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Confidence Futuristic Energetech Ltd

CFEL

NSE

₹39.86-2.78%19 Oct 2026

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Confidence Futuristic Energetech Ltd

CFEL

NSE

₹39.86

-2.78%

19 Oct 2026

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Business Overview: What the company does, in plain English.

Confidence Futuristic Energetech Ltd is fundamentally a manufacturer of the containers that hold and move India’s gas - from the steel cylinders in a car’s boot to the advanced composite tanks being built for a future hydrogen economy. It began life in the parallel LPG market, selling cooking gas to homes and businesses under a consumer brand, before a deliberate pivot starting in 2021 turned it into an industrial manufacturer through a string of acquisitions and greenfield projects. The recurring approach is integration: it makes the cylinder, it sells the gas that goes inside, and it is now building the next-generation composite technology to serve the same customers as their needs evolve.

Business segments

Three engines at different stages - a legacy consumer gas brand, a three-plant steel cylinder operation that is the industrial backbone, and an advanced composite-cylinder bet under construction - each built by acquiring capacity and then scaling it.

1. High-pressure steel cylinders: the group’s industrial backbone

Three plants churn out seamless steel cylinders and cascades for vehicles, hospitals and city gas networks - this is where the company’s manufacturing muscle and bulk of its activity now sit.

Acquired, then built - the company entered cylinder manufacturing in May 2021 by buying a 75% stake in Sarju Impex at Dahej, Gujarat (capacity: 180,000 cylinders a year), followed by a 50% stake in Maruti Koatsu at Halol, Gujarat (another 180,000 a year) in February 2022, while simultaneously developing its own greenfield plant at Umred near Nagpur through its wholly-owned subsidiary Confidence Enterprises. The Umred unit started with a planned capacity of 360,000 cylinders a year, which was raised to 540,000 before it even began commercial production in FY23, giving the company three operational plants.
One product family, many end-uses - the portfolio spans on-board CNG cylinders for cars and buses, mobile and stationary cascades that act as refuelling depots for city gas distribution projects, medical oxygen cylinders, and industrial gas cylinders for welding and chemical production. A single manufacturing process serves automotive, healthcare and industrial buyers, spreading customer concentration risk.
Steel prices are the wildcard - the company sources raw materials from a diversified supplier base but acknowledges that volatility in steel prices can squeeze margins, and the cylinder industry itself is becoming more competitive with pricing pressure. It also flags the long-term risk of electric vehicle adoption, though it judges the near-term threat as limited because of high battery costs and patchy charging infrastructure.

2. GO GAS ELITE: the consumer-facing LPG business

The original engine - selling branded LPG in lightweight composite cylinders to homes and businesses through a nationwide distributor network.

A parallel-market brand - operating under the name “GO GAS ELITE,” the company sells LPG to domestic and commercial users at competitive rates, outside the subsidised public-sector system. It differentiates its offering with blast-proof, translucent, lightweight composite cylinders rather than the traditional heavy metal ones, making the product easier to handle and visually distinctive.
Distributors carry the cylinders - the business model involves collecting refundable deposits from dealers and distributors against the cylinders, with an allowance deducted for wear and tear when they are returned. Revenue is recognised at the point of delivery to the customer, net of any discounts or rebates.
A gas trader as much as a brand - the company’s objects also permit it to import, export and fill LPG on a job-work basis, and to deal in a wide range of industrial gases including oxygen, nitrogen, argon, hydrogen and carbon dioxide. This means the division can act as a bottler and trader beyond its own consumer franchise.
Low concentration risk - the Company’s trade receivables are spread across multiple geographies and industries, which the company assesses as carrying low concentration risk, insulating it from shocks in any single customer segment.

3. Type-4 composite cylinders: the green-hydrogen bet under construction

A new plant is being built to make carbon-composite cylinders that are 70% lighter than steel, carry three times more gas, and are designed for hydrogen - the company’s answer to the energy transition.

