Caliber Mining & Logistics Ltd.
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Overview
Caliber Mining and Logistics Limited (CMLL) is an integrated contract mining and logistics operator providing coal extraction and overburden (OB) removal at open-cast mines, alongside coal logistics services such as loading/unloading, road transportation, rake loading and rail-movement coordination, and a small coal trading activity. CMLL operates through customer-owned mines (not owning reserves) with major customers being Coal India subsidiaries Western Coalfields Limited (WCL) and Northern Coalfields Limited (NCL), and runs a large owned-and-leased fleet (about 1,911 units as of April 30, 2026) supported by in-house maintenance workshops and a sizeable workforce.
Opening Date
Jul 17, 2026
Closing Date
Jul 21, 2026
Listing Date
Jul 24, 2026
IPO Type
Mainboard
IPO Status
Closed
Issue Size
450 Cr
Fresh Issue
400 Cr
Offer for Sale
50 Cr
Price Band
₹402 - ₹424
Lot Size
35
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
15.02
EPS
28.23
ROE
24.38%
ROCE
16.6%
RONW
24.38%
Debt to Equity Ratio
—
PAT Margin
9.41%
EBITDA Margin
25.69%
P/B
7.33
Bull vs Bear
Bull case
- •
Mining scale and execution depth: Coal & OB Volume reached 131 Mcum in Fiscal 2026, supporting Operating EBITDA Margin of 25.69% in a heavy-asset service model.
- •
Fleet-heavy capability is hard to replicate quickly: 1,911 vehicles/plant as of April 30, 2026 (including 883 dump trucks and 162 excavators) across multiple contract sites.
- •
Industry tailwind: coal still dominates India’s primary energy mix at 56% in 2024, with coal-fired power at ~73% of generation in fiscal 2025.
Bear case
- •
Mining operations face accident and safety-shutdown risk; a prior fatal accident in Fiscal 2023 had a workmen’s insurance claim of ₹14.06 lakhs.
- •
Revenue concentration is high: top 3 customers contributed 90.11% of Fiscal 2026 revenue; the largest customer alone was 44.16%, so contract loss hits utilisation quickly.
- •
Fuel cost is a major exposure: power and fuel were 53.51% of total expenses in Fiscal 2026 and diesel consumption was 85,226.77 kl, pressuring margins if clauses lag.
Net takeaway
At its core this is a bet that a 25.69% Operating EBITDA Margin and 9.41% PAT Margin in Fiscal 2026 sustain through cycles in contract mining/logistics. If you believe 131 Mcum scale and 1,911-asset fleet keep winning/servicing projects, upside holds. If you believe 90.11% customer concentration dominates, risk holds. Keep watching leverage and cash conversion: Net Debt/Equity 1.62x and receivable days 42 days in Fiscal 2026.
Subscription Rate
Application Details
Frequently Asked Questions about Caliber Mining & Logistics Ltd.
Caliber Mining and Logistics Limited (CMLL) is an integrated contract mining and logistics operator providing coal extraction and overburden (OB) removal at open-cast mines, alongside coal logistics services such as loading/unloading, road transportation, rake loading and rail-movement coordination, and a small coal trading activity. CMLL operates through customer-owned mines (not owning reserves) with major customers being Coal India subsidiaries Western Coalfields Limited (WCL) and Northern Coalfields Limited (NCL), and runs a large owned-and-leased fleet (about 1,911 units as of April 30, 2026) supported by in-house maintenance workshops and a sizeable workforce.
The Caliber Mining & Logistics Ltd. IPO is scheduled to open for subscription on Jul 17, 2026 and close on Jul 21, 2026. Investors can apply for shares during this period through eligible platforms.
The price band for the Caliber Mining & Logistics Ltd. IPO is ₹402 to ₹424. Investors can place bids within this range once the issue opens.
The minimum lot size for the Caliber Mining & Logistics Ltd. IPO is 35 shares. The minimum investment amount ₹14,840.
The total issue size of the Caliber Mining & Logistics Ltd. IPO is approximately ₹450.00. Issue size represents the total value of shares offered to the public.
As per the latest available information, the Caliber Mining & Logistics Ltd. IPO has been subscribed 25.04 times. Subscription levels can change significantly during the offer period.
The Grey Market Premium (GMP) for the Caliber Mining & Logistics Ltd. IPO is ₹[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.
The shares of Caliber Mining & Logistics Ltd. are expected to list on stock exchanges on Jul 24, 2026, subject to completion of the allotment process and regulatory approvals.
The net proceeds from the Caliber Mining & Logistics Ltd. IPO are proposed to be used for Net Proceeds of the Offer are proposed to be utilised for the following objects:, Repayment/ prepayment, in full or part, of certain borrowings availed by our Company, Funding capital expenditure for purchase of commercial vehicles, plant and machinery, General corporate purposes.
Before applying for the Caliber Mining & Logistics Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.
