Caliber Mining and Logistics IPO (17-21 July) Analysis
- Jul 15
- 11 min read
Updated: Jul 16
IPO Analysis | NSE and BSE Main Board | 100% Book Built Offer (Fresh Issue and Offer for Sale) | Regulation 6(1)
Based on Red Herring Prospectus dated July 13, 2026 | Coal Mining Services and Logistics | Chandrapur / Nagpur, Maharashtra
STATUS: RED HERRING PROSPECTUS FILED (Live Offer) | Fresh Issue: up to Rs.40,000 Lakhs | Offer for Sale: up to Rs.5,000 Lakhs by 4 Promoters | Bid/Offer Opens: July 17, 2026 | Bid/Offer Closes: July 21, 2026 | Highest RoNW Among Disclosed Peers (FY2026) | All Figures in Rs. Lakhs |
Caliber Mining and Logistics Limited (incorporated in July 2014 as Caliber Mercantile Private Limited, renamed Caliber Mining and Logistics Private Limited in July 2024, and converted to a public limited company in September 2024) is a Chandrapur, Maharashtra-headquartered, one-stop coal mining and logistics service provider offering end-to-end services: coal extraction, overburden removal, coal loading and unloading, road transportation, and coordination of rail transportation. Its registered office is at MIDC Chandrapur Industrial Area, Plot No. B-38 to B-48, Chinchala Village, Chandrapur 442406, Maharashtra, with a corporate office in Nagpur. Its website is www.cmll.in.
Its CIN is U74999MH2014PLC255811. The Promoters are Mohit Satishkumar Chadda (Chairman and Managing Director), Anuj Krishanlal Chadda, Manish Krishanlal Chadda, Rahul Roshanlal Chadda (all Whole-time Directors), and Priya Anuj Chadda (Whole-time Director). Company Secretary and Compliance Officer is Riddhi Harish Varma; Chief Financial Officer is Nikhil Karwa.
For Fiscal 2026, the company extracted 4.48 million metric tonnes of coal and removed 128.07 million cubic metres of overburden, as certified by an Independent Chartered Engineer. As of April 30, 2026, it maintained a fleet of 1,911 commercial vehicles, plant and machinery (including 100 leased), comprising excavators, bulldozers, mining tipper-dump trucks, tip trailer trucks, loaders, graders and water tankers.
As of the date of this RHP, the company operates at 10 active contract sites across Maharashtra (Chandrapur, Ballarpur and Majri areas), Madhya Pradesh (Singrauli), and Chhattisgarh, providing coal extraction and/or overburden removal services predominantly for Western Coalfields Limited (WCL) and Northern Coalfields Limited (NCL), both subsidiaries of Coal India Limited, as well as GMR Warora Energy Limited and Adani Power Limited. One contract site, at Parsa in Chhattisgarh (for Adani Power), has been suspended since September 1, 2023 and remains suspended as of this RHP. The company's financial year ends March 31.
Key Basics
This Offer is a 100% Book Built Offer combining a Fresh Issue of up to Rs.40,000 Lakhs by the Company with an Offer for Sale of up to Rs.5,000 Lakhs by four of the five Promoters. Unlike every other document analysed in this report series, this is a Red Herring Prospectus, not a Draft Red Herring Prospectus: SEBI observations have already been addressed, and the Offer is live, with the bidding window opening July 17, 2026 and closing July 21, 2026, just days from the date of this analysis.
