Makes Cold Rolled Formed (CRF) sections and fabricated body parts used in railway wagons and coaches, alongside infrastructure steel products such as sheet piles, crash barriers and poles. Operations run across four plants on 14 acres, with FY26 installed capacity of 133,600 MT and actual production of 106,370 MT (around 90% utilisation). Revenue is led by wagon components supplied to Indian Railways divisions and railway wagon manufacturers, including CRF sections like single-piece hat sections for centre sills of BOXNL wagons and body-side arrangements for BOXN wagons. The subsidiary N.S. Engineering Projects supplies octagonal poles, tubular poles, cold rolled sections, galvanised poles and metal crash barriers to infrastructure customers. Through Cosmic Springs and Engineers, the company is moving into hot coiled helical springs for freight wagons, with RDSO prototype approval received and an order cap of up to 1,000 wagon sets or 60,000 springs. A forging unit and a Vande Bharat coach-springs entry are under commissioning. Steel/raw materials account for 87.2% of revenue, capex was 18.6% of revenue in FY26, and the order book stood at ₹760 cr. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Railway wagon and coach components, Infrastructure steel products, Railway springs. Asset-heavy, cyclical steel-based industrial manufacturer tied to railway wagon build-out and infrastructure capex.
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 402 | 717 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 37.60 | 55.03 |
| ROE % · ROCE % | — · 10.3 | — · 14.2 |
| Debt / equity (x) | — | — |
| Cash from operations | (73) | 24 |
| Capex | (47) | (133) |
| ₹ crore | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 169 | 232 | 304 | 412 |
| Profit before tax | 22 | 15 | 31 | 31 |
| Net profit | — | — | 25 | — |
| EPS (₹) | 22.57 | 15.03 | 29.89 | 25.14 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 | 11.29 | 31.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| RATNAMANI MET & TUB LTD. | 19,815 | 45.8 | 4.71 | 23.1 | 12.7 | 15.6 | 14.4 | 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Promoter warrants converted to 1,54,400 equity shares | fund raising | medium | — | — |
| 8 Sept 2026 · Subsidiary N.S. Engineering bags orders worth Rs 651 lakhs | business updates | medium | — | — |
| 8 Sept 2026 · Cosmic CRF bags purchase order worth Rs. 563.27 Lakhs | business updates | high | — | — |
| 7 Sept 2026 · Book Closure for 5th AGM from 21-28 September 2026 | board shareholder meetings | low | — | — |
| 6 Sept 2026 · Cosmic CRF publishes newspaper ad for 5th AGM notice and e-voting details | compliance | minimal | — | — |
| 5 Sept 2026 · Cosmic CRF sends Annual Report link to shareholders ahead of 5th AGM on Sep 28 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Cosmic CRF submits FY26 Annual Report; 5th AGM on Sep 28, 2026 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Cosmic CRF 5th AGM on Sept 28, 2026 via video conferencing; FY26 annual report attached | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Board to consider converting 1.54 lakh promoter warrants into equity shares | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Cosmic CRF fixes 5th AGM on September 28, 2026 via video conferencing | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 15,069 |
| 29.7 |
| 4.56 |
| 19.8 |
| 14.1 |
| 17.7 |
| 12.0 |
| 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.5 | 16.2 | 52 of 118 | 56% |
| ROCE | 11.8 | 8.7 | 47 of 120 | 61% |
| Market cap | 1234 | 247 | 35 of 120 | 71% |
| 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 |
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.
