New Risk • Jun 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Market cap is less than US$10m (₹50.8m market cap, or US$538.4k). Minor Risks Negative equity (-₹1.5b). Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Reported Earnings • Dec 06
Full year 2025 earnings released: ₹6.88 loss per share (vs ₹5.20 loss in FY 2024) Full year 2025 results: ₹6.88 loss per share (further deteriorated from ₹5.20 loss in FY 2024). Revenue: ₹574.8m (up 98% from FY 2024). Net loss: ₹110.3m (loss widened 33% from FY 2024). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Announcement • Dec 04
CMI Limited, Annual General Meeting, Dec 26, 2025 CMI Limited, Annual General Meeting, Dec 26, 2025, at 13:00 Indian Standard Time. New Risk • Oct 01
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shares are highly illiquid. Market cap is less than US$10m (₹52.9m market cap, or US$596.7k). New Risk • Jun 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Market cap is less than US$10m (₹54.8m market cap, or US$637.7k). Minor Risks Negative equity (-₹1.4b). Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Revenue is less than US$5m (₹291m revenue, or US$3.4m). Reported Earnings • Dec 10
Full year 2024 earnings released: ₹5.19 loss per share (vs ₹68.69 loss in FY 2023) Full year 2024 results: ₹5.19 loss per share (improved from ₹68.69 loss in FY 2023). Revenue: ₹291.4m (up 27% from FY 2023). Net loss: ₹83.3m (loss narrowed 92% from FY 2023). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Announcement • Dec 09
CMI Limited, Annual General Meeting, Dec 30, 2024 CMI Limited, Annual General Meeting, Dec 30, 2024, at 13:00 Indian Standard Time. Reported Earnings • Oct 10
Full year 2024 earnings released: ₹5.19 loss per share (vs ₹68.69 loss in FY 2023) Full year 2024 results: ₹5.19 loss per share (improved from ₹68.69 loss in FY 2023). Revenue: ₹297.5m (up 29% from FY 2023). Net loss: ₹83.3m (loss narrowed 92% from FY 2023). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 21
Third quarter 2024 earnings released: ₹0.45 loss per share (vs ₹4.36 loss in 3Q 2023) Third quarter 2024 results: ₹0.45 loss per share (improved from ₹4.36 loss in 3Q 2023). Revenue: ₹84.0m (up 337% from 3Q 2023). Net loss: ₹7.13m (loss narrowed 90% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 13
Second quarter 2024 earnings released: ₹1.15 loss per share (vs ₹4.61 loss in 2Q 2023) Second quarter 2024 results: ₹1.15 loss per share (improved from ₹4.61 loss in 2Q 2023). Revenue: ₹79.7m (up 219% from 2Q 2023). Net loss: ₹18.5m (loss narrowed 75% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 53% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 10
First quarter 2024 earnings released: ₹1.79 loss per share (vs ₹7.44 loss in 1Q 2023) First quarter 2024 results: ₹1.79 loss per share (improved from ₹7.44 loss in 1Q 2023). Net loss: ₹28.6m (loss narrowed 76% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. Board Change • Jan 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Non-Executive Non-Independent Director Pyare Khanna was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Dec 18
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₹1.3b This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-₹1.3b). Earnings have declined by 55% per year over the past 5 years. Market cap is less than US$10m (₹96.8m market cap, or US$1.17m). Minor Risk Revenue is less than US$5m (₹220m revenue, or US$2.7m). Reported Earnings • Nov 02
Full year 2023 earnings released: ₹68.69 loss per share (vs ₹89.16 loss in FY 2022) Full year 2023 results: ₹68.69 loss per share (improved from ₹89.16 loss in FY 2022). Net loss: ₹1.10b (loss narrowed 23% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than earnings. New Risk • Aug 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-₹362m). Earnings have declined by 60% per year over the past 5 years. Market cap is less than US$10m (₹101.9m market cap, or US$1.23m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Revenue is less than US$5m (₹219m revenue, or US$2.6m). Announcement • Aug 03
CMI Limited Announces Resignation of Charu Jain as Independent Director CMI Limited announced that Ms. Charu Jain, Independent Director of the Company has resigned from the directorship of the Company due to his preoccupation vide her resignation letter dated August 01, 2023. Announcement • Aug 01
CMI Limited Appoints Tanya Kukreja as Company Secretary and Compliance Officer CMI Limited announced that at its Board of Directors meeting held on July 31, 2023, approved the appointment of Ms. Tanya Kukreja as Company Secretary and Compliance Officer of the Company. Ms. Tanya Kukreja is an Associate member of the Institute of Company Secretaries of India and experienced professional with expertise in corporate laws, securities laws & capital markets, and corporate governance. Her knowledge and expertise will be instrumental in maintaining transparency, good governance, and legal compliance within the organization. Over the years, Ms. Tanya Kukreja has built a strong track record of working in the field of corporate compliance and legal matters. Based on the qualifications and experience of the professional, board has considered and appointed her as Company Secretary and Compliance Officer of the Company With effect from 31 July, 2023. Announcement • Jun 02
