Chaman Metallics Ltd

CMNL

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Market Cap

₹ 302 Cr

P/E

31.02

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Chaman Metallics Limited is engaged in the manufacturing and selling of sponge iron, primarily used in steelmaking. Their manufacturing facility is strategically located in Chandrapur, Maharashtra, ensuring easy access to essential raw materials like iron ore and coal.

The company has an annual production capacity of 72,000 MT of sponge iron with technology-equipped infrastructure including testing laboratories for raw materials assessment to ensure quality.

In 2019, Chaman Metallics was acquired by GR Group, a significant player in the steel industry, and has since benefited from operational synergies across steel production segments.

Chaman Metallics went public in January 2023, raising Rs. 24.21 Crores, reflecting confidence in their business model and future potential.

Sector

Steel

Industry

Steel - Sponge Iron

Market Cap

302 Cr

Volatility

Moderate Risk

P/E Ratio

31.0

Industry P/E

16.2

PEG Ratio

5.1

P/B Ratio

3.0

52W High

183.90

52W Low

114.75

Sales CAGR

-8.84%

-2.34%

24.31%

10Y

—

Profit CAGR

-21.88%

6.08%

21.48%

10Y

—

ROE

TTM

1.09%

14.81%

15.87%

10Y

—

ROCE

TTM

2.39%

8.29%

10.25%

10Y

—

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
VRAJ	122.60	404 Cr	12.03	0.98	0.00	8.13	10.54	7.23
SALSTEEL	37.35	389 Cr	—	5.77	0.00	-29.24	3.80	-4.20
CMNL	125.00	302 Cr	31.02	3.03	0.00	1.09	2.39	0.17
VASWANI	61.76	204 Cr	26.89	2.10	0.00	—	—	0.00
SHKSIL	55.35	106 Cr	11.56	1.03	0.00	0.00	0.00	6.98
BIHARSPONG	11.33	102 Cr	11.22	0.00	0.00	-21.96	12.04	6.74
NOVAIRNSTL	13.36	48 Cr	—	0.00	0.00	82.23	-3.05	47.86

Financial Statements

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Standalone Half Yearly Results (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
Sales	111	111	116	92	97	91	81	197
Expenses	101	101	100	80	91	82	75	185
Interest	0.99	0.99	1.24	0.62	1.05	1.40	0.21	11
Operating Profit	10	10	16	12	5.71	9.52	5.67	12
OPM %	9.35	9.35	13.52	13.56	5.90	10.42	7.01	6.08
Other Income	0.37	0.37	0.99	1.10	1.18	1.16	0.83	0.46
Depreciation	0.86	0.86	0.96	1.00	1.24	1.16	1.17	4.79
Profit Before Tax	8.93	8.93	14	12	4.39	8.12	5.11	-3.18
Tax %	23.74	23.74	29.05	25.06	18.91	23.89	29.55	19.81
Net Profit	6.82	6.82	10	8.96	3.56	6.17	3.61	-2.55
EPS in Rs	—	—	—	—	—	—	—	—

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	0.00	11	58	141	185	228	189	172
Expenses	0.48	9.99	58	130	170	202	171	157
Operating Profit	-0.48	0.87	0.01	11	15	26	18	15
OPM %	—	8.03	0.02	7.71	8.25	11.47	9.63	8.82
Other Income	0.05	0.08	0.36	-0.28	0.60	1.36	2.29	1.98
Interest	0.00	0.00	0.83	2.08	1.89	2.23	1.68	1.61
Depreciation	1.35	1.35	1.35	1.52	1.72	1.82	2.24	2.33
Profit Before Tax	-1.78	-0.40	-1.81	6.95	12	23	16	13
Tax %	1.81	202.02	303.65	24.71	33.05	27.02	23.44	26.11
Net Profit	-1.75	0.41	3.69	5.23	8.19	17	13	9.78
EPS in Rs	—	—	—	—	—	—	—	—
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7.89	7.89	7.89	7.89	7.89	24	24	24
Reserves	13	13	16	21	30	53	66	75
Borrowings	15	5.89	20	14	25	22	130	358
Other Liabilities	8.29	4.28	11	16	11	18	23	43
Total Liabilities	44	31	54	59	74	116	242	501
Fixed Assets	24	23	26	26	27	27	26	25
CWIP	2.22	2.22	2.22	2.22	2.24	4.53	120	338
Investments	0.37	0.37	0.37	0.02	1.00	2.31	2.31	2.31
Other Assets	18	5.88	25	31	44	83	93	136
Total Assets	44	31	54	59	74	116	242	501

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.34	9.72	-6.45	8.08	-5.92	12	20	-52
Cash from Investing Activity	0.16	0.10	-5.89	-0.99	-3.45	-6.39	-149	-175
Cash from Financing Activity	0.28	-9.56	13	-8.06	9.34	16	106	227
Net Cash Flow	0.10	0.27	0.70	-0.97	-0.02	22	-22	-0.08

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2022	Jan 2023	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
Promoters	100.00%	73.60%	73.60%	73.60%	73.60%	73.60%	73.60%	73.60%
FIIs	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	0.00%	26.39%	26.40%	26.40%	26.40%	26.40%	26.40%	26.40%
Total Shareholders	9	1,763	1,187	1,168	1,457	1,324	993	1,169

