Caliber Mining and Logistics is a mining operator managing overburden removal, coal extraction and coal logistics together as an integrated services provider.

Business operations of the company currently comprises 1) coal mining; 2) logistics; 3) rake loading; 4) rail coordination services and 5) coal trading. Coal mining services primarily include coal extraction and overburden removal at open cast mines on a contractual basis for customers such as WCL and NCL, as well as other private companies. Logistics primarily includes loading, unloading and road transportation of coal and iron. Rake loading which is loading coal onto rail rakes using company’s machinery. Rail coordination services primarily include assisting customers to coordinate movement of coal by rail on Indian Railways for ensuring uninterrupted services as per their quantity and quality requirements. Coal trading primarily includes the buying and selling of coal.

Coal mining services in FY26 accounted for 86.08% (80.55% in FY25) of revenue from operation with logistics accounting 12.44% (16.39% in FY25); rake loading 0.54% (1.37% in FY25); rail coordination services 0.02% (0.57% in FY25) and coal trading 0.92% (1.11% in FY25).

Currently its coal extraction and overburden removal operations are located in Maharashtra, Madhya Pradesh and Chhattisgarh. Currently it is providing coal extraction and overburden removal contractual services at the following contract sites Hindustan Lalpeth OCM (WCL); Sasti Expansion OCM; New Majri UG to OCM; Gouri Pouni Expansion OCM; Dhoptala (Sasti UG to OC)OCM -2 all located in the state of Maharashtra for WCL, for NCL it is engaged in overburden removal at the sites of Jayant Open Cast Project; Dudhichua OCP; Dudhichua OCP -2; and Jayant Open Cast Project –OCP 2 all located in the state of Madhya Pradesh. Similarly it is removing over burden at Parsa East Mines in Chhattisgarh for Adani Power.

In Fiscal 2026, the company have extracted 4.48 million MT of coal from open cast mines and removed 128.07 million Mcum of overburden across seven (7) open cast mines.

It has increased overburden removal by 88.18% from Fiscal 2024 to Fiscal 2026 due in part to its large investment in vehicles, plant and machinery. As of April 30, 2026, the company owned 1,811 and leased 100 vehicles, plant and machinery for its mining and logistics operations, including 883 mining tippers, 362 tip trailers, 162 excavators, 64 loaders, 65 bulldozers and 32 graders.

Order book (including advance work orders) as of May 15, 2026 stood at Rs 9550.8908 crore [of which 95.90% coal mining & OB removal; 4.10% logistics] compared to Rs 5668.2969 crore [93.27% CE &OB removal; 6.73% logistics] as of Mar 31, 2026. As at May 15, 2026, the anticipated execution period of its current orders and contracts is 32 months to 68 months for its mining and overburden removal services contracts and 12 months to 60 months for its logistics orders and contracts. Its “Order Book” comprises anticipated revenues from the unexecuted portions of existing contracts and work orders as at a particular date.

The company is led by its promoters, Mohit Satishkumar Chadda, Anuj Krishanlal Chadda, Manish Krishanlal Chadda, Rahul Roshanlal Chadda and Priya Anuj Chadda who have industry rich experience and legacy in the mining and logistics business.

Though diversified to iron ore logistics in FY23 and already transported 0.24 MT of iron ore in Fiscal 2024, Nil in Fiscal 2025 and 0.07 MT in Fiscal 2026, it looks to increase diversify its current coal customer base to customers needing logistics support in iron ore leveraging its coal logistics experience and large fleet of owned trucks.

KKC Group (in which Promoter, Manish Krishanlal Chadda is the proprietor) has been awarded mining contract by EMTA Coal Limited and, subsequently, the same work has been sub-contracted to the company. Similarly KSR Freight Carriers (all Promoters are partners) has been awarded transportation work at MP & Maharashtra and, subsequently, the same work has been sub-contracted to the company.

Have not obtained an independent valuation report in connection with the acquisition of equity shares of Caliber Natural Resources Private Limited and Caliber Mines and Minerals Private Limited from its Promoters.

