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Chrome Silicon Overview

1. Business Overview

Chrome Silicon Ltd. (CHROME) is an Indian company primarily engaged in the manufacturing and sale of ferroalloys, specifically Ferro Manganese and Silica Manganese. These alloys are crucial raw materials used in the production of steel, foundries, and other metallurgical industries to impart specific properties like strength, ductility, and corrosion resistance. The company's core business model involves sourcing raw materials (such as manganese ore, quartz, and electricity), processing them in ferroalloy furnaces, and selling the finished alloys to industrial customers. It makes money through the margin between its production costs and the sales price of its ferroalloy products.

2. Key Segments / Revenue Mix

Based on the provided information, Chrome Silicon Ltd.'s primary business segments and revenue streams are derived from the production and sale of:

Ferro Manganese

Silica Manganese

As specific revenue contributions are not available, these two product categories represent the core revenue mix.

3. Industry & Positioning

The company operates within the Ferro & Silica Manganese industry, which is a sub-sector of the broader metals and mining industry in India. This industry is highly cyclical, largely dependent on the health and growth of the steel sector, which is the primary end-user of ferroalloys. The Indian ferroalloy market comprises a mix of integrated steel producers with captive ferroalloy units, large independent producers, and numerous smaller players. Positioning for Chrome Silicon Ltd. would likely involve catering to the domestic Indian steel and foundry industries, potentially with exports depending on global demand and price competitiveness. Its standing relative to peers (e.g., market share, specialization) cannot be determined without further information but it operates in a competitive environment where cost efficiency and quality are key differentiators.

4. Competitive Advantage (Moat)

Without specific details about Chrome Silicon Ltd., potential competitive advantages (moats) in the ferroalloy industry could include:

Cost Leadership: Achieving lower production costs through efficient operations, access to captive raw materials (like manganese ore or quartz), or competitive power tariffs.

Scale: Larger production capacities can lead to economies of scale, reducing per-unit costs.

Integrated Operations: Vertical integration into mining or captive power generation can secure raw material supply and reduce input cost volatility.

Strong Customer Relationships: Long-term supply contracts or preferred supplier status with major steel manufacturers.

It is not possible to confirm if Chrome Silicon Ltd. possesses any of these durable advantages based solely on the provided information.

5. Growth Drivers

Key factors that could drive Chrome Silicon Ltd.'s growth over the next 3-5 years include:

Growth in Indian Steel Production: Increased demand for steel from infrastructure development, manufacturing, and urbanisation projects in India will directly boost demand for ferroalloys.

Government Initiatives: Policies promoting domestic manufacturing ("Make in India") and infrastructure spending (e.g., roads, railways, housing) will stimulate steel consumption.

Export Opportunities: Favorable global demand for steel and ferroalloys could open up export markets.

Technological Advancements: Evolution in steel-making processes or new applications for manganese alloys could create additional demand.

Capacity Expansion: The company's own investments in increasing production capacity.

6. Risks

Chrome Silicon Ltd. faces several key business risks:

Commodity Price Volatility: Fluctuations in the prices of key raw materials (manganese ore, quartz, coking coal, electricity) and finished products (Ferro Manganese, Silica Manganese) can significantly impact profitability.

Cyclicality of Steel Industry: The ferroalloy sector is inherently cyclical, tied directly to the ups and downs of the global and domestic steel industry.

Regulatory and Environmental Risks: Stringent environmental regulations, emissions standards, and mining policies can increase operational costs and compliance burdens.

Raw Material Availability and Logistics: Disruptions in the supply chain or increase in transportation costs for critical raw materials.

Foreign Exchange Fluctuations: For companies involved in imports of raw materials or exports of finished goods, currency volatility can impact costs and revenues.

Competition: Intense competition from domestic and international players can lead to pricing pressure and reduced margins.

7. Management & Ownership

As an Indian company with a ticker "CHROME", it is likely to have a promoter-led ownership structure, which is common in India. Promoters typically hold a significant stake and are actively involved in the management and strategic direction of the company. Without specific information, it is not possible to comment on the individual management quality or the detailed ownership breakup beyond this general assumption.

8. Outlook

Chrome Silicon Ltd. operates in a foundational industry vital to India's manufacturing and infrastructure growth. The long-term outlook for the Indian steel sector remains positive, driven by government thrust on infrastructure development and a growing economy, which provides a supportive backdrop for ferroalloy demand. This domestic tailwind, combined with potential export opportunities, could support consistent demand for the company's products.

