CMR Green Technologies Q1 FY27 profit rises 22% to ₹68 crore; revenue up 65%
CMR Green Technologies posted a 22% YoY rise in Q1 FY27 consolidated net profit to ₹68.18 crore, supported by a 65% surge in revenue to ₹3,122 crore. Volume growth of 25% was driven by a 32% expansion in aluminium sales and significant increases in billets and UBC volumes. Management highlighted an EBITDA per kg of ₹12.40 and noted negative operating cash flow due to working capital pressures from rising metal prices, while aiming to reduce inventory days and debt levels.
*this image is generated using AI for illustrative purposes only.
CMR Green Technologies reported a consolidated net profit of ₹68.18 crore for the first quarter ended June 30, 2026, marking a significant increase from ₹55.93 crore in the same period of the previous fiscal year. This improvement in profitability coincided with a substantial rise in consolidated total income, which reached ₹3,128.97 crore compared to ₹1,894.44 crore in Q1FY26. The strong top-line growth drove earnings per share (EPS) to ₹2.80 on a basic basis, up from ₹2.41 in the prior year quarter.
During its earnings conference call held on August 10, 2026, management elaborated on the financial performance. Revenue from operations grew 65% year-on-year to ₹3,122 crore. EBITDA increased 27% to ₹139 crore. In volume terms, sales grew 25% year-on-year, with the aluminium business growing at 32%, supported by strong automotive demand and growing non-auto traction. Billets volume increased 149%, and used beverage can (UBC) volumes grew 333%, as these segments are in ramp-up mode.
The Board of Directors approved the unaudited standalone and consolidated financial results during its meeting held on August 10, 2026. The results were filed with the stock exchanges pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The figures for the quarter ended March 31, 2026, represent balancing figures between audited annual statements and special purpose interim statements prepared for IPO purposes.
Financial Performance Overview
| Particulars | Standalone (₹ Cr) | Consolidated (₹ Cr) |
|---|---|---|
| Total Income | 1,630.07 | 3,128.97 |
| Net Profit Before Tax | 47.02 | 89.66 |
| Net Profit After Tax | 35.25 | 68.18 |
| Basic EPS (₹) | 1.61 | 2.80 |
On a standalone basis, CMR Green Technologies recorded a net profit after tax of ₹35.25 crore for the quarter, slightly lower than the ₹40.27 crore reported in the preceding quarter but higher than the ₹36.82 crore in Q1FY26. Standalone total income stood at ₹1,630.07 crore, reflecting an increase from ₹1,192.43 crore in the corresponding period last year.
Operational Metrics and Strategy
Management emphasized that EBITDA per ton is a more meaningful performance indicator than percentage margins due to the pass-through nature of aluminium prices. EBITDA improved slightly to ₹12.40 per kg or ₹12,400 per ton. The company maintained this metric through a strong hedging strategy, diversified scrap sourcing network, and prudent risk management.
CMR Green Technologies is India's largest secondary aluminium recycling company with installed alloy capacity more than four times that of its nearest domestic competitor. During the quarter, the company invested ₹53 crore in greenfield projects at Shoolagiri and Bawal, while advancing brownfield projects at Tirupati and other locations. These initiatives are expected to take installed recycling capacity beyond 7 lakh tons per annum by the end of FY27.
The automotive sector remains a key growth driver, with passenger vehicle and two-wheeler sales growing nearly 26% and 20% year-on-year respectively in Q1 FY27. CMR has added Ather Energy as a new customer and is benefiting from existing customers transitioning from internal combustion engine to electric vehicle production. The company aims to rebalance its volume mix to 60% automotive alloys, 20% non-automotive, and 20% other metals over the coming year, from the FY26 mix of 66%, 10%, and 24% respectively.
Working Capital and Cash Flow
Cash flow from operations was negative during the quarter due to drastic price movements. The average sale price increased from approximately ₹226-₹230/kg in the previous quarter to ₹350/kg in Q1 FY27, representing a 40% increase. This led to higher working capital requirements. However, management noted improvements in inventory management, reducing inventory days from 45 days in the previous quarter to 40 days. The cash conversion cycle also decreased from 69 days to 65 days.
Regarding debt levels, the company historically maintains a 0.5 debt-equity ratio, though it currently stands around 0.86. Management expects this ratio to come down as prices stabilize and the inventory conversion cycle reduces. Operating cash flow is expected to turn positive as prices stabilize, given the company's profitability.
What the Numbers Show
The divergence between standalone and consolidated performance highlights the contribution of subsidiaries to the overall group results. While standalone net profit remained relatively stable compared to the previous quarter, consolidated net profit saw a sharper increase year-on-year. Total comprehensive income for the consolidated entity surged to ₹289.08 crore from ₹56.24 crore in Q1FY26, driven by other comprehensive income components alongside operational profits. In contrast, standalone total comprehensive income was ₹116.25 crore. This pattern suggests that non-operational or subsidiary-level gains significantly boosted the group's bottom line in this period.
The company’s paid-up share capital remains unchanged at ₹43.81 crore. Other equity excluding revaluation reserves was reported at ₹1,477.53 crore on a standalone basis and ₹1,487.60 crore on a consolidated basis as of March 31, 2026. The financial results are available on the company’s website and the stock exchange portals.
Historical Stock Returns for CMR Green Technologies
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.20% | -1.81% | -3.31% | 0.0% | 0.0% | 0.0% |
How will the stabilization of aluminium prices impact CMR Green Technologies' ability to reduce its debt-equity ratio from 0.86 to the historical 0.5 target?
What specific operational challenges might arise as the company transitions its volume mix towards 60% automotive alloys, particularly regarding supply chain adjustments for EV-specific materials?
Could the significant surge in total comprehensive income driven by non-operational gains be sustained in subsequent quarters, or is it a one-off event affecting long-term valuation metrics?
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