Caliber Mining & Logistics IPO opens on July 17, 2026, and closes on July 21, 2026. The company is raising ₹450 crore through this mainboard book-build issue, comprising a fresh issue of ₹400 crore and an offer for sale of ₹50 crore. The price band is set at ₹402 to ₹424 per share.
Introduction
Incorporated in 2014 and headquartered in Chandrapur, Maharashtra, Caliber Mining is an integrated coal mining and logistics service provider. It handles the full coal supply chain from extraction and overburden removal to road transport, rake loading, and rail coordination. Its primary customers are Coal India subsidiaries WCL and NCL. Revenue has grown sharply over three years, and the company ranks among India's top 10 mining operators by contract mining scale.
Caliber Mining IPO: Key highlights
| Detail | Information |
| IPO open date | July 17, 2026 |
| IPO close date | July 21, 2026 |
| Price band | ₹402 to ₹424 per share |
| Face value | ₹10 per share |
| Issue size | ₹450 crore |
| Fresh issue | ₹400 crore (94,33,962 shares) |
| OFS | ₹50 crore (11,79,245 shares) |
| Lot size | 35 shares |
| Listing exchanges | BSE and NSE |
| Allotment date | July 22, 2026 |
| Share credit date | July 23, 2026 |
| Listing date | July 24, 2026 |
| Registrar | KFin Technologies Ltd. |
| Lead manager | Dam Capital Advisors Ltd. |
| Pre-IPO market cap | ₹2,771.93 crore |
| QIB quota | 50% |
| HNI quota | 15% |
| Retail quota | 35% |
Caliber Mining IPO important dates
The subscription window runs five days. Allotment and credit follow quickly after, with a listing on July 24.
| Event | Date |
| IPO open | July 17, 2026 |
| IPO close | July 21, 2026 |
| Basis of allotment | July 22, 2026 |
| Refund initiation | July 23, 2026 |
| Share credit to demat | July 23, 2026 |
| Listing on BSE and NSE | July 24, 2026 |
Caliber Mining IPO price band, lot size & minimum investment
The price band is ₹402 to ₹424. One lot is 35 shares. Minimum retail investment at the upper band is ₹14,840. Retail investors can apply for up to 13 lots, which is 455 shares at ₹1,92,920. Small HNIs need 14 lots minimum (490 shares at ₹2,07,760). Large HNIs need at least 68 lots (2,380 shares at ₹10,09,120). QIBs get 50% of the net offer, retail 35%, and HNIs 15%. Applications go through UPI or ASBA via net banking or broker platform.
Objectives of the IPO
The fresh issue proceeds of ₹400 crore will be used for two purposes: ₹208 crore toward the repayment of outstanding borrowings and ₹167 crore for capital expenditure on new machinery and equipment. The remainder goes toward general corporate purposes.
The OFS of ₹50 crore allows existing promoter shareholders to partially exit. Promoter holding pre-issue stands at 90.91%. Debt reduction of ₹208 crore should make the balance sheet meaningfully cleaner post-listing, which is relevant given total borrowings of ₹1,057.61 crore as of March 31, 2026.
Business model of Caliber Mining & Logistics
Caliber Mining is an integrated player in the coal supply chain. Operations are spread across Maharashtra, Chhattisgarh and Madhya Pradesh, with WCL and NCL, the subsidiaries of Coal India, being the main customers.
Mining services
The core business is the contract-based extraction of coal and the removal of overburden in open-pit mines. The equipment available is excavators, dozers and tippers. Work is done under mining contracts that specify volume, timing, and pricing.
Coal and mineral transportation
As of April 30, 2026, the company has a fleet of 1,911 vehicles consisting of 883 tippers, 64 loaders, 162 excavators and 362 tip trailers. The coal and iron ore are moved from mine to stockyard and dispatch point in accordance with work orders governing prices and delivery dates.
Logistics operations
In addition to transport, the company also handles the loading and unloading of the entire supply chain. It is a volume-driven, execution-heavy business, sitting between the mine and the rail or road dispatch point.
Infrastructure support services
Wagon inspection, cleaning, and rake loading management at rail dispatch points. The company invoices customers on weighed quantity and is responsible for ensuring no penalties arise from delays or errors in loading.
Long-term customer contracts
Work orders from Coal India subsidiaries cover price, volume, and delivery terms. These are not spot transactions, which gives some revenue predictability. The risk is that contract renewals are not guaranteed, and pricing is negotiated periodically.
