
Caliber Mining and Logistics Limited is a Maharashtra-incorporated contract mining and logistics company operating across five segments: Coal Mining Services, Coal Logistics, Rake Loading, Rail Coordination Services, and Coal Trading. Coal Mining Services dominates at 86.08% of revenue (₹1,44,417.52 Lakh in FY2026), with Logistics contributing 12.44%. The company commenced logistics in FY2016 and entered mining in FY2021.
Primary clients are Coal India Limited subsidiaries — Western Coalfields Limited (WCL) and Northern Coalfields Limited (NCL) — accounting for 98.87% of mining revenue in FY2026. The company operates 1,911 vehicles and machinery units, including 883 tippers, 64 loaders, 162 excavators, and 362 tip trailers, achieving an excavation capacity of 0.3 million cubic metres (Mm3) per day.
<iframe data-testid="embed-iframe" style="border-radius:12px" src="https://open.spotify.com/embed/episode/4YLvwGUVFC9aUk1SeOlMYb?utm_source=generator&t=0&si=aee77b96fe08407d" width="100%" height="152" frameBorder="0" allowfullscreen="" allow="autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture" loading="lazy"></iframe>India's contract mining market was valued at ₹32,66,800 Lakh in FY2026 (+10% YoY), projected to reach ₹66,39,300 Lakh by FY2030 at a 19.4% CAGR. Raw coal production stood at 1,048 MT in FY2025, with demand expected to reach 1,463 MT by FY2030.
| Fiscal Year | Market Share (by value) |
|---|---|
| FY2020 | <1% |
| FY2024 | ~3.4% |
| FY2025 | ~4.8% |
| FY2026 | ~5.1% |
Caliber's revenue grew at a 32.7% CAGR from FY2024–FY2026, outpacing the industry's 14.5% CAGR. Key FY2025 competitors by market share: BGR Mining (15%), Adani Enterprises (13%), NCC (9%), AMPL Resources (8%), Thriveni Sainik (7%), VPR Mining (6%).
| Metric | FY2024 | FY2025 | FY2026 | YoY Change |
|---|---|---|---|---|
| Revenue (₹ Lakh) | 95,311.60 | 1,43,040.38 | 1,67,766.09 | +17.29% YoY |
| EBITDA (₹ Lakh) | 24,314.43 | 34,976.77 | 43,091.96 | +23.20% YoY |
| EBITDA Margin (%) | 25.51% | 24.45% | 25.69% | +124 bps YoY |
| PAT (₹ Lakh) | 9,590.16 | 13,154.88 | 15,790.04 | +20.03% YoY |
| PAT Margin (%) | 10.06% | 9.20% | 9.41% | +21 bps YoY |
Revenue growth decelerated sharply from 50.08% YoY in FY2025 to 17.29% YoY in FY2026. PAT margins remain below FY2024 levels, reflecting rising finance costs from capital-heavy expansion.
| Ratio | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Return on Average Equity (%) | 38.63% | 33.51% | 27.78% |
| Return on Capital Employed (%) | 16.81% | 20.68% | 16.60% |
| Net Debt/Equity (x) | 2.44x | 1.33x | 1.62x |
| Net Debt/EBITDA (x) | 2.97x | 1.86x | 2.44x |
| Current Ratio (x) | 0.93x | 1.05x | 1.02x |
RoAE declined 1,085 bps over two years. Net Debt/Equity worsened to 1.62x in FY2026, with total bank borrowings of ₹1,05,760.97 Lakh. Current ratio barely above 1x signals tight liquidity.
The Chadda family controls the company with 92.66% pre-IPO shareholding across just 71 total shareholders.
| Promoter Name | Shares Held | % Holding | Avg. Acquisition Cost (₹/share) |
|---|---|---|---|
| Mohit Satishkumar Chadda (CMD) | 1,90,23,000 | 35.50% | ₹0.34 |
| Anuj Krishanlal Chadda | 1,34,77,000 | 25.15% | ₹0.25 |
| Rahul Roshanlal Chadda | 1,03,50,000 | 19.32% | ₹0.26 |
| Manish Krishanlal Chadda | 66,80,000 | 12.47% | ₹0.42 |
| Priya Anuj Chadda | 1,20,000 | 0.22% | — |
| Total Promoter Group | 4,96,50,000 | 92.66% | — |
All four main promoters are participating in the OFS, each selling shares aggregating ₹1,250 Lakh — at acquisition costs of ₹0.25–₹0.42/share, implying extraordinary exit multiples at IPO price.
| Company | Revenue (₹ Lakh) | EBITDA Margin (%) | PAT Margin (%) | RoNW (%) | P/E (x) |
|---|---|---|---|---|---|
| Caliber Mining and Logistics Limited | 1,67,766 | 25.69% | 9.41% | 24.38% | — |
| Power Mech Projects Limited | 6,06,157 | 11.62% | 6.79% | 15.90% | 22.94x |
| NCC Limited | 20,82,300 | 11.54% | 6.64% | 9.02% | 13.59x |
| Sindhu Trade Links Limited | 52,408 | 3.69% | 10.96% | 2.54% | 97.15x |
| Dilip Buildcon Limited | 8,98,393 | 19.65% | 15.57% | 20.09% | 4.95x |
Caliber leads peers on EBITDA margin and RoNW, though its revenue base is significantly smaller. IPO P/E is undisclosed at DRHP stage.
A Pre-IPO placement of ₹10,000 Lakh has already been completed. The allocation of the largest proceeds tranche to debt repayment reflects a stretched balance sheet rather than pure growth deployment.
Caliber Mining and Logistics Limited offers a compelling growth narrative — best-in-class margins, a massive order book, and a structurally expanding industry. However, 90.11% revenue concentration in three customers, contingent liabilities at 70.81% of networth, Net Debt/Equity of 1.62x, and promoters exiting at near-zero acquisition costs are structural risks that define the risk-reward calculus.
Revenue deceleration from 50% to 17% YoY and declining return ratios suggest normalisation after an exceptional growth run. IPO proceeds directed primarily at debt repayment further tempers the growth narrative. Investors must assess sustainability of WCL/NCL contracts, contingent liability trajectory, and IPO valuation against concentration and leverage risks before the final RHP pricing.
This article is based entirely on data sourced from the company's Draft Red Herring Prospectus (DRHP) / RHP. It is for informational and analytical purposes only and does not constitute investment advice or a buy/sell recommendation.