BSE: 543928
Cosmic CRF Limited
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.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.3 | 15.4 | 27 of 105 | 75% |
| ROCE | 11.8 | 9.1 | 46 of 115 | 61% |
| Market cap | 796 | 216 | 42 of 122 | 66% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Subsidiary secures Rs 12.34 crore domestic steel order | business updates | high | — | — |
| 26 Oct 2026 · Cosmic CRF wins Rs 21.12 crore domestic steel order | business updates | high | — | — |
| 8 Oct 2026 · Cosmic CRF to meet Nuvama AMC on Oct 12, 2026 | board shareholder meetings | low | — | — |
| 6 Oct 2026 · Reg 74(5) Compliance Certificate for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Submission of Voting Results and Scrutinizer''s Report of the AGM of the Company held on Monday, 28th day of September, 2026 | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · AGM held on Sept 28, 2026; 4 resolutions moved, voting results awaited | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for H2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Cosmic CRF bags order worth Rs. 1329.80 Lakhs from infrastructure firm | business updates | high | — | — |
| 25 Sept 2026 · Subsidiary bags orders worth Rs. 1302.45 Lakhs from infrastructure client | business updates | high | — | — |
| 25 Sept 2026 · Cosmic CRF to participate in Arihant Capital virtual investor meet on Sep 30 | board shareholder meetings | low | — | — |
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.