Caliber Mining & Logistics IPO is a book-built issue worth ₹450 crore. The IPO consists of a fresh issue worth ₹400 crore and an offer for sale (OFS) worth ₹50 crore, aggregating 1.06 crore equity shares. The IPO opens for subscription on July 17, 2026, and closes on July 21, 2026. The allotment is expected to be finalised on July 22, 2026, with tentative listing on the BSE and NSE scheduled for July 24, 2026.
The IPO is priced in a band of ₹402 - ₹424 per share. Retail investors must apply for a minimum of 1 lot comprising 35 shares, requiring an investment of ₹14,840 at the upper price band. HNI investors must apply for a minimum of 14 lots (490 shares), amounting to ₹2,07,760.
Dam Capital Advisors Limited is the book-running lead manager to the issue, and Kfin Technologies Limited is the registrar.
Industry Outlook
Coal and iron ore remain key to India's mining sector, contributing around 86% of the gross value added (GVA) generated by the mining and quarrying industry in Fiscal 2025.
Coal continues to dominate India's energy mix, accounting for over 56% of primary commercial energy consumption and 75% of electricity generation. It is expected to contribute more than 60% of power generation through Fiscal 2030.
Domestic coal demand continues to outpace supply. Coal demand is projected to increase from 1,219 million tonnes (MT) in Fiscal 2025 to 1,463 MT by Fiscal 2030, reflecting a 3.7% CAGR, while India imported around 244 MT of coal in Fiscal 2025.
The Government of India is expanding domestic coal production. Under Coal India Limited's '1 BT Plan', raw coal production is targeted to reach 1,000 MT by Fiscal 2027, up from 781 MT in Fiscal 2025.
Contract mining is witnessing rapid growth as state-owned miners increasingly outsource mining operations. The contract mining market is projected to grow at a 17.4% CAGR, expanding from ₹29,72,900 lakh in Fiscal 2025 to ₹66,39,300 lakh by Fiscal 2030.
Mineral logistics is expected to expand steadily, with the overall mineral transportation market projected to grow at a 10.3% CAGR, from ₹1,36,40,100 lakh in Fiscal 2024 to ₹2,45,62,300 lakh by Fiscal 2030.
Coal and iron ore transportation will continue to drive logistics demand, with coal expected to account for 73% and iron ore 13% of the mineral logistics market by Fiscal 2030.
The road transportation market for coal and iron ore, the company's primary operating segment, is expected to grow from ₹60,69,500 lakh in Fiscal 2024 to ₹89,88,300 lakh by Fiscal 2030, registering a 6.8% CAGR.
Government reforms are supporting industry growth, including commercial coal mining, 100% FDI in commercial coal mining, reopening of discontinued mines, and the expansion of the Mine Developer and Operator (MDO) model to increase private sector participation.
Caliber Mining & Logistics IPO Objectives
The company proposes to utilise the net proceeds from the issue for the following purposes:
₹20,800 lakh towards the repayment or prepayment, in full or in part, of certain borrowings availed by the company.
₹16,700 lakh for capital expenditure, including the purchase of commercial vehicles, plant and machinery.
The remaining amount will be used for general corporate purposes.
About Caliber Mining & Logistics Limited
Caliber Mining & Logistics Limited (formerly Caliber Mercantile Private Limited) is an integrated mining services company engaged in overburden (OB) removal, coal extraction and mineral logistics.
The company operates across five business verticals. In Fiscal 2026, Coal Mining Services was the largest contributor, accounting for 86.08% (₹1,44,417.52 lakh) of revenue, followed by Logistics at 12.44% (₹20,867.09 lakh), Coal Trading at 0.92% (₹1,537.22 lakh), Rake Loading at 0.54% (₹911.46 lakh), and Rail Coordination Services at 0.02% (₹32.81 lakh).
The company's major customers include subsidiaries of Coal India Limited (CIL), particularly Western Coalfields Limited (WCL) and Northern Coalfields Limited (NCL), which together contributed 85.11% of revenue from operations in Fiscal 2026. Other key customers include KSR Freight Carriers, GMR Warora Energy Limited, Dhariwal Infrastructure Limited, and Adani Power Limited.
The company primarily operates in Maharashtra and Madhya Pradesh, with a smaller presence in Uttar Pradesh. It is also bidding for projects in Odisha and Jharkhand as part of its expansion strategy.
As of April 30, 2026, the company operated a fleet of 1,911 assets, including 1,811 owned and 100 leased vehicles, plant and machinery. The fleet includes 883 mining tippers/dump trucks, 362 tip trailers/trucks, 162 excavators, 64 loaders, 65 bulldozers and 32 graders, supporting mining and logistics operations.
