CMR Green Q2 FY27: consolidated revenue +59% YoY, PAT +25% as margins compress

CMR Green Technologies' consolidated (primary) Q2 FY27 print: revenue ₹3,471.85 Cr, up 59.2% YoY from ₹2,180.56 Cr and 11.2% QoQ from ₹3,122.73 Cr; PAT ₹72.65 Cr (of which ₹66.35 Cr is attributable to equity holders of the parent, EPS ₹3.03), up 25.4% YoY from ₹57.94 Cr and 6.6% QoQ from ₹68.18 Cr. No exceptional items feature in either period, so these are reported, not adjusted, growth rates. With profit growth trailing revenue growth by more than two-to-one, the quarter reads as inline rather than strong — volume-led top-line growth without matching margin leverage. The gap sits on margins: net profit margin eased to 2.09% from 2.65% a year ago (2.18% last quarter), and operating (EBITDA) margin eased to roughly 4.3% from roughly 6.5% a year ago, while staying about flat sequentially. Cost of raw materials consumed — the dominant line in this metal-recycling business — rose to 89.9% of revenue from 89.1% a year ago, consistent with a cost-plus model where revenue tracks input metal prices more tightly than margin does. No exceptional or one-off items are disclosed in either period, so this is a genuine margin compression, not an accounting artefact. No consensus estimates for this quarter could be located — CMR Green listed only in June 2026 and has limited formal brokerage coverage, so vsStreet is unknown. Management's only standing FY27 guidance, given at the Q1 FY27 concall (cautious tone, cautiously-optimistic near-term outlook), was a 25% volume growth target, EBITDA per kg held at ₹12 on a sustainable basis, and capacity reaching 7 lakh tons by FY27-end — none of which can be checked against this filing, since it discloses no tonnage or per-kg metrics; management gives no formal revenue or margin guidance. No management press release was available for this result to cross-check framing. On the same day as results, the board appointed Satish Kumar Kaushik as CFO (KMP), filling the vacancy left by the prior CFO's October 3, 2026 resignation, and approved purchase of corporate office premises — neither a direct driver of this quarter's numbers, but both land in the same disclosure. Standalone (parent-only) results tell a notably stronger story than the consolidated print: PAT more than doubled YoY to ₹34.95 Cr (from ₹14.94 Cr) on 36.6% revenue growth (₹1,786.57 Cr vs ₹1,308.17 Cr), outpacing the group number — meaning subsidiaries/JVs grew profit more slowly than the parent this quarter. Heading into Q3 FY27, the next filing's tonnage disclosure (if any) and whether NPM stabilizes near 2% or keeps easing are the markers to watch, alongside how the new CFO settles in during the ongoing capacity-expansion phase.