Document Type | Red Herring Prospectus (RHP) dated July 13, 2026. This Offer is live: Anchor Investor Bidding Date July 16, 2026; Bid/Offer Opens July 17, 2026; Bid/Offer Closes July 21, 2026. |
Issue Structure | 100% Book Built Offer comprising a Fresh Issue of up to Rs.40,000 Lakhs (share count undetermined) and an Offer for Sale of up to Rs.5,000 Lakhs by 4 Promoter Selling Shareholders. Total Offer up to Rs.45,000 Lakhs. Face value Rs.10 per share. |
Pre-IPO Placements (Completed) | 14,15,095 and 9,43,395 Equity Shares already allotted at Rs.424.00 per share (including Rs.414.00 premium), aggregating Rs.6,000 Lakhs and Rs.4,000 Lakhs respectively (Rs.10,000 Lakhs total), completed prior to RHP filing. This reduced the Fresh Issue from its original, larger DRHP-stage size to Rs.40,000 Lakhs. Proceeds are earmarked for General Corporate Purposes. |
Face Value | Rs.10 per Equity Share. |
Promoter Selling Shareholders | Mohit Satishkumar Chadda, Anuj Krishanlal Chadda, Manish Krishanlal Chadda, and Rahul Roshanlal Chadda, each offering up to Rs.1,250 Lakhs (Rs.5,000 Lakhs combined). Weighted Average Cost of Acquisition: Rs.0.34, Rs.0.25, Rs.0.42, and Rs.0.26 per share respectively. Promoter Priya Anuj Chadda is not a Selling Shareholder. |
Promoters | Mohit Satishkumar Chadda (Chairman and Managing Director), Anuj Krishanlal Chadda, Manish Krishanlal Chadda, Rahul Roshanlal Chadda, and Priya Anuj Chadda. |
Pre-Offer Capital | 5,59,41,823 Equity Shares outstanding as of the RHP date. |
Eligibility | Regulation 6(1) of SEBI ICDR Regulations, the standard main board profitability-based eligibility route. |
Listing Exchanges | NSE (Designated Stock Exchange) and BSE. |
BRLM | DAM Capital Advisors Limited (sole Book Running Lead Manager). |
Registrar | KFin Technologies Limited. Contact: M. Murali Krishna. |
Bid/Offer Dates | Anchor Investor Bidding: July 16, 2026. Bid/Offer Opens: July 17, 2026. Bid/Offer Closes: July 21, 2026. |
Listed Peers | Four listed peers: Power Mech Projects Limited, NCC Limited, Sindhu Trade Links Limited, and Dilip Buildcon Limited. Industry P/E: highest 97.15x (Sindhu Trade Links), lowest 4.95x (Dilip Buildcon), average 34.65x. |
A notable structural feature: the company already completed Pre-IPO Placements of Rs.10,000 Lakhs (at Rs.424.00 per share) before filing this RHP, which mechanically reduced the Fresh Issue size from its original DRHP-stage figure down to the current Rs.40,000 Lakhs, with those proceeds earmarked entirely for General Corporate Purposes.
The Rs.424.00 Pre-IPO Placement price is a useful, very recent reference point for gauging where the eventual Price Band might land, though the Price Band itself remains undetermined ([TBD]) in this RHP. The Offer for Sale here is modest relative to the Fresh Issue (just 11.1% of the total Rs.45,000 Lakhs Offer), and one of the five Promoters, Priya Anuj Chadda, is not selling any shares at all.
How Will the IPO Money Be Used?
This is a combined Fresh Issue and Offer for Sale; only the Fresh Issue component (up to Rs.40,000 Lakhs) accrues to the Company. The Offer for Sale proceeds go entirely to the four Promoter Selling Shareholders, and the Company receives no benefit from that portion.
Object | Amount (Rs. Lakhs) | Details |
Repayment/Prepayment of Borrowings | 20,800.00 | Full or partial repayment across 15 specific term loans (from Axis Bank, Bank of Baroda, Bank of India, Canara Bank, CNH Industrial Capital, HDB Financial, Karur Vysya Bank, Kotak Mahindra Bank, Mahindra & Mahindra Financial, Union Bank, HDFC Bank, ICICI Bank, IndusInd Bank, Federal Bank, and Yes Bank), all originally used to finance mining equipment (excavators, dump trucks, bulldozers, loaders, graders) and secured by hypothecation and personal guarantees of the Promoters. |
Capex: Commercial Vehicles, Plant and Machinery | 16,700.00 | Of an estimated Rs.16,747.50 Lakhs total requirement (balance from internal accruals). The Company states it will proceed with this Offer only after securing the specific tender or order for which these Net Proceeds will be deployed. |
General Corporate Purposes | [TBD] | Capped at 25% of Gross Proceeds. Exact amount to be finalised upon determination of the Offer Price. |
TOTAL IDENTIFIED OBJECTS | 37,500.00 | Identified specific objects total Rs.37,500 Lakhs (93.75% of the Rs.40,000 Lakh Fresh Issue). None of the Objects have been appraised by a bank or financial institution. |
The largest Object, debt repayment at Rs.20,800 Lakhs, is documented down to the individual loan level: 15 separate term loan facilities across 15 lenders, every one secured by hypothecation of the specific mining vehicle or equipment financed plus personal guarantees from the Promoters, a structure that reflects how heavily this asset-intensive contracting business has relied on equipment-linked debt to build its fleet.