CMI Limited Announces Resignation of Subodh Kumar Barnwal as Company Secretary and Compliance Officer CMI Limited announced that Mr. Subodh Kumar Barnwal has resigned from the position of Company Secretary and Compliance Officer of the company with effect from 1st June, 2023 due to personal reasons. Reported Earnings • Feb 14
Third quarter 2023 earnings released: ₹4.36 loss per share (vs ₹7.02 loss in 3Q 2022) Third quarter 2023 results: ₹4.36 loss per share (improved from ₹7.02 loss in 3Q 2022). Net loss: ₹69.9m (loss narrowed 38% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Announcement • Feb 07
CMI Limited to Report Q3, 2023 Results on Feb 13, 2023 CMI Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Recent Insider Transactions • Dec 04
Chairman recently sold ₹7.6m worth of stock On the 30th of November, Amit Jain sold around 381k shares on-market at roughly ₹20.04 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Amit's only on-market trade for the last 12 months. Recent Insider Transactions • Nov 30
Insider recently sold ₹2.6m worth of stock On the 23rd of November, Dhruv Jain sold around 130k shares on-market at roughly ₹20.31 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹5.0m. Insiders have been net sellers, collectively disposing of ₹30m more than they bought in the last 12 months. Recent Insider Transactions • Nov 26
Insider recently sold ₹1.1m worth of stock On the 18th of November, Dhruv Jain sold around 50k shares on-market at roughly ₹21.65 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹5.0m. Insiders have been net sellers, collectively disposing of ₹27m more than they bought in the last 12 months. Reported Earnings • Nov 16
Second quarter 2023 earnings released: ₹4.61 loss per share (vs ₹46.59 loss in 2Q 2022) Second quarter 2023 results: ₹4.61 loss per share (improved from ₹46.59 loss in 2Q 2022). Revenue: ₹28.1m (down 87% from 2Q 2022). Net loss: ₹73.8m (loss narrowed 90% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Oct 02
Insider recently sold ₹3.5m worth of stock On the 26th of September, Dhruv Jain sold around 165k shares on-market at roughly ₹21.38 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹5.0m. Insiders have been net sellers, collectively disposing of ₹22m more than they bought in the last 12 months. Recent Insider Transactions • Sep 15
Insider recently sold ₹5.0m worth of stock On the 7th of September, Vishwa Jain sold around 184k shares on-market at roughly ₹27.30 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 17
First quarter 2023 earnings released: ₹7.44 loss per share (vs ₹11.20 loss in 1Q 2022) First quarter 2023 results: ₹7.44 loss per share (up from ₹11.20 loss in 1Q 2022). Revenue: ₹79.0m (down 65% from 1Q 2022). Net loss: ₹119.2m (loss narrowed 34% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 03
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: ₹89.16 loss per share (up from ₹128 loss in FY 2021). Revenue: ₹709.3m (down 65% from FY 2021). Net loss: ₹1.43b (loss narrowed 27% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. Chairman, MD & CEO Amit Jain is the most experienced director on the board, commencing their role in 2002. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Jan 26
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: ₹7.02 loss per share (up from ₹7.55 loss in 3Q 2021). Revenue: ₹148.5m (down 77% from 3Q 2021). Net loss: ₹112.5m (flat on 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Executive Departure • Dec 06
Non-Executive Independent Director Manoj Mittal has left the company On the 3rd of December, Manoj Mittal's tenure as Non-Executive Independent Director ended after 5.4 years in the role. As of September 2021, Manoj still personally held only 85.08k shares (₹3.6m worth at the time). Manoj is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 11.33 years. Board Change • Dec 06
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Chairman, MD & CEO Amit Jain is the most experienced director on the board, commencing their role in 2002. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 13
Third quarter 2021 earnings released: ₹7.55 loss per share (vs ₹0.95 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ₹647.3m (down 42% from 3Q 2020). Net loss: ₹113.4m (down ₹127.7m from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 73% per year but the company’s share price has only fallen by 44% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 11
New 90-day high: ₹45.75 The company is up 45% from its price of ₹31.60 on 13 November 2020. The Indian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 42% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: ₹41.30 The company is up 8.0% from its price of ₹38.25 on 11 September 2020. The Indian market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 23% over the same period. Is New 90 Day High Low • Nov 14
New 90-day low: ₹31.60 The company is down 7.0% from its price of ₹34.00 on 14 August 2020. The Indian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 10.0% over the same period. 
