CMR Green Technologies LimitedMetals & MiningCMRGREEN
Q1 FY27 concall · earnings callCMR Green Technologies Limited
CMR delivered strong growth in Q1 FY27 with a 25% volume increase, led by ramping billets and UBC businesses, while focusing on capacity expansion to exceed 7 lakh tons annually by FY27 end and maintaining profitability targets.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹3,122 Cr | 65% | |
| EBITDA | ₹139 Cr | 27% | |
| Profit After Tax | ₹68 Cr | 22% | |
| Sales Volume Growth (YoY) | 25% | — | |
| Aluminium Business Volume Growth | 32% | — | |
| Billets Volume Growth | 149% | — | |
| UBC Volume Growth | 333% | — | |
| EBITDA per kg | INR 12.40 | — |
TL;DR
- Revenue grew 65% YoY to INR 3,122 crores; PAT rose 22% to INR 68 crores.
- Aluminium volume grew 32% YoY; billets volume up 149%, UBC up 333% as they ramp up.
- EBITDA per ton improved slightly to INR 12,400 per ton (INR 12.40 per kg).
- Installed capacity to exceed 7 lakh tons per annum by FY27 end.
- Liquid aluminium now forms over 50% of aluminium sales, with better profitability.
- Maintained an 80-20 sales mix of aluminium to other non-ferrous metals.
Said on the call
“Since listing our focus has remained unchanged, to build an institution that consistently delivers profitable growth, creates long-term value, and contributes meaningfully to India's circular economy.”
From the Q&A
| Topic | What management said |
|---|---|
| Hedging Strategy | Management hedges part of the exposure on LME while leaving some for customer cost-plus pricing, calling it a complex balance they have found. |
| Operating Cash Flow | Cash flow from operations was negative due to a 40% increase in average sale price (from ~INR 226-230/kg to INR 350/kg) raising working capital needs. |
| Working Capital Improvement | Inventory days reduced to 40 days from 45 days last quarter; cash conversion cycle improved to 65 days from 69 days, with plans to reduce further using an AI-enabled system. |
| Other Expenses Increase | INR 36 crores additional expense was due to cash flow hedge accounting entry, not a real hedging cost; other expenses were broadly in line. |
| Domestic vs Export Focus | Domestic is the major focus; exports were 3.4% of turnover last year, focusing on niche products to markets like Japan, Europe, Southeast Asia, and China. |
| Debt and Cash Flow Outlook | Aims to reduce debt as working capital cycle improves; targets a debt-equity ratio of 0.5 (currently 0.86); expects operating cash flow to turn positive when prices stabilize. |
| Volume Guidance for FY27 | Internal target is 25% volume growth for FY27, driven by ramping new plants at Tirupati and Odisha, brownfield expansions, and existing customer growth. |
| Scrap Sourcing Challenges | Sourcing is getting challenging due to export restrictions in some countries, but the company is expanding its sourcing base domestically and internationally and does not see it hindering growth. |
Guidance
- Volume growth target of 25% for FY27.
- Installed recycling capacity to exceed 7 lakh tons per annum by end of FY27.
- Aim to rebalance volume mix to 60% automotive alloys, 20% non-automotive, and 20% other metals over the coming year.
- Target EBITDA per kg of INR 12 on a sustainable basis.
- Target debt-equity ratio of 0.5; currently at 0.86.
- Expect to reach full capacity utilization at the Odisha plant (48,000 tons pa) within this financial year.
Source
Summary written from the transcript filed by CMR Green Technologies Limited for the call held on 10 Aug 2026; published 18 Aug 2026, 19:43 IST.
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