Financial Performance of Caliber Mining & Logistics Limited
Particulars | Year ending on March 31, 2026 | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
Revenue from Operations (₹ Lakh) | 1,67,766.09 | 1,43,040.38 | 95,311.60 |
Growth in Revenue from Operations (%) | 17.29% | 50.08% | 45.51% |
EBITDA (₹ Lakh) | 43,091.96 | 34,976.77 | 24,314.43 |
EBITDA Margin (%) | 25.69% | 24.45% | 25.51% |
PAT (₹ Lakh) | 15,790.04 | 13,154.88 | 9,590.16 |
PAT Margin (%) | 9.41% | 9.20% | 10.06% |
RoE (%) | 27.78% | 33.51% | 38.63% |
RoCE (%) | 16.60% | 20.68% | 16.81% |
Debt to Equity Ratio (Times) | 1.62 | 1.33 | 2.44 |
Caliber Mining & Logistics Limited Peer Details Comparison
Company Name | Face Value (₹) | EPS (Diluted) | RONW (%) | NAV (₹) | Revenue from Operations (₹ Lakh) |
Caliber Mining and Logistics Limited | 10.00 | 29.47 | 24.38% | 120.85 | 1,67,766.09 |
Power Mech Projects Limited | 10.00 | 115.12 | 15.90% | 818.90 | 6,06,157.00 |
NCC Limited | 2.00 | 10.76 | 9.02% | 127.88 | 20,82,300.00 |
Sindhu Trade Links Limited | 1.00 | 0.27 | 2.54% | 14.66 | 52,408.11 |
Dilip Buildcon Limited | 10.00 | 86.08 | 20.09% | 428.55 | 8,98,393.12 |
Strengths and Opportunities of Caliber Mining & Logistics IPO
Integrated business model offering overburden (OB) removal, coal extraction and logistics services under one platform.
Large operational fleet of 1,911 assets (1,811 owned and 100 leased) supported by in-house maintenance facilities.
Healthy unexecuted order book of ₹9,55,089.08 lakh (as of May 15, 2026), providing medium-term revenue visibility.
Long-term sourcing arrangements for high-speed diesel (HSD) help optimise operating costs.
Strong customer base led by Coal India Limited (CIL) subsidiaries, with WCL and NCL together contributing 85.11% of Fiscal 2026 revenue.
Rising outsourcing of coal mining and overburden removal by Coal India is expected to expand the contract mining market.
Large pipelines of upcoming mining tenders as CIL plans to develop new mines over the coming years.
Expansion into Odisha and Jharkhand could diversify the company's geographical presence.
Growth potential in iron ore logistics and other mineral transportation segments supported by increasing infrastructure development.
Risks and Threats of Caliber Mining & Logistics IPO
High dependence on a few customers, with the top three customers contributing 90.11% of Fiscal 2026 revenue. NCL and WCL together accounted for 85.11% of revenue.
Elevated debt levels, with total borrowings of ₹1,05,761.27 lakh as of March 31, 2026, resulting in a relatively high debt-to-equity ratio.
Revenue depends significantly on securing and executing large mining contracts, making the business vulnerable to delays, cancellations or unsuccessful bids.
Operations are highly fuel-intensive, exposing the company to diesel price volatility, which could impact margins.
Mining operations are subject to operational, safety, and environmental risks, including accidents, regulatory compliance, and project disruptions.
Geographic concentration in Maharashtra and Madhya Pradesh increases exposure to regional disruptions, while monsoon seasons can affect mining activity.
The company and its promoters are involved in ongoing tax and legal proceedings, and the company has reported certain past regulatory non-compliances.
Caliber Mining & Logistics IPO Reservation
Investor Category | Reservation |
Qualified Institutional Buyers (QIBs) | Not more than 50% of the Net Offer |
Retail Individual Investors (RIIs) | Not less than 35% of the Net Offer |
Non-Institutional Investors (NIIs) | Not less than 15% of the Net Offer |
Caliber Mining & Logistics IPO Promoter Holding
The promoters of the company are Mohit Satishkumar Chadda, Anuj Krishanlal Chadda, Manish Krishanlal Chadda, Rahul Roshanlal Chadda, and Priya Anuj Chadda.
Share Holding Pre-Issue
| 90.91% |
Share Holding Post Issue | NA |
Caliber Mining & Logistics IPO Prospectus
Caliber Mining & Logistics IPO Registrar and Lead Managers
Caliber Mining & Logistics IPO Lead Managers
Dam Capital Advisors Limited
Registrar for Caliber Mining & Logistics IPO
Kfin Technologies Limited
Contact Number: 040-79615565
Email Address: cmll.ipo@kfintech.com
Caliber Mining & Logistics IPO Registrar
How To Apply for Caliber Mining & Logistics IPO Online?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Caliber Mining & Logistics IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the Caliber Mining & Logistics IPO?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Caliber Mining & Logistics IPO
Registered Office: MIDC Chandrapur Industrial Area, Plot No. B-38 to B-48, Chinchala Chandrapur, Maharashtra, 442406
Phone: +91 7122996128
E-mail: investors@cmll.in