However, the company's performance will remain highly susceptible to the inherent cyclicality of the steel industry and the volatility of commodity prices for both its inputs and outputs. Fluctuations in manganese ore prices, power costs, and overall steel market sentiment could significantly impact profitability. Regulatory changes, especially concerning environmental norms and raw material access, also pose ongoing risks. A balanced view suggests that while the company benefits from India's growth trajectory, its profitability will be closely tied to careful cost management, efficient operations, and its ability to navigate volatile market conditions.

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Chrome Silicon Key Financials

Market Cap ₹72 Cr.

Stock P/E -0.8

P/B -0.6

Current Price ₹44

Book Value ₹ -69.5

Face Value 10

52W High ₹58

Dividend Yield 0%

52W Low ₹ 36.7

Chrome Silicon Share Price

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Volume
Price

Chrome Silicon Quarterly Price

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Chrome Silicon Peer Comparison

Chrome Silicon Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 13 29 37 35 11 22 5 0 0 1
Other Income 0 0 2 1 1 1 0 0 4 5
Total Income 14 29 39 36 11 24 5 0 5 5
Total Expenditure 12 27 62 41 12 24 78 1 6 6
Operating Profit 2 2 -23 -5 -0 -1 -73 -0 -1 -0
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 2 2 2 2 2 2 2 2 2 2
Exceptional Income / Expenses 0 0 25 0 0 0 0 0 0 0
Profit Before Tax 0 0 0 -7 -2 -2 -75 -2 -3 -2
Provision for Tax 0 0 0 0 0 0 0 0 0 0
Profit After Tax 0 0 0 -7 -2 -2 -75 -2 -3 -2
Adjustments 0 -0 0 0 0 0 0 0 -0 -0
Profit After Adjustments 0 0 0 -7 -2 -2 -75 -2 -3 -2
Adjusted Earnings Per Share 0 0.1 0.1 -4 -1.3 -1.5 -45.6 -1.3 -1.8 -1.3

Chrome Silicon Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 0 0 0 0 4 42 2 92 176 90 73 6
Other Income 2 0 12 8 8 1 20 5 7 2 3 9
Total Income 2 0 12 8 13 44 22 97 183 92 76 15
Total Expenditure 4 0 9 5 11 58 60 90 175 109 155 91
Operating Profit -2 -0 2 3 1 -15 -38 7 8 -17 -79 -74
Interest 5 4 3 3 2 1 1 0 0 0 0 0
Depreciation 1 1 1 1 6 7 7 6 7 7 7 8
Exceptional Income / Expenses 0 0 0 -21 -143 0 0 0 0 25 0 0
Profit Before Tax -8 -5 -1 -22 -150 -22 -46 0 1 0 -86 -82
Provision for Tax -1 0 0 0 0 0 0 0 -2 0 0 0
Profit After Tax -7 -5 -1 -22 -150 -22 -46 0 3 0 -86 -82
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -7 -5 -1 -22 -150 -22 -46 0 3 0 -86 -82
Adjusted Earnings Per Share -16.3 -12 -2.5 -49.7 -123.2 -13.7 -27.8 0.1 1.7 0.3 -52.4 -50

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -19% -7% 12% 0%
Operating Profit CAGR 0% NAN% 0% 0%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -5% 5% 13% -3%
ROE Average 0% 0% 0% -17%
ROCE Average 0% 2% -774% -364%

Chrome Silicon Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 112 107 108 88 174 161 115 116 118 113 25
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 29 31 33 35 16 16 16 21 32 18 34
Other Non-Current Liabilities 3 3 3 36 37 52 29 69 56 49 45
Total Current Liabilities 56 60 47 38 30 41 83 55 63 53 131
Total Liabilities 199 200 191 196 257 271 244 260 269 232 236
Fixed Assets 12 12 9 7 193 178 138 143 136 129 123
Other Non-Current Assets 172 172 170 173 34 48 77 77 78 19 40
Total Current Assets 15 17 12 16 30 45 29 40 54 84 73
Total Assets 199 200 191 196 257 271 244 260 269 232 236

Chrome Silicon Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1 0 0 0 0 1 0 0 2 0 0
Cash Flow from Operating Activities -0 -2 -3 -15 -16 -12 -51 -17 -28 -28 5
Cash Flow from Investing Activities 2 -0 11 7 -3 5 51 12 -0 54 -22
Cash Flow from Financing Activities -3 3 -9 8 19 7 0 7 27 -26 16
Net Cash Inflow / Outflow -1 1 -0 0 0 -0 0 2 -2 0 -0
Closing Cash & Cash Equivalent 0 1 0 0 1 0 0 2 0 0 0