A different material altogether - unlike the steel Type-1 cylinders, Type-4 cylinders use a polymer liner wrapped in carbon composite, making them corrosion-resistant, shatter-proof and capable of operating at pressures of 200, 250 and 350 bar. They are built for high-pressure storage of CNG, nitrogen and green hydrogen, targeting automotive, industrial and emerging hydrogen-energy applications.
Housed in a newly acquired subsidiary - the capability sits inside Silversky Exim Private Limited, in which CFEL acquired a 51% stake effective September 2024, and the manufacturing facility is coming up at Butibori MIDC in Nagpur. The plant has received in-principle approval from the Petroleum and Explosives Safety Organisation and machinery was installed as of FY25.
German technology, Indian demand - the company is using state-of-the-art German technology for the venture, aiming at a market where Type-4 cylinders already represented roughly 25% of India’s total CNG cylinder market as of FY24. The hydrogen cylinder market alone was valued at around ₹500 crore with a projected compound annual growth rate of 20%, tying the plant’s prospects to the National Hydrogen Energy Mission.
One plant, distinct from the steel fleet - with this facility, CFEL will have one plant dedicated to Type-4 cylinders, complementing its three existing Type-1 steel cylinder plants, so the new technology adds a growth layer without cannibalising the legacy business.

Group structure and partners

A holding-company parent, four operating subsidiaries each with a distinct manufacturing or refurbishment role, and a recent divestment that streamlined the portfolio.

Controlled by Confidence Petroleum India - the company is a 61.87% subsidiary of Confidence Petroleum India Limited, a BSE and NSE-listed entity, with the parent’s stake having risen from 52% in FY20 to its current level, signalling increasing strategic alignment.
Confidence Enterprises Private Limited - the 100%-owned subsidiary that runs the Umred plant near Nagpur, making high-pressure seamless steel cylinders and cascades with a capacity of 540,000 cylinders a year; it received its manufacturing licence in May 2022 and began commercial operations in FY23.
Sarju Impex Limited - a 75%-owned subsidiary operating the Dahej SEZ plant in Gujarat, acquired in May 2021, with an annual capacity of 180,000 high-pressure oxygen and CNG cylinders.
Silversky Exim Private Limited - a 51%-owned subsidiary, acquired in September 2024, developing the Type-4 composite cylinder facility at Butibori, Nagpur, using German technology for CNG, nitrogen and green hydrogen storage.
Confidence Green Fuels Pvt Ltd - a 100%-owned subsidiary handling CNG cylinder refurbishment, adding an aftermarket service layer to the manufacturing business.

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Balance Sheet

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Mkt Cap

Market Capitalization

₹102Cr

Close Price

₹40.85

Industry

Trading

Price To Earnings

14.38

Price To Sales

0.67

Revenue

₹153Cr

Rev Gr TTM

Revenue Growth TTM

-35.45%

PAT Gr TTM

PAT Growth TTM

4.88%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	26	30	72	53	66	62	68	41	25	36	56	36
Growth YoY Revenue Growth YoY%	1.0	11.6	48.9	10.4	157.2	108.2	-5.7	-23.2	-62.2	-41.4	-17.9	-12.5
Expenses ExpensesCr	21	24	67	49	64	56	58	38	23	31	51	32
Operating Profit Operating ProfitCr	4	6	5	4	2	6	10	3	2	6	5	4
OPM OPM%	16.7	18.7	7.4	8.0	3.3	10.2	14.8	6.3	8.5	15.2	8.3	11.0
Other Income Other IncomeCr	1	1	1	1	2	0	3	1	3	1	1	1
Interest Expense Interest ExpenseCr	1	2	2	2	2	0	6	1	2	4	0	1
Depreciation DepreciationCr	3	3	2	2	2	2	3	2	2	2	2	2
PBT PBTCr	0	2	2	1	0	4	5	0	0	0	4	1
Tax TaxCr	0	1	0	0	0	2	0	0	0	0	-3	0
PAT PATCr	0	1	3	0	0	2	5	0	0	0	6	1
Growth YoY PAT Growth YoY%	-69.4	-29.6	-29.1	-89.3	-42.3	165.8	94.7	-45.2	26.7	-89.6	23.2	408.7
NPM NPM%	1.0	2.5	3.7	0.8	0.2	3.3	7.6	0.6	0.8	0.6	11.4	3.3
EPS EPS₹	-0.1	0.5	1.3	0.3	0.4	1.2	2.2	0.1	0.2	0.1	2.1	0.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	26	30	72	53	66	62	68	41	25	36	56	36
Growth YoY Revenue Growth YoY%	1.0	11.6	48.9	10.4	157.2	108.2	-5.7	-23.2	-62.2	-41.4	-17.9	-12.5
Expenses ExpensesCr	21	24	67	49	64	56	58	38	23	31	51	32
Operating Profit Operating ProfitCr	4	6	5	4	2	6	10	3	2	6	5	4
OPM OPM%	16.7	18.7	7.4	8.0	3.3	10.2	14.8	6.3	8.5	15.2	8.3	11.0
Other Income Other IncomeCr	1	1	1	1	2	0	3	1	3	1	1	1
Interest Expense Interest ExpenseCr	1	2	2	2	2	0	6	1	2	4	0	1
Depreciation DepreciationCr	3	3	2	2	2	2	3	2	2	2	2	2
PBT PBTCr	0	2	2	1	0	4	5	0	0	0	4	1
Tax TaxCr	0	1	0	0	0	2	0	0	0	0	-3	0
PAT PATCr	0	1	3	0	0	2	5	0	0	0	6	1
Growth YoY PAT Growth YoY%	-69.4	-29.6	-29.1	-89.3	-42.3	165.8	94.7	-45.2	26.7	-89.6	23.2	408.7
NPM NPM%	1.0	2.5	3.7	0.8	0.2	3.3	7.6	0.6	0.8	0.6	11.4	3.3
EPS EPS₹	-0.1	0.5	1.3	0.3	0.4	1.2	2.2	0.1	0.2	0.1	2.1	0.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1	54	122	176	249	158	153
Growth Revenue Growth%		3,697.2	128.6	43.8	41.8	-36.6	-35.5
Expenses ExpensesCr	1	46	102	151	227	143	137
Operating Profit Operating ProfitCr	0	7	21	25	23	15	16
OPM OPM%	19.6	13.3	17.0	13.9	9.2	9.4	10.6
Other Income Other IncomeCr	0	2	4	3	9	6	5
Interest Expense Interest ExpenseCr	0	2	5	6	11	7	7
Depreciation DepreciationCr	0	3	11	11	9	9	9
PBT PBTCr	0	4	8	11	12	5	6
Tax TaxCr	0	1	2	2	2	-2	-2
PAT PATCr	0	3	6	8	10	7	8
Growth PAT Growth%		34,727.5	103.3	31.8	18.9	-30.6	4.9
NPM NPM%	0.7	5.9	5.3	4.8	4.0	4.4	5.2
EPS EPS₹	0.0	1.3	2.8	3.4	4.1	2.5	2.8

