Caliber Mining & Logistics Limited IPO Overview
Incorporated in 2014 and formerly known as Caliber Mercantile Private Limited, Caliber Mining & Logistics Limited is an integrated coal mining and logistics company that provides end-to-end mining support services to India’s coal sector. The company undertakes coal extraction, overburden removal, coal loading and unloading, road transportation, rail rake loading and coordination, and coal trading — making it one of the few fully integrated mining service providers in the country. Its operations are concentrated across Maharashtra, Madhya Pradesh, and Chhattisgarh, with major customers being subsidiaries of Coal India Limited, particularly Western Coalfields Ltd. (WCL) and Northern Coalfields Ltd. (NCL). As of April 30, 2026, the company operates a fleet of 1,911 vehicles, plant and machinery (including 100 leased), comprising 883 tippers, 64 loaders, 162 excavators, and 362 tip trailers, and employs 5,521 personnel.
The company is now launching its maiden IPO on BSE and NSE. The total issue size is ₹450 crore — comprising a fresh issue of ₹400 crore and an OFS of ₹50 crore by promoters. The price band is set at ₹402 to ₹424 per share with a lot size of 35 shares, making the minimum retail investment ₹14,840. The IPO opens on 17 July 2026 and closes on 21 July 2026, with listing expected on 24 July 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 17 July 2026 |
| IPO Close Date | 21 July 2026 |
| Allotment Date | 22 July 2026 (Expected) |
| Refund Initiation | 23 July 2026 |
| Credit to Demat | 23 July 2026 |
| Listing Date | 24 July 2026 (Tentative) |
| Price Band | ₹402 – ₹424 per share |
| Face Value | ₹10 per share |
| Lot Size | 35 shares |
| Minimum Investment (Retail) | ₹14,840 (1 lot) |
| Maximum Investment (Retail) | ₹1,92,920 (13 lots = 455 shares) |
| Issue Size | ₹450 crore |
| Fresh Issue | 94,33,962 shares (₹400 crore) |
| Offer For Sale (OFS) | 11,79,245 shares (₹50 crore) |
Note: The company has already completed a Pre-IPO Placement of up to ₹100 crore (₹10,000 lakhs) prior to the public issue.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | Not more than 50% of Net Offer |
| Non-Institutional Investors (NII/HNI) | Not less than 15% of Net Offer |
| Retail Individual Investors (RII) | Not less than 35% of Net Offer |
OFS / Selling Shareholders
The OFS component of ₹50 crore (11,79,245 shares) is being offered by the promoters of the company:
- Mohit Satishkumar Chadda
- Anuj Krishanlal Chadda
- Manish Krishanlal Chadda
- Rahul Roshanlal Chadda
- Priya Anuj Chadda
The company will not receive any proceeds from the OFS portion. Only the fresh issue proceeds of ₹400 crore will be received by the company.
Objects of the Issue (Fund Utilization)
The company plans to use the net IPO proceeds (fresh issue of ₹400 crore) as follows:
- Repayment / prepayment of existing borrowings — to reduce high debt levels and strengthen the balance sheet
- Purchase of new mining machinery and equipment — to expand operational capacity
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: DAM Capital Advisors Limited
- Registrar to the Issue: KFin Technologies Limited
- Email: [email protected]
- Tel: +91 4067162222 / 18003094001
Promoters & Management
- Chairman & Managing Director: Mr. Mohit Satishkumar Chadda
- Other Promoters: Anuj Krishanlal Chadda, Manish Krishanlal Chadda, Rahul Roshanlal Chadda, and Priya Anuj Chadda
The promoter family has built the company from a trading entity (Caliber Mercantile Pvt. Ltd.) into one of India’s notable integrated coal mining and logistics operators, with a strong presence across Central India coalfields.
Company Details
Caliber Mining & Logistics Limited is a one-stop integrated mining services provider engaged in coal extraction, overburden removal, coal loading and unloading, road transportation, rail rake loading, and coal trading. The company does not own the mines it operates — it provides contractual mining services to mine-owning entities, primarily subsidiaries of Coal India Limited. The company served 49 customers in FY26, 53 in FY25, and 39 in FY24, reflecting a growing yet concentrated customer base.
Sectors Served:
- Coal Mining (Contractual / Outsourced Operations)
- Coal Logistics & Transportation
- Rail Coordination & Rake Loading
- Coal Trading
Key Services:
- Coal extraction and overburden removal at open-pit mines
- Coal loading, unloading, and road transportation
- Rail rake loading and coordination
- Coal trading
Key Capabilities:
- Fleet of 1,911 vehicles, plant and machinery as of April 30, 2026 (883 tippers, 64 loaders, 162 excavators, 362 tip trailers)
- Integrated model covering mining + logistics + rail + trading under one platform
- 5,521 employees as of April 30, 2026
Geographic Presence:
- Maharashtra (Western Coalfields Ltd. contracts)
- Madhya Pradesh (Northern Coalfields Ltd. contracts)
- Chhattisgarh
Registered / Corporate Office:
- MIDC Chandrapur Industrial Area, Plot No. B-38 to B-48, Maharashtra
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY24 | ₹957.92 | ₹95.90 | ₹243.14 |
| FY25 | ₹1,435.57 | ₹131.55 | ₹349.76 |
| FY26 | ₹1,684.66 | ₹157.90 | ₹430.91 |
Key Financial Metrics
- Revenue grew from ₹957.92 crore in FY24 to ₹1,684.66 crore in FY26 — a CAGR of ~33% over 2 years
- PAT grew from ₹95.90 crore in FY24 to ₹157.90 crore in FY26 — a CAGR of ~28% over 2 years
- EBITDA margin has improved steadily, reaching ~25.6% in FY26
- Order book stood at ₹9,550.89 crore as of May 15, 2026 — up from ₹5,668.30 crore as at March 31, 2026, providing strong earnings visibility
- P/E Ratio at upper price band: ~14.4x (based on FY26 PAT) — considered reasonable for the sector
- Debt/Equity Ratio: ~2.46x — relatively high, though a significant portion of IPO proceeds will be used for debt reduction
Company Strengths
- One of India’s few fully integrated mining service providers — covering coal extraction, overburden removal, logistics, rail coordination, and trading under a single platform
- Massive order book of ₹9,550.89 crore (as of May 2026), providing multi-year revenue visibility
- Long-standing relationships with Coal India subsidiaries — WCL and NCL — providing stable, recurring contract revenue
- Strong and consistent financial growth — revenue up ~76% and PAT up ~65% between FY24 and FY26
- Large and well-maintained fleet of 1,911 vehicles and machinery supporting scalable operations
- Reasonable IPO valuation at ~14.4x P/E compared to industry peers, with strong EBITDA margins
Key Risks & Challenges
- High Debt/Equity ratio of ~2.46x — though planned to be reduced through IPO proceeds, the current leverage is a concern
- Heavy dependence on Coal India contracts — a majority of revenues come from CIL subsidiaries; any policy change, budget cut, or contract non-renewal would directly impact business
- Company does not own the mines it operates — it depends on customers obtaining and maintaining all mining approvals, licences, and permits; any delay or cancellation halts work at affected sites
- Operational risks — accidents, flooding, equipment failure, diesel or water shortages at open-pit mining sites can reduce production or raise extraction costs
- Environmental and ESG risks — global and domestic pressure to transition away from coal could reduce long-term demand for coal mining support services
- Capital-intensive business — continuous need for fleet upgrades, machinery maintenance, and fuel costs make it sensitive to commodity price fluctuations
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