The company confirms there have been no delays or defaults on any of these facilities. The capex Object (Rs.16,700 Lakhs) is unusually disciplined in its framing: management states explicitly it will only proceed with the Offer after securing the specific tender or order the proceeds are meant to fund, rather than raising growth capital speculatively ahead of demand. As with most RHP-stage filings, General Corporate Purposes remains capped only as a percentage (25% of Gross Proceeds) rather than a fixed number.
Financial Performance
Note: All figures in Rs. Lakhs, matching the RHP's own presentation convention. Financial periods: Fiscal 2026, Fiscal 2025 and Fiscal 2024 (years ended March 31); no interim stub period is presented in this RHP. Important comparability caveat: Fiscal 2026 and Fiscal 2024 figures are Consolidated, while Fiscal 2025 is Standalone only, so period-over-period comparisons across that boundary should be read with this in mind.
Revenue, Profitability, and Customer Concentration
Metric | FY2026 (Rs. Lakhs) | FY2025 (Rs. Lakhs) | FY2024 (Rs. Lakhs) |
Revenue from Operations | 1,67,766.09 | 1,43,040.38 | 95,311.60 |
Basis of Figures | Consolidated | Standalone | Consolidated |
Revenue Growth % YoY | +17.28% | +50.09% | N/A |
Power and Fuel Expenses (% of Total Expenses) | 53.51% | 53.47% | 51.53% |
Profit After Tax (PAT) | 15,790.04 | 13,154.88 | 9,590.16 |
PAT Margin % | 9.37% | 9.14% | 10.01% |
Basic and Diluted EPS (Rs.) | 29.47 | 24.55 | 18.80 |
Return on Net Worth (RoNW) % | 24.38% | 26.89% | 32.41% |
Net Worth | 64,754.31 | 48,929.71 | 29,593.38 |
NAV per Share (Rs.) | 120.85 | 91.32 | 58.03 |
Contingent Liabilities | 45,853.34 | 13,948.71 | 12,844.06 |
Top 3 Customer Concentration | 90.11% | 85.10% | 71.51% |
Revenue grew from Rs.95,311.60 Lakhs (FY2024) to Rs.1,43,040.38 Lakhs (FY2025, +50.09%) to Rs.1,67,766.09 Lakhs (FY2026, +17.28%), and PAT grew from Rs.9,590.16 Lakhs to Rs.15,790.04 Lakhs over the same window. Power and fuel costs are the single largest expense line by far, consistently above 51% of total expenses across all three years, a direct function of running a large diesel-powered heavy equipment fleet and a meaningful exposure to fuel price volatility.
Return on Net Worth has declined even as absolute profit has grown, from 32.41% (FY2024) to 26.89% (FY2025) to 24.38% (FY2026), because Net Worth has grown even faster than profit (more than doubling from Rs.29,593.38 Lakhs to Rs.64,754.31 Lakhs over the same period, including the effect of the Rs.10,000 Lakhs Pre-IPO Placement).
Customer concentration is extreme and has been rising: the top 3 customers contributed 90.11% of FY2026 revenue, up from 71.51% in FY2024, with the single largest customer, Northern Coalfields Limited (a Coal India subsidiary), alone contributing 44.16%. Together, Northern Coalfields Limited and Western Coalfields Limited (also a Coal India subsidiary) accounted for 85.11% of FY2026 revenue. This concentration is somewhat mitigated by the government ownership of both counterparties, but it remains a structural feature of the business that investors should weigh carefully.
