Caliber Mining swings to ₹7.5 Cr consolidated loss in Q2 FY27 on finance cost, capex spike

Caliber Mining and Logistics' consolidated results swung to a ₹7.51 Cr net loss (EPS -₹1.19) in Q2 FY27 (quarter ended September 30, 2026), reversing the ₹29.76 Cr profit booked in Q1 FY27, even as revenue from operations grew 127% YoY to ₹519.45 Cr. Standalone PAT of -₹7.51 Cr is virtually identical to the consolidated number — the two subsidiaries and one step-down subsidiary added just ₹0.08 Lakh to group PAT, so the standalone and consolidated stories match. Against the year-ago quarter (an unaudited, management-certified base, since the company carried no mandatory reporting obligation before its IPO) the loss actually narrowed 47% from ₹14.23 Cr, so the sequential swing into loss — not the YoY trend — is the real story this quarter. The operating business held up: an EBITDA-proxy margin (PBT + depreciation + finance cost, over revenue) expanded to roughly 14.6% from about 12.7% a year ago, as the mining/logistics ramp scaled revenue faster than costs. But two below-the-line items did the damage sequentially — depreciation rose to ₹52.74 Cr from Q1's ₹45.23 Cr, and finance costs rose to ₹32.40 Cr from Q1's ₹28.03 Cr — while revenue fell 20.9% QoQ from ₹657.05 Cr, pulling the EBITDA-proxy margin down from ~17.2% in Q1. Both cost lines trace to the company's post-IPO capex push: ₹574.3 Cr of property, plant and equipment purchases in H1 FY27 alone already exceed the full ₹450 Cr guided for all of FY27, funded partly by debt that has pushed consolidated borrowings to ~₹1,247 Cr versus management's ~₹750 Cr year-end target. This tracks poorly against the guidance management gave on the Q1 FY27 call — 45-50% FY27 revenue growth, 35%+ EBITDA growth, and 35%+ PAT growth "on interest savings," with capex capped at ₹450 Cr. H1 revenue growth of 89.1% YoY is comfortably ahead of plan, but H1 PAT fell 6.2% YoY to ₹22.25 Cr as H1 finance costs rose 77.6% YoY to ₹60.43 Cr — the opposite of the guided interest savings — so the PAT guidance is already tracking a miss at the halfway mark. No street estimates for this print could be found; the stock listed on NSE/BSE only in July 2026 via a ₹400 Cr fresh-issue IPO and carries no visible analyst coverage, so vsStreet is unknown. Management has also not issued a separate press release or commentary on this result beyond the regulatory filing, so there is no company framing to cross-check against the numbers. Separately, the company disclosed an order book of ₹5,668.3 Cr (on ₹635.4 Cr invested) as of September 5, 2026, a revised diesel-price compensation mechanism from October 22 that could affect fuel-cost pass-through (power & fuel is the single largest expense line at ₹298.4 Cr this quarter), and board approval of ₹200 Cr in guarantees for subsidiaries on October 27 — all pointing to continued capacity expansion that will likely keep depreciation and finance costs elevated into H2.