Caliber Mining and Logistics Ltd IPO
Mining & Mineral products
Price Band
₹402 – ₹424
Lot Size
35
Minimum Bid Quantity
35
Minimum Investment
₹14840
Issue Size
₹450Cr
Opens
2026-07-17
Closes
2026-07-21
Listing
24-07-2026
Subscription Status
Qualified Institutional Buyers
240.71 x
Non-Institutional Investor
267.23 x
Retail Individual Investor
40.75 x
Total
146.41 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE11XY01018
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Caliber Mining and Logistics Limited is a mining and logistics company that provides integrated services for coal mining and transportation. The company undertakes overburden removal, coal extraction, coal loading and unloading, road transportation, rake loading, rail coordination, and coal trading on a contractual basis. It primarily serves coal mine operators and also provides logistics services for coal and iron ore. The company operates mining and overburden removal projects across Maharashtra, Madhya Pradesh, and Chhattisgarh, although it does not own the mines where it provides services. Its major customers include subsidiaries of Coal India Limited, such as Western Coalfields Limited (WCL) and Northern Coalfields Limited (NCL). As of April 30, 2026, the company had a fleet of 1,911 vehicles, plant, and machinery, including owned and leased equipment, and operates in-house maintenance workshops at its headquarters in Chandrapur and at several mining sites.
Pros
- • The company claims to provide integrated coal mining and logistics services under a single business model. Its operations cover overburden removal, coal extraction, loading and unloading, road transportation, rake loading, rail coordination, and coal trading, allowing it to handle multiple stages of the coal supply chain.
- • The company claims to have a fleet of 1,911 owned and leased vehicles, comprising equipment and machines related to mining, and representing a strong asset base in the mining contracting business. This includes 883 mining tippers, 162 excavators, 362 tip trailers, 64 loaders, bulldozers, graders, and other mining equipment. It also claims to operate in-house maintenance workshops at its Chandrapur headquarters and across multiple mining sites.
- • The company has long-standing relationships with Coal India subsidiaries, particularly Western Coalfields Limited (WCL) and Northern Coalfields Limited (NCL). In FY26, these customers contributed 85.11% of its revenue from operations, while around 84.59% of the company’s revenue came from repeat customers, according to the prospectus.
Cons
- • The company’s top three customers contributed Rs 1,511.70 crore (90.11%), Rs 1,217.25 crore (85.10%), and Rs 681.56 crore (71.51%) to its revenue from operations in FY26, FY25, and FY24, respectively. Its largest customer alone contributed Rs 740.88 crore (44.16%), Rs 614.43 crore (42.96%), and Rs 438.78 crore (46.04%) during the same period. Any failure to retain these key customers, renew existing contracts, or secure similar business volumes in the future could adversely affect the company’s business, financial condition, and results of operations.
- • The company is heavily dependent on large-scale mining contracts valued above Rs 1,000 crore. These contracts contributed Rs 1,276.95 crore (76.12%), Rs 911.88 crore (63.75%), and Rs 257.36 crore (27.00%) to its revenue from operations in FY26, FY25, and FY24, respectively. Any delay, cancellation, change in project scope, failure to secure new large contracts, or inability to successfully execute these projects could adversely affect the company’s business, cash flows, and financial condition.
- • The company’s mining operations are concentrated in Maharashtra, Madhya Pradesh, and Chhattisgarh, with Maharashtra accounting for the largest share of its revenue. It generated Rs 931.00 crore (55.49%), Rs 802.82 crore (56.13%), and Rs 757.94 crore (79.52%) of its revenue from Maharashtra in FY26, FY25, and FY24, respectively. Any adverse political, economic, social, regulatory, or natural developments in these states could disrupt operations and adversely affect the company’s business, financial condition, and results of operations.
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