Central Mine Pla Q1 FY27 Results (NSE: CMPDI)
Signal: Steady quarter
The read
The quarter marks a material profitability inflection: revenue grew 17.64% YoY to ₹481.37 crore, but EBITDA grew 61.84% to ₹168.10 crore and EBITDA margin expanded 1,036bps to 34.9%, chiefly as employee-cost intensity fell 495bps to 33.5% and other-expense intensity fell 312bps; the main quality caveat is ₹114.81 crore of more-than-one-year-old receivables from Coal India and subsidiaries.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹481.37 Cr | +17.64% | -41.79% |
| EBIT | ₹160.16 Cr | +67.87% | |
| Net profit | ₹116.27 Cr | +53.87% | |
| EPS | ₹1.63 | +53.77% | |
| EBIT margin | 34.9% |
P&L walk
Standalone revenue rose to ₹481.37 crore, +17.64% YoY, while EBITDA increased to ₹168.10 crore, +61.84%, lifting EBITDA margin to 34.9% from an estimated 24.5%; employee cost grew only 2.48% and other expenses 7.29%, supporting the margin inflection, while PAT rose 53.87% to ₹116.27 crore.
Key positives
- Revenue increased 17.64% YoY to ₹481.37 crore, extending the company's top-line growth trajectory.
- EBITDA rose 61.84% YoY to ₹168.10 crore and EBITDA margin expanded 1,036bps to 34.9%.
- Employee benefit expenses increased only 2.48% YoY to ₹161.33 crore, reducing employee-cost intensity to 33.5% from 38.5%.
- EPS grew 53.77% YoY to ₹1.63, closely tracking 53.87% PAT growth to ₹116.27 crore.
- The board declared a first interim dividend of ₹1.05 per share, with payment due on or before 19 August 2026.
Key concerns
- Revenue declined 41.79% sequentially from ₹826.88 crore to ₹481.37 crore, highlighting substantial quarter-to-quarter volatility.
- Other expenses rose 7.29% YoY to ₹168.51 crore and remain material at 35.0% of revenue.
- Old receivables of ₹114.81 crore, up from ₹111.97 crore, have been outstanding for more than one year and were not being recovered in line with the CIL circular, creating collection and reconciliation risk.
Research and educational content only. Not investment advice.