1. Opening Hook
Steel prices may be melting, but Cosmic CRF seems to be smelting money instead. While the railways wrestle with wheel shortages and soggy monsoon blues, Aditya Vikram Birla’s wagon-to-wonder empire doubled its profits — because apparently, rain delays are optional in Singur. The CMD even admitted he’s “fallen in love” with an acquisition target — not a metaphor, an actual factory. Read on — because this love story might just decide the company’s next crore.
2. At a Glance
- Revenue up 80%– CFO didn’t call it “organic growth”; this one’s pure iron and sweat.
- EBITDA up 73%– Heavy metal meets heavier margins.
- PAT up 100%– When profit doubles, even steel sings.
- EBITDA Margin at 15.5% (vs 9.4%)– Not bad for a business that builds wagons, not PowerPoints.
- Order Book ₹615 Cr– Seems investors aren’t the only ones queueing up.
- Operating Cash Flow from -₹89 Cr to -₹2 Cr– Almost a miracle, minus the halo.
3. Management’s Key Commentary
“Revenue shot up 80% to ₹304.5 crore; PAT nearly doubled.”(Translation: Wagon wheels missing? No problem — we rolled profits anyway.😏)
“Steel prices dropped from ₹1.1 lakh/tonne to ₹65,000 — so we’ll focus on tonnage, not rupees.”(Translation: If life gives you cheap steel, make more wagons.)
“Installed capacity rose from 36,000 to 55,000 tonnes.”(Translation: We’ve covered every inch of land with machines. Even pigeons need booking slots.)
“We’ve battled license changes, rain, and RDSO bureaucracy — and still came out shining.”(Translation: Cosmic CRF’s biggest raw material is patience.)
“Operating cash flow improved from -₹89 crore to -₹2 crore.”(Translation: CFO finally stopped financing everyone else’s dreams.)
“Amzen will be our biggest piece — it’ll change how people look at us.”(Translation: Call it ‘Operation Wagon Wedding’ — and pray the NCLT says ‘I do’.💍)
“We won’t dilute till
2028. No new shares, only steel shares.”(Translation: The only thing we’ll split is metal, not equity.)
4. Numbers Decoded
| Metric | H1 FY25 | H1 FY26 | YoY Growth |
|---|---|---|---|
| Revenue (₹ Cr) | 169.4 | 304.5 | +80% |
| EBITDA (₹ Cr) | 21.9 | 37.8 | +73% |
| PAT (₹ Cr) | 11.7* | 24.5 | +100% |
| EBITDA Margin | 9.4% | 15.5% | +610 bps |
| Order Book | ₹521 Cr | ₹615 Cr | +18% |
| Sales Volume | 22,500 MT | 47,200 MT | +110% |
(*Excluding prior exceptional items of ₹5.9 Cr)
In short: tonnage doubled, margins ballooned, and cash losses almost vanished — not bad for a rail parts maker that started in 2021.
5. Analyst Questions
Q:“Is the money raised enough for the Amzen deal?”A:“Yes. If I need ₹250 crore tomorrow, I’ll arrange it — no loans, no drama.”(Translation: He’s carrying more cash than a railway pantry.)
Q:“What if Amzen fails?”A:“Then we’ll build our own factory — just lose two years and some sleep.”(Translation: Worst case, Plan B is still Plan Bold.)
Q:“Are you supplying to Vande Bharat?”A:“Not yet — they buy less. Wagons are our
