NSE: CFEL · BSE: 539991
CONFIDENCE FUTURIST ENE L
Confidence Futuristic Energetech runs two operating divisions out of Nagpur. The Cylinder Division is the main business and accounts for nearly all of the segment revenue — Rs 50.98 crore in the period ended 31 March 2026 and Rs 64.89 crore in FY25 — selling CNG cylinders to gas distribution customers, including its holding company Confidence Petroleum India Limited. The LPG Division handles liquefied petroleum gas distribution, but its turnover is small (Rs 3.12 crore in FY25) and it has reported small losses across recent quarters. The Cylinder Division's FY26 EBIT margin was 8.1% on segment revenue of Rs 148.72 crore. The biggest cost line is materials at Rs 139.63 crore, or 88.3% of consolidated revenue, with depreciation adding another Rs 9.24 crore and other opex Rs 27.89 crore. Five subsidiaries together reported a combined loss of Rs 70.96 lakh in H1 FY26, and the Income Tax Department conducted a survey at the company's offices and the holding company's premises in October 2025, which has since closed. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Cylinder Division, LPG Division. Cyclical, trading and distribution of CNG cylinders and LPG, materials-heavy cost structure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 54 | 122 | 176 | 249 | 158 |
| EBITDA (ex other income) | 7 | 21 | 25 | 23 | 15 |
| margin % | 13.3 | 17.0 | 13.9 | 9.2 | 9.4 |
| Owners' profit | 3 | 6 | 0 | 0 | 6 |
| EPS, as reported (₹) | 0.89 | 2.58 | 3.44 | 4.14 | 2.49 |
| ROE % · ROCE % | 2.1 · 3.1 | 4.2 · 5.7 | 4.8 · 8.2 | 5.0 · 7.7 | 3.4 · 3.4 |
| Debt / equity (x) | 0.36 | 0.59 | 0.37 | 0.48 | 0.82 |
| Cash from operations | (38) | (28) | 28 | (63) | 40 |
| Capex | (76) | (20) | (12) | (53) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53 | 66 | 62 | 68 | 41 | 25 | 36 | 56 |
| Profit before tax | 1 | 0 | 4 | 5 | 0 | 0 | 0 | 4 |
| Net profit | 1 | 1 | 3 | 6 | 0 | 0 | 0 | 6 |
| EPS (₹) | 0.33 | 0.39 | 1.21 | 2.21 | 0.11 | 0.17 | 0.09 | 2.12 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cylinder Division | 86 | 56.2 |
| LPG Division | 1 | 0.7 |
| CYLINDER DIVISION | 23 | 14.7 |
| LPG DIVISION | 2 | 1.6 |
| cylinder division | 40 | 26.1 |
| Lpg division | 1 | 0.6 |
| Total, before eliminations | 153 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 30,351 | 17.8 | 2.91 | 14.1 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 8,166 | 18.3 | 3.85 | 17.4 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 4,696 | 20.0 | 5.20 | 13.9 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,593 | 24.5 | 4.11 | 18.4 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,178 | — | 13.10 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 755 | 8.3 | 0.59 | 190.1 | 4.0 | 0.3 | 4.8 | 6.2 |
| SHIV AUM STEELS LIMITED | 748 | 65.8 | 6.19 | 47.7 | 6.0 | 6.9 | — | 4.9 |
| SHANKARA BUILDPRO LIMITED | 609 | 4.6 | 1.12 | 2.7 | 23.4 | 31.8 | — | 3.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.7 | 15.8 | 69 of 130 | 47% |
| P/B | 0.5 | 1.0 | 46 of 150 | 70% |
| ROCE | 1.4 | 2.1 | 95 of 177 | 47% |
| ROE | 3.4 | 2.3 | 70 of 158 | 56% |
| Debt / Equity | 0.8 | 0.1 | 124 of 154 | 20% |
| EBITDA margin | 10.2 | 4.5 | 39 of 137 | 72% |
| Revenue growth | (17.9) | (8.6) | 75 of 135 | 45% |
| Profit growth | 10.7 | 0.6 | 74 of 157 | 53% |
| Market cap | 110 | 22 | 37 of 180 | 80% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · 41st AGM results: All 10 resolutions passed including final dividend | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 30 Sept 2026 · 41st AGM held; final dividend of Rs 0.25 per share declared | board shareholder meetings | low | — | — |
| 8 Sept 2026 · 41st AGM on 30 Sep 2026; record date 23 Sep for dividend and voting | board shareholder meetings | low | — | — |
| 8 Sept 2026 · 41st AGM on Sep 30 2026; Record date Sep 23; Book closure Sep 24 to 30 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · CFEL files Annual Report FY26, AGM set for September 30, 2026 | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · 41st AGM on Sept 30, 2026; INR 0.25 final dividend proposed for FY26 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · AGM on Sep 30, new auditor appointed, director changes announced | board shareholder meetings | low | — | — |
| 6 Aug 2026 · Q1 FY26-27 Results: Consolidated PAT jumps 409%, revenue dips 12.5% | results | high | — | — |
| 6 Aug 2026 · Q1 FY27: Consolidated PAT surges 4x to Rs 1.17 Cr | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.