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1	54	122	176	249	158	153
Growth Revenue Growth%		3,697.2	128.6	43.8	41.8	-36.6	-35.5
Expenses ExpensesCr	1	46	102	151	227	143	137
Operating Profit Operating ProfitCr	0	7	21	25	23	15	16
OPM OPM%	19.6	13.3	17.0	13.9	9.2	9.4	10.6
Other Income Other IncomeCr	0	2	4	3	9	6	5
Interest Expense Interest ExpenseCr	0	2	5	6	11	7	7
Depreciation DepreciationCr	0	3	11	11	9	9	9
PBT PBTCr	0	4	8	11	12	5	6
Tax TaxCr	0	1	2	2	2	-2	-2
PAT PATCr	0	3	6	8	10	7	8
Growth PAT Growth%		34,727.5	103.3	31.8	18.9	-30.6	4.9
NPM NPM%	0.7	5.9	5.3	4.8	4.0	4.4	5.2
EPS EPS₹	0.0	1.3	2.8	3.4	4.1	2.5	2.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	13	13	13	13	13
Reserves ReservesCr	7	131	136	144	150	156
Current Liabilities Current LiabilitiesCr	0	25	51	50	65	67
Non Current Liabilities Non Current LiabilitiesCr	22	37	65	40	99	132
Total Liabilities Total LiabilitiesCr	31	211	269	252	363	406
Current Assets Current AssetsCr	0	54	118	119	206	185
Non Current Assets Non Current AssetsCr	31	157	151	133	158	221
Total Assets Total AssetsCr	31	211	269	252	363	406

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	13	13	13	13	13
Reserves ReservesCr	7	131	136	144	150	156
Current Liabilities Current LiabilitiesCr	0	25	51	50	65	67
Non Current Liabilities Non Current LiabilitiesCr	22	37	65	40	99	132
Total Liabilities Total LiabilitiesCr	31	211	269	252	363	406
Current Assets Current AssetsCr	0	54	118	119	206	185
Non Current Assets Non Current AssetsCr	31	157	151	133	158	221
Total Assets Total AssetsCr	31	211	269	252	363	406

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-17	-39	-28	28	-64	34
Investing Cash Flow Investing Cash FlowCr	0	-133	-2	13	-26	-63
Financing Cash Flow Financing Cash FlowCr	17	173	31	-39	93	28
Net Cash Flow Net Cash FlowCr	0	1	1	2	3	-1
Free Cash Flow Free Cash FlowCr	-17	-39	-28	28	-115	29
CFO To PAT CFO To PAT%	-1,83,645.0	-1,225.9	-439.0	329.1	-631.3	483.7
CFO To EBITDA CFO To EBITDA%	-6,044.0	-544.9	-136.3	114.0	-278.9	227.4

