Caliber Mining Q1 FY27 Results (NSE: CMLL)
Signal: Margin pressure
The read
The operating inflection is volume-led growth rather than earnings growth: revenue rose 67.10% YoY on 27% higher coal extraction and 52% higher overburden removal, but EBITDA margin fell to 17.1% from 24.33% and PAT fell 21.57% because fuel, finance and depreciation costs rose with fleet expansion. The ₹9,124.81 crore order book provides multi-year execution visibility, while margin recovery depends on the stated expectation that crude prices stabilise and soften.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹657.05 Cr | 67.10% | 14.79% |
| EBIT | ₹67.07 Cr | N/A | |
| Net profit | ₹29.76 Cr | -21.57% | |
| EPS | ₹5.53 | -21.94% | |
| EBIT margin | 17.1% |
P&L walk
Revenue of ₹657.05 crore rose 67.10% YoY and 14.79% QoQ on 27% higher coal extraction and 52% higher overburden removal, but the XBRL EBITDA margin of 17.1% fell from 24.33% YoY and 28.06% QoQ as fuel costs surged; PAT declined to ₹29.76 crore, down 21.57% YoY.
Segments
No segment table is disclosed; standalone PAT of ₹29.72 crore versus consolidated PAT of ₹29.76 crore shows no material subsidiary contribution or drag.
Key positives
- Coal extraction reached a record 1.54 MMT, up 27% YoY, while overburden removal reached a record 43.37 MCUM, up 52% YoY, demonstrating strong execution momentum.
- Order book stood at ₹9,124.81 crore, described as over 5x FY26 consolidated revenue of ₹1,677.66 crore, supporting multi-year revenue visibility.
- Cash profit rose 23.79% YoY to ₹68.54 crore despite a 21.57% decline in PAT, indicating stronger internal cash generation than reported earnings suggest.
- Standalone PAT of ₹29.72 crore was nearly equal to consolidated PAT of ₹29.76 crore, limiting concern about subsidiary-level earnings quality.
Key concerns
- EBITDA margin fell to 17.1% from 24.33% YoY, as the filing attributes the compression to a sharp increase in diesel and fuel prices.
- PAT declined 21.57% YoY to ₹29.76 crore despite 67.10% revenue growth, reflecting absorption of higher fuel, finance and depreciation costs.
- Fleet expansion increased depreciation and finance costs, creating execution and balance-sheet sensitivity while the company scales to service the ₹9,124.81 crore order book.
- Reported EBITDA in the press release was ₹110.37 crore with a 16.80% margin, while the XBRL-derived EBITDA is ₹112.3 crore with a 17.1% margin; the differing management and XBRL measures should be reconciled in future disclosures.
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