H1 FY 26 Post Earnings Conference Call
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Awaiting price reaction for this filing.
Cosmic CRF reported strong H1 FY26 consolidated revenue growth of ~80% YoY to INR 304.5 crores (vs INR 169.4 crores in H1 FY25), with EBITDA up ~73% to INR 37.8 crores and PAT up ~40% to INR 24.5 crores. EBITDA margin expanded sharply from 9.48% to 15.5%, aided by operational cost reduction from INR 6,000/MT to INR 1,600/MT. Order book stands at INR 615 crores (vs INR 521 crores), and total installed capacity has risen to ~1,45,000-1,50,000 MT across Singur, N.S. Engineering, and Cosmic Springs units. Management is targeting 100,000-110,000 MT of sales volume by FY26 end. Operating cash flow improved from INR -89 crores to INR -2 crores in just six months. The much-awaited Amzen acquisition faces a key NCLAT hearing on November 18, 2025, and management remains confident. Promoter committed to no equity dilution until March 2028.
Strong H1 print, expanding margins, robust order book, and improving cash flows are positive signals for shareholders. The Amzen NCLAT ruling on Nov 18 remains the key near-term catalyst; a favourable outcome could trigger a sharp re-rating given management's stated plans to fund the deal without dilution.