Caliber Mining & Logistics
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 240.71×
- Big non-institutionalbNII · above ₹10 lakh
- 293.26×
- Small non-institutionalsNII · ₹2–10 lakh
- 214.45×
- Retail individualRII · up to ₹2 lakh
- 40.05×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 24 Jul 2026 | ₹60 | — | ₹1,600 | — | ₹2,100 |
| 23 Jul 2026 | ₹64 | — | ₹1,700 | — | ₹2,240 |
| 22 Jul 2026 | ₹80 | — | ₹2,100 | — | ₹2,800 |
| 21 Jul 2026 | ₹71 | — | ₹1,900 | — | ₹2,485 |
| 20 Jul 2026 | ₹94 | — | ₹2,500 | — | ₹3,290 |
| 19 Jul 2026 | ₹115 | — | ₹3,100 | — | ₹4,025 |
| 18 Jul 2026 | ₹117 | — | ₹3,100 | — | ₹4,095 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 17 Jul 2026 – 21 Jul 2026
- Listing date
- 24 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹402 – ₹424
- Issue price
- ₹424 per share
- Lot size
- 35 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹450 Cr
- Fresh issue
- ₹400 Cr 94,33,962 shares
- Offer for sale
- ₹50 Cr 11,79,244 shares
- Market cap at offer price
- ₹2,772 Cr
- Promoter holding
- 88.79% → 74.18% pre-issue → post-issue
- ISIN
- INE11XY01018
- CIN
- U74999MH2014PLC255811
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Dam Capital Advisors Ltd.
- Registered office
- MIDC Chandrapur Industrial Area, Plot No. B-38 to B-48, Chinchala Village, Chandrapur – 442406, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 22,38,805 | 28.57% | 28.57% |
| Anchor investor · within QIB | 31,83,961 | — | 40.63% |
| NII (HNI) | 16,79,105 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 11,19,404 | — | 14.29% |
| sNII < ₹10L · within NII | 5,59,701 | — | 7.14% |
| Retail (RII) | 39,17,911 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 78,35,821 | — | 100.00% |
Net offer to the public of 78,35,821 shares, out of a total issue of 78,35,821. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 35 shares per lot, in multiples, at ₹424
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 35 | ₹14,840 |
| Retail (max) | 13 | 455 | ₹1,92,920 |
| S-HNI (min) | 14 | 490 | ₹2,07,760 |
| S-HNI (max) | 67 | 2,345 | ₹9,94,280 |
| B-HNI (min) | 68 | 2,380 | ₹10,09,120 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹424 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 28.23 | 24.15 |
| P/E (×) | 15.02 | 17.56 |
| Price to book (×) | 7.33 | — |
| Market cap | — | ₹2,772 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 24.38%
- ROCE
- 16.60%
- Debt / equity
- 1.63
- PAT margin
- 9.41%
- EBITDA margin
- 25.69%
- NAV per share
- ₹120.85
- Price to book
- 7.33
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 1,684.66 | 1,435.57 | 957.92 |
| Revenue from operations | 1,677.66 | 1,430.4 | 953.12 |
| Other income | 7 | 5.16 | 4.81 |
| Total expenses | 1,465.01 | 1,258.38 | 829.52 |
| Operating profit | 219.65 | 177.19 | 128.4 |
| Operating margin | 13.04% | 12.34% | 13.40% |
| Profit before tax | 212.55 | 177.01 | 124.72 |
| Profit after tax | 157.9 | 131.55 | 95.9 |
| PAT margin | 9.37% | 9.16% | 10.01% |
| Balance sheet | |||
| Total assets | 2,077.39 | 1,404.09 | 1,279.18 |
| Current assets | 610.9 | 452.35 | 407.99 |
| Current liabilities | 596.58 | 431.73 | 438.43 |
| Total liabilities | 1,429.85 | 914.8 | 983.25 |
| Net worth | 647.54 | 489.3 | 295.93 |
| Current ratio | 1.02× | 1.05× | 0.93× |
| Return on equity | 24.38% | 26.89% | 32.41% |
| Cash flow | |||
| Operating cash flow | 411.04 | 278.37 | 48.22 |
| Investing cash flow | -691.92 | -157.41 | -327.31 |
| Financing cash flow | 285.39 | -121.49 | 276.49 |
| Net cash flow | 4.51 | -0.53 | -2.6 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/prepayment of certain borrowings ₹208 Cr
The company proposes to utilize funds for full or partial repayment/prepayment of certain borrowings availed from banks and financial institutions. This will help reduce outstanding indebtedness, debt servicing costs, improve debt to equity ratio and enable utilization of accruals for business growth.
