Caliber Mining and Logistics Limited H1 Revenue Rises 89%, PAT Falls

Caliber Mining and Logistics Limited reported H1 FY27 revenue of Rs 1,176.50 crore, up 89.1% year on year, while profit after tax fell to Rs 22.25 crore from Rs 23.71 crore and depreciation and amortization rose to Rs 97.97 crore from Rs 59.50 crore.

Why did Caliber's H1 FY27 revenue rise 89.1%?

Caliber's reported revenue rose 89.1% as operating activity increased sharply and the company recorded Rs 184.10 crore of diesel price pass-through recovery in H1 FY27. Revenue from operations reached Rs 1,176.50 crore, compared with Rs 622.07 crore in H1 FY26. The pass-through arose under contracts that compensate Caliber for 100% of diesel-price increases above the tender-assumed level.

Excluding the diesel recovery, Caliber's normalised revenue increased 59.5% to Rs 992.40 crore from Rs 622.07 crore. Management excludes this recovery from normalised revenue because it raises both revenue and fuel cost by the same amount and does not add to earnings before interest, tax, depreciation and amortization, or EBITDA. The comparison therefore separates the contractual fuel-cost mechanism from underlying operating revenue.

How did Caliber's H1 FY27 operating volumes change?

Caliber's H1 FY27 volume growth was led by overburden removal, which rose 72% to 76.49 million cubic metres (Mcum) from 44.40 Mcum in H1 FY26. Coal extraction increased 41% to 2.31 million metric tonnes (MT), while coal loaded on rakes grew 50% to 9.83 million MT. These movements accompanied the 59.5% increase in normalised revenue.

Road transportation expanded more slowly than Caliber's other H1 measures, rising 3% to 4.86 million MT from 4.70 million MT. That contrasts with the 72% growth in overburden removal and 50% growth in rake loading, showing that the half-year increase was more concentrated in mining activity and rail-linked loading than in road volumes. The presentation describes H1 FY27 as its highest half-yearly year-on-year volume growth.

Why was Caliber's H1 FY27 PAT lower despite EBITDA growth?

Caliber's H1 FY27 profit after tax, or PAT, was lower at Rs 22.25 crore despite normalised EBITDA rising 48.7% to Rs 183.57 crore. Depreciation and amortization, or D&A, increased by Rs 38.47 crore year on year to Rs 97.97 crore, compared with Rs 59.50 crore in H1 FY26. The supplied PAT-to-cash-profit reconciliation does not separately quantify finance costs, so it does not support assigning the PAT decline to a disclosed finance-cost figure.

The reported EBITDA margin also changed differently from the revenue growth rate. Caliber's normalised EBITDA margin was 18.50% in H1 FY27, versus 19.85% in H1 FY26, even as normalised revenue rose by Rs 370.33 crore. The presentation reports the operating measure after excluding diesel pass-through, while PAT remains the reported after-tax measure shown in the reconciliation.

What does Caliber's cash profit show about earnings conversion?

Caliber's H1 FY27 cash profit rose 1.6 times to Rs 100.83 crore from Rs 63.29 crore, exceeding its Rs 22.25 crore PAT because the measure adds back non-cash D&A and impairment while deducting lease rentals paid. Specifically, the calculation adds Rs 97.97 crore of D&A and Rs 4.16 crore of impairment loss on financial assets, then deducts Rs 23.55 crore of lease rentals.

This cash-profit measure is described by Caliber as non-GAAP, meaning it is not the same as reported PAT. Lease rentals were Rs 23.55 crore in both H1 FY27 and H1 FY26, while impairment loss increased to Rs 4.16 crore from Rs 3.63 crore. The year-on-year cash-profit increase therefore coincided with higher revenue and EBITDA, but should be read alongside the larger D&A charge.

What does Caliber's trailing performance and seasonality indicate?

Caliber's trailing 12-month revenue to September 2026 was Rs 2,232.09 crore, up 33% from FY26 revenue of Rs 1,677.66 crore. Trailing 12-month normalised revenue was Rs 2,047.99 crore, while EBITDA was Rs 490.79 crore, up 14% from FY26 EBITDA of Rs 430.67 crore. The trailing calculation combines H2 FY26 with H1 FY27.

The presentation identifies H2 as the seasonally stronger half based on FY26 results. H2 FY26 revenue was Rs 1,055.59 crore, or 1.7 times H1 FY26 revenue of Rs 622.07 crore, while H2 FY26 EBITDA was Rs 307.21 crore, or 2.5 times H1 FY26 EBITDA of Rs 123.46 crore. This historical pattern provides the disclosed comparison for assessing the second half of FY27.

How did Caliber's Q2 FY27 compare with Q2 FY26?

Caliber's Q2 FY27 revenue from operations rose 127.0% to Rs 519.45 crore from Rs 228.86 crore, while normalised revenue increased 92.7% to Rs 441.07 crore. Q2 normalised EBITDA grew 163.5% to Rs 73.20 crore from Rs 27.78 crore, and the normalised EBITDA margin increased to 16.60% from 12.14%.

Q2 PAT remained negative, but the loss narrowed to Rs 7.51 crore from Rs 14.23 crore in Q2 FY26. Q2 cash profit reached Rs 32.29 crore, 4.7 times the Rs 6.82 crore reported a year earlier. Operationally, Q2 coal loaded on rakes increased 142% to 5.06 million MT, the largest percentage increase among the four reported operating measures.

Conclusion

Caliber's H1 FY27 performance combined sharply higher mining and rail-loading activity with a divergence between operating measures and reported earnings. Overburden removal increased 72% to 76.49 Mcum, normalised EBITDA increased 48.7% to Rs 183.57 crore, and cash profit rose to Rs 100.83 crore, while PAT was Rs 22.25 crore after a Rs 97.97 crore D&A charge.

The next period to watch is H2 FY27 against the seasonal pattern Caliber disclosed for FY26. H2 FY26 revenue of Rs 1,055.59 crore was 1.7 times H1 revenue, and H2 EBITDA of Rs 307.21 crore was 2.5 times H1 EBITDA; normalised EBITDA margin was 18.50% in H1 FY27 versus 19.85% in H1 FY26.