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.

Cosmic CRF Limited approved the conversion of 1,54,400 convertible share warrants held by its promoter group into fully paid-up equity shares. The board meeting held on September 9, 2026, sanctioned the allotment at an issue price of ₹1,614 per share.

The company received the balance exercise price of ₹1,210.50 per warrant, aggregating to ₹18.69 crore. This amount was paid in cash upon conversion. The initial warrant subscription of ₹4.03 crore per warrant had been collected earlier during the issuance phase in February 2025.

Capital Structure Impact

The allotment increases the company's issued and paid-up capital from 93,48,243 shares to 95,02,643 shares. The total face value of the capital rises from ₹9.35 crore to ₹9.50 crore.

The newly allotted equity shares rank pari passu with existing equity shares in all respects. The transaction involves Prilika Enterprises Private Limited, a promoter group entity.

Promoter Holding Changes

Prilika Enterprises Private Limited’s stake increased from 9.98% to 11.44% following the conversion. The entity held 9,32,900 shares prior to the issue and now holds 10,87,300 shares.

What the Numbers Show

The conversion represents a significant capital injection for the company, with the total consideration for these shares amounting to ₹24.92 crore. This figure combines the previously collected warrant subscription money of ₹6.23 crore and the recent cash inflow of ₹18.69 crore from the exercise price payment.