Caliber Mining & Logistics IPO is a book-built public issue worth ₹450 crore. The issue is a combination of a fresh issue of 94,33,962 equity shares aggregating up to ₹400 crore and an Offer for Sale (OFS) of 11,79,245 equity shares aggregating up to ₹50 crore. While the proceeds from the fresh issue will go to the company, the proceeds from the OFS portion will go to the selling shareholders.
The IPO will open for subscription on July 17, 2026, and close on July 21, 2026. The share allotment is expected to be finalised on July 22, 2026, while the shares are tentatively scheduled to list on the NSE and BSE on July 24, 2026.
The company has fixed the price band at ₹402 to ₹424 per share. Investors can apply for a minimum of 35 shares, requiring an investment of ₹14,840 at the upper end of the price band. For sNII investors, the minimum application is 490 shares (14 lots), amounting to ₹2,07,760. For bNII investors, the minimum application size is 2,380 shares (68 lots), requiring an investment of ₹10,09,120.
DAM Capital Advisors Limited is managing the issue as the book-running lead manager, while KFin Technologies Limited has been appointed as the registrar. Investors should refer to the Red Herring Prospectus (RHP) for complete details about the IPO.
Company Overview
Incorporated in 2014, Caliber Mining and Logistics Limited is an integrated service provider specialising in coal extraction and coal logistics. Headquartered in Maharashtra, the company offers end-to-end mining and logistics services, including coal extraction, overburden removal, coal loading and unloading, road transportation, rake loading and rail transportation coordination for the mining industry.
The company’s operations span five key areas. In coal mining services, it extracts coal and removes overburden through mining contracts with mine-owning customers, with operations focused on open-cast mining using excavators, dozers and trucks. In logistics, it provides loading, transportation and unloading services for coal and iron ore using a large fleet, governed by work orders specifying terms such as price and delivery schedules. It also offers rake loading services, loading coal onto rail rakes along with wagon inspection and cleaning, and rail coordination services for power plants covering coal allocation, quality, rake placement, loading, weighing and timely delivery. In addition, the company engages in coal trading, buying coal from WCL and the open market and selling it to power plants and traders.
The company’s largest customers are subsidiaries of Coal India Limited (CIL), including Western Coalfields Limited (WCL) and Northern Coalfields Limited (NCL). Its mining and overburden removal operations are located in Maharashtra, Chhattisgarh and Madhya Pradesh.
As of April 30, 2026, the company had a fleet of 1,911 vehicles, plant and machinery, including 100 that are leased, comprising 883 tippers, 64 loaders, 162 excavators and 362 tip trailers. As of the same date, the company had 5,521 employees.
Industry Context
- India is the world’s second-largest coal consumer, accounting for 14% of global coal consumption in 2024. Domestic coal consumption increased from 15.8 EJ (Exajoules, a unit of energy consumption) in 2014 to 23 EJ in 2024, reflecting rising energy demand.
- Coal remains India’s dominant energy source, contributing 56% of the country’s primary energy mix and generating around 73% of electricity in FY2025, highlighting its continued importance despite the rapid growth of renewable energy.
- India holds the fifth-largest coal reserves globally, with around 111,052 MT (million tonnes), representing nearly 10% of global reserves. At current production levels, these reserves are estimated to last for approximately 75 years.
- India is the world’s second-largest coal producer, with production increasing from 7,751 MT (million tonnes) in 2020 to 9,242 MT in 2024, growing at a 4.5% CAGR (Compound Annual Growth Rate) over the period.
- The power sector accounts for around 70% of India’s coal consumption, while coal-fired plants contribute 215 GW (gigawatts, a unit of power generation capacity) out of the country’s 475 GW installed power capacity in FY2025, supporting key industries such as steel and cement.
Business Strengths
- Led by promoters with over 10-15 years of industry experience, the company has successfully diversified into mining excavation, transportation, unloading, offloading and coal trading, driving revenue growth from ₹95,312 lakh in FY24 to ₹167,766 lakh in FY26.
- The company operates a fully equipped in-house maintenance workshop in Maharashtra, helping reduce operating costs, extend the life of vehicles beyond 15 years and improve overall operational efficiency and profitability.
