Chaman Metallics Ltd.
CMNL.NS
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- Chaman Metallics Ltd. manufactures and sells sponge iron, also known as direct reduced iron (DRI), which serves as a key raw material for steel production in electric arc furnaces and induction furnaces; the company operates two rotary kilns with an aggregate annual installed capacity of 72,000 metric tons at its manufacturing facility in Chandrapur, Maharashtra. Incorporated in 2003 and headquartered at A-26, M.I.D.C., Tadali Growth Centre, Tadali, Chandrapur, Maharashtra, the company was acquired in 2019 by the Raipur-based GR Group (also referred to as GS Group), a steel manufacturer producing ISI-grade MS ingots and TMT bars, enabling synergistic operations across sponge iron, ferro alloys, MS ingots, and re-rolled products. It sources high-quality iron ore pellets, coal, and dolomite through an in-house testing laboratory to maintain product standards and primarily sells to steel producers in Maharashtra, Odisha, and Chhattisgarh, including customers such as Rajesh Steel & Wire Industries, R.K. Steel Sales, and SMW Ispat Pvt Ltd. In recent developments, Chaman Metallics held an extraordinary general meeting (EGM) in August 2025 to approve an increase in authorized share capital to Rs 75 crore and borrowing limits to Rs 2,000 crore, alongside related party transactions, signaling plans for expansion amid significant capital work-in-progress rising to Rs 338 crore as of March 2025. The company listed on the NSE Emerge SME platform in January 2023 following a highly subscribed IPO (172 times overall), which raised Rs 24.21 crore to support operations and growth. FY 2024-25 marked a milestone year with reported revenue of Rs 172 crore and profit of Rs 9.78 crore, though the firm continues to prioritize reinvestment over dividends while managing elevated investments and cash outflows for expansion.