Caliber Mining IPO

Caliber Mining and Logistics Limitedcmll.in

ListedMainboardIndustrialsNSE · BSE

Price band: ₹402 – ₹424
Issue size: ₹450 Cr
Lot size: 35 sh
Bidding: 17 – 21 Jul
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Caliber Mining and Logistics is a Chandrapur-based contract open-cast coal miner and coal logistics operator; the record's business description states it owns no coal mines, works under contracts with mine owners across Maharashtra, Madhya Pradesh and Chhattisgarh, and names its main customers as subsidiaries of Coal India, Western Coalfields and Northern Coalfields. Revenue was Rs 953.12 Cr in FY24, Rs 1,430.40 Cr in FY25 and Rs 1,677.66 Cr in FY26, with profit after tax of Rs 95.90 Cr, Rs 131.55 Cr and Rs 157.90 Cr; at the same three year-ends borrowings were Rs 717.88 Cr, Rs 649.27 Cr and Rs 1,057.61 Cr against net worth of Rs 295.93 Cr, Rs 489.30 Cr and Rs 647.54 Cr. The Rs 450 Cr issue, Rs 400 Cr of it fresh and Rs 50 Cr an offer for sale, was priced in a band of Rs 402 to Rs 424 and was subscribed 146.64 times overall by day three. It listed on 24 July 2026 at Rs 500.25, closed its first day at Rs 528.20, and last traded at Rs 510.20 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

69Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Caliber Mining, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Leveraged balance sheet
Debt-to-equity of 1.6× leaves limited headroom if demand softens or rates rise.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2014 · Chandrapur, Maharashtra, India · 5,521 employees

Caliber Mining and Logistics Limited is a contract mining and coal logistics company based in Chandrapur, Maharashtra. It does not own any coal mines. Under contracts with mine owners it removes overburden and extracts coal at open-cast sites in Maharashtra, Madhya Pradesh and Chhattisgarh, then handles the coal downstream: loading and unloading, road haulage, loading rail rakes, and coordinating rake placement, weighing and delivery for power plants. It also buys and resells small volumes of coal. Its main customers are subsidiaries of Coal India — Western Coalfields and Northern Coalfields — and its single largest customer supplied 44.16% of Fiscal 2026 revenue from operations. As of April 30, 2026 it operated 1,811 owned and 100 leased vehicles and machines and employed 5,521 people.

Revenue is contract fees billed on volumes excavated and moved. In Fiscal 2026 coal mining services — extraction and overburden removal — generated ₹1,444.18 crore, 86.08% of ₹1,677.66 crore revenue from operations; coal logistics added 12.44%, rake loading 0.54%, rail coordination 0.02% and coal trading 0.92%. Production is fuel- and capital-intensive: power and fuel cost ₹783.91 crore in Fiscal 2026, employee benefits ₹186.84 crore and depreciation ₹137.02 crore, against operating EBITDA of ₹430.92 crore. Fleet growth is debt-funded — borrowings rose to ₹1,057.61 crore at March 31, 2026 from ₹649.27 crore a year earlier. The structural constraint is concentration: the top three customers were 90.11% of Fiscal 2026 revenue, and new work is won at L-1 tender pricing.

The company on paper

Legal name: Caliber Mining and Logistics Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 3 Jul 2014
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U74999MH2014PLC255811
Sector: Industrials · Contract open-cast coal mining and coal logistics services
Employees: 5,521
Registered office: Chandrapur, Maharashtra, India
Promoters: Mohit Satishkumar Chadda, Anuj Krishanlal Chadda, Manish Krishanlal Chadda, Rahul Roshanlal Chadda, Priya Anuj Chadda
Promoter holding, pre-issue: 88.8%
Promoter holding, post-issue: 74.2%
Website: cmll.in

The numbers

Financial performance

Revenue has compounded at 32.7% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

89% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹400 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹50.00 Cr
Total issue size: ₹450 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 14.6% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription146.64×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹424.00
Listed at: ₹500.25
Listing gain: up 18.0%
Since listing: up 5.8%
Against the issue price: up 24.8%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 35
At cut-off price: ₹424.00
Amount blocked: ₹14,840

