Cosmic CRF wins Supreme Court nod for Amazon, Q4 revenue jumps 78%
Supreme Court clearance for Amazon acquisition is the game-changer, but execution and RDSO license delays remain risks.
What management said
- Supreme Court set aside NCLAT order, declared Cosmic CRF eligible for Amazon Transportation IBC bid
- Q4 FY26 consolidated revenue up 78% YoY to ₹722 crore, net profit up 74%
- Installed capacity reached 133,600 MT, actual production at 106,370 MT (80% utilisation)
- Spring business posted ₹67 crore revenue but meagre profits awaiting RDSO license
- Management guided capacity to hit 175,000 MT in 12-15 months, Amazon to add 3,600-7,200 wagons
The brief
Cosmic CRF reported a 78% YoY revenue jump to ₹722 crore for FY26, with EBITDA up 77% and net profit up 74%. Installed capacity reached 133,600 MT, actual production of 106,370 MT at 80% utilisation. Order book stands at ₹760 crore. The key catalyst is the Supreme Court victory clearing the company to bid for Amazon Transportation, a ₹400 crore asset with 3,600-7,200 wagon capacity. Management termed the debt of ₹130 crore as light, with only ₹36 crore in term loans against a ₹550 crore asset base. The spring business posted ₹67 crore revenue but minimal profits due to pending RDSO license, expected within a month. Capacity is guided to reach 175,000 MT in 12-15 months. The verdict: The Amazon win adds 3,600-7,200 wagon capacity and a ₹400 crore asset, but the need to secure financing for the outlay and de-risk the spring license delay keeps the outlook guarded.
In their words
“We are the only H1 bidder and we are awaiting the CoC that should happen any point in time. By God's grace, we will achieve the LOI where we make the payment and we'll take over the asset.”— Aditya Vikram Birla — Chairman and Managing Director
“When you say our debt is 130 crores, against an asset book of 550 crores, your term loan debt is only 36 crores. 6% of your entire asset is just debt.”— Aditya Vikram Birla — Chairman and Managing Director
“The moment you get the license, your percentage margins will shoot up to approximately 10% and then going up to 15 to 18% PAT.”— Aditya Vikram Birla — Chairman and Managing Director
Summarised from the Cosmic CRF Ltd Q4 2026 earnings-call transcript. View transcript.