Cosmic CRF Ltd — Q4 FY26
Cosmic CRF reported a strong FY26 with consolidated revenue of ₹722 crore (up 78% YoY) and PAT of ₹50.6 crore (up 74% YoY), driven by volume growth of 19% and capacity expansion...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
58%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Revenue and volume breakup for springs and forgings for FY26.
Asked by Vimmel Gohill
Management provided specific volume and revenue numbers for springs.
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Question
One is a data point one. If you can help us uh with the revenue and volumes of springs and forgings uh the breakup for F26 that will help.
Aditya (likely CEO)
we have done roughly 2300 tons if I'm not wrong in totality the total with fabrication in steel is roughly 4,000 to 5,000 odd metric tons
Answered
High priority
Margins dilution and pass-through of raw material prices.
Asked by Vimmel Gohill
Management explained margin dilution due to lack of RDSO license and gave specific profit figure.
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Question
if you can just comment on uh the margins because we saw some dilution this half. uh you know of course raw material prices are under pressure somewhat uh because of the Rome prices what is the pass through that you're looking at in uh looking to achieve in7
Aditya (likely CEO)
in that 67 crores we've only made a cr and a half that's it the reason is very simple though that industry gives you a turnout of more than 50 odd percent but till such time you don't have the RDS or You're selling to only traders
Answered
High priority
Clarity on whether Amzen order closes bidding or has loopholes.
Asked by Arun Rama Badran
Management gave a detailed legal explanation confirming they are the sole H1 bidder.
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Question
the order says that we have won the this thing right like uh the right to be bidding but it doesn't say that uh I mean does it mean that uh it can I mean nobody can bid again for this? I mean we we will be the only bidder or I mean this closes the chapter or could there be any loophole in this?
Aditya (likely CEO)
Supreme Court set aside the order of the honorable ENCLAT. That means whatever ENCLAT ordered against you ... Thus the COC now as per the law book ... needs to rewind scrap out the entire form G and all the resolution plans ... and come back to me and ask me for the final negotiation against the NY.
Evasive
Medium priority
Potential additional orders from new West Bengal government.
Asked by Arun Rama Badran
Management spoke generally about opportunities but gave no concrete orders or numbers.
no specific orders mentionedvague future updates
Read the exchange
Question
recently there is a change in uh the government in West Bengal and there are lot of reports coming in that lot of expansion is going to happen in that way especially. So is there any uh additional orders we are I mean we are thinking of like there could be I think metros or bullet trains or many new things that might be coming up
Aditya (likely CEO)
we will be completely involved and there'll be constant updates that you guys will be getting regarding the orders that we'll be getting very soon from the West Bengal government as well as the parties that'll be working with the West Bengal government
Partial answer
High priority
Timeline for Amzen production after LOI and debt management plans.
Asked by Hanu Rao
Management gave a timeline range but not a firm date, and debt explanation was detailed but not a direct answer on future debt plans.
no exact daterange given
Read the exchange
Question
the first question is everyone is asking about Amazon. So with respect to MEN I just want to know the exact timeline like preparation of the factory once you get the LOI and then your start production the timeline if you have any guess of what ex how exactly it can happen that is the first question and second question is like uh previously we have around 70 to 80 course of debt and right now we moved around 130 crores of debt so going forward you have Amazon uh structuring and also some liquid assets. So you have any other plans to take more debts or uh how you are well managing how you want to manage the debt management I want to know.
Aditya (likely CEO)
hopefully by God's grace the moment we get so I'm not putting in a date but let's say next week say let's say by June we finish our LOI and everything ... by September October we can do everything we can start our first commercial production by by April May by March April May anywhere between that depends on what and our and our efficiencies But not not more than a year from where we stand today.
Evasive
High priority
Topline and bottomline guidance for FY27 without Amzen.
Asked by Sharan
Management explicitly declined to provide numeric guidance, citing unnecessary guidance.
refused to give numberdeferred to deck
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Question
So without that imagine what can be the top line and bottom line for AI27 any any number in terms of percentage even will work.