Financial performance
Revenue and profit have grown consistently across the three years.
| Metric | FY24 | FY25 | FY26 |
| Total income | ₹957.92 Cr | ₹1,435.57 Cr | ₹1,684.66 Cr |
| PAT | ₹95.90 Cr | ₹131.55 Cr | ₹157.90 Cr |
| EBITDA | ₹243.14 Cr | ₹349.77 Cr | ₹430.92 Cr |
| EBITDA margin | -- | -- | 25.69% |
| PAT margin | -- | -- | 9.41% |
| Net worth | ₹295.93 Cr | ₹489.30 Cr | ₹647.54 Cr |
| Total borrowings | ₹717.88 Cr | ₹649.27 Cr | ₹1,057.61 Cr |
| Debt to equity | -- | -- | 1.63 |
| ROCE | -- | -- | 16.60% |
| RoNW | -- | -- | 24.38% |
Revenue grew 17% and PAT grew 20% in FY26 over FY25. The EBITDA margin held at 25.69%. The borrowings jumping from ₹649.27 crore in FY25 to ₹1,057.61 crore in FY26 is worth noting. Fleet expansion and equipment capex are likely the drivers, but investors should check the RHP for specifics. Post-issue EPS works out to ₹24.15, with a post-issue P/E of 17.55x.
Company strengths
Integrated mining and logistics business
Caliber Mining covers the full coal handling chain in-house, from extraction to transportation to rake loading. The customer can work with one contractor, rather than having to coordinate several vendors.
Experienced management team
The business is run by Mohit Satishkumar Chadda, Anuj Krishanlal Chadda, Manish Krishanlal Chadda, Rahul Roshanlal Chadda & Priya Anuj Chadda, who have been working here since 2014. Contract mining for subsidiaries of Coal India requires familiarity with regulations and deep operational experience.
Strong customer relationships
The WCL and NCL are large government-backed companies with consistent coal production requirements. The revenue base is supported by the long-standing work orders with these entities.
Modern equipment and fleet
A fleet of 1,911 vehicles and equipment as of April 2026 has been built up through ongoing capital investment. The larger the fleet, the greater the amount of work that the company can contract out.
Growth opportunities in mining infrastructure
India keeps high coal output targets. Contract mining is on the rise, with Coal India subsidiaries outsourcing extraction and logistics to a greater extent. Since we entered into contract mining in FY21, market share and order book have been on a steady rise.
Risks investors should consider
- Total borrowings increased from ₹649.27 crore in FY25 to ₹1,057.61 crore in FY26. Even with ₹208 crore debt repayment, leverage remains high for a capital-intensive business.
- Revenue is largely in subsidiaries of Coal India. Any changes to Coal India’s outsourcing policy, contract terms or volume allocation would directly impact Caliber Mining’s business.
- The 9.41% PAT margin on an EBITDA margin of 25.69% reflects high depreciation and interest costs because of the asset-heavy fleet model. Free cash flow generation needs to be examined.
- Work orders are renewed periodically. Pricing is renegotiated each cycle with no guarantees of continuity beyond current terms.
- Coal is a sector under long-term policy pressure, even if demand in India is high in the near-term. Longer-term investors must consider the timeframe of the energy transition.
- The business needs ongoing equipment capex to maintain and grow fleet capacity, which limits the amount of cash that can build up on the balance sheet.
Should you track the Caliber Mining IPO?
The business is real and has a meaningful level of operation. FY26 revenue of ₹1,684.66 crore with 25.69% EBITDA margin is proof of real operational efficiency. The customer base of Coal India provides some stability, and the post-issue P/E of 17.55x is not expensive when compared to infrastructure and mining services peers.
The concern is not the business model. It is the debt. ₹1,057.61 crore in borrowings on a net worth of ₹647.54 crore is a 1.63 debt-to-equity ratio that is manageable but not comfortable. The ₹208 crore debt repayment from IPO proceeds helps, but the company will still need significant cash generation to keep servicing what remains.
For investors comfortable with asset-heavy models and familiar with how Coal India contract businesses work, the post-issue P/E and earnings growth trajectory make this worth watching. For those unfamiliar with the mining services sector, the debt levels and customer concentration deserve careful reading in the RHP before applying.
Latest updates on the Caliber Mining IPO
- IPO opens July 17 and closes July 21, 2026
- Price band confirmed at ₹402 to ₹424 per share
- Issue size ₹450 crore, fresh issue ₹400 crore, OFS ₹50 crore
- Lot size 35 shares, minimum retail investment ₹14,840
- Allotment July 22, listing tentatively July 24 on BSE and NSE
- Subscription status trackable on Chittorgarh.com or BSE/NSE portals from July 17
- Allotment status check via KFin Technologies at ipostatus.kfintech.com
Conclusion
Caliber Mining & Logistics is a well-established contract mining and logistics business going public at a post-issue P/E of 17.55x on growing earnings. The positives are the integrated model, Coal India's customer base, and steady revenue growth. Things that deserve attention before applying are the debt load, customer concentration and asset-heavy cash flow profile. Read the RHP and check the borrowings trajectory carefully.
