Cosmic CRF order book reaches Rs 612 crore as wagon orders resume

Cosmic CRF Limited said on November 6, 2026, that its order book stood at Rs 612 crore, which management described as 39%-40% higher year on year, after execution of a pending railway wagon programme and receipt of a new wagon-related order. Infrastructure accounted for 78% of the backlog, helping offset slower railway activity during H1 FY27.

How large is Cosmic CRF’s current order book?

Cosmic CRF’s current order book is Rs 612 crore, covering the company and its subsidiaries. Management compared this figure with a Rs 414 crore to Rs 441 crore order-book range cited for the prior year and described the increase as about 39%-40% year on year.

Infrastructure work accounts for 78% of the Rs 612 crore order book, while railway work represents 22%. Management said its normal preferred mix would be 50% railways and 50% infrastructure, but it used fungible manufacturing capabilities to pursue infrastructure work that could be executed faster during the railway-order delay.

The larger backlog followed a weaker first half for the standalone business. Standalone revenue was Rs 151 crore in H1 FY27, compared with Rs 161 crore in H1 FY26, a decline of Rs 10 crore. Management said the overall business grew in revenue, earnings before interest, taxes, depreciation and amortisation, and net profit, but did not provide consolidated figures during the call.

Why did Cosmic CRF’s railway wagon orders slow before resuming?

Cosmic CRF said railway orders slowed because a BCN wagon programme had remained pending, while fiscal constraints delayed payments and order finalisation. Management also attributed slower public spending over the preceding six to eight months to the West Asian crisis, tariff-related developments, fiscal deficits and lower funds available to government authorities.

The pending BCN programme was executed in October 2026, according to management. It also said a new wagon-related order arrived at the end of October 2026, converting older orders and adding a 30% option clause to an existing 2022-23 order. Management linked the programme to about 9,000 wagons, principally BOXNHL wagons and related variants requiring fabricated and other components.

Management’s industry assessment is that wagon requirements exceed current domestic production capacity. It said India had about 4,12,000 wagons, of which about 2 lakh were under refurbishment, repair or maintenance, against a planning reference of roughly 8 lakh wagons. It estimated that established domestic builders could produce about 32,000 to 33,000 wagons annually at high utilisation, while an implied six-year requirement could be 60,000 to 70,000 wagons a year.

How did infrastructure work support Cosmic CRF during the railway slowdown?

Infrastructure work supported Cosmic CRF’s order flow during the railway slowdown, making up 78% of the Rs 612 crore backlog. Management said the engineering, rolling and fabrication capabilities used for wagon body parts can also serve infrastructure products, allowing it to shift production emphasis between the two sectors.

The infrastructure operation includes the NS Engineering business, which management said has 65,000 metric tonnes of annual installed capacity. Products named in the call included sheet piles, trench boxes, fabricated steel, galvanised products, lighting poles, high masts, octagonal poles and crash barriers. Management said it acquired the NS Engineering asset through a National Company Law Tribunal process in 2024.

Galvanising capacity increased to 12,000 metric tonnes from 8,500 metric tonnes in the prior year, management said. It expected to announce an air-wiping facility by the end of November 2026 and estimated that the addition could contribute 10.5%-12% of infrastructure revenue and about 1.5% at the profit-after-tax level. These are management estimates rather than reported H1 FY27 financial results.

What do Cosmic CRF’s volumes and capacity show?

Cosmic CRF reported 21,110 metric tonnes of H1 FY27 output at its standalone Singur plant and 22,424 metric tonnes at the NS Engineering business. Management put capacity utilisation at 78.6%, versus about 80% in the prior year, and said inventory, advances and forward orders affected the utilisation level during the half year.

Total installed capacity stands at 1,33,600 metric tonnes a year, compared with 12,000 metric tonnes when operations began in December 2021. Management identified 55,000 metric tonnes of standalone capacity, 65,000 metric tonnes at the NS Engineering business and 13,600 metric tonnes at Cosmic Springs and Engineers Ltd, which together explain the current total.

Cosmic Springs and Engineers has 13,600 metric tonnes of capacity, which management expects to increase to about 24,000 to 25,000 metric tonnes by the end of FY27. The forging project was delayed by two to two-and-a-half months because of unseasonal rainfall, and management said commercial runs could start around March, April or May 2027.

What revenue outlook has Cosmic CRF management presented?

Cosmic CRF management presented an FY30 revenue scenario of Rs 1,178 crore excluding Amzen, against Rs 717 crore reported in the preceding financial year. It described the calculation as a capacity-and-pricing scenario based on 80% operating utilisation, rather than reported financial guidance or a committed forecast.

Management allocated Rs 448 crore of the FY30 scenario to Cosmic CRF operations, Rs 476 crore to the NS Engineering business, Rs 136 crore to springs and Rs 118 crore to forging. The model uses 65,000 metric tonnes for Cosmic CRF operations, 85,000 metric tonnes for the NS Engineering business, 13,600 metric tonnes for springs and roughly 10,000 to 11,000 metric tonnes for forging.

Management also said installed capacity could rise to 1,74,600 metric tonnes from 1,33,600 metric tonnes. It based the Rs 1,178 crore scenario on 80% utilisation and said 85%-90% utilisation would exceed that assumption. The call did not provide a quarterly order-conversion target or a defined schedule for reaching the FY30 scenario.

Conclusion

Cosmic CRF’s Rs 612 crore order book is management’s evidence that infrastructure work and the return of wagon-related orders have expanded its backlog despite a Rs 10 crore year-on-year fall in standalone H1 FY27 revenue. The 78% infrastructure mix reduced the immediate dependence on railways, while the October 2026 execution of the pending wagon programme reopened railway order activity.

The next disclosed milestones are the expected expansion of springs capacity to about 24,000 to 25,000 metric tonnes by the end of FY27 and commercial forging runs around March to May 2027. Investors will also watch progress on the 30% option clause attached to the 2022-23 wagon order and management’s plan to lift total installed capacity to 1,74,600 metric tonnes.