2 Funding capital expenditure for purchase of commercial vehicles, plant and machinery ₹167 Cr
The company intends to purchase commercial vehicles, plant and machinery including bulldozers, excavators, mining tippers-dump trucks, graders etc. to increase operational efficiency, enhance market position and provide additional capabilities for future contracts and tenders.
3 General corporate purposes —
The company proposes to deploy balance proceeds towards general corporate purposes including business development initiatives, meeting expenses like salaries, rent, administration costs, insurance premiums, repairs and maintenance, payment of taxes and duties in ordinary course of business.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Mohit Satishkumar Chadda | Promoter Selling Shareholder | not yet stated | ₹0.34 |
| Anuj Krishanlal Chadda | Promoter Selling Shareholder | not yet stated | ₹0.25 |
| Manish Krishanlal Chadda | Promoter Selling Shareholder | not yet stated | ₹0.42 |
| Rahul Roshanlal Chadda | Promoter Selling Shareholder | not yet stated | ₹0.26 |
About Caliber Mining & Logistics
Caliber Mining and Logistics Limited (formerly Caliber Mercantile Private Limited) is a mining operator that manages overburden removal, coal extraction, and coal logistics as an integrated services provider. The company has developed a fleet of 1,911 vehicles and machinery as of April 30, 2026, and serves primarily the subsidiaries of Coal India Limited—Western Coalfields Limited (WCL) and Northern Coalfields Limited (NCL). Revenue grew at a CAGR of 32.67% from ₹95,311.60 lakhs in Fiscal 2024 to ₹1,67,766.09 lakhs in Fiscal 2026. The company operates as a one-stop coal mining and logistics provider offering end-to-end services including coal extraction, overburden removal, coal loading and unloading, road transportation, and rail transportation coordination. The company also provides rake loading services and rail coordination services, and has a small coal trading business. As of April 30, 2026, the workforce comprised 5,521 employees.
Management
Mohit Satishkumar Chadda
MD
Manish Krishanlal Chadda
CEO
Strengths
As stated in the offer document
Fast growing, end-to-end coal mining and logistics solution provider
The company is a mining operator managing overburden removal, coal extraction and coal logistics together as an integrated services provider with a fleet of 1,911 vehicles, plant and machinery. Revenue from operations grew at a CAGR of 32.67% from ₹95,311.60 lakhs in Fiscal 2024 to ₹1,67,766.09 lakhs in Fiscal 2026.
Strong asset base with comprehensive fleet of vehicles and machinery
The company owned 1,811 and leased 100 vehicles, plant and machinery as of April 30, 2026, comprising 883 tippers, 64 loaders, 162 excavators and 362 tip trailers, representing a strong asset base in the mining contracting business.
Execution experience and operational efficiencies yielding opportunities for new L-1 orders
The company has been able to grow business, win new tenders and grow order book due to execution experience and operations efficiencies that allow offering competitive rates. Mining operations are located within a 40 km radius allowing efficient operation and maintenance.
Growing share of business in mining industry backed by strong order book
The company benefits from an Order Book of ₹9,55,089.08 lakhs as of May 15, 2026, of which 95.90% comprised coal mining services and overburden removal services. Revenue from coal mining services increased 118.22% from ₹66,179.74 lakhs in Fiscal 2024 to ₹1,44,417.52 lakhs in Fiscal 2026.
Proven track record of growth with robust financial performance
The company has a consistent track record of delivering operating profitability with Operating EBITDA growing by 77.23% from ₹24,314.43 lakhs in Fiscal 2024 to ₹43,091.96 lakhs in Fiscal 2026. PAT grew by 64.65% from ₹9,590.16 lakhs in Fiscal 2024 to ₹15,790.04 lakhs in Fiscal 2026.
Rich industry experience and legacy led promoters supported by strong management team
The company is led by promoters with industry rich experience in mining and logistics business, supported by an experienced team of 312 managers and administration employees as of April 30, 2026, enabling understanding of market trends and business operations.
Risk factors
As stated in the offer document
Mining Operations Subject to Operating Risks
The company's mining operations are subject to operating risks including flooding, equipment failures, unavailability of diesel fuel and water which could result in decreased production or increased costs. Mining accidents, disruptions due to truck machinery failures, and operational hazards could disrupt operations, cause property damage or injury/fatalities among workforce.
