IPO closes on 21 Jul'26
Caliber Mining & Logistics Ltd
Minimum Investment
₹ 14,840 / 35 shares
Our Verdict:
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Integrated Mining & Logistics Player with Strong Order Book and Significant Deleveraging Opportunity
- Caliber Mining & Logistics Ltd. is an integrated coal mining and logistics service provider with operations across Maharashtra, Chhattisgarh and Madhya Pradesh. The company provides end-to-end services including coal extraction, overburden removal, coal loading and unloading, road transportation and rail logistics coordination. It has built an asset-backed operating platform with a fleet of 1,911 vehicles, plant and machinery as of April 30, 2026.
- The company has delivered strong financial growth, with Revenue from Operations increasing from ₹953 crore in FY24 to ₹1,678 crore in FY26, a CAGR of 32.7%. PAT increased from ₹95.9 crore to ₹157.9 crore during the same period, while Operating EBITDA margin remained healthy at 25.7% in FY26. The company also benefits from a strong order book of ₹9,550.9 crore as of May 15, 2026, providing healthy medium-term revenue visibility.
- The company's strong customer relationships with Coal India subsidiaries, particularly Western Coalfields Ltd. and Northern Coalfields Ltd., provide business visibility and repeat order potential. However, customer concentration remains a key risk, with the top three customers contributing 90.1% of FY26 revenue and Northern Coalfields alone accounting for 44.2% of revenue.
- At the upper price band of ₹424, the IPO is valued at approximately 28.2x FY26 earnings. While the valuation is not inexpensive, the premium is supported by the company's strong revenue growth, healthy margins and sizeable order book. Further, approximately ₹206 crore of IPO proceeds are proposed to be used for debt repayment, which should support deleveraging and lower finance costs.IPO Reservation
- Recommendation: We recommend SUBSCRIBE to the IPO with a long-term investment horizon, supported by the company's strong operating growth, sizeable order book, established relationships with Coal India subsidiaries and the potential for meaningful balance sheet improvement through IPO-led debt reduction. Investors, however, should monitor customer concentration and the company's dependence on large mining contracts.
About the company
Founded in
30 Jun'14
Managing director
Mohit Satishkumar Chadda
- Caliber Mining & Logistics Ltd. is an integrated coal mining and logistics services company engaged in coal extraction, overburden removal, coal loading and unloading, road transportation and rail logistics coordination. The company operates primarily across Maharashtra, Chhattisgarh and Madhya Pradesh and provides services to mine-owning companies, including subsidiaries of Coal India.
- Unlike traditional mining companies, Caliber does not own coal mines or coal reserves. Instead, it operates as a mining services and logistics contractor, using its fleet of vehicles, mining equipment and machinery to execute contracts for customers. As of April 30, 2026, the company operated 1,911 vehicles, plant and machinery and had a workforce of 5,521 employees.
STRENGTHS
- Integrated end-to-end coal mining and logistics service provider.
- Strong revenue growth with Revenue from Operations CAGR of 32.7% during FY24–FY26.
- Large order book of ₹9,550.9 crore as of May 15, 2026, providing medium-term revenue visibility.
- Strong relationships with Coal India subsidiaries, including WCL and NCL.
- Asset-backed operating model supported by a fleet of 1,911 vehicles, plant and machinery.
- Healthy Operating EBITDA margin of 25.7% in FY26.
- High repeat business, with repeat customers contributing 84.6% of FY26 revenue.
- IPO proceeds earmarked partly for debt repayment, providing scope for balance sheet improvement.
RISK FACTORS
- High customer concentration: the top three customers contributed 90.1% of FY26 revenue, with Northern Coalfields alone accounting for 44.2%.
- Dependence on large-scale mining contracts above ₹1,000 crore, which contributed 76.1% of FY26 revenue.
- Coal India subsidiaries accounted for 85.1% of FY26 revenue, creating significant dependence on a single customer ecosystem.
- Mining operations are subject to operating risks, including equipment failure, flooding, fuel availability and other operational disruptions.
- The business is capital intensive and carries relatively high leverage, with FY26 Debt-to-Equity at approximately 1.6x.
- Future growth depends on securing new mining contracts and maintaining a healthy order inflow.
- The logistics business remains dependent on freight volumes and operating margins.
Financials
All Values are in Cr.
Issue details
Issue type
Mainstream
Issue size
₹ 450 Cr
Fresh Issue
₹ 400 Cr
OFS
₹ 50 Cr
Price range
₹ 402 - 424
Lot size
35 shares
Issue Objective
- Repayment/prepayment of certain borrowings.
- Purchase of new commercial vehicles, plant and machinery.
- General corporate purposes.
Approximately ₹206 crore of the IPO proceeds is proposed to be utilised towards repayment of borrowings, while the balance is primarily directed towards capital expenditure and general corporate purposes.
Dates
Bidding open
17 Jul'26
Bidding close
21 Jul'26
Allotment date
22 Jul'26
Refund date
23 Jul'26
Listing
24 Jul'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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