CMI Limited (CMICABLES) AI Stock Analysis

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CMI Limited

(NSE:CMICABLES)

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Rating:37Underperform

Price Target:INR 2.00▼(-4.76% Downside)

Action:downgraded

Date:09/20/26

The stock scores the minimum possible value of 37, reflecting a convergence of critical risks. The primary driver is the company's insolvent balance sheet and fundamentally unprofitable operations, which are consuming cash and threatening its viability. This financial collapse is mirrored by a deeply bearish technical trend and a lack of any valuation support. The company's survival is in question without a major restructuring.

Positive Factors

Revenue ReboundThe sharp 2026 revenue rebound indicates that CMI can generate substantial demand for its cable products when project activity improves. A stronger top line can support operating leverage and broader customer engagement, although profitability conversion remains the key requirement for durable value.

Negative Factors

Persistent UnprofitabilityThe revenue rebound has not translated into sustainable earnings because gross margin, EBITDA, EBIT, and net margin remain negative. Continued operating losses reduce internal funding capacity and suggest that higher sales alone may not improve financial health without meaningful margin recovery.

CMI Limited (CMICABLES) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 31.41M
Dividend Yield: ―
Average Volume (3M): 13.71K
Price to Earnings (P/E): -0.5
Beta (1Y): 0.09
Revenue Growth: -46.38%
EPS Growth: 68.38%
Country: India
Employees: 17
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

CMI Limited Business Overview & Revenue Model

Company Description

Operating internationally, CMI Ltd. manufactures and supplies a comprehensive range of electrical wires and cables. Their extensive product line includes various specialized cables like quad, railway signaling, fire survival, and fire retardant low s...

How the Company Makes Money

CMI Limited makes money primarily by manufacturing and selling cables and wires to institutional and commercial buyers. Revenue is generated through (1) sale of power cables and related electrical cable products used in power distribution, infrastruc...

CMI Limited Financial Statement Overview

Summary

The company is in a state of severe financial distress. It is technically insolvent with a negative net worth of -1.58B and a debt load of 3.82B. Operations are fundamentally unprofitable, with negative gross margins (-13.8%) and substantial net losses that are actively burning cash. The financial foundation is broken, posing an existential threat.

Income Statement

8Very Negative

Balance Sheet

1Very Negative

Cash Flow

5Very Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Sep 2023	Mar 2022
Income Statement
Total Revenue	553.41M	553.41M	574.62M	290.80M	220.36M	677.48M
Gross Profit	-76.56M	-76.56M	-73.67M	49.44M	-226.27M	-264.13M
EBITDA	-37.95M	-37.94M	-22.22M	-7.89M	-1.07B	-1.27B
Net Income	-113.58M	-113.58M	-110.32M	-83.26M	-1.10B	-1.43B
Balance Sheet
Total Assets	2.97B	2.97B	3.03B	3.20B	3.15B	4.36B
Cash, Cash Equivalents and Short-Term Investments	3.65M	3.65M	2.53M	63.25M	12.16M	32.47M
Total Debt	3.82B	3.82B	3.81B	3.82B	3.83B	4.10B
Total Liabilities	4.55B	4.55B	4.50B	4.55B	4.42B	4.53B
Stockholders Equity	-1.58B	-1.58B	-1.46B	-1.36B	-1.27B	-169.35M
Cash Flow
Free Cash Flow	0	-1.97M	-78.08M	56.95M	125.23M	-760.83M
Operating Cash Flow	0	-1.97M	-76.23M	57.09M	135.39M	-760.77M
Investing Cash Flow	0	3.12M	64.55M	-39.39M	146.72M	161.42M
Financing Cash Flow	0	-977.00K	1.11M	-11.74M	-278.88M	531.25M

CMI Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price2.10

Price Trends

50DMA2.39Negative

100DMA2.66Negative

200DMA3.35Negative

Market Momentum

MACD-0.10Negative

RSI27.20Positive

STOCH100.00Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CMICABLES, the sentiment is Negative. The current price of 2.10 is below the 20-day moving average (MA) of 2.12, below the 50-day MA of 2.39, and below the 200-day MA of 3.35, indicating a bearish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 27.20 is Positive, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:CMICABLES.

CMI Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:CMICABLES against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:FINCABLES	72Outperform	INR 187.52B	21.04	―	1.36%	41.17%	37.07%
IN:KEI	69Neutral	INR 383.63B	37.45	―	0.11%	25.18%	32.49%
IN:POLYCAB	67Neutral	INR 1.20T	38.40	―	0.58%	40.99%	28.09%
IN:RRKABEL	61Neutral	INR 220.43B	32.78	―	0.62%	45.36%	66.42%
IN:PRECWIRE	58Neutral	INR 75.07B	40.20	―	0.31%	56.32%	60.60%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:CMICABLES	37Underperform	INR 33.66M	-0.47	―	―	-46.38%	68.38%

* General Sector Average

Performance Comparison

IN:CMICABLES and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:CMICABLES	CMI Limited	2.10	-2.21	-51.28%
IN:FINCABLES	Finolex Cables Limited	1253.10	476.78	61.41%
IN:KEI	KEI Industries Limited	4141.00	34.66	0.84%
IN:POLYCAB	Polycab India Ltd.	8062.50	470.38	6.20%
IN:PRECWIRE	Precision Wires India Limited	401.80	133.65	49.84%
IN:RRKABEL	RR Kabel Ltd.	1947.85	582.91	42.71%

CMI Limited Corporate Events

CMI Limited Files Unaudited Financials Amid Ongoing Insolvency Process

Sep 15, 2026

CMI Limited, a listed cables manufacturer under insolvency proceedings since August 2023, continues to function under the supervision of a Resolution Professional appointed pursuant to the Insolvency and Bankruptcy Code. The company’s board, whose po...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 20, 2026

CMI Limited AI Stock Analysis