One lot is 35 shares at ₹14,840. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~2%

chance of one lot, per application

Retail subscription: 41.15×
Applicants per share available: 41.1× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹500.25

listed at, 18.0% against the issue price

Issue price: ₹424.00
Premium said: —
If allotted 35 shares: ₹2,669

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose in both periods the record covers: from Rs 953.12 Cr in FY24 to Rs 1,430.40 Cr in FY25, up 50.08%, and to Rs 1,677.66 Cr in FY26, up a further 17.29%.
Profit after tax also rose in both periods, from Rs 95.90 Cr in FY24 to Rs 131.55 Cr in FY25 (up 37.17%) and Rs 157.90 Cr in FY26 (up 20.03%). Net worth at the same three year-ends was Rs 295.93 Cr, Rs 489.30 Cr and Rs 647.54 Cr.
EBITDA margin sat in a narrow range across all three years on record: Rs 243.14 Cr on Rs 953.12 Cr is 25.51% in FY24, Rs 349.77 Cr on Rs 1,430.40 Cr is 24.45% in FY25, and Rs 430.92 Cr on Rs 1,677.66 Cr is 25.69% in FY26.
The book was subscribed 146.64 times overall on day three, 21 July 2026, the closing day, with QIB at 240.71 times, NII at 267.36 times and retail at 41.15 times. Rs 400 Cr of the Rs 450 Cr issue, 88.89%, was fresh capital, and promoter holding went from 88.75% pre-issue to 74.18% post-issue.

What to weigh against it

Customer concentration is high in the one year the record measures it: the business description puts the single largest customer at 44.16% of Fiscal 2026 revenue from operations and the top three at 90.11%. The record gives no equivalent figure for FY24 or FY25, and its keyCustomers array is empty.
Borrowings did not move in one direction across the three years: Rs 717.88 Cr at FY24, Rs 649.27 Cr at FY25 and Rs 1,057.61 Cr at FY26, the last an increase of Rs 408.34 Cr, or 62.89%, over FY25. Against net worth of Rs 295.93 Cr, Rs 489.30 Cr and Rs 647.54 Cr, borrowings ran at 2.43x, 1.33x and 1.63x. The business description states that fleet growth is debt-funded.
The FY26 cost base is concentrated in inputs: power and fuel of Rs 783.91 Cr is 46.73% of Rs 1,677.66 Cr revenue from operations, with employee benefits of Rs 186.84 Cr and depreciation of Rs 137.02 Cr. EBITDA of Rs 430.92 Cr less depreciation of Rs 137.02 Cr leaves Rs 293.90 Cr, against profit after tax of Rs 157.90 Cr, a difference of Rs 136.00 Cr. Net margin was 10.06% in FY24, 9.20% in FY25 and 9.41% in FY26.
Revenue is skewed to one service line: coal mining services contributed Rs 1,444.18 Cr, or 86.08% of Rs 1,677.66 Cr Fiscal 2026 revenue from operations, with logistics at 12.44%, trading 0.92%, rake loading 0.54% and rail coordination 0.02%. The record also carries no valuation, allocation, anchor, peer or offer-object data, and operating cash flow, total assets and total expenses are null for all three years.

Easy to miss in the prospectus

The concentration figures, 44.16% for the largest customer and 90.11% for the top three, are stated for Fiscal 2026 only; the record carries no figure for any other period against which to read them.
Rs 1,057.61 Cr of borrowings against Rs 647.54 Cr of net worth at 31 March 2026 is the last balance-sheet point in the record, and cashFlowOpsCr is null for FY24, FY25 and FY26, so the record shows no cash generation beside the debt.
On price, the record holds a listing price of Rs 500.25, a day-one close of Rs 528.20 and a last traded price of Rs 510.20 as of 23 October 2026, which is 3.41% below the day-one close and 20.33% above the Rs 424 band top.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Caliber Mining — Draft Red Herring Prospectus dated 2026-07-1313 Jul 2026The first draft, filed for review. No price band and no dates.Opens on cmll.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: DAM Capital Advisors Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to Caliber Mining's own prospectus and to exchange disclosures, then cross-checked against 3 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Red Herring Prospectus dated July 13, 2026 (company website, 642pp) · read 15 Oct 2026
NSE — CMLL final bid/subscription details (stamped "Updated as on 21-Jul-2026 19:00:00") · read 15 Oct 2026
NSE — CMLL issue detail (ISIN, listing date, industry, interim bid snapshot) · read 15 Oct 2026
Caliber Mining & Logistics — Investor Relations (registrar, compliance officer, corporate office) · read 15 Oct 2026
SEBI — Caliber Mining and Logistics Limited, final Prospectus filing record (filed July 22, 2026) · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 17 Jul 2026
Closes: 21 Jul 2026
Allotment: 22 Jul 2026
Lists: 24 Jul 2026
Revenue (FY26): ₹1,678 Cr
Profit (FY26): ₹158 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.