Balance Sheet, Cash Flow, and Contingent Liabilities
Item | FY2026 (Rs. Lakhs) | FY2025 (Rs. Lakhs) | FY2024 (Rs. Lakhs) |
Total Assets | 2,07,738.88 | 1,40,409.43 | 1,27,918.39 |
Total Borrowings | 1,05,761.27 | 65,177.45 | 72,550.95 |
Trade Receivables | 13,557.88 | 25,265.29 | 11,686.31 |
Inventories | 12,528.62 | 6,814.84 | 6,402.61 |
Cash and Cash Equivalents | 737.43 | 286.29 | 338.98 |
Net Cash from Operating Activities | 41,104.08 | 27,837.20 | 4,822.22 |
Net Cash from Investing Activities | (69,192.19) | (15,740.50) | (32,731.29) |
Net Cash from Financing Activities | 28,539.25 | (12,149.39) | 27,649.42 |
Total Assets nearly doubled from Rs.1,27,918.39 Lakhs (FY2024) to Rs.2,07,738.88 Lakhs (FY2026), reflecting the company's continued investment in its vehicle and equipment fleet. Operating cash flow improved dramatically, from Rs.4,822.22 Lakhs (FY2024) to Rs.41,104.08 Lakhs (FY2026), comfortably funding the heavy capital expenditure programme (investing outflows of Rs.69,192.19 Lakhs in FY2026 alone).
The most striking single balance-sheet item is Contingent Liabilities, which more than tripled in one year, from Rs.13,948.71 Lakhs (FY2025) to Rs.45,853.34 Lakhs (FY2026), driven almost entirely by bank guarantees (Rs.44,013.99 Lakhs), consistent with the company bidding for and winning progressively larger mining tenders that require correspondingly larger guarantee commitments. A further Rs.1,770.09 Lakhs corporate guarantee has been given by the Company on behalf of a related party, Shree Chadda Roadlines, a family-linked entity.
How Does It Compare to Peers?
The RHP discloses four listed industry peers in mining services, infrastructure, and logistics: Power Mech Projects Limited, NCC Limited, Sindhu Trade Links Limited, and Dilip Buildcon Limited. Figures below are Fiscal 2026; P/E for peers is based on closing market price on BSE as of July 10, 2026 divided by Basic and Diluted EPS.
Company | Revenue FY26 (Rs. Lakhs) | EPS (Rs.) | P/E (x) | RoNW (%) | NAV/Share (Rs.) |
Caliber Mining and Logistics Ltd. (Our Company) | 1,67,766.09 | 29.47 | [TBD] | 24.38% | 120.85 |
Power Mech Projects Limited | 6,06,157.00 | 115.12 | 22.94 | 15.90% | 818.90 |
NCC Limited | 20,82,300.00 | 10.76 | 13.59 | 9.02% | 127.88 |
Sindhu Trade Links Limited | 52,408.11 | 0.27 | 97.15 | 2.54% | 14.66 |
Dilip Buildcon Limited | 8,98,393.12 | 86.08 | 4.95 | 20.09% | 428.55 |
Caliber's FY2026 RoNW of 24.38% is the highest among all five companies shown, ahead of Dilip Buildcon's 20.09%, Power Mech Projects' 15.90%, NCC's 9.02%, and Sindhu Trade Links' 2.54%, a genuinely strong result given Caliber is also by far the smallest of the five by revenue (roughly one-fourth of Power Mech Projects' Rs.6,06,157.00 Lakhs, and a small fraction of NCC's Rs.20,82,300.00 Lakhs).
The industry P/E range is extremely wide (4.95x to 97.15x, average 34.65x), reflecting very different growth expectations and scale across this peer set, from a large diversified infrastructure contractor (NCC) to a much smaller logistics company (Sindhu Trade Links). Since the Offer Price and hence Caliber's own P/E remain undetermined ([TBD]), the ultimate valuation attractiveness relative to this peer set cannot yet be assessed, but Caliber's combination of the highest RoNW in the group and a business model concentrated in essential public-sector coal mining services is a distinctive starting point.
