Skip to content

    CMLL Q1 FY27 earnings call

    CMLL
    Oil, Gas & Consumable Fuels·12 Aug 2026
    Management Summary

    Caliber Mining and Logistics reported a strong Q1 FY27 with significant revenue growth driven by robust operational performance in coal extraction and overburden removal. Despite a reported EBITDA margin dip due to extraordinary fuel cost spikes from the Iran war, the adjusted margin remained healthy at 20.02%. The company maintains a strong order book and has received a credit rating upgrade, positioning it for continued growth and diversification into MDO and other minerals.

    Highlights

    6

    • Revenue of ₹657 crores, up 67.17% YoY from ₹393 crores in Q1 FY26.

    • EBITDA of ₹110 crores, up 15% YoY from ₹95.67 crores in Q1 FY26.

    • Adjusted EBITDA margin at 20.02% after accounting for diesel escalation revenue.

    • Order book of ₹9,124 crores as of June 30, 2026, representing over 5X FY26 consolidated revenue.

    • Credit rating upgraded from BBB positive to A minus with a positive outlook post IPO.

    • Achieved highest ever coal extraction of 1.54 million metric tons and overburden removal of 43.37 million cubic meters in Q1 FY27.

    Concerns

    3

    • Reported EBITDA margin of 16.80% was impacted by significant diesel cost increases due to the Iran war situation.

    • Power and fuel costs, along with repair and maintenance costs, have increased significantly over the last 4-5 years.

    • Margin compression is also attributed to cyclical factors related to new mine starts and closures, impacting efficiency.

    Key financials

    Single quarter

    07 metrics
    1. 01Revenue₹657 Cr+67.2%YoY
    2. 02EBITDA₹110 Cr+15%YoY
    3. 03EBITDA Margin (Reported)16.8%
    4. 04EBITDA Margin (Adjusted)20.0%
    5. 05Cash Profit₹68.54 Cr+23.8%YoY

    Order Book

    high confidence

    Total Value

    ₹ 9,124 crores

    as of 2026-06-30

    quantified

    Execution

    average order book period of 46 months

    Pipeline

    L1 awaiting loa

    Participated in 8-10 tenders for coal and overburden removal, exploring iron ore and MDO.

    "The robust order book provides strong multi-year revenue visibility and supports future growth."

    Source:
    Prepared remarks

    Capital allocation

    3
    high confidence
    CategoryHeadline
    Capex

    ₹450 crores

    INR167 crores from cash (IPO proceeds), INR283 crores from loan if no further tenders

    Debt

    Gross ₹1,024 crores

    Cost 8.5%

    Liquidity

    Liquidity disclosed

    IPO proceeds of INR500 crores (INR208cr for debt rundown, INR167cr for new equipment, INR125cr for day-to-day expenses) provide liquidity and reduce interest costs.

    Guidance & targets

    5
    CategoryTargetPriority
    Revenue
    Revenue Growth
    45% to 50%
    		High
    Profitability
    EBITDA Growth
    35% plus
    		High
    Profitability
    PAT Growth
    35% plus
    		High
    Volume
    Overburden Removal Volume
    approximately 34 million cubic meter
    		Medium
    Debt
    Debt Level
    INR750 crores
    		High

    What to watch in Q2 FY27

    5

    Fuel price stabilization

    next quarter
    CurrentDiesel prices have moderated from peak, but still volatile (~INR110-120/liter)
    TargetContinued stabilization or further reduction in diesel prices towards pre-war levels (~INR90/liter)

    Why it matters

    Fuel costs are a major driver of profitability, and stabilization is key to margin recovery.

    But what trend I have seen in last one and a half, 2 months is, that availability of diesel or reserves in India has improved a lot. And therefore, the pricing has also become very moderate, sir.

    Risks & concerns

    4
    RiskSeverity

    Fuel price volatility due to geopolitical events (Iran war)

    Significant diesel cost increases due to the Iran war situation impacted Q1 margins, though escalation clauses mitigate some risk. — Management acknowledged

    high

    Timing mismatch in fuel escalation pass-through

    There is always a timing mismatch in fuel escalation, and extraordinary spikes like the current one are difficult to fully cover immediately. — Management acknowledged

    medium

    Cyclical nature of costs and efficiency at project start/closure

    Costs can spike at the start of new projects or during the closure of old ones due to resource allocation and efficiency changes. — Management acknowledged

    medium

    Seasonally weak monsoon quarter (Q2)

    Q2 is typically a weak quarter for the sector, potentially impacting volumes and revenue. — Management acknowledged

    medium

    Q&A highlights

    8

    “See, margin has actually dipped. I wanted to highlight that it is mainly because of the Iran war situation. The cost has gone up significantly, particularly the diesel cost.”

    Addresses the primary concern regarding the reported EBITDA margin dip and clarifies the impact of external factors.

    asked by Yash

    2 min read5 chapters

    Detailed Narrative

    01

    Q1 FY27 Performance and Operational Highlights

    Caliber Mining and Logistics reported a robust Q1 FY27, achieving a revenue of ₹657 crores, marking a significant 67.17% year-on-year growth from ₹393 crores in Q1 FY26. EBITDA for the quarter stood at ₹110 crores, a 15% increase from ₹95.67 crores in the previous year. The company recorded its highest ever coal extraction at 1.54 million metric tons and overburden removal at 43.37 million cubic meters, demonstrating strong operational execution.

    02

    Impact of Fuel Price Volatility and Margin Management

    The reported EBITDA margin for Q1 FY27 was 16.80%, which was impacted by an extraordinary spike in diesel costs due to the Iran war situation. However, after adjusting for diesel escalation revenue of ₹10.57 crores received from Coal India, the adjusted EBITDA margin stood at a healthier 20.02%. Management noted that 86% of its coal mining projects are covered by fuel escalation clauses, mitigating some of the impact, and expects fuel prices to normalize in coming quarters.

    03

    Strategic Shift to Mining and Business Mix

    The company has been strategically shifting its business mix, with 86% of its revenue now derived from mining services, up from 40-60% in previous years. This shift has led to higher power and fuel costs as a percentage of revenue compared to its earlier logistics-heavy model. Management clarified that margins in coal mining and logistics are almost identical, ranging between 22-25% in normal situations, and that the current margin dip is primarily due to fuel and lubricant costs.

    04

    Capital Allocation and Debt Management

    Following a successful IPO, Caliber started the year with ₹1,024 crores of debt, having utilized ₹208 crores from IPO proceeds for debt rundown. The company plans to add ₹450 crores in capex for FY27, with ₹167 crores funded by cash and ₹283 crores potentially through loans if no further tenders are secured. Management expects to reduce debt to approximately ₹750 crores by the end of FY27, benefiting from interest cost savings and a recent credit rating upgrade from BBB positive to A minus.

    05

    Future Growth and Diversification Plans

    Caliber has a robust order book of ₹9,124 crores as of June 30, 2026, providing 3-4 years of revenue visibility. The company is actively bidding on 8-10 new tenders for coal and overburden removal and is exploring opportunities in other minerals like iron ore and MDO (Mining Development and Operations). Management provided FY27 guidance targeting 45-50% revenue growth, 35%+ EBITDA growth, and 35%+ PAT growth, driven by full-year execution of recent order wins and operational efficiencies.

    This is an AI-generated summary of a publicly available earnings call transcript.