Caliber Mining and Logistics Limited order book reaches ₹8,634 crore

Caliber Mining and Logistics Limited closed the first half of FY27, or H1 FY27, on 30 September 2026 with a ₹8,634 crore order book, after adding ₹4,045 crore of contracts and executing ₹1,079 crore during the half year. The contracted balance, including goods and services tax (GST), covers nine sites and has an average tenure of 2.5 years.

How did CML’s order book change in H1 FY27?

CML’s order book rose from ₹5,668 crore on 1 April 2026 to ₹8,633.94 crore on 30 September 2026. The presentation reports ₹4,045 crore of additions and ₹1,079 crore of execution in H1 FY27, producing a disclosed net movement of about ₹2,966 crore; the closing figure is rounded to ₹8,634 crore in the company’s headline.

The order-book balance is stated inclusive of GST, and the presentation describes it as contracted work rather than revenue guidance. Additions in H1 FY27 were about 3.7 times the ₹1,079 crore executed in the period, while the closing balance was about 52% above the ₹5,668 crore opening balance.

Three contracts won in Q1 FY27, Dhoptala-2, Jayant-2 and Dudhichua-2 (New), had a combined balance of ₹3,533.86 crore at 30 September 2026. Those three awards account for roughly 41% of the ₹8,633.94 crore closing book, based on the balances listed for each contract.

What work makes up CML’s ₹8,634 crore order book?

CML’s order book comprises ₹8,326.63 crore of mining work and ₹307.31 crore of logistics work. Mining therefore represents about 96% of the ₹8,633.94 crore total, while logistics represents the remaining balance; the presentation does not provide a site-level split for logistics.

The mining contracts cover coal extraction, overburden (OB) removal, or both. OB removal is the removal of soil and rock above a coal seam. Gouri Pouni New, Dhoptala-2, Sasti OC and Lalpet OB cover coal and OB work, while the Jayant and Dudhichua assignments listed in the presentation are OB contracts.

Gouri Pouni New is the largest listed balance at ₹1,805.06 crore and runs from March 2026 to February 2031. Jayant-2 has a ₹1,432.05 crore balance through September 2028, followed by Dudhichua-2 at ₹1,368.77 crore through June 2029 and Dudhichua-2 (New) at ₹1,102.34 crore through August 2029.

Dhoptala-2 contributes ₹999.47 crore through May 2031 and Sasti OC contributes ₹809.50 crore through July 2029. New Majri UG to OC, where UG means underground and OC means opencast, has a ₹700.49 crore balance through April 2027. Jayant OCP has ₹63.21 crore remaining through September 2026 and Lalpet OB has ₹45.73 crore through October 2027.

Which customers and regions account for CML’s mining contracts?

CML’s listed mining balance is split between Western Coalfields Limited (WCL) in Maharashtra and Northern Coalfields Limited (NCL) in Madhya Pradesh. WCL contracts in Chandrapur and Ballarpur total ₹4,360.25 crore, while NCL contracts in Singrauli total ₹3,966.37 crore.

The WCL balance includes Lalpet OB, Sasti OC, New Majri UG to OC, Gouri Pouni New and Dhoptala-2. The NCL balance comprises Jayant OCP, Jayant-2, Dudhichua-2 (New) and Dudhichua-2. Together, the two customer groups equal the ₹8,326.63 crore mining subtotal reported at 30 September 2026.

Sasti is a CML-SCR joint-venture contract under which CML provides coal extraction and OB removal for WCL. Its ₹809.50 crore balance is included in the mining subtotal, while the presentation separately identifies the contract’s joint-venture structure.

The listed end dates range from September 2026 for Jayant OCP to May 2031 for Dhoptala-2. CML states that the nine-site portfolio has a 2.5-year average tenure, and the differing end dates indicate that the disclosed contracts do not all mature in one period.

How does CML’s order book compare with recent activity?

CML’s ₹8,633.94 crore closing order book was about 4.2 times trailing 12-month normalised revenue of ₹2,047.99 crore at September 2026. Normalised revenue excludes ₹184.10 crore of diesel-cost pass-through in H1 FY27, while the order book includes GST, so the two measures are not directly interchangeable.

Revenue from operations reached ₹1,176.50 crore in H1 FY27, compared with ₹622.07 crore in H1 FY26 and ₹1,055.59 crore in H2 FY26. The presentation identifies H2 as seasonally stronger, noting that H2 FY26 revenue of ₹1,055.59 crore was 1.7 times H1 FY26 revenue, while H2 FY26 earnings before interest, tax, depreciation and amortisation (EBITDA) of ₹307.21 crore were 2.5 times the H1 FY26 figure of ₹123.46 crore.

CML removed 76.49 million cubic metres of OB and extracted 2.31 million metric tonnes of coal in H1 FY27. For the trailing 12 months to September 2026, OB removal was 160.32 million cubic metres versus 128.23 million cubic metres in FY26, while coal extraction was 5.15 million metric tonnes versus 4.48 million metric tonnes.

The company’s industry outlook cites CRISIL Intelligence projections for contractual OB removal to increase from 2,749 million cubic metres in FY27P to 4,312 million cubic metres in FY30P. It also projects contractual coal volumes to rise from 603 million metric tonnes to 888 million metric tonnes over the same period; these are industry projections, not CML guidance.

Conclusion

CML added ₹4,045 crore of contracts in H1 FY27, exceeding ₹1,079 crore of execution and lifting its contracted order book to ₹8,633.94 crore at 30 September 2026. Mining work accounted for ₹8,326.63 crore of that balance, led by WCL and NCL contracts across Maharashtra and Madhya Pradesh, while logistics accounted for ₹307.31 crore.

The next disclosed milestones are contract execution and timing across the ₹8,633.94 crore balance, particularly the ₹3,533.86 crore remaining in three Q1 FY27 awards. Jayant OCP was scheduled to end in September 2026, while Gouri Pouni New and Dhoptala-2 extend to February 2031 and May 2031, respectively, making progress across contracts with different end dates a key item to monitor.