Aditya (likely CEO)
I will not be able to give you an exact number and I would not want to give you a number because that's just unnecessary guidance but I'll tell you what we've guided in this if you go through the deck we've guided the quantity that will grow.
Evasive
Medium priority
Consideration to consolidate NS Engineering into 100% subsidiary.
Asked by Akshhat
Management did not provide any consideration amount or timeline, only process.
deferred to board/stakeholdersno specifics
Read the exchange
Question
I wanted to ask the consideration that we were going to pay to consolidate NPL into 100%.
Aditya (likely CEO)
that is a question that will have to be decided by all the share stakeholders also and the entire board at large. It is something that we want to do from the management's perspective. ... the value proposition will be actually decided by the stakeholders through an EGM process
Answered
Medium priority
Timeline for main board listing application.
Asked by Akshhat
Management gave a specific timeline for application.
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Question
on 1st July 2026 will be eligible for main board. So when are you applying for main board?
Aditya (likely CEO)
we will be applying on the first week of July hopefully. Um I I have my merchant bankers in place. ... by July we will be in a position to uh bring this up and file for the uh transition to the main board with SE for both uh BSE and NSE.
Partial answer
High priority
Peak debt level after Amzen acquisition.
Asked by Akshhat
Management gave a range of 200-250 crore term debt but did not confirm peak including working capital.
range givennot exact peak
Read the exchange
Question
So so at our peak will be will we be holding around 400 crores of debt at our peak? What will be our peak debt in our uh books?
Aditya (likely CEO)
your entire book debt will come to uh ... this year you will have only term loans for uh for Amazon right and uh that's about it and a small term loan will come in for forging uh together they might sound at around 200 250 odd across are the term debt
Answered
High priority
Which business vertical will be the biggest growth driver over 3-5 years.
Asked by Kalyan K
Management clearly stated Amzen is the biggest growth driver, equivalent to all other businesses combined.
Read the exchange
Question
which business verticals do you you believe that it can become the biggest growth drive for cosmic over next 3 to 5 years sir
Aditya (likely CEO)
Amazon practically kalyanji is practically say you finish off manufacturing everything like you set up everything your cosmic CRF your NS your forging and your springs put together in in 90% capacity in total go Amazon is equivalent to that single
Answered
Medium priority
Opportunity from government's 1 lakh wagon procurement plan.
Asked by Kalyan K
Management provided context on industry capacity and confirmed the opportunity exists.
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Question
recently yesterday I read an article in the newspaper that the government is planning to procure one lakh wagons which is having a t value of around 40,000 crores.
Aditya (likely CEO)
the rail plan says that you need 8 and a half lakh wagons on tracks ... you have four lakh wagons to manufacture in the next 5 years which is approximately 80,000 wagons ... 40,000 wagons to 45,000 wagons at best. So we are not be we will never be able to achieve that 2031 plan.
Evasive
High priority
Whether 100% growth guidance for this year still stands.
Asked by Sai Kumar
Management shifted from revenue growth to volume growth and did not confirm 100% revenue growth.
reframed to volume growthno commitment on revenue growth
Read the exchange
Question
you have guided in the previous calls you guided like 100% growth in excluding Amgen for the next 1.5 to two years. So are youing on to that this year are we going to grow 100% this year?
Aditya (likely CEO)
I have understood that it is the volume that I can control sir in my factory under my four four walls is all that I can control. ... we do want to grow at the rate that we are growing which is no less than 100% as far as the promoter's eyes are
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Springs revenue for FY26 is 67 crores. | ₹67 cr | ₹412 cr | Understated vs filing |
| Springs profit is only 1.5 crores on 67 crores revenue. | ₹1.5 cr | ₹26 cr | Understated vs filing |
| Consolidated PAT for FY26 is roughly 50.6 crores. | ₹50.6 cr | ₹26 cr | Overstated vs filing |
| Consolidated revenue for FY26 is roughly 722 crores. | ₹722 cr | ₹412 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.