Transcript of Conference Call with Analysts/Investors on Audited Standalone and Consolidated Financial Results for the Half Year and Financial Year ended March 31, 2025.
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Cosmic CRF reported FY25 consolidated revenue of INR 402 crores (up 58.4% YoY) and PAT of INR 30.8 crores (up 141.8% YoY), with sales volumes rising 127% to ~55,500 metric tons. The company missed its earlier INR 500 crore revenue guidance, blaming a ~22-23% drop in steel prices and a shift from stainless steel to lower-priced mild steel products for the wagon and infra segments. Standalone CRF revenue stood at INR 301 crores (PAT INR 18.7 crores), NS Engineering contributed INR 101 crores (PAT INR 11.5 crores), and newly started Cosmic Springs added INR 8.5 crores. The order book is INR 550 crores (~1.8x FY25 revenue), split 52% railways and 48% infra, with management expecting a new railway tender tranche by September-October. Management is finalizing the acquisition of Amzen Transportation Industries (resolution plan filed on the call day), plans a new forging unit with guided PAT margins of 15-20%, and is exploring acquisition of a liquid metal (steel-making) asset to control raw material costs.
Despite a guidance miss, strong volume growth and a healthy order book signal continued momentum. The Amzen acquisition, if completed, could roughly triple top-line potential to INR 2,800-3,000 crores over 3-4 years, but execution risk and the need for ~INR 200 crores of additional debt remain key concerns for shareholders. Near-term, a one-time wheelset shortage is expected to ease within 1-2 months, supporting offtake recovery.