Key Risks
l Customer concentration is extreme and rising: the top 3 customers contributed 90.11% of FY2026 revenue (up from 71.51% in FY2024), with the single largest customer, Northern Coalfields Limited, alone contributing 44.16%, and Northern Coalfields Limited plus Western Coalfields Limited together contributing 85.11%. The loss of, or a material reduction in business from, either of these two Coal India subsidiaries would materially affect results.
l The Parsa mine contract in Chhattisgarh (for Adani Power Limited) has been suspended since September 1, 2023 and remains suspended as of this RHP, nearly three years, an unresolved operational disruption at one of the company's contract sites.
l Contingent liabilities more than tripled in a single year, from Rs.13,948.71 Lakhs (FY2025) to Rs.45,853.34 Lakhs (FY2026), driven almost entirely by a sharp rise in bank guarantees (to Rs.44,013.99 Lakhs), reflecting participation in progressively larger mining tenders; a call on these guarantees, or an inability to renew them, could strain liquidity.
l The Income Tax Department conducted a search under Section 132 of the Income Tax Act at the Company's and Promoters' premises on November 1, 2023, seizing books of account and documents; while subsequent assessment orders for the years under review ultimately found no additional tax liability (with two years requiring rectification for TDS/TCS credit omissions, since resolved), the underlying search and multi-year assessment process reflects a period of regulatory scrutiny investors should be aware of.
l Nearly all of the Company's equipment-financing borrowings (15 separate term loan facilities, aggregating Rs.20,800 Lakhs proposed for repayment from this Offer alone) are secured by personal guarantees from the Promoters in addition to hypothecation of the underlying vehicles and machinery, reflecting concentrated personal financial exposure tied to the Company's performance.
l Return on Net Worth has declined in each of the last three years (32.41% to 26.89% to 24.38%, FY2024 to FY2026) even as absolute profit has grown, because Net Worth has grown faster than profit, partly reflecting the recent Pre-IPO Placement; investors should not extrapolate the FY2024 RoNW level forward.
l The Company failed to appoint a Company Secretary for approximately 19 months (December 2022 to July 2024) and separately violated Section 42 of the Companies Act, 2013 in a September 2024 private placement (utilising proceeds before allotment and not opening a separate bank account); both matters were self-reported, adjudicated by the Registrar of Companies, and penalties paid by the Company and its Directors.
l Operations are geographically concentrated in Maharashtra, Chhattisgarh and Madhya Pradesh; any regional disruption, regulatory change, or mining policy shift in these states would disproportionately affect the business.
l Power and fuel costs consistently exceed 51% of total expenses across all three years shown, exposing the Company directly to diesel price volatility, a cost the Company may not always be able to fully pass through to customers.
l This report's financial comparability across years is affected by a change in consolidation basis: Fiscal 2026 and Fiscal 2024 figures are Consolidated while Fiscal 2025 is Standalone only.
l The General Corporate Purposes allocation is capped only as a percentage (25% of Gross Proceeds) rather than disclosed as an absolute amount, leaving a portion of Fresh Issue proceeds subject to management discretion at the time of listing.
Positives to Note
l Highest Return on Net Worth among all disclosed listed peers in Fiscal 2026 (24.38%, versus Dilip Buildcon's 20.09%, Power Mech Projects' 15.90%, NCC's 9.02%, and Sindhu Trade Links' 2.54%), despite being the smallest of the five companies by revenue.
l Strong, consistent revenue and profit growth: revenue grew from Rs.95,311.60 Lakhs (FY2024) to Rs.1,67,766.09 Lakhs (FY2026), and PAT grew from Rs.9,590.16 Lakhs to Rs.15,790.04 Lakhs over the same period.
l A genuinely integrated, one-stop service model spanning coal extraction, overburden removal, loading and unloading, and both road and rail transportation coordination, reducing the need for mining customers to coordinate multiple separate contractors.
l Dramatically improved operating cash flow, from Rs.4,822.22 Lakhs (FY2024) to Rs.41,104.08 Lakhs (FY2026), comfortably funding the Company's heavy, ongoing capital expenditure programme.
l Disciplined capital deployment: management has stated it will proceed with this Offer only after securing the specific tender or order for which the capex portion of Net Proceeds will be used, rather than raising capital speculatively ahead of demand.
l Long-standing relationships with major public sector coal customers, Northern Coalfields Limited and Western Coalfields Limited, both Coal India subsidiaries, which, despite the concentration risk this creates, provide a degree of counterparty stability given their government ownership.
l Clean resolution of past regulatory matters: the November 2023 Income Tax search concluded with assessment orders finding no additional tax liability, and self-reported Companies Act compliance gaps have been fully adjudicated with penalties paid.
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