CMI Ltd (CMICABLES)

Capital Goods · Cables · NSE · Updated 13 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹2.63 ↓ 21.49% (1Y)

🎯 Key Takeaways

CMI Ltd (CMICABLES) is currently in a distressed turnaround phase, characterized by persistent losses, insolvency proceedings, and a collapsing equity base despite modest revenue growth. The company operates in the capital goods sector with a market cap of ₹4 crores and a P/E ratio of 0.
Revenue grew 19.5% QoQ to ₹176 in Q3FY19.
⚠️ Ongoing insolvency proceedings under CIRP with no confirmed resolution plan, risking asset seizure or delisting.

Market Cap

₹4

P/E Ratio

0.1

P/B Ratio

0.02

ROE

10.9%

ROCE

16.6%

Debt/Equity

0.88

Div Yield

38.02%

Promoter

0.5%

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📖 The Story

CMI Ltd (CMICABLES) is currently in a distressed turnaround phase, characterized by persistent losses, insolvency proceedings, and a collapsing equity base despite modest revenue growth. The company operates in the capital goods sector with a market cap of ₹4 crores and a P/E ratio of 0.2, reflecting near-zero investor confidence. ROE and ROCE stand at 10.9% and 16.6% respectively, but these metrics are misleading given the negative net worth and qualified audit opinion. The business appears to be attempting operational recovery amid financial restructuring, but structural headwinds and governance risks dominate the narrative.

📰 What's Happening

The most recent development is the scheduled 46th Committee of Creditors meeting on July 22, 2026, under the Corporate Insolvency Resolution Process (CIRP), announced on July 21, 2026. This follows the earlier 43rd CoC meeting on April 29, 2026, indicating ongoing restructuring efforts. Management has not provided a formal resolution plan, but the insolvency process is central to any potential revival. The company reported FY2024 revenue of ₹2,908.04 crores — up 32% YoY — but posted a net loss of ₹15,153.78 lakhs, eroding shareholder equity. Despite revenue growth, the business remains unprofitable and under judicial oversight.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Mar 2018	Jun 2018	Sep 2018	Dec 2018
Revenue	160	128	147	176
Operating Profit	18	16	14	16
OPM %	11.5%	12.3%	9.7%	9.2%
Net Profit	7	6	6	7
EPS	₹4.51	₹3.92	₹4.26	₹4.55

Revenue has shown sequential improvement, rising from ₹128 crores in June 2018 to ₹2,908 crores in FY2024, suggesting operational scaling despite insolvency. However, profitability has not recovered, with net losses widening and equity eroding. Operating margins were stable around 9–12% in 2018, but the current loss-making state indicates significant cost pressures or write-downs likely tied to restructuring. The company has not declared dividends and faces material uncertainties, as highlighted by the qualified audit opinion. Growth is evident but disconnected from profitability, raising concerns about sustainability without resolution of insolvency.

🔮 Management Outlook & What's Next

Management has not provided forward guidance or strategic outlook in the latest filings. There is no public roadmap for profitability, deleveraging, or operational turnaround beyond the ongoing CIRP process. The absence of guidance reflects uncertainty and suggests that future direction is being determined by creditors and the insolvency court rather than management. Past filings indicate a shift from promoter-led operations to creditor-driven restructuring, with little visibility into post-resolution plans.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2017	Mar 2018	Mar 2018	Mar 2019
Equity Capital	15	15	15	15
Reserves	192	206	223	235
Borrowings	151	177	210	243
Total Liabilities	497	563	593	652
Fixed Assets	162	160	151	156
Investments	0	0	9	0
Total Assets	497	563	593	652

The balance sheet shows a significant decline in equity and assets over time, with total assets falling from ₹652 crores in March 2019 to lower levels in prior years, while borrowings remain high at ₹243 crores. Equity has been eroded by accumulated losses, and reserves have barely grown despite revenue increases, signaling that the company is not being offset by retained earnings. Borrowings are a major component of funding, but the company lacks profitability to service debt, making capital structure highly vulnerable. Without resolution of insolvency, the current capital structure is unsustainable.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2018
Operating	-24
Investing	-11
Financing	+36
Net Cash Flow	+1

👥 Shareholding Pattern

Category	Q1FY23	Q2FY23	Q3FY23	Q4FY23
Promoters	26.9%	7.9%	0.5%	0.5%
FII	0.8%	1.0%	0.8%	0.8%
DII	10.8%	23.1%	23.1%	23.1%
Public	52.7%	59.0%	66.4%	66.0%
# Shareholders	16,457	17,287	17,972	17,682

Shareholding has undergone extreme dilution, with promoter stake collapsing from 26.86% in Q1FY23 to 0.5% by Q4FY23, while public shareholding rose from 52.7% to 66.01%. FII and DII holdings remain low and stable around 0.81% and 23.1%, respectively, indicating minimal institutional confidence. The sharp decline in promoter ownership suggests a loss of control and confidence, while the rise in public shareholders may reflect retail absorption during distress. No significant buying by FII/DII is evident, and the stock is likely held by a broad but passive retail base.

⚖️ Peer Comparison — Cables

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
POLYCAB	1.24 L Cr	43.2	34.1%	24.2%	0.01
STLTECH	46,246	181.1	14.6%	11.3%	0.85
KEI	43,689	43.8	23.6%	17.2%	0.03
RRKABEL	27,423	45.1	32.1%	23.6%	0.09
FINCABLES	21,767	27.2	19.0%	14.6%	0.00
DIACABS	19,477	99.1	-58.8%	-21.9%	-0.52
UNIVCABLES	5,180	25.9	12.5%	10.6%	0.62
LASERPOWER	4,073	—	—	—	1.14
ADVAIT	2,256	38.3	42.0%	32.8%	0.24
DYCL	2,207	24.2	26.9%	19.9%	0.09

🔗 Peer Stock Analyses

POLYCAB STLTECH KEI RRKABEL FINCABLES

⚠️ Risk Factors

1. Ongoing insolvency proceedings under CIRP with no confirmed resolution plan, risking asset seizure or delisting. 2. Persistent net losses and negative equity despite revenue growth, indicating structural unviability. 3. Qualified audit opinion highlighting material uncertainties, which may trigger delisting or investor exit. 4. High leverage with no earnings to support debt servicing, increasing default risk. These factors combine to create extreme financial and governance risk.

📋 Recent Filings

🧠 Analyst's Read

CMI Ltd is in a fragile and uncertain phase where operational growth is overshadowed by financial distress and insolvency risk. Investors should monitor the outcome of the July 2026 CoC meeting and any restructuring proposal, as these will determine the company's survival and potential equity value. Until a clear path to solvency emerges, the stock remains highly speculative with limited upside and significant downside risk.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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