CMPDI Q2 FY27 Results Analysis: PAT Rises 10%, Margins Expand 320 bps

Central Mine Planning & Design Institute Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 593.31 Cr (+7.51% YoY) and PAT growth of +10.00% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

CMPDI delivered a clean, cash-backed quarter with revenue up 7.51% YoY, PAT up 10.00% YoY, and H1 PAT up 23.12% on 11.82% revenue growth as FY26 pay-revision base effects annualized. H1 OPM of 34.74% sits ~320 bps above FY26's full-year level despite the diesel cost step-up, receivables fell 9.90%, and H1 CFO of Rs.274.10 Cr converted at 0.88x PAT. No P&L guidance exists to test; volume targets (drilling 101%, seismic 116% of FY27 targets) are on track and a Rs.1.05/share second interim dividend was declared.

Key Investment Insights

Key Positives

• Revenue grew 7.51% YoY to Rs.593.31 Cr and 23.25% QoQ; H1 revenue up 11.82% YoY
• PAT grew 10.00% YoY to Rs.194.84 Cr with no one-time items in either period; H1 PAT up 23.12%
• H1 OPM of 34.74% is ~320 bps above FY26 full-year 32.06%; Q2 EBITDA margin 41.10%, near-flat YoY after absorbing diesel cost step-up
• Employee benefit expenses flat at +0.45% YoY as FY26 pay-revision one-offs fully annualized
• Trade receivables fell 9.90% to Rs.968.36 Cr; debtor months tightened to 5.41 from 5.57; current ratio improved to 3.81
• H1 CFO grew 32.6% to Rs.274.10 Cr, converting at 0.88x PAT and 0.70x EBITDA
• Drilling at 101% of the 12.00 lakh-metre FY27 target (+12% YoY); seismic at stated 116% of the 475.00 line-km target
• Second interim dividend of Rs.1.05/share declared (38.48% of Q2 PAT); FY27 interims to date equal 48.2% of H1 PAT

Risk Factors

• Other expenses grew 15.05% YoY, ahead of revenue growth of 7.51%, on volume-linked outsourced drilling
• Cost of materials consumed rose 65.35% YoY on the diesel/consumables headwind
• Other income is predominantly treasury interest (H1 interest income Rs.42.43 Cr of Rs.46.32 Cr other income) rather than fee income
• Q2 top-line growth was modest at 7.51% YoY
• Rs.114.81 Cr of >1-year CIL & subsidiaries receivables flagged in Q1 has no specific ageing update in this filing