Cosmic CRF Limited held its fifth Annual General Meeting on September 28, 2026, conducted entirely through Video Conference and Other Audio Visual Means. The meeting, which commenced at 3:00 pm IST, saw participation from 27 shareholders who joined remotely to review the company's performance and vote on key corporate matters.

The proceedings were chaired by Managing Director Aditya Vikram Birla. During the session, the Chairman highlighted the company’s operational footprint across the railway, infrastructure, automobile, and defense sectors. Financial performance for FY26 was presented, covering both standalone and consolidated revenue and profit figures, though specific numerical values were not disclosed in the immediate filing summary.

Resolutions and Director Appointments

Four ordinary resolutions were placed before the shareholders for approval. These items covered the adoption of financial statements and significant changes in the board composition. The agenda included the re-appointment of a retiring director and the ratification of a new non-executive director appointment.

Strategic Focus and Auditor Opinion

The Chairman outlined future priorities centered on capacity utilisation, technology integration, and automation. The company aims to expand its portfolio in value-added products and innovation while maintaining operational excellence. The statutory auditors expressed an unqualified opinion on the financial statements, confirming there were no qualifications, adverse remarks, or disclaimers in their report.

Remote e-voting was facilitated by National Securities Depository Limited, with Md. Shahnawaz appointed as the scrutinizer. The voting window remained open from September 25 to September 27, 2026, with results to be declared following the receipt of the scrutinizer's report.

Cosmic Crf has secured a new work order valued at ₹1302.45 lakh from Infrastructure Company, Kolkata. The order involves the supply of Sheet Piling (Cold Formed Z Sheet Pile) of various grades and sizes, with execution scheduled within six months.

WHAT HAPPENED

Cosmic Crf won a significant order worth ₹1302.45 lakh for sheet piling products from a domestic infrastructure entity in Kolkata. This adds to the ten previously disclosed orders in the last three fiscal quarters. The company has received orders from multiple entity types, including engineering firms, railway divisions, and infrastructure customers.

The specific terms of the new order include Sheet Piling (Cold Formed Z Sheet Pile) of grades E250 and E350, with sizes ranging from 10m to 16m. It also includes Sheet Pile (Z Type)-10mm x 12 mtr long, with quantities ranging from 160.00 MT to 620.00 MT.

ORDER IN FINANCIAL CONTEXT

The ₹1302.45 lakh order contributes to the growing disclosed order book. Combined with prior wins, the total disclosed order book now stands at ₹8594.29 lakh (sum of the 11 orders disclosed across the last 3 fiscal quarters). Given the company's FY26 annual revenue of ₹716.60 crore, the disclosed backlog represents a substantial pipeline relative to current sales run rates.

COMPANY ORDER TRACK RECORD

Order inflow remains strong in Q2FY27, with diverse clients including infrastructure, railway, and manufacturing sectors. The current order value of ₹1302.45 lakh is part of a series of recent wins.

Note: The pre-computed summary reflects 10 orders totaling ₹7291.84 crore. The latest order of ₹1302.45 lakh is an additional disclosure bringing the count to 11 orders.

EXECUTION AND REVENUE QUALITY

In FY26, consolidated revenue rose to ₹716.60 crore, up from ₹402.00 crore in FY25. Net profit increased to ₹53.26 crore from ₹30.80 crore. Operating profit margin remained stable at 10.95% in FY26, nearly identical to the 10.97% recorded in FY25, suggesting disciplined cost management during growth.

REVENUE GROWTH AND ORDER WINS

Sustained order wins have driven annual revenue growth of +78.3% YoY from FY25 to FY26. The acceleration aligns with the order book buildup, suggesting past contracts are converting effectively into recognized revenue.

WORKING CAPITAL AND EXECUTION CAPACITY

The balance sheet shows a current ratio of 1.70x, providing adequate short-term liquidity. Total Liabilities/Equity stands at 0.89x, indicating conservative leverage. However, operating cashflow was negative at -₹72.60 crore in FY25, while free cashflow stood at -₹119.40 crore. This divergence suggests stretched working capital cycles, likely due to inventory or receivables delays common in infrastructure supply chains.

WHAT TO WATCH

• Execution rate: Monitor whether the backlog converts to revenue efficiently, given negative operating cashflow trends.
• Cash conversion: Watch for improvement in operating cashflow; sustained negative cashflow despite profit growth signals potential receivables stress.
• Client concentration: Assess if infrastructure and railway clients continue timely payments, as delays could impact liquidity.
• Margin stability: Track if OPM remains near 10.95% as new orders execute, ensuring no price compression on steel products.

KEY OBSERVATIONS

• Cash conversion: Operating cashflow of -₹72.60 crore in FY25 indicates backlog is not converting to cash efficiently.
• Backlog signal: Book-to-bill ratio has increased significantly with the latest order; execution capacity becomes the binding constraint for near-term revenue realization.
• Valuation check (as of 25 Sep 2026): P/E of 23.8x against ROCE of 10.32%. Valuation reflects expectations of execution improvement.
• Promoter holding: Stable at 55.10% in Q4FY26, indicating consistent promoter confidence.