High Customer Concentration Risk
The company derives 90.11% of revenue from operations from its top three customers in Fiscal 2026, with Northern Coalfields Limited contributing 44.16% alone. Loss of any top customers could adversely affect business operations and financial condition due to heavy dependence on limited customer base.
Logistics Business Dependent on Freight Volume Optimization
The company's logistics business success depends on generating sufficient freight volumes of coal and iron ore to achieve desired profit margins. High fixed costs typical in the business do not vary significantly with freight volume variations, making small changes in volumes significantly impact financial performance.
High Dependence on Power, Fuel and Materials Cost Fluctuations
Power and fuel expenses represented 53.51% of total expenses in Fiscal 2026 (₹78,391.48 lakhs). The company uses significant quantities of diesel fuel, lubricants, tyres, steel and spare parts. Increases in costs or inability to obtain sufficient quantities could increase operating expenses and disrupt production.
Dependence on Large-Scale Mining Contracts
The company is dependent on large-scale mining contracts (over ₹100,000 lakhs) which represented 76.12% of revenue from operations in Fiscal 2026. This increases potential volatility of results and exposure to individual contract risks, with uncertainty in future contract awards.
No Proceeds from Offer for Sale
The company will not receive any proceeds from the Offer for Sale portion. Selling Shareholders will receive net proceeds from Offer for Sale, limiting the company's ability to utilize funds for business growth and expansion from this portion of the offering.
Significant Related Party Transactions
The company has entered into various related party transactions including transportation payments, sales of services, and unsecured loans. Total related party transactions have exceeded 10% of similar nature transactions in recent fiscal years, creating potential conflicts of interest.
Extensive Regulatory Approvals and Permits Required
Mining operations require various approvals, licenses and permits which customers must obtain. The company is responsible for obtaining labour licenses and PESO approvals for diesel storage. Failure to comply with necessary licenses and permits could materially affect business operations.
Company Analysis
from RHPCaliber Mining and Logistics Limited is an integrated coal mining services and logistics provider offering end-to-end services including overburden removal, coal extraction, loading, unloading, road transportation, and rail coordination across Maharashtra, Madhya Pradesh, and Chhattisgarh.
Caliber Mining and Logistics Limited (formerly Caliber Mercantile Private Limited) is a mining operator that manages overburden removal, coal extraction, and coal logistics as an integrated services provider. The company has developed a fleet of 1,911 vehicles and machinery as of April 30, 2026, and serves primarily the subsidiaries of Coal India Limited—Western Coalfields Limited (WCL) and Northern Coalfields Limited (NCL). Revenue grew at a CAGR of 32.67% from ₹95,311.60 lakhs in Fiscal 2024 to ₹1,67,766.09 lakhs in Fiscal 2026. The company operates as a one-stop coal mining and logistics provider offering end-to-end services including coal extraction, overburden removal, coal loading and unloading, road transportation, and rail transportation coordination. The company also provides rake loading services and rail coordination services, and has a small coal trading business. As of April 30, 2026, the workforce comprised 5,521 employees.
Objects of the Issue
- Repayment/prepayment, in full or part, of certain borrowings availed by our Company p.8
- Funding capital expenditure for purchase of commercial vehicles, plant and machinery p.8
- General corporate purposes p.8
Issue Structure
- Total Issue
- ₹45,000.00 lakhs
- Fresh Issue
- ₹40,000.00 lakhs
- Offer for Sale
- ₹5,000.00 lakhs
- Face Value
- ₹10 per equity share
Business Model
The company earns revenue through five primary service lines: (1) Coal mining services—coal extraction and overburden removal on a contractual basis; (2) Coal logistics—loading, unloading, and road transportation of coal and iron ore using an owned fleet of 1,811 vehicles plus 100 leased; (3) Rake loading—loading coal onto rail rakes using company machinery; (4) Rail coordination services—assisting customers to coordinate movement of coal by rail on Indian Railways; and (5) Coal trading—buying and selling of coal. In Fiscal 2026, coal mining services contributed 86.08% of revenue, coal logistics 12.44%, rake loading 0.54%, rail coordination services 0.02%, and coal trading 0.92%.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mohit Satishkumar Chadda | Promoter/Promoter Selling Shareholder | 34.00% | — |
| Anuj Krishanlal Chadda | Promoter/Promoter Selling Shareholder | 24.09% | — |
| Manish Krishanlal Chadda | Promoter/Promoter Selling Shareholder | 11.94% | — |
| Rahul Roshanlal Chadda | Promoter/Promoter Selling Shareholder | 18.50% | — |
| Priya Anuj Chadda | Promoter | 0.21% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.