Caliber Mining & Logistics Limited

Incorporated in 2014, Caliber Mining and Logistics Limited has established itself as an integrated service provider specializing in coal extraction and coal logistics. The company's core service offerings span coal mining and overburden removal, coal loading and unloading, road transportation, and rail transportation coordination, positioning it as a complete solution provider within the coal mining and logistics value chain. The company's largest customers are subsidiaries of Coal India Limited, namely Western Coalfields Limited and Northern Coalfields Limited. It has operated in the logistics segment since Fiscal 2016, functioning as a one-stop solution for coal loading, unloading, and road transport, and expanded into serving iron ore customers starting Fiscal 2023. Caliber's mining and overburden removal operations are located across Maharashtra, Chhattisgarh, and Madhya Pradesh, reflecting a diversified regional footprint aligned with major coalfield clusters. Beyond core mining, the company undertakes rake loading services for rail dispatch, rail coordination for power plant customers to manage coal allocation and delivery timelines, and coal trading by sourcing coal from Western Coalfields Limited and the open market for onward sale to power plants and traders. As of October 31, 2024, the company employed 3,742 people, including nine on retainer, underscoring the scale of its operations. The company is promoted by Mohit Satishkumar Chadda, Anuj Krishanlal Chadda, Manish Krishanlal Chadda, Rahul Roshanlal Chadda, and Priya Anuj Chadda, with a strong order book of approximately ₹5,08,471.31 lakh as of October 31, 2024 supporting its near-term revenue visibility.

The Caliber Mining & Logistics IPO is a bookbuilt issue aggregating up to ₹450 crore, comprising a fresh issue of shares worth up to ₹400 crore and an offer for sale of up to ₹50 crore. The issue is priced in a band of ₹402 to ₹424 per equity share, with a lot size of 35 shares, translating to a minimum retail investment of ₹14,840 at the upper price band. The offer opens on July 17, 2026 and closes on July 21, 2026, with listing expected on July 24, 2026 on both the BSE and NSE. Net proceeds from the fresh issue are earmarked primarily for repayment or prepayment of certain outstanding borrowings and for funding capital expenditure toward machinery purchases, with the balance allocated to general corporate purposes. On the financial front, the company has shown a steady uptrend, with total income rising from ₹379.57 crore in FY22 to ₹958.18 crore in FY24, and profit after tax growing from ₹44.31 crore to ₹95.12 crore over the same period, though total borrowings have also risen sharply alongside this growth. At the upper price band, the IPO is priced at a P/E of 14.39 times pre-issue FY24 earnings, with a Return on Net Worth of 32.27% and a Price to Book Value of 7.33 times, indicating a premium valuation relative to book value but a relatively moderate earnings multiple against sector peers. Key strengths cited include its position as a fast-growing, end-to-end coal mining and logistics provider, deep execution experience with Coal India subsidiaries, and legacy-led promoter backing. Key risks include high reliance on a concentrated customer base tied to Coal India entities, elevated leverage with a debt-to-equity ratio of 2.46, and sector-linked cyclicality inherent to coal mining and logistics businesses. Investors may also reference the listing performance of Bharat Coking Coal Ltd., a recently listed peer in the coal segment, as a point of comparison while evaluating this issue.