#### **Company Overview** Cosmic CRF Limited (CCL), incorporated in December 2021 and listed on the stock exchange by June 2023, is an emerging leader in India’s engineering and railway component manufacturing sector. Headquartered in West Bengal, the company began operations through a business transfer agreement with Cosmic Ferro Alloys Ltd. and has rapidly evolved from a niche Cold Rolled Form (CRF) manufacturer into a diversified, integrated solutions provider for railways, infrastructure, automotive, and defense sectors. The company’s strategic vision centers on becoming **India’s largest end-to-end provider of railway components and engineered infrastructure solutions**, leveraging vertical integration, aggressive acquisitions, and R&D-driven innovation. Cosmic CRF is currently one of the few players capable of supplying nearly the entire range of components for rail wagons—excluding only final assembly—positioning itself as a one-stop partner for major wagon builders and Indian Railways. --- #### **Core Business & Product Portfolio** Cosmic CRF’s product portfolio spans: - **Cold Rolled Formed (CRF) Sections:** Used in wagons, coaches, and infrastructure as lightweight, high-strength alternatives to hot-rolled steel. - **Railway Components:** Including side/end bodies, center buffer couplers, cross river frames (CRF), flap doors, and center seals. - **Sheet Piles & Infrastructure Products:** Supplied for EPC projects (e.g., dams, cofferdams, highways) to clients like L&T and Shapoorji Pallonji. - **Lighting & Signage Poles:** Octagonal, ST, dual, high mast, and galvanized poles. - **Springs & Forged Components:** Helical and Casnub springs for bogies; upcoming production of forged parts like yoke pins, knuckle throwers. - **Fabricated Structures:** Road Over Bridges (ROBs), bridge girders, and components for Dedicated Freight Corridors (DFC). With approximately **4,500 SKUs**, the company supplies precision components used across BOXNHL, BOSM, BCFC, and Vande Bharat wagon/coach programs. --- #### **Strategic Expansion & Capacity Growth** Cosmic CRF has executed a transformative growth strategy via **acquisitions, greenfield expansions, and vertical integration**, achieving remarkable scaling: | **Capacity Milestones** | |------------------------| - **Initial Installed Capacity (2021):** 12,000 MT - **Singur Plant Expansion:** 36,000 MT → 55,000 MT (via new sheds, machinery, and in-house fabrication) - **After Acquisitions:** - N.S. Engineering Projects Pvt. Ltd. (65,000 MT capacity) - Cosmic Springs & Engineers Ltd. (10,800 MT annual spring sets) - **Total Integrated Capacity (Sep 2025):** **124,400 MTPA** across subsidiaries - **Future Target (FY26–27):** **200,000 MTPA**, including contributions from the Amzen acquisition and forgings The company is setting up: - A **forging unit** (7,200–11,000 MT/year) at a capex of ₹40–45 crores - A **new production facility** on adjacent land in Singur with railway siding - A **takeover and revival** of Amzen Transportation Industries Pvt. Ltd., expected to add 82,000–100,000 MT of wagon and bridge fabrication capacity --- #### **Key Acquisitions & Subsidiaries** 1. **N.S. Engineering Projects Pvt. Ltd. (NSEPPL)** - Acquired in **March–April 2024** via NCLT for ₹28.76 crores - Specializes in galvanizing, high-mast poles, sheet piles, and steel fabrication (65,000 MT capacity) - Provides **backward integration** via in-house galvanization (80,000 MT/year capacity), reducing supplier dependency and improving margins 2. **Cosmic Springs & Engineers Ltd. (CSEL)** - Acquired 92% stake; operates two units in Jangalpur, 250m apart - Produces precision **helical and Casnub springs** (14,400 sets/year) for bogies - Enables cross-selling with existing wagon OEM clients 3. **Amzen Transportation Industries Pvt. Ltd. (Under Process)** - Resolution plan submitted May 2025; expected handover pending NCLT approval - Will position CCL as an **integrated wagon manufacturer**, capable of end-to-end production - Expected to contribute ₹1,500–1,600 crores in annual revenue --- #### **Order Book & Financial Strength** - **Current Order Book (Nov 2025):** **₹615 crores** - **Unexecuted Order Book (Aug/May 2025):** **₹550 crores**, equivalent to **1.8x FY25 revenue**, signaling strong demand visibility - **Recent Wins:** - ₹127.44 crores order for 18,000 MT of cold-formed sheet piles - Active tenders and direct orders via **IREPS**, Indian Railways, refurbishers, and EPCs The company maintains **lean overheads, healthy margins**, and strong **operational synergies** across subsidiaries. It holds **substantial cash reserves** in anticipation of the Amzen acquisition and has been rated **BBB (Stable)**, enhancing credit access. --- #### **Production & Operational Highlights** - **Production Scale-Up:** - From 12,000 MT (inception) → 90,100 MT (current FY) → Targeting **100,000–110,000 MT** by FY26 year-end - Capacity utilization: **~80%**, with scope for multi-shift operations - **Cost Efficiency:** - Reduced CRF production cost from **₹6,000/MT to ₹1,600/MT**, targeting ₹1,266/MT - Achieved through process optimization, scale economies, and in-house R&D - **Logistical Challenges:** - Delivery delays reported due to site disruptions (e.g., L&T site flooded), forcing rerouting of 1,500 MT/month of sheet piles --- #### **R&D and Innovation** - **In-House R&D Division** conducts testing for regulatory compliance and custom engineering solutions - **Prototype Development:** - Leading developer of **BOSM and BCFC wagons**—currently the **only manufacturer** of both prototypes - Working on **Vande Bharat coaches**, covering fly-ash cement wagons, high-sided air-brake wagons - **Technology Transfer:** In advanced talks with a **major Russian railway firm** for technical collaboration - **Future Product Expansion:** Air springs for Vande Bharat (after achieving 10,000–20,000 MT in forging) --- #### **Market Position & Competitive Advantages** - **RDSO-Approved Vendor:** Certified for BOXN, BOXNR, BOXNRM, and new wagon conversions; strict approvals act as a **barrier to entry** - **Fungible Business Model:** Serves **four economic sectors** (railways, infrastructure, automotive, defense), reducing market dependency - **Vertical Integration:** Rare player with capabilities from **steel input → galvanizing → fabrication → forging → final components** - **Supply Chain Control:** Uses **rotating LCs** for 100,000–150,000 MT/year of custom steel (e.g., IS 2062 E450, FE570), shielding against volatility - **First-Mover Advantage:** Rapid production of BOSM wagons using prior R&D with Jindal Rail (2021–22) without new capex --- #### **Key Management** - **Mr. Aditya Vikram Birla**, Chief Commercial Executive: - 12 years in CRF division; BBA (Jadavpur), PGDBM (Cardiff) - Oversees end-to-end procurement, planning, marketing for rail components