Chaman Metallics Ltd(CMNL)

NSE: CMNL

₹ 110.05+0.05%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 266 crUpdated: 27 Oct 2026

About

Chaman Metallics manufactures iron and steel products at Tadali Growth Centre, Chandrapur, Maharashtra, and has operated since 2003. It has grown from a 200 TPD sponge iron unit into an integrated platform with 550 TPD sponge iron, 400 TPD billets, 65 TPD silico manganese and a 30 MW captive power plant. Revenue was ₹541.27 Cr in FY26.^[1][2][3]

Business segments

Steel: ₹506.18 Cr revenue, 78.1% share, in FY26.^[4]
Ferro alloys: ₹97.96 Cr revenue, 15.1% share, in FY26.^[4]
Power: ₹43.68 Cr revenue, 6.7% share, in FY26.^[4]
In FY25 the company reported a single sponge iron/steel products segment with revenue of ₹172.18 Cr.^[5]

Plant and capacity

The registered office and works are at A-26, M.I.D.C., Tadali Growth Centre, Chandrapur, Maharashtra. The corporate office is GR House in Raipur, Chhattisgarh.^[1]
As of FY26, installed capacity was 550 TPD sponge iron (DRI), 400 TPD billets, 65 TPD silico manganese and a 30 MW captive power plant.^[2]
Before the expansion, sponge iron capacity was 72,000 TPA. The expansion took it to 1,87,500 TPA.^[6][5]
The site has spare land for further expansion.^[2]

Captive power

The 30 MW captive power plant (12 MW WHRB + 18 MW AFBC) was fully commissioned in FY26.^[6][2]
In FY26, captive power cost ₹4.06/unit vs ₹8.44/unit from the grid. It met over 90% of plant power needs and saved about ₹52 Cr.^[2]

Key operating numbers

Sponge iron production was 79,553.00 MT in H1 FY27 vs 63,675.47 MT in H1 FY26.^[7]
Silico manganese production was 9,981.39 MT in H1 FY27 vs 4,551.17 MT in H1 FY26.^[7]
Sponge iron realisation was ₹29,072/t in FY25 vs ₹30,268/t in FY24. Capacity utilisation was 81% in FY25.^[5]
In FY26, management said capacity utilisation was improving quickly as operations stabilised after the expansion.^[2]

Customers

Customers are steel manufacturers in Maharashtra, Chhattisgarh and MP. As of Q2 FY25, the company aimed to win a larger share of their business and widen its customer base.^[6]
The company has no foreign investments or collaborations.^[1]

Expansion project

This was a brownfield expansion on 35 acres of the existing site, using the site's existing water and power infrastructure. It added billets, ferro alloys and captive power.^[6]
The expansion was commissioned on 18 April 2025. Ferro alloys capacity was 29,403 TPA, and 1,98,000 TPA of billet capacity was planned.^[5]
The project cost was revised from ₹296 Cr to ₹396 Cr. The overrun was funded by internal accruals and by unsecured loans from the promoter and group.^[5]
SBI raised its sanction from ₹210 Cr to ₹335 Cr. The term loan is repayable in 28 quarterly instalments from June 2026.^[5]
As of Q1 FY27, the company said it was eligible for a capital subsidy.^[2]

Recent developments

From September 2025, monthly pay for the MD and the Joint MD/CFO was cut to ₹8.5 lakh and ₹8.25 lakh, from about ₹18.5 lakh and ₹18.25 lakh.^[1]
The FY25 annual report said the company was pursuing fund raising and planned to raise authorised capital from ₹25 Cr to ₹75 Cr.^[5]
On 08 Oct 2026, the company filed an operational update on production for the half year ended 30 September 2026.^[7]

Market Cap

₹266 Cr

High / Low

₹184 / 90

Stock P/E

-66.8

Price / Book

2.9

Book Value

₹39

EPS

₹-1.7

No. of Shares

2.41 Cr

ROCE

5.4%

ROE

-4.3%

OPM

4.9%

Debt / Equity

4.62

Sales

₹541 Cr

Net Profit

₹-4 Cr

Promoter holding

75.0%

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