Cosmic CRF deploys Rs 168.2105 crore with no deviation

Cosmic CRF Limited reported no deviation in the use of Rs 210.5694 crore raised through its March 10, 2025 preferential issue and share warrants, with Rs 168.2105 crore utilised by September 30, 2026. The company said Rs 44.3046 crore was held in fixed deposits and Rs 4.1804 crore in the issue-specific current account.

What did Cosmic CRF report on preferential-issue proceeds?

Cosmic CRF reported “No Deviation” in its statement for the period ended September 30, 2026, covering the preferential issue and issue of share warrants undertaken on March 10, 2025. The company recorded nil deviation or variation for both stated objects, and listed no audit committee comments or auditor comments on the utilisation disclosure.

The statement names M/s Infomerics Valuation & Rating Ltd as the appointed monitoring agency. It records Rs 210.5694 crore as total actual issue proceeds and Rs 0 as issue-related expenses, while the modified allocation also totals Rs 210.5694 crore. The conclusion applies to use of proceeds against the disclosed objects through September 30, 2026.

The filing distinguishes the original planned allocation of Rs 212.90 crore from the Rs 210.5694 crore modified allocation based on actual proceeds. This reduction was not classified as a deviation because Cosmic CRF said allocations were adjusted proportionately after the actual number of shares and warrants issued was lower than initially proposed.

How did Cosmic CRF allocate and utilise the money?

Cosmic CRF allocated Rs 197.8094 crore of actual proceeds to fresh acquisitions, new expansion, capital expenditure and investments in subsidiaries through debt, equity or other instruments. It allocated the remaining Rs 12.76 crore to general corporate purpose, taking the modified allocation to Rs 210.5694 crore as of September 30, 2026.

The object-level table records Rs 155.4505 crore utilised for the acquisition, expansion, capital-expenditure and subsidiary-investment object, while the Rs 12.76 crore assigned to general corporate purpose was fully utilised. Together, these rows show Rs 168.2105 crore deployed, leaving Rs 42.3594 crore of the original proceeds unutilised before considering interest income.

The annexure remarks separately state that Rs 168.2105 crore was utilised for capital expenditure and investments in subsidiaries. That wording differs from the object-level schedule, which attributes Rs 12.76 crore of the total to general corporate purpose and Rs 155.4505 crore to the other object. Cosmic CRF nevertheless reported nil variation for each row.

Where did Cosmic CRF hold the remaining funds?

Cosmic CRF said Rs 44.3046 crore was kept in fixed deposits and Rs 4.1804 crore was in the current account opened for the preferential issue as of September 30, 2026. These two balances total Rs 48.485 crore, exceeding the Rs 42.3594 crore unutilised original proceeds because the company said the balances include interest earned on the deposits.

The company quantified interest income on fixed deposits funded from preferential-issue money at Rs 6.1261 crore. Adding this interest amount to the Rs 210.5694 crore actual proceeds produces Rs 216.6955 crore, equal to the Rs 168.2105 crore reported utilised plus the Rs 44.3046 crore deposit balance and Rs 4.1804 crore current-account balance.

Cosmic CRF's consolidated balance sheet reported cash and cash equivalents of Rs 19.704 crore and bank balances other than cash and cash equivalents of Rs 46.0511 crore on September 30, 2026. Those consolidated categories cannot be directly matched to the Rs 48.485 crore issue-specific deposit and current-account balances because the filing does not provide a reconciliation between the two sets of figures.

Why was Cosmic CRF's modified allocation below its original plan?

Cosmic CRF said the allocation was reduced proportionately because the actual issue was smaller than the original proposal. The original proposal covered 13,19,100 shares or convertible warrants at Rs 1,614 each, with the detailed note citing a total intended issue amount of Rs 212.9027 crore.

Actual issuance comprised 9,89,643 shares and 3,15,000 warrants, or 13,04,643 instruments in total. Cosmic CRF reported actual issue proceeds of Rs 210.5694 crore, which was Rs 2.3333 crore below the Rs 212.9027 crore intended issue amount cited in the note; the allocation table rounds the original object total to Rs 212.90 crore.

The September 2026 financial-results notes state that 18,600 warrants were converted in financial year 2025-26. They further state that the balance 29,64,000 warrants were converted during the half year ended September 30, 2026 after receipt of the outstanding 75% consideration, providing context for the proceeds reflected in the utilisation annexure.

What do Cosmic CRF's September 2026 accounts show about capex?

Cosmic CRF's consolidated cash-flow statement reports Rs 117.3339 crore spent on purchases of property, plant and equipment, intangible assets, assets under development and capital advances in the half year ended September 30, 2026. This is a consolidated cash-flow category rather than a direct reconciliation to preferential-issue proceeds, so the filing does not establish how much of that amount came from the fund raise.

Property, plant and equipment rose to Rs 237.696 crore on September 30, 2026 from Rs 229.0492 crore on March 31, 2026. Capital work-in-progress fell to Rs 19.8079 crore from Rs 31.0285 crore over the same period, while other non-current assets increased to Rs 126.9875 crore from Rs 12.60 crore.

For the half year ended September 30, 2026, Cosmic CRF reported revenue from operations of Rs 318.2923 crore, compared with Rs 304.4512 crore in the half year ended September 30, 2025. Profit after tax increased to Rs 26.1909 crore from Rs 24.502 crore, but these operating results are separate from the preferential-proceeds utilisation statement.

Conclusion

Cosmic CRF reported that Rs 168.2105 crore of Rs 210.5694 crore in actual preferential-issue and warrant proceeds had been utilised by September 30, 2026, with no deviation from the stated objects. The schedule shows full deployment of the Rs 12.76 crore general-corporate-purpose allocation and Rs 155.4505 crore used under the acquisition, expansion, capex and subsidiary-investment object.

The next utilisation disclosure should show whether Cosmic CRF deploys the Rs 44.3046 crore in fixed deposits and Rs 4.1804 crore in the dedicated current account, while continuing to identify the Rs 6.1261 crore of deposit interest separately. The company also disclosed that National Company Law Tribunal approval of its resolution plan for Amzen Transportation Industries Pvt Ltd was under process after its July 29, 2026 letter of intent, for which it reported Rs 28.40 crore of performance security and a Rs 31.60 crore payment to secured financial creditors.