Operational and Financial Performance Highlights

H1 FY27 Performance (Consolidated, Unaudited):

  • Revenue from operations: ₹1,176.50 Cr, up 89.1% YoY from ₹622.07 Cr in H1 FY26
  • Diesel cost pass-through: ₹184.10 Cr (not present in FY26 periods)
  • Normalised revenue (excluding diesel pass-through): ₹992.40 Cr, up 59.5% YoY
  • Normalised EBITDA: ₹183.57 Cr, up 48.7% YoY from ₹123.46 Cr
  • Normalised EBITDA margin: 18.50% vs 19.85% in H1 FY26
  • Profit after tax: ₹22.25 Cr vs ₹23.71 Cr in H1 FY26
  • Cash profit: ₹100.83 Cr, 1.6 times H1 FY26 (₹63.29 Cr)

Q2 FY27 Performance (Consolidated, Unaudited):

  • Revenue from operations: ₹519.45 Cr, up 127.0% YoY from ₹228.86 Cr
  • Diesel cost pass-through: ₹78.39 Cr
  • Normalised revenue: ₹441.07 Cr, up 92.7% YoY
  • Normalised EBITDA: ₹73.20 Cr, up 163.5% YoY from ₹27.78 Cr
  • Normalised EBITDA margin: 16.60% vs 12.14% in Q2 FY26 (▲446 bps)
  • Profit after tax: (₹7.51) Cr vs (₹14.23) Cr in Q2 FY26
  • Cash profit: ₹32.29 Cr, 4.7 times Q2 FY26 (₹6.82 Cr)

Operational Metrics

  • OB removal (H1 FY27): 76.49 Mcum
  • Coal extraction (H1 FY27): 2.31 MT
  • TTM OB removal (Oct 2025-Sep 2026): 160.32 Mcum, up 25% vs FY26
  • TTM coal extraction: 5.15 MT, up 15% vs FY26

Balance Sheet Position (Consolidated, as of September 30, 2026)

  • Net worth: ₹1,148.42 Cr, up 77% from ₹647.54 Cr (March 31, 2026)
  • Cash and bank balances: ₹156.38 Cr, up 59% from ₹98.15 Cr
  • Property, plant and equipment: ₹1,777.08 Cr, up 38% from ₹1,291.33 Cr
  • Net debt/equity: 0.95x, improved from 1.48x
  • Total outside liabilities/net worth: 1.48x, improved from 2.21x
  • Current ratio: 1.19x, improved from 1.02x
  • Borrowings: ₹1,314 Cr (as of June 30, 2026)

Order Book Status

  • Opening order book (April 1, 2026): ₹5,668 Cr
  • Added in H1 FY27: ₹4,045 Cr
  • Executed in H1 FY27: ₹1,079 Cr
  • Closing order book (September 30, 2026): ₹8,634 Cr (incl. GST)
  • Average tenure: 2.5 years across 9 sites

Major Contracts Breakdown:

  • Gouri Pouni New (WCL): ₹1,805.06 Cr (Mar 2026 - Feb 2031)
  • Dhoptala-2 (WCL): ₹999.47 Cr (May 2026 - May 2031)
  • Dudhichua-2 (NCL): ₹1,368.77 Cr (Jun 2026 - Jun 2029)
  • Jayant-2 (NCL): ₹1,432.05 Cr (Jun 2026 - Sep 2028)
  • Dudhichua (NCL): ₹1,102.34 Cr (Aug 2025 - Aug 2029)
  • Sasti OC (WCL JV): ₹809.50 Cr (Sep 2023 - Jul 2029)
  • New Majri UG to OC (WCL): ₹700.49 Cr (Oct 2023 - Apr 2027)
  • Lalpeth OB (WCL): ₹45.73 Cr (Jul 2023 - Oct 2027)
  • Jayant OCP (NCL): ₹63.21 Cr (Sep 2023 - Sep 2026)
  • Logistics: ₹307.31 Cr

FY27 Guidance

  • Revenue growth: 45-50% YoY
  • EBITDA growth: 35%+ YoY
  • PAT growth: 35%+ YoY
  • Driven by full ramp-up of three contracts won in Q1 FY27 (Dhoptala-2, Dudhichua-2, Jayant-2) post-monsoon
  • Margins expected to recover in H2 with normalized volumes and improved fleet utilization

Management and Governance

  • Chairman & Managing Director: Mohit Satishkumar Chadda (oversees financial management and strategy)
  • Whole-time Directors: Manish Krishanlal Chadda (operations), Rahul Roshanlal Chadda (non-mining business)
  • Maintenance and Procurement Head: Anuj Krishanlal Chadda
  • Whole-time Director (CSR): Priya Anuj Chadda
  • Company Secretary & Compliance Officer: Riddhi Harish Varma
  • CFO: Nikhil Karwa

Additional Financial Details

TTM Performance (Trailing Twelve Months to September 2026):

  • Revenue from operations: ₹2,232.09 Cr, up 33% vs FY26
  • Normalised revenue: ₹2,047.99 Cr, up 22% vs FY26
  • EBITDA: ₹490.79 Cr, up 14% vs FY26
  • Normalised EBITDA margin: 23.96%

Cash Profit Calculation (H1 FY27):

  • PAT: ₹22.25 Cr
  • Add: Depreciation and Amortization: ₹97.97 Cr
  • Add: Impairment loss on financial assets: ₹4.16 Cr
  • Less: Lease rentals paid: (₹23.55) Cr
  • Cash profit: ₹100.83 Cr