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Oct 22, 2024	Chhatisgarh investments limited	Bulk	Buy	127.39	1.72 Cr	1,35,000	0.55
May 03, 2024	Multiplier share & stock advi...	Bulk	Buy	82.25	1.20 Cr	1,45,500	0.60
May 03, 2024	Multiplier share & stock advi...	Bulk	Sell	82.27	0.60 Cr	73,500	0.30
Jan 10, 2024	Gaurav jain	Bulk	Buy	80.38	1.00 Cr	1,24,500	0.51
Sep 12, 2023	Vinod somani	Bulk	Sell	65.55	1.38 Cr	2,10,000	0.87
Sep 11, 2023	Vinod somani	Bulk	Sell	70.98	3.71 Cr	5,22,000	2.16
Jun 21, 2023	Yuga stocks and commodities p...	Bulk	Sell	68.02	0.92 Cr	1,35,000	0.55
Jun 21, 2023	Yuga stocks and commodities p...	Bulk	Buy	67.87	1.06 Cr	1,56,000	0.64
Jun 21, 2023	Vinod somani	Bulk	Buy	64.51	2.23 Cr	3,45,000	1.42
Apr 18, 2023	Vinod somani	Bulk	Sell	47.55	0.01 Cr	3,000	0.01

Projection

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Presentations

Investor Presentation

Q2 FY25

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Financial Statements

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Standalone Half Yearly Results (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
Sales	111	111	116	92	97	91	81	197
Expenses	101	101	100	80	91	82	75	185
Interest	0.99	0.99	1.24	0.62	1.05	1.40	0.21	11
Operating Profit	10	10	16	12	5.71	9.52	5.67	12
OPM %	9.35	9.35	13.52	13.56	5.90	10.42	7.01	6.08
Other Income	0.37	0.37	0.99	1.10	1.18	1.16	0.83	0.46
Depreciation	0.86	0.86	0.96	1.00	1.24	1.16	1.17	4.79
Profit Before Tax	8.93	8.93	14	12	4.39	8.12	5.11	-3.18
Tax %	23.74	23.74	29.05	25.06	18.91	23.89	29.55	19.81
Net Profit	6.82	6.82	10	8.96	3.56	6.17	3.61	-2.55
EPS in Rs	—	—	—	—	—	—	—	—

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	0.00	11	58	141	185	228	189	172
Expenses	0.48	9.99	58	130	170	202	171	157
Operating Profit	-0.48	0.87	0.01	11	15	26	18	15
OPM %	—	8.03	0.02	7.71	8.25	11.47	9.63	8.82
Other Income	0.05	0.08	0.36	-0.28	0.60	1.36	2.29	1.98
Interest	0.00	0.00	0.83	2.08	1.89	2.23	1.68	1.61
Depreciation	1.35	1.35	1.35	1.52	1.72	1.82	2.24	2.33
Profit Before Tax	-1.78	-0.40	-1.81	6.95	12	23	16	13
Tax %	1.81	202.02	303.65	24.71	33.05	27.02	23.44	26.11
Net Profit	-1.75	0.41	3.69	5.23	8.19	17	13	9.78
EPS in Rs	—	—	—	—	—	—	—	—
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7.89	7.89	7.89	7.89	7.89	24	24	24
Reserves	13	13	16	21	30	53	66	75
Borrowings	15	5.89	20	14	25	22	130	358
Other Liabilities	8.29	4.28	11	16	11	18	23	43
Total Liabilities	44	31	54	59	74	116	242	501
Fixed Assets	24	23	26	26	27	27	26	25
CWIP	2.22	2.22	2.22	2.22	2.24	4.53	120	338
Investments	0.37	0.37	0.37	0.02	1.00	2.31	2.31	2.31
Other Assets	18	5.88	25	31	44	83	93	136
Total Assets	44	31	54	59	74	116	242	501

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.34	9.72	-6.45	8.08	-5.92	12	20	-52
Cash from Investing Activity	0.16	0.10	-5.89	-0.99	-3.45	-6.39	-149	-175
Cash from Financing Activity	0.28	-9.56	13	-8.06	9.34	16	106	227
Net Cash Flow	0.10	0.27	0.70	-0.97	-0.02	22	-22	-0.08

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
VRAJ	122.60	404 Cr	12.03	0.98	0.00	8.13	10.54	7.23
SALSTEEL	37.35	389 Cr	—	5.77	0.00	-29.24	3.80	-4.20
CMNL	125.00	302 Cr	31.02	3.03	0.00	1.09	2.39	0.17
VASWANI	61.76	204 Cr	26.89	2.10	0.00	—	—	0.00
SHKSIL	55.35	106 Cr	11.56	1.03	0.00	0.00	0.00	6.98
BIHARSPONG	11.33	102 Cr	11.22	0.00	0.00	-21.96	12.04	6.74
NOVAIRNSTL	13.36	48 Cr	—	0.00	0.00	82.23	-3.05	47.86

Oscillators

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Neutral

Bullish

Overall

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Bullish

Moving Averages

BearishNeutralBullish

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Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

The company has an annual production capacity of 72,000 MT of sponge iron with technology-equipped infrastructure including testing laboratories for raw materials assessment to ensure quality.

In 2019, Chaman Metallics was acquired by GR Group, a significant player in the steel industry, and has since benefited from operational synergies across steel production segments.

Chaman Metallics went public in January 2023, raising Rs. 24.21 Crores, reflecting confidence in their business model and future potential.

Sector

Steel

Industry

Steel - Sponge Iron

Market Cap

302 Cr

Volatility

Moderate Risk

P/E Ratio

31.0

Industry P/E

16.2

PEG Ratio

5.1

P/B Ratio

3.0

52W High

183.90

52W Low

114.75

Sales CAGR

-8.84%

-2.34%

24.31%

10Y

—

Profit CAGR

-21.88%

6.08%

21.48%

10Y

—

ROE

TTM

1.09%

14.81%

15.87%

10Y

—

ROCE

TTM

2.39%

8.29%

10.25%

10Y

—