All IPOs 
Caliber Mining & Logistics
Mainboard · BSE listed
+17.98%
Listing gain
Price Band
₹402 – ₹424
Issue Size
₹450 Cr
1 lot at upper band
₹14,840
Lot Size
35
Open
17 Jul 2026
Close
21 Jul 2026
Allotment
—
Listing
24 Jul 2026
Scheduled dates
- Open17 Jul 2026
- Close21 Jul 2026
- Refund23 Jul 2026
- Demat credit23 Jul 2026
- Listing24 Jul 2026
Listing Performance
Listing Price
₹500.25
Listing Gain
+17.98%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹60 7 sessions
Subscription (times)
Latest per-category subscription · as of 21 Jul, 04:20 pm IST.
QIB 240.71x
BHNI 293.26x
SHNI 214.45x
RII 40.05x
Total 146.01x
About Caliber Mining & Logistics
Caliber Mining and Logistics Limited is a mining operator managing overburden removal, coal extraction and coal logistics together as an integrated services provider. The company operates a fleet of 1,911 vehicles, plant and machinery as of April 30, 2026, comprising 883 tippers, 64 loaders, 162 excavators and 362 tip trailers. The company offers customers end-to-end services including coal extraction, overburden removal, coal loading and unloading, road transportation and coordination of rail transportation, making it a one-stop coal mining and logistics provider. The company's mining and overburden removal operations are located in Maharashtra, Madhya Pradesh and Chhattisgarh, with largest customers being mine owing subsidiaries of Coal India Limited, namely Western Coalfields Limited and Northern Coalfields Limited.
www.cmll.in ↗Strengths
- Fast growing, end-to-end coal mining and logistics solution providerThe 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 machineryThe 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 ordersThe 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 bookThe 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 performanceThe 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 teamThe 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
- Mining Operations Subject to Operating RisksThe 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 RiskThe 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 OptimizationThe 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 FluctuationsPower 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 ContractsThe 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 SaleThe 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 TransactionsThe 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 RequiredMining 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.
Objects of the Issue
- Repayment/prepayment of certain borrowingsThe 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.208.00 crores
- Funding capital expenditure for purchase of commercial vehicles, plant and machineryThe 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.167.00 crores
- General corporate purposesThe 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.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 1684.66 | +75.9% | 157.90 | +64.7% | 2077.39 | 647.54 | 411.04 |
| 31/03/2025 | 1435.57 | — | 131.55 | — | 1404.09 | 489.30 | 278.37 |
| 31/03/2024 | 957.92 | — | 95.90 | — | 1279.18 | 295.93 | 48.22 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 15.02
- ROCE
- 16.60%
- Shares / Lot
- 35
- Minimum Bid
- 35 shares
- Refund
- 23 Jul 2026
- Credit to Demat
- 23 Jul 2026
- 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
Management
Mohit Satishkumar ChaddaMD
Manish Krishanlal ChaddaCEO
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.