CMR Green Technologies Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript CMR Green Technologies Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
CMR Green Technologies reported Q1 FY27 revenue from operations growth of 65% year-on-year to Rs 3,122 crores, with EBITDA up 27% to Rs 139 crores and profit after tax up 22% to over Rs 68 crores. Volume grew 25% year-on-year, with aluminium business volume up 32%, billets volume up 149%, and UBC volumes up 333%. Management described continued capacity expansion at Shoolagiri, Bawal, Tirupati and Odisha, along with commentary on hedging strategy, working capital, and the EBITDA per kg metric.
Numbers mentioned
Revenue from operations: INR3,122 crores (Q1 FY27)
p. 3
“During the quarter revenue from operations grew 65% year-on-year to INR3,122 crores.”
Mohan Agarwal, page 3 of the filed PDF · View the filing
EBITDA: INR139 crores (Q1 FY27)
p. 3
“EBITDA increased 27% to INR139 crores, and profit after tax rose 22% to over INR68 crores.”
Mohan Agarwal, page 3 of the filed PDF · View the filing
Profit after tax: over INR68 crores (Q1 FY27)
p. 3
“EBITDA increased 27% to INR139 crores, and profit after tax rose 22% to over INR68 crores.”
Mohan Agarwal, page 3 of the filed PDF · View the filing
Volume growth: 25% year on year (Q1 FY27)
p. 3
“In volume terms, sales grew 25% year on year with aluminium business growing at 32%, supported by strong automotive demand and growing non-auto traction.”
Mohan Agarwal, page 3 of the filed PDF · View the filing
Billets volume growth: 149% (Q1 FY27)
p. 3
“Billets volume increased 149%.”
Mohan Agarwal, page 3 of the filed PDF · View the filing
UBC volume growth: 333% (Q1 FY27)
p. 3
“UBC volumes grew 333%.”
Mohan Agarwal, page 3 of the filed PDF · View the filing
EBITDA per kg: INR12.40 per kg (Q1 FY27)
p. 3
“And the EBITDA with all this improved slightly to INR12.40 per kg or INR12,400 per ton.”
Mohan Agarwal, page 3 of the filed PDF · View the filing
Greenfield capex: Rs. 53 crores (Q1 FY27)
p. 4
“During the quarter we invested Rs. 53 crores in greenfield projects at Shoolagiri and Bawal, while also advancing brownfield projects and technology led initiatives at Tirupati and other locations.”
Mohan Agarwal, page 4 of the filed PDF · View the filing
Inventory days: 40 days (Q1 FY27)
p. 7
“We have gone to about 40 days of inventory from 45 days that we recorded in the previous quarter.”
Mohan Agarwal, page 7 of the filed PDF · View the filing
Cash conversion cycle: 65 days (Q1 FY27)
p. 7
“And we have actually reduced our cash conversion cycle to 65 days in this quarter from about 69 days in the last quarter.”
Mohan Agarwal, page 7 of the filed PDF · View the filing
Debt equity ratio: 0.86 (Q1 FY27)
p. 8
“But currently it is around 0.86.”
Yugal Garg, page 8 of the filed PDF · View the filing
Average sale price: INR 350/kg (Q1 FY27)
p. 7
“Average sale price was nearly around INR226/kg to INR230/kg in last quarter and in this quarter INR 350/kg.”
Yugal Garg, page 7 of the filed PDF · View the filing
Odisha plant production: about 6,000 tons for three months (Q1 FY27)
p. 11
“That plant is ramping up as I had explained in my earlier talk that now this quarter the production has gone to about 6,000 tons for the three months.”
Mohan Agarwal, page 11 of the filed PDF · View the filing
Hindalco Odisha plant capacity: 48,000 tons per annum
p. 11
“With Hindalco we have put up a plant in Odisha with a capacity of 48,000 tons per annum.”
Mohan Agarwal, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Installed recycling capacity — beyond 7 lakh tons per annum · by end of FY27
stated firmly by Mohan Agarwal
p. 4
“These projects are progressing as planned and are expected to take our installed recycling capacity beyond 7 lakh tons per annum by the end of FY27, significantly strengthening our leadership position and our ability to serve our customers better.”
Mohan Agarwal, page 4 of the filed PDF · View the filing
Volume growth — 25% · FY27
stated as an aspiration by Mohan Agarwal
p. 9
“The 25% is our definitely our internal targets.”
Mohan Agarwal, page 9 of the filed PDF · View the filing
EBITDA per kg — INR12 per kg
stated firmly by Mohan Agarwal
p. 10
“We could do better maybe but for guidance we will maintain it at INR12.”
Mohan Agarwal, page 10 of the filed PDF · View the filing
Aluminium to non-ferrous sales mix — 60-20-20 · over the coming year
stated as an aspiration by Mohan Agarwal
p. 4
“And we actually aim to rebalance it to 60-20-20 over the coming year creating a more diversified and resilient earnings profile.”
Mohan Agarwal, page 4 of the filed PDF · View the filing
Odisha plant utilization — full capacity utilization · within this financial year
stated conditionally by Mohan Agarwal
p. 12
“So we are ramping up, I trust by the within this financial year we should have reached full capacity utilization at Odisha.”
