was impacted by INR 8 crores due to low profitability in the springs business (INR 1.5 crores profit on INR 67 crores revenue), costs associated with carrying Amzen KMPs (INR 2-2.5 crores), and legal costs for Amzen.
- Capacity utilization for standalone operations was 80% (42,690 MT out of 55,000 MT) due to a pending RDSO license for the springs business, which is expected next month.
What Cosmic CRF does
Cosmic CRF makes Cold Rolled Formed (CRF) sections used in railway wagons, coaches and infrastructure, along with sheet piles for bridges, ports and civil projects, and poles (high mast, octagonal, tubular, galvanised). Through its subsidiaries NS Engineering Projects (NSEPPL) and Cosmic Springs & Engineers (CSEL) it also makes wagon components (end/side wall panels, crash barriers), Casnub and helical springs, and forged components, plus galvanisation and fabrication services. It supplies Indian Railways, wagon manufacturers and infrastructure/EPC players such as L&T, and is an RDSO-approved and ISO 9001:2015-certified vendor.
Segments
- CRF Products
- Sheet Piles
- Poles
- Springs & Forgings
- Engineering Solutions
- Manufacturing plants
- 4 units across Singur, Howrah & Jangalpur, West Bengal (~14 acres)
- Total installed capacity
- 133,600 MTPA (FY26)
- Installed capacity - Standalone (Singur)
- 55,000 MTPA
- Installed capacity - NSEPPL (Howrah)
- 65,000 MTPA
- Installed capacity - CSEL (Jangalpur, springs & forging)
- 13,600 MTPA
- Actual production
- 1,06,370 MTPA (FY26)
Guidance record · Q4 FY26
what the last two calls moved 16 tracked 2 delivered 2 missed 12 open- Total Sales Volume FY26 delivered said Q4 FY25 Promised: 82,000 metric tons next year Q4 FY26: Actual production for FY26 was 106,370 metric tonnes, falling within the revised guidance range.
- Consolidated Revenue FY25 missed said Q4 FY25 Promised: INR 500 crores Q4 FY26: Not mentioned; promise pertains to a past financial year.
- Forging Unit Operations delayed said Q2 FY26 Promised: Start commercial run by April or May Q4 FY26: The original timeline of April/May 2026 was missed. Management now expects commercial production to commence within the next nine months.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 169 | 232 | 304 | 412 |
| EBITDA | 22 | 22 | 38 | 41 |
| Net profit | 18 | 11 | 24 | 26 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +8.5% 1Y
1Y: ₹1,234.8 on 10 Sept 2025 → ₹1,340. High ₹1,458.7 (3 Aug 2026), low ₹562 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +5.0%
- 26 May
- Q2 FY26
- +9.7%
- 6 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY25 | FY26 |
|---|---|---|
| Equity capital | ₹9 Cr | ₹9 Cr |
| Reserves | ₹412 Cr | ₹437 Cr |
| Borrowings | ₹115 Cr | ₹133 Cr |
| Other liabilities | ₹124 Cr | ₹240 Cr |
| Total liabilities | ₹661 Cr | ₹819 Cr |
| Fixed assets | ₹198 Cr | ₹242 Cr |
| Capital work in progress | ₹34 Cr | ₹31 Cr |
| Investments | ₹0 Cr | ₹0 Cr |
| Other assets | ₹429 Cr | ₹546 Cr |
| Total assets | ₹661 Cr | ₹819 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, the public trimmed −0.40 pp while promoters added +0.36 pp. The shareholder count grew 11% to 3,452.
- Promoters
- 55.1%
- FIIs
- 0.1%
- DIIs
- 10.4%
- Public
- 34.4%
Since Mar 2025
- Public −0.40 pp
- Promoters +0.36 pp
- DIIs +0.07 pp
How it drifted, 7 quarters
Over this window promoters fell from 98.4% to 55.1% — −43.3 pp.
Ownership split by quarter, oldest first. Jun '23: Promoters 98.4%, Public 1.6%.Sep '23: Promoters 72.5%, Public 27.5%.Mar '24: Promoters 61.3%, FIIs 6.5%, Public 32.2%.Sep '24: Promoters 61.3%, DIIs 6.7%, Public 32.1%.Mar '25: Promoters 54.8%, FIIs 0.1%, DIIs 10.3%, Public 34.8%.Sep '25: Promoters 54.8%, FIIs 0.2%, DIIs 10.4%, Public 34.6%.Mar '26: Promoters 55.1%, FIIs 0.1%, DIIs 10.4%, Public 34.4%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Raghav Gupta newly disclosed 1.30% held
- Prilika Enterprises Private Limited +0.23 pp 10.13% held
- Aditya Vikram Birla Huf +0.14 pp 0.19% held
- Alchemy Long Term Ventures Fund VC / PE +0.08 pp 1.09% held
- Purvi Birla +0.06 pp 8.22% held
The same filing shows 1 holder trimming and 4 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Cosmic CRF above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Aditya Vikram Birla | 35.47% | −0.06 pp |
| Prilika Enterprises Private Limited | 10.13% | +0.23 pp |
| Purvi Birla | 8.22% | +0.06 pp |
| Ashish Agarwal Individual | 5.83% | unchanged |
| Rba Finance And Investment Company NBFC / DFI | 3.37% | unchanged |
| Raghav Gupta | 1.30% | newly disclosed |
| Avb Entech Private Limited | 1.09% | unchanged |
| Alchemy Long Term Ventures Fund VC / PE | 1.09% | +0.08 pp |
| Aditya Vikram Birla Huf | 0.19% | +0.14 pp |
| Gayatri Birla Agrawal | 0.01% | unchanged |
| Dar'S Business Finance Pvt Ltd | — | off the list |
| Ashish Kacholia | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- 8.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Cosmic CRF
Guides on how to read this kind of business and the numbers that matter.