The issue, objects of the offer

The issue comprises both offer for sale and fresh issue of equity shares (of Rs 10 face value) worth aggregating to Rs 50 crore and Rs 400 crore respectively. The entire portion of offer for sale is by promoters, i.e., Mohit S Chadda (Rs 12.5 crore), Anuj K Chadda (Rs 12.5 crore), Manish K Chadda (Rs 12.5 crore), and Rahul R Chadda (Rs 12.5 crore ).

Of the net proceeds the company proposed to utilize Rs 208 crore towards repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the company, Rs 167 crore towards funding capital expenditure for purchase of commercial vehicles, P&M and balance towards general corporate purposes.

Outstanding borrowings end of April 30, 2026, stood at Rs 1631.0653 crore.

Strengths

End-to-end coal mining and logistics solutions provider for marquee large coal mine owning customers such as Western Coalfields, Northern Coalfields etc. Its key logistics customers include KSR Freight Carriers (a related party), GMR Warora Energy Limited and Dhariwal Infrastructure Limited.

Strong order book providing revenue visibility.

Strong proven capabilities in coal extraction and over burden removal yielding opportunities for new L-1 orders.

Large fleet of owned trucks, equipment and machines with in-house maintenance capabilities facilitating operational efficiency.

Weaknesses

Mining operations of the company is concentrated in Maharashtra, Chhattisgarh and Madhya Pradesh. Of the FY26 revenue from operations Maharashtra, MP and UP accounts for 55.49% and 43.73% and 0.78%.

Mining operations are seasonal and are subject to operating risks such as flooding, landslides etc.

Mining operations require various approvals, licenses and permits which its mining customers must obtain or secure and any failure to obtain these approvals, licenses or permits in a timely manner may adversely impact on the business of the company.

Top 1/3 customers accounted for 44.16%/90/11% and 42.96%/85.10% of its revenue from operations respectively in FY26 and FY25. WCL and NCL constituted 98.87% and 98.43% of its coal extraction/overburden removal revenue in FY26 and FY25 respectively.

Dependent on the award of large-scale mining contracts (over Rs 1000 crore) which represented 76.12% of its revenue from operations in Fiscal 2026. Any delay or failure to bag contract that are awarded on competitive bidding route by coal mining PSUs or cancellation of any contracts on hand will negatively impact the business of the company.

Have in the past entered into related party transactions and may continue to do so in the future.

Mining and logistics business is capital intensive.

Any reduction in the amount of domestic coal consumed by power sector in India could reduce the demand and price of coal, reducing revenues.

Have a trademark application pending for its name and corporate logo.

Valuation

Revenues of the company for the fiscal ending March 2026 were higher by 17% to Rs 1677.66 crore. With operating profit margin expand by 120 bps to 25.7%, the operating profit grew by 23% to Rs 430.92 crore. After accounting for higher other income, higher interest and higher depreciation, the PBT before EO was up 24% to Rs 219.65 crore. EO expense was higher at Rs 7.10 crore against Rs 0.17 crore. Thus PBT after EO was up 20% to Rs 212.55 crore. Finally, PAT was higher by 20% to Rs 157.90 crore.

The EPS for FY2026 on expanded equity (on the upper price band) was Rs 25. The PE on upper price band works out to 17 times of its FY26 EPS. The P/BV stood at 2.6 times and EV/sales stood at 2.2 times its FY26 sales.

Consolidated total borrowings as of Apr 30, 2026, stood at Rs 1631.07 crore. The company proposes to utilize Rs 208 crore of the net proceeds from fresh issue towards prepayment of the borrowing. Repayment of Rs 208 crore will bring the borrowings down by about 12.8% resulting in lower interest outgo and boosting the net-profit substantially. The EPS forFY26 works out to Rs 26.6 if 12.8% of its interest cost is removed, keeping all other items, including tax rate, same. The re-worked P/E at the upper price band moderates to 15.9 times its FY26 EPS.

Though not an apple-to-apple comparison Power Mech, NCC, Dilip Buildcon and Sindhu TradeLinks quotes at a PE of 22.3 times, 12.8 times, 12.9 times and 67.8 times respectively of their FY26 EPS.