Chrome Silicon Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -16.32 -11.96 -2.48 -49.66 -123.19 -13.68 -27.82 0.12 1.66 0.25 -52.42
CEPS(Rs) -14.6 -10.68 -1.2 -48.33 -117.89 -9.43 -23.78 4.04 6.01 4.62 -48.18
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 244.55 232.59 246.52 199.67 135.19 -5.74 -13.56 -9.74 -8.07 -11.25 -65.03
Core EBITDA Margin(%) 0 0 0 0 -169.21 -37.42 -3312.46 2.29 0.57 -21.58 -111.49
EBIT Margin(%) 0 0 0 0 -3539.49 -50.56 -2554.09 0.37 0.41 0.88 -116.75
Pre Tax Margin(%) 0 0 0 0 -3580.88 -52.4 -2585.16 0.24 0.38 0.46 -117.09
PAT Margin (%) 0 0 0 0 -3580.88 -52.8 -2585.16 0.21 1.55 0.46 -117.09
Cash Profit Margin (%) 0 0 0 0 -3426.68 -36.42 -2210.29 7.16 5.61 8.43 -107.61
ROA(%) -3.54 -2.63 -0.56 -11.26 -66.12 -8.5 -17.73 0.08 1.03 0.17 -36.72
ROE(%) -6.44 -5.01 -1.04 -22.26 -118.85 -28.92 0 0 0 0 0
ROCE(%) -1.93 -0.63 1.17 -13.79 -91.39 -21.42 -3900.65 21.23 3.18 3.85 0
Receivable days 0 0 0 0 117.43 13.57 0 8.51 9.51 16.24 5.48
Inventory Days 0 0 0 0 747.66 83.24 1469.1 47.69 38.48 137.85 209.28
Payable days 7980.46 0 884 0 -2348.91 394.76 0 629.59 183.22 402.44 574
PER(x) 0 0 0 0 0 0 0 396.12 21.48 143.69 0
Price/Book(x) 0.27 0.21 0.21 0.19 0.33 -3.07 -0.89 -4.72 -4.43 -3.24 -0.68
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0 0 0 0 16.91 1.02 20.24 1.03 0.61 0.87 1.46
EV/Core EBITDA(x) -30.97 -175.17 24.53 18.41 51.84 -2.98 -0.93 14.05 13.6 -4.52 -1.36
Net Sales Growth(%) -100 0 0 0 0 914.39 -95.85 5141.51 89.97 -48.83 -18.34
EBIT Growth(%) 80.34 68.75 282.4 -1237.96 -689.8 85.51 -109.91 100.76 112.74 8.26 0
PAT Growth(%) 63.5 26.73 79.25 -1900.69 -586.85 85.04 -103.41 100.42 1334.17 -84.77 0
EPS Growth(%) 63.5 26.73 79.25 -1900.7 -148.07 88.9 -103.41 100.42 1334.4 -84.77 0
Debt/Equity(x) 0.35 0.38 0.3 0.49 0.11 -1.77 -0.78 -1.51 -3.85 -1.18 -0.36
Current Ratio(x) 0.28 0.28 0.26 0.41 0.98 1.09 0.35 0.73 0.87 1.59 0.56
Quick Ratio(x) 0.03 0.05 0.16 0.28 0.59 0.92 0.27 0.42 0.55 0.68 0.28
Interest Cover(x) -0.59 -0.21 0.6 -6.12 -85.51 -27.43 -82.2 2.93 11.2 2.12 -346.94
Total Debt/Mcap(x) 1.27 1.78 1.43 2.66 0.34 0.58 0.87 0.32 0.87 0.36 0.53

Chrome Silicon Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 40.36 40.36 40.36 40.36 40.36 40.36 40.36 40.36 40.36 40.36
FII 0 0 0 0 0 0 0 0 0 0
DII 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.01 0.01
Public 59.6 59.6 59.6 59.6 59.6 59.6 59.6 59.6 59.64 59.64
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Chrome Silicon News

Chrome Silicon Pros & Cons

Pros

  • Stock is trading at -0.6 times its book value
  • Company is almost debt free.

Cons

  • Promoter holding is low: 40.36%.
  • Company has a low return on equity of 0% over the last 3 years.
  • Debtor days have increased from 402.44 to 574days.
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