Investor Presentation for the quarter ended on December 31, 2025.
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Cosmo Ferrites reported a sharp sequential slowdown in Q3 FY26, with revenue falling to ₹1,918 lakhs from ₹2,530 lakhs in Q2 FY26, and EBITDA dropping to ₹86 lakhs from ₹212 lakhs. The company posted a loss after tax of ₹132 lakhs in Q3, though on a 9-month basis losses narrowed to ₹184 lakhs versus ₹411 lakhs last year. Management attributed the Q3 weakness to US tariffs hitting export volumes, a temporary manganese shortage from China, and rising copper (LME) prices squeezing transformer margins due to a time lag in passing on costs. The company outlined a recovery plan focusing on automation, market diversification toward the EU, and reducing wastages, and highlighted positive structural tailwinds including a 35% anti-dumping duty on cheap ferrite imports (effective March 2025), new high-end capacity via Top Hat Kiln (25 tons/month), and expansion of Ni-Zn ferrite products to 10 new customers.
Short-term pain is visible with a quarterly loss and sharp revenue/EBITDA decline, but management's narrative points to recovery from anti-dumping duty benefits, capacity ramp-up, and cost automation. Shareholders should watch Q4 export volumes and whether copper cost pass-through improves margins, as continued losses could pressure sentiment despite the improving 9-month trajectory.