Mohan Agarwal, page 12 of the filed PDF · View the filing
Operating cash flow — cash flow positive
stated conditionally by Mohan Agarwal
p. 8
“I think as the prices stabilize, we will definitely go cash flow positive because we are reasonably profitable.”
Mohan Agarwal, page 8 of the filed PDF · View the filing
Debt equity ratio — 0.5
stated as an aspiration by Yugal Garg
p. 8
“So historically we maintain the 0.5 debt equity ratio and we also in future will maintain the same ratio.”
Yugal Garg, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said price rises across the metal complex reduce substitution risk and consumption growth is driven by aluminium's inherent qualities, not price; recycled content share keeps growing regardless of short-term price moves; sourcing availability is not price dependent.
Answered by Mohan Agarwal
Asked by Dhananjai: Does rising aluminium prices increase demand for recycled aluminium and does sourcing get harder?
p. 6
“The higher price or the lower price does not really change the availability of scrap.”
Mohan Agarwal, page 6 of the filed PDF · View the filing
Management explained a hybrid approach of customer cost-plus pricing and LME hedging, and confirmed cash flow from operations was negative this quarter due to a sharp rise in average sale price increasing working capital needs.
Answered by Yugal Garg
Asked by Pranav Jain: How does CMR hedge aluminium exposure and what was cash flow from operations this quarter?
p. 7
“My cash flow from operation is negative during this quarter also because prices has been moved drastically during the quarter.”
Yugal Garg, page 7 of the filed PDF · View the filing
Management attributed the increase to a cash flow hedge accounting entry, calling it a notional expense unrelated to core cost growth.
Answered by Virender
Asked by Raj Shah: What caused the sharp increase in other expenses this quarter?
p. 7
“Mr. Raj, during the quarter INR36 crores we have additionally loaded on account of the cash flow hedge which is related to hedging.”
Virender, page 7 of the filed PDF · View the filing
Management said 25% is an internal target based on ramping plants and customer growth, cautioning against building expectations beyond what was communicated.
Answered by Mohan Agarwal
Asked by Dheeraj Ram: Is the 25% FY27 volume growth guidance realistic given Q1 aluminium volume growth was only around 8%?
p. 9
“I will be very frank I don't want to build expectations I want to meet expectations.”
Mohan Agarwal, page 9 of the filed PDF · View the filing
Management corrected the analyst's calculation, stating hedging cost should be added not subtracted from GP margin, and that GP margin per kg had actually improved year-on-year.
Answered by Mohan Agarwal
Asked by Nikhil Gandhi: How should GP margin and EBITDA per kg trajectory be viewed after adjusting for hedging costs?
p. 10
“You have to add it. You cannot subtract it, Nikhil.”
Mohan Agarwal, page 10 of the filed PDF · View the filing
Management said the Hindalco Odisha plant of 48,000 tons per annum capacity is ramping up toward full utilization this year, while the Hindustan Zinc arrangement remains only an MOU with no construction started yet.
Answered by Mohan Agarwal
Asked by Bhavika Singhvi: What is the capacity and ramp-up status of the Hindalco Odisha plant and the Hindustan Zinc tie-up?
p. 12
“As far as Hindustan Zinc is concerned, we have signed an MOU with them but there is nothing definitive which has still been finalized.”
Mohan Agarwal, page 12 of the filed PDF · View the filing
Management said around 66% of sales last year were to auto customers on a cost-plus basis combined with hedging, and that liquid aluminium profitability is comparatively higher though the differential could not be precisely quantified.
Answered by Mohan Agarwal
Asked by Jigar Jani: What proportion of revenue is on a cost-plus pass-through basis and how does liquid aluminium profitability compare to alloys?
p. 12
“Look, our sales to auto is about 66% last year of our total sales.”
Mohan Agarwal, page 12 of the filed PDF · View the filing
Management attributed the EBITDA improvement to operational efficiency, hedging, and higher capacity utilization, and said the 25% growth guidance is based on ramp-up of the Tirupati and Odisha plants plus existing customer growth, independent of price movements.
Answered by Mohan Agarwal
Asked by Himanshu Bisani: What drove the EBITDA per kg improvement from 6.9% to 12.4% and what is the basis for the 25% growth guidance?
p. 13
“EBITDA moving from 6.9% to nearly 12.40% currently is a mix of a lot of things.”
Mohan Agarwal, page 13 of the filed PDF · View the filing
Risks flagged
Sourcing of scrap is becoming more challenging due to export restrictions in some countries
p. 9
“Look, sourcing of scrap is getting challenging. There are countries which are putting restrictions on export of scrap from those countries.”
Mohan Agarwal, page 9 of the filed PDF · View the filing
Rising oil prices due to the Hormuz crisis affecting energy costs
p. 14
“Because of the Hormuz crisis, look for energy we use mostly oil. So oil prices have gone up we have tried to mitigate our cost increases with better purchasing and booking kind of a little longer term with our suppliers or getting more discounts from them.”
Mohan Agarwal, page 14 of the filed PDF · View the filing
Negative operating cash flow due to sharp increase in aluminium prices raising working capital requirements
p. 7
“So around 40% prices has been increased. Therefore, the working capital requirement also increased. So overall my cash from operation is negative.”
Yugal Garg, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.
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- CMR Green Technologies Ltd: filed results and exchange announcements
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