Thriveni expands into gold mining as H1 EBITDA climbs 85%

Thriveni reported an 85% year-on-year rise in H1 FY27 EBITDA to Rs 884 crore while extending its mine-development platform from iron ore, coal and manganese into gold, where its approved mining and processing capacity is 1.5 million tonnes a year. H1 revenue increased 43% to Rs 4,608 crore and EBITDA margin expanded 436 basis points to 19.18%.

How did Thriveni perform in H1 FY27?

Thriveni delivered Rs 884 crore of EBITDA in H1 FY27, up 85% year on year, as revenue from operations rose 43% to Rs 4,608 crore. Cash profit after tax, or cash PAT, increased 116% to Rs 558 crore, and its cash PAT margin rose 410 basis points to 12.11%.

H1 EBITDA margin reached 19.18%, 436 basis points above the prior-year period. Management said heavy rains in Odisha and Jharkhand disrupted iron ore and coal activity during Q2 FY27, while higher prices for high-speed diesel, or HSD, and explosives amid geopolitical issues also affected profitability.

Q2 FY27 revenue was Rs 1,936 crore, a 22% year-on-year increase, below the 43% H1 growth rate. Management attributed Q2 production pressure in iron ore and coal to the monsoon, and said it was negotiating pass-through mechanisms with clients for elevated HSD and explosives costs while newer operations move towards full-scale utilisation.

What commodities does Thriveni now operate in?

Thriveni now spans iron ore, coal, manganese, baryte and gold, with the gold operation adding mining, exploration and processing to its operating remit. Management described the business as a pan-India mine developer and operator, with expansion activity in Odisha alongside operations linked to Gadchiroli and coal projects.

Iron ore volume, including banded hematite quartzite, or BHQ, was 30.31 million tonnes in H1 FY27, including 11.22 million tonnes in Q2. Coal volumes from Indian operations, including overburden, totalled 44.84 million cubic metres in H1 and 18.82 million cubic metres in Q2, showing that reported activity is measured differently across commodities and mining methods.

Baryte volume was 1.66 million cubic metres in Q2 FY27, while gold volume was 0.17 million tonnes in H1 FY27. The transcript provides no comparable prior-period gold volume or revenue contribution, so it establishes that gold has entered Thriveni’s operating mix without quantifying its current earnings contribution.

What is Thriveni’s plan for the gold mine?

Thriveni’s gold mining plan has been approved for open-cast and underground operations of 1.5 million tonnes a year, with processing capacity also set at 1.5 million tonnes a year. Thriveni is undertaking mining operations, exploration and processing-plant operations at the asset, giving it responsibilities beyond equipment deployment alone.

The gold company was formerly known as GeoMysore India Private Limited and has been renamed Thriveni Lloyds Swarnagiri Private Limited. Management did not disclose a commissioning date, production target, grade, reserve estimate, capital expenditure or revenue forecast for the approved 1.5 million-tonne annual operation.

The gold plan broadens the commodity platform beyond 30.31 million tonnes of H1 iron ore and BHQ volume and 44.84 million cubic metres of H1 coal volume. It also differs from Thriveni’s Odisha equipment-rental activity, where rental operations commenced at Tata Joda West Manganese Mine, because the gold project includes exploration, mining and processing responsibilities.

How is Thriveni expanding its mining equipment fleet?

Thriveni completed its FY27 equipment-mobilisation plan on schedule and had 88 electric equipment units operating at the mine, with another 20 units at the railway siding. Full-scale mining operations also commenced at Western Hill, linking fleet deployment to a new stage of operating activity.

For BHQ crushing, Thriveni mobilised 14 mobile crushers and 26 heavy earthmoving equipment units. Management said it was also mobilising higher-capacity machinery, including EH5000 ultra-class dumpers and large excavators, to support enhanced production from BHQ, which is included in the 30.31 million tonnes of H1 iron ore volume.

Thriveni converted one 100-tonne diesel dumper to liquefied natural gas, or LNG, hybrid operation as part of its green-fleet effort. The disclosed fleet numbers show electric equipment, conventional heavy machinery and an LNG-hybrid conversion, while management did not provide the total fleet size, fleet capital cost or an electrification target.

What changed in Odisha and coal operations?

Thriveni began production at DC Jain Dalpahar Mines in October and started equipment-rental operations at Tata Joda West Manganese Mine in Odisha. Management also said rental equipment for several Tata mines was under discussion, including Joda West Iron and Manganese Ore Mines, Vijay-II iron ore mines, Tiringpahar Iron and Manganese Mines, Bamebari Iron Ore and Manganese Mines, and Khondbond manganese.

On coal, both streams of the coal-handling plant at PB North West were commissioned and operationalised in Q2 FY27. Thriveni also completed rehabilitation and resettlement of three major villages during the quarter, alongside H1 Indian coal volume, including overburden, of 44.84 million cubic metres.

Management said the H2 FY27 pipeline across Gadchiroli, Odisha and coal was strong and that its focus was protecting margins through productivity and cost optimisation. That outlook remains subject to negotiations on HSD and explosives cost pass-through, for which management did not disclose a timetable or commercial terms.

Conclusion

Thriveni’s H1 FY27 results combine 43% revenue growth to Rs 4,608 crore and 85% EBITDA growth to Rs 884 crore with a wider operating platform. The 1.5 million-tonne annual gold mining and processing approval, 30.31 million tonnes of H1 iron ore and BHQ activity, and 44.84 million cubic metres of coal volume show expansion across several commodities rather than a single mine type.

The next points to watch are execution at the approved 1.5 million-tonne gold project, the scaling of Western Hill and the result of client negotiations on HSD and explosives cost pass-through. Management also identified H2 FY27 activity in Gadchiroli, Odisha and coal, while the 88 electric units at the mine and 20 at the railway siding provide measurable markers for the completed fleet-mobilisation plan.