CMR Green Tech. Q4 FY26 Earnings Call — Analysis (NSE: CMRGREEN)
CMR Green Tech reports 24% volume growth and 50% EBITDA growth in FY26, guides for similar ~25% volume expansion in FY27 with capacity reaching 7 lakh tonnes.
The take
Consolidated Revenue (FY26) ₹8,640 Cr ( +30% YoY ) , Q4FY26 +45% . New guidance — not specified new billet/sheet ingot plant high possibility . New story: Capacity expansion and volume growth .
Results
FY26 revenue ₹8,640 Cr (+30% YoY); EBITDA ₹449 Cr (+50% YoY); PAT ₹228 Cr (+47.3% YoY). Q4FY26 revenue ₹2,364 Cr (+45% YoY); EBITDA ₹128 Cr (+160% YoY).
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Consolidated Revenue (FY26) | ₹8,640 Cr | +30% | yoy · FY26 |
| Consolidated Revenue (Q4FY26) | ₹2,364 Cr | +45% | yoy · Q4FY26 |
| EBITDA (FY26) | ₹449 Cr | +50% | yoy · FY26 |
| EBITDA (Q4FY26) | ₹128 Cr | +160% | yoy · Q4FY26 |
| EBITDA Margin (FY26) | 5.2% | point_in_time · FY26 | |
| EBITDA Margin (Q4FY26) | 5.4% | point_in_time · Q4FY26 | |
| EBITDA per ton (FY26) | ₹11,000/ton | point_in_time · FY26 | |
| EBITDA per ton (Q4FY26) | ₹11,400/ton | point_in_time · Q4FY26 | |
| PAT (FY26) | ₹228 Cr | +47.30% | yoy · FY26 |
| PAT (Q4FY26) | ₹65.68 Cr | point_in_time · Q4FY26 | |
| PAT Margin (FY26) | 2.6% | point_in_time · FY26 | |
| PAT Margin (Q4FY26) | 2.8% | point_in_time · Q4FY26 | |
| PAT per ton (FY26) | ₹5,580/ton | point_in_time · FY26 | |
| PAT per ton (Q4FY26) | ₹5,880/ton | point_in_time · Q4FY26 | |
| Total Volume (FY26) | 80,381 metric tons | +24% | yoy · FY26 |
| Aluminum Sales Volume (FY26) | 65,636 metric tons | +27% | yoy · FY26 |
| Non-Aluminum Sales Volume (FY26) | 14,745 metric tons | +18% | yoy · FY26 |
| Installed Capacity | 6.15 lakh metric tons | point_in_time · FY26 · As of Mar-26 |
Guidance
FY27 volume growth expected to match FY26 (~25%); capacity to reach ~7 lakh tonnes; ₹200 Cr capex; two new plants operational in FY27.
What management committed to
- We continue to accumulate at least 70,000-80,000 tons of credits every year. — at least 70,000-80,000 tons, every year
- The possibility of our putting up another plant [for billets/sheet ingots] is high. — high possibility, not specified
Key themes
Capacity expansion and non-auto diversification
How the narrative shifted
- Capacity expansion and volume growth: No material change; FY26 volume growth of 24-25% was reported, supporting the narrative.
- Scrap sourcing resilience and geopolitical risk: New details on EU export duty threats and India's exemption application; stance remains constructive.
- EBITDA per ton improvement through value-add and scale: No change; still no target provided.
- Auto sector demand tailwinds: Provided specific recent data points, reinforcing the tailwind.
- Diversification into non-auto and value-added products: New indication of potential second plant, reinforcing the diversification push.
- ESG and sustainability leadership: Noted new EcoVadis assessment and 84 percentile; no change in story.
Operational commentary
- Construction started at Shoolagiri (Tamil Nadu) EV Future Mobility Park plant; expected to begin operations in FY27.
- Second plant at Bawal (Haryana) being built at the request of an existing customer, also on track for FY27 commissioning.
- Ramping up newly operational Tirupati and Jharsuguda units to maximise capacity utilisation.
- Diversified into non-auto: set up beverage can recycling plant in Odisha supplying liquid recycled metal to Hindalco; established facility for recycled green billets and sheet ingots for construction and solar sectors.
- Holds 2.73 lakh tonnes of carbon credits, accumulating 70,000-80,000 tonnes per year; awaiting launch of carbon market for revenue recognition.
- Secured patents on safe transportation of liquid metal and process control at customer end.
Analyst Q&A
Q. Status of the MoU with Hindustan Zinc for a zinc alloy plant
Management only commented on non-aluminum ratio staying around 75:25, not addressing the MoU.
Q. Why volume growth appeared to lag behind key customer Craftsman Automation's volumes over recent years
Management stated market share has increased tremendously and supply to Craftsman/Sunbeam has risen 2x-3x, but provided no specific figures.
Q. Quantification of expected EBITDA per ton improvement in FY27
Management said 'I don't want to put a number to it, but it should keep improving,' declining to quantify.
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