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-17	-39	-28	28	-64	34
Investing Cash Flow Investing Cash FlowCr	0	-133	-2	13	-26	-63
Financing Cash Flow Financing Cash FlowCr	17	173	31	-39	93	28
Net Cash Flow Net Cash FlowCr	0	1	1	2	3	-1
Free Cash Flow Free Cash FlowCr	-17	-39	-28	28	-115	29
CFO To PAT CFO To PAT%	-1,83,645.0	-1,225.9	-439.0	329.1	-631.3	483.7
CFO To EBITDA CFO To EBITDA%	-6,044.0	-544.9	-136.3	114.0	-278.9	227.4

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	7	141	259	264	188	70	102
Price To Earnings Price To Earnings	671.0	44.6	40.1	30.7	18.2	11.0	14.4
Price To Sales Price To Sales	4.8	2.6	2.1	1.5	0.8	0.4	0.7
Price To Book Price To Book	0.8	1.0	1.7	1.7	1.1	0.4	0.6
EV To EBITDA EV To EBITDA	97.7	27.1	16.7	13.1	13.9	15.6	16.3
Profitability Ratios Profitability Ratios
GPM GPM%	50.7	21.2	23.9	22.0	14.4	19.6	19.6
OPM OPM%	19.6	13.3	17.0	13.9	9.2	9.4	10.6
NPM NPM%	0.7	5.9	5.3	4.8	4.0	4.4	5.2
ROCE ROCE%	0.1	3.1	5.6	7.9	7.4	3.5	3.5
ROE ROE%	0.1	2.2	4.3	5.4	6.2	4.2	4.2
ROA ROA%	0.0	1.5	2.4	3.4	2.8	1.7	1.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	7	141	259	264	188	70	102
Price To Earnings Price To Earnings	671.0	44.6	40.1	30.7	18.2	11.0	14.4
Price To Sales Price To Sales	4.8	2.6	2.1	1.5	0.8	0.4	0.7
Price To Book Price To Book	0.8	1.0	1.7	1.7	1.1	0.4	0.6
EV To EBITDA EV To EBITDA	97.7	27.1	16.7	13.1	13.9	15.6	16.3
Profitability Ratios Profitability Ratios
GPM GPM%	50.7	21.2	23.9	22.0	14.4	19.6	19.6
OPM OPM%	19.6	13.3	17.0	13.9	9.2	9.4	10.6
NPM NPM%	0.7	5.9	5.3	4.8	4.0	4.4	5.2
ROCE ROCE%	0.1	3.1	5.6	7.9	7.4	3.5	3.5
ROE ROE%	0.1	2.2	4.3	5.4	6.2	4.2	4.2
ROA ROA%	0.0	1.5	2.4	3.4	2.8	1.7	1.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	VANDU	SHARIKA	EY	CFEL	MRCAGRO	ALSTONE	VEERHEALTH
Market CapitalizationMkt CapCr	107	104	103	102	101	100	99
Close PriceClose₹	60.00	18.70	513.00	40.85	32.26	0.16	49.73
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	10.19		231.08	14.38	322.60		65.43
Price To SalesPS	0.62	1.29	1.10	0.67	0.90	0.13	1.88
RevenueRevenueCr	174	80	94	153	112	785	53
Revenue Growth TTMRev Gr TTM%		-1.4%	102.6%	-35.5%	220.3%		177.1%
PAT Growth TTMPAT Gr TTM%		-1,675.0%	-45.1%	4.9%	73.1%	-2,938.7%	200.0%

	VANDU	SHARIKA	EY	CFEL	MRCAGRO	ALSTONE	VEERHEALTH
Market CapitalizationMkt CapCr	107	104	103	102	101	100	99
Close PriceClose₹	60.00	18.70	513.00	40.85	32.26	0.16	49.73
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	10.19		231.08	14.38	322.60		65.43
Price To SalesPS	0.62	1.29	1.10	0.67	0.90	0.13	1.88
RevenueRevenueCr	174	80	94	153	112	785	53
Revenue Growth TTMRev Gr TTM%		-1.4%	102.6%	-35.5%	220.3%		177.1%
PAT Growth TTMPAT Gr TTM%		-1,675.0%	-45.1%	4.9%	73.1%	-2,938.7%	200.0%

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