- Long-standing relationships with major customers, including Coal India Limited (CIL), and a healthy order book of ₹9,55,089 lakh as of May 15, 2026, provide strong revenue visibility and business stability.
- A fleet of 1,811 owned vehicles and 100 leased vehicles, combined with preferential diesel procurement and in-house maintenance capabilities, helps lower operating expenses and strengthen EBITDA and PAT margins.
- The company’s financial position remains strong, with net worth increasing to ₹64,754 lakh as of March 31, 2026, supported by reserve accruals, equity infusion and a CRISIL BBB+/Stable credit rating.
Business Risks
- The company’s revenue depends heavily on winning competitive mining and logistics tenders. Aggressive bidding, project execution delays or payment delays could affect profitability, cash flows and working capital requirements.
- A significant portion of revenue comes from a limited number of customers, with the top three contributing 90.11% and Northern Coalfields Limited alone accounting for 44.16% in FY26.
- The business is exposed to operational risks such as accidents, flooding, equipment failures and disruptions in diesel or water supply, which could increase costs and adversely impact operations.
- The company has a moderately leveraged capital structure, with a gearing ratio of around 1.6 times as of March 31, 2026, reflecting reliance on external debt for equipment and working capital.
- Mining services and logistics revenue depends on securing large contracts and maintaining adequate freight volumes. Failure to win new contracts or achieve targeted margins could impact financial performance.
Financial Performance
Caliber Mining & Logistics Limited – Financials (₹ in lakhs) (Restated)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Total Assets | 2,07,738.88 | 1,40,409.43 | 1,27,918.39 |
| Net Worth | 64,754.31 | 48,929.71 | 29,593.38 |
| EBITDA | 43,791.47 | 35,492.92 | 24,795.23 |
| Profit After Tax | 15,790.04 | 13,154.88 | 9,590.16 |
| Net asset value per equity share (₹) | 120.85 | 91.32 | 58.03 |
| Return on net worth (in %) | 24.38% | 26.89% | 32.41% |
| Net Debt / Equity Ratio (x times) | 1.62x | 1.33x | 2.44x |
(Source: RHP)
Key Ratios & Metrics
| Key Performance Indicator (KPI) | Mar 31, 2026 |
|---|---|
| ROCE | 16.60% |
| RoNW | 24.38% |
| Debt/Equity | 1.63 |
| PAT Margin | 9.41% |
| EBITDA Margin | 25.69% |
| Price to Book Value | 7.33 |
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 17 – 21 July, 2026 |
| Allotment | Wednesday, July 22, 2026 |
| Listing Date | Friday, July 24, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹402 to ₹424 per share |
| Lot Size | 35 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Issue cum Offer for Sale (OFS) |
| Total Issue Size | 1,06,13,207 shares (agg. up to ₹450 crore) |
| Fresh Issue | 94,33,962 shares (agg. up to ₹400 crore) |
| Offer for Sale | 11,79,245 shares of ₹10 (agg. up to ₹50 crore) |
| Shareholding Pre-Issue | 5,59,41,823 shares |
| Shareholding Post-Issue | 6,53,75,785 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Objects of the Issue
The company proposes to utilise the net proceeds from the fresh issue towards the following objects:
| Issue Objects | Est. Amt (₹ lakh) |
|---|---|
| Repayment/prepayment, in full or part, of certain borrowings availed by the company | 20,800.00 |
| Funding capital expenditure for purchase of machinery | 16,700.00 |
| Remaining funds for general corporate purposes | – |
Conclusion
Caliber Mining and Logistics Limited operates as an integrated coal mining and logistics service provider, with a presence across coal extraction, overburden removal, transportation, rake loading and rail coordination. Its long-standing relationships with Coal India subsidiaries, large equipment fleet, strong order book and consistent growth in revenue and profitability have helped the company build a meaningful position in a capital-intensive industry with high entry barriers.
Before applying, investors should carefully evaluate the company’s financial performance, valuation, industry outlook, competitive strengths and the risks highlighted in the Red Herring Prospectus (RHP) to make an informed investment decision.
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