Record revenue, margin compressed by fuel—normalizing expected

Delivered 1.54 MMT vs 1.21 MMT Q1 FY26; +27% YoY matches claim

₹10.57 Cr diesel revenue excluded; adjusted ≈20% stated; delivered OPM 16.9% unadjusted

₹657.1 Cr delivered matches stated; YoY growth confirmed

Reported margin 16.8% vs prior 24.3%; delta ~7.5%. Diesel spiked to ₹154 peak. Pass-through acknowledged as imperfect but no quantified lag disclosed

No historical penalty data provided; statement is assertion. Adani Parsa suspension shows hindrances do occur

Diesel prices jumped ₹88–92 (pre-war) to ₹154 (May peak), compressing EBITDA margin to 20% adjusted vs prior 23–24% normalized. Management expects normalization but lag in pass-through remains.

₹208 Cr net IPO proceeds used for debt paydown; starting debt ₹1,024 Cr, expected to close FY27 at ₹750 Cr. Interest savings to support 35%+ PAT growth target.

Secured 46-month order book of ₹9,124 Cr; 7 active sites, expanding to 15–20. 45–50% FY27 revenue growth guidance backed by full-year contract execution.

Parsa site halted Sept 2023 due to land issues; management reallocated equipment to Jayant (Singrauli) to avoid idle capex. No loss taken. Shows proactive but tight execution.

Iran war fuel spike is exceptional. Management claims worst is behind; adjustment EBITDA 20.02% vs 16.8% reported (excluding ₹10.57 Cr diesel revenue).

86% of revenue (coal mining) is covered. No site named. Timing mismatch absorbs 4–5% margin despite clauses.

Mix shift: logistics→mining (higher fuel ratio in mining). CAGR 44% so absolute costs grew with volume. Net revenue (ex-diesel) ₹551 Cr.

Yes, 23% is normal state (subject to fuel normalization). Q1 dip is cyclical—mines closing/opening add overhead.

Maximum, not 100%. Diesel stabilizing post-Aug (₹120 from ₹154 peak). Q2 operations-wise good vs LY, but margins may/may not be impacted.

Already bidding 8–10 coal tenders. Evaluating MDO / iron ore based on ROC. Secured 1 critical mineral block.

Debt ₹1,024 Cr start, expect ₹750 Cr year-end. CoD 8.5–9%, expect to decline. Capex guidance to come later (deferred).

In-house maintenance, asset sweating (12–17yr old vehicles), extra operational discipline, multiple bid parameters vs just cost.

Land issue after 6 months. Site halted 6–8 months, issue resolved, but no restart yet (equipment reallocated to Jayant). In touch for future.

Bulk prices ₹120–125 (Aug 1), down from ₹154 peak. Barrel ₹80–82. Expects lower by mid-Aug. Confident EBITDA 20%+ in Q2–Q3.

Two contract types: OB-only (Coal India does coal), or OB+coal both. Paid per cubic meter for OB, per metric ton for coal. Yes, separate billing.

Q1 capex higher; depreciation and interest incidence greater. Capex revenue cycle lags—transient. Asset utilization ramps in H2.

No take-or-pay risk. Power sector demand growing; no slowdown in coal. Contracts require OB removal regardless; not exposed to coal sales.

Monsoon is weak. Q1: 43 MCM; Q2 expect ~34 MCM. Q3–Q4 strongest (post-Oct). 46-month visibility strong.

Capex ₹450 Cr (₹167 cash, ₹283 loan). Debt closes at ₹750 Cr (from ₹1,024 Cr). No new tenders assumed.

Driven by full-year execution of recently-won contracts in existing order book. ₹657 Cr Q1 base suggests FY27 run-rate ₹950–1,050 Cr.

Current 20% adjusted vs prior 23–24% normalized. Management expects fuel prices to stabilize by Q2; assumes diesel ₹110–120 going forward.

Driven by debt paydown (₹208 Cr IPO proceeds) and EMI reduction. Q1 PAT ₹29.8 Cr is depressed by capex depreciation; recovery expected in H2.

For current order book execution only; no new tender capex assumed. Excludes potential MDO / iron ore capex if tenders won.

Management concedes fuel escalation is 'maximum, not 100%' due to timing mismatches. Iran war spike to ₹154 absorbed margin hit despite clauses; recovery pace uncertain.

Monsoon (Jul–Sep) is a structurally weak quarter for mining operations. Q2 volume guidance ~34 MCM vs Q1's 43.37 MCM (−21%). Timing coincides with elevated fuel prices.

>80% of revenue from Coal India. Any contract non-renewal, volume cut, or tender loss would disproportionately impact total revenue. No diversification into private miners yet.

Company plans to expand from 7–10 active sites to 15–20. Requires doubling fleet, manpower, senior management oversight. History: Adani Parsa suspended Sept 2023 due to land issues; risk of execution slip.

Adani Parsa (Singrauli) suspended Sept 2023 after 6 months due to land issues; halted 6–8 months. While management reallocated assets (Jayant), future sites face similar risks. No take-or-pay protection if customer project stalls.