Cosmic CRF H1 profit rises 6.9% to Rs 26.19 crore on revenue growth

Cosmic CRF Limited reported consolidated profit after tax of Rs 26.19 crore for the half year ended September 30, 2026, up 6.9% from Rs 24.50 crore a year earlier, while revenue from operations rose 4.5% to Rs 318.29 crore. Profit before tax increased 7.9% to Rs 33.61 crore.

How did Cosmic CRF's H1 earnings compare with last year?

Cosmic CRF increased consolidated profit by Rs 1.69 crore year on year, as total income rose Rs 14.83 crore to Rs 322.00 crore in the half year ended September 30, 2026. Revenue from operations was Rs 318.29 crore, compared with Rs 304.45 crore in the corresponding half year ended September 30, 2025, while other income increased to Rs 3.71 crore from Rs 2.72 crore.

Cosmic CRF's profit before tax increased faster than revenue, rising Rs 2.46 crore from Rs 31.15 crore. The statement reported no exceptional items in either half-year period, meaning profit before tax and exceptional items was the same as reported profit before tax. Total comprehensive income was Rs 26.19 crore in the latest half year, with no other comprehensive income recorded.

Earnings per share, or EPS, were Rs 28.31 in the half year ended September 30, 2026, versus Rs 29.89 a year earlier. Cosmic CRF said half-year EPS is not annualised and is based on weighted-average share capital. Paid-up equity share capital rose to Rs 9.50 crore at September 30, 2026, from Rs 9.19 crore a year earlier.

Which costs changed in Cosmic CRF's H1 results?

Cosmic CRF's raw-material and stock-in-trade cost increased 8.0% to Rs 274.65 crore, while total expenses rose 4.5% to Rs 288.39 crore. The change in finished-goods and work-in-progress inventory was negative Rs 16.54 crore, compared with negative Rs 2.59 crore a year earlier, reducing the total-expense increase relative to the movement in material costs.

Finance costs rose 29.6% to Rs 6.62 crore from Rs 5.11 crore, and depreciation and amortisation increased 62.3% to Rs 6.97 crore from Rs 4.29 crore. Employee-benefit expense increased to Rs 4.36 crore from Rs 3.78 crore, while other expenses rose to Rs 12.32 crore from Rs 11.10 crore.

Income-tax expense increased to Rs 7.42 crore from Rs 6.65 crore. Current tax declined to Rs 4.49 crore from Rs 5.35 crore, but deferred tax increased to Rs 2.93 crore from Rs 1.30 crore. As a result, the Rs 2.46 crore increase in profit before tax became a Rs 1.69 crore increase in profit after tax.

Cosmic CRF and its subsidiaries operate in one segment, so the filing gives no business-line revenue, profit or asset split. The consolidated accounts include N. S. Engineering Projects Pvt Ltd and Cosmic Springs & Engineers Ltd. The auditor noted that one subsidiary recorded revenue of Rs 147.55 crore and profit after tax of Rs 10.92 crore in the half year ended September 30, 2026.

What changed in Cosmic CRF's balance sheet?

Cosmic CRF's total assets rose to Rs 882.81 crore at September 30, 2026, from Rs 812.51 crore at March 31, 2026, an increase of Rs 70.31 crore. Non-current assets increased to Rs 421.41 crore from Rs 306.42 crore, while current assets declined to Rs 461.40 crore from Rs 506.08 crore.

Property, plant and equipment increased by Rs 8.65 crore to Rs 237.70 crore, while capital work-in-progress declined by Rs 11.22 crore to Rs 19.81 crore. Other non-current assets rose to Rs 126.99 crore from Rs 12.60 crore. Inventories increased Rs 34.62 crore, whereas trade receivables fell Rs 17.51 crore from the March 2026 balance.

Total equity increased Rs 62.07 crore to Rs 527.87 crore, including Rs 495.84 crore of other equity. Non-current borrowings rose to Rs 44.79 crore from Rs 32.13 crore, and current borrowings increased to Rs 99.20 crore from Rs 87.38 crore. Non-controlling interest was Rs 22.53 crore at September 30, 2026, compared with Rs 19.58 crore at March 31, 2026.

What does Cosmic CRF's cash flow show?

Cosmic CRF generated net operating cash flow of Rs 18.90 crore in the half year ended September 30, 2026, while net investing cash outflow was Rs 60.09 crore and financing cash inflow was Rs 52.64 crore. Cash and cash equivalents therefore rose Rs 11.45 crore from the March 31, 2026 opening balance to Rs 19.70 crore at period end.

Operating cash flow reflected a Rs 34.62 crore inventory increase, partly offset by a Rs 17.51 crore reduction in trade receivables and a Rs 14.55 crore reduction in other assets. Cash flow from operations before tax was Rs 20.55 crore and net income taxes paid were Rs 1.65 crore. The comparison column covers the year ended March 31, 2026, when net operating cash flow was Rs 23.76 crore.

Investing cash flow included Rs 117.33 crore spent on property, plant and equipment, intangible assets, assets under development and capital advances. A Rs 54.02 crore reduction in fixed deposits and other bank balances and Rs 3.19 crore of interest received partly offset the outflow. Financing cash flow included a Rs 35.58 crore increase in share premium and Rs 11.82 crore of net proceeds from or repayment of current borrowings, as presented in the statement.

What are the disclosed funding and unresolved matters?

Cosmic CRF converted 29,64,000 share warrants into equity shares during the half year ended September 30, 2026, after receiving the remaining 75% consideration. The warrants had been issued at Rs 1,614 each in March 2025. The filing said potential shares from outstanding warrants were excluded from diluted EPS because their inclusion would be anti-dilutive.

Cosmic CRF reported no deviation in the use of Rs 210.57 crore raised through the March 2025 preferential issue and warrant issue, with Rs 168.21 crore utilised by September 30, 2026. The company also disclosed an arbitration matter with Cosmic Ferro Alloys Ltd involving a contingent liability of Rs 10.34 crore, pending adjudication by the sole arbitrator.

Conclusion

Cosmic CRF reported profit growth of 6.9% that exceeded its 4.5% revenue increase for the half year ended September 30, 2026, despite higher finance costs, depreciation and total tax expense. Its balance sheet showed Rs 70.31 crore growth in total assets, a Rs 34.62 crore inventory increase and Rs 24.48 crore higher total borrowings from March 2026.

The next disclosed event is the National Company Law Tribunal, New Delhi process for approval of Cosmic CRF's resolution plan for Amzen Transportation Industries Pvt Ltd. Cosmic CRF said it provided a Rs 28.40 crore performance-security bank guarantee and paid Rs 31.60 crore to secured financial creditors after receiving the July 29, 2026 letter of intent, while the Rs 10.34 crore arbitration matter remains pending.