Caliber Mining IPO subscribed 23.06x, NII leads
Caliber Mining and Logistics Limited's IPO was subscribed 23.06 times overall, driven by massive demand from Non-Institutional Buyers. Retail investors subscribed 15.8 times, while QIBs subscribed 1.41 times. Proceeds will fund debt repayment and capital expenditure.
*this image is generated using AI for illustrative purposes only.
Caliber Mining and Logistics Limited's Initial Public Offering (IPO) was subscribed 23.06 times overall, reflecting robust investor demand. The issue, which aims to raise ₹375 crore via a fresh issue to repay debt and fund capital expenditure, saw significant interest across investor categories. Non-Institutional Buyers (NII) led the subscription, with sHNI and bHNI categories subscribing 71.46 times and 67.54 times respectively. Retail investors subscribed 15.8 times their allotted portion, while Qualified Institutional Buyers (QIBs) subscribed 1.41 times. Employees did not subscribe to the issue.
Subscription Status
The subscription data highlights a divergence in investor appetite, with high-net-worth individuals showing the strongest interest.
| Investor Category | Subscription Status |
|---|---|
| Qualified Institutional Buyers (QIB) | 1.41 x |
| Non-Institutional Buyers (sHNI) | 71.46 x |
| Non-Institutional Buyers (bHNI) | 67.54 x |
| Retail | 15.8 x |
| Employees | 0 x |
| Total Subscribed | 23.06 x |
Use of Proceeds
The IPO proceeds are earmarked for ₹208.00 crore for repayment or prepayment of borrowings and ₹167.00 crore for capital expenditure on vehicles, plant, and machinery. The company is an integrated coal mining and logistics services provider.
Financial Performance
Caliber Mining demonstrated strong financial growth in the fiscal years leading up to the offering. Profit After Tax (PAT) increased by 64.65% from ₹95.90 crore in FY2024 to ₹157.90 crore in FY2026. Operating EBITDA grew by 77.23% to ₹430.92 crore in FY2026. The company operates with a high asset base, reporting total assets of ₹2,077.39 crore and total equity of ₹647.54 crore as of March 31, 2026.
| Metric | FY2024 (Consolidated) | FY2025 (Standalone) | FY2026 (Consolidated) |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 953.12 | 1,430.40 | 1,677.66 |
| Total Expenses (₹ Cr) | 829.52 | 1,258.38 | 1,465.01 |
| Profit Before Tax (₹ Cr) | 124.72 | 177.01 | 212.55 |
| PAT (₹ Cr) | 95.90 | 131.55 | 157.90 |
| Operating EBITDA (₹ Cr) | 243.14 | NA | 430.92 |
Business Operations and Risks
The company provides end-to-end services including overburden removal, coal extraction, and logistics. As of April 30, 2026, it managed a fleet of 1,911 vehicles, plant, and machinery. Operations are geographically concentrated in Maharashtra, Madhya Pradesh, and Chhattisgarh, with 55.49% of FY2026 income derived from Maharashtra.
The business faces significant risks, including high customer concentration. The top three customers contributed 90.11% of revenue from operations in FY2026, with Northern Coalfields Limited alone accounting for 44.16%. Additionally, the company carries a high debt load, with total borrowings of ₹1,057.61 crore and a debt-to-equity ratio of 1.63x in FY2026. Power and fuel expenses represented 53.51% of total expenses in FY2026, highlighting sensitivity to cost fluctuations.
How will the significant reduction in debt via IPO proceeds impact Caliber Mining's interest coverage ratios and future borrowing costs?
What strategies is the company pursuing to diversify its revenue base beyond the current top three customers who account for 90% of income?
Will the capital expenditure on new fleet and machinery effectively mitigate the high power and fuel expenses that currently consume over half of total costs?
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