Caliber Mining files DRHP for ₹375 crore IPO to cut debt
Caliber Mining and Logistics Limited filed its DRHP for a ₹375 crore IPO opening July 17, 2026, to fund debt repayment and capex. The firm reported a 32.67% revenue CAGR and a ₹9,550.89 crore order book, but faces high customer concentration and leverage.
*this image is generated using AI for illustrative purposes only.
Caliber Mining and Logistics Limited has filed its Draft Red Herring Prospectus (DRHP) for an Initial Public Offering (IPO) scheduled to open on July 17, 2026. The integrated coal mining and logistics services provider aims to raise funds to reduce its substantial debt burden and expand its fleet. The company reported a 32.67% CAGR in revenue from operations, reaching ₹1,677.66 crore in FY2026, while its order book stood at ₹9,550.89 crore as of May 15, 2026.
The IPO consists entirely of a fresh issue of at least ₹375 crore. The company intends to utilise ₹208.00 crore for the repayment or prepayment of borrowings and ₹167.00 crore for capital expenditure on vehicles, plant, and machinery. The remaining proceeds will be directed towards general corporate purposes. The issue is set to close on July 21, 2026, though the price band and allotment dates are currently unavailable.
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.
IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | 17-Jul-2026 |
| IPO Close Date | 21-Jul-2026 |
| Allotment Date | Not Available |
| Listing Date | Not Available |
How will the reduction of debt through the IPO proceeds impact Caliber Mining's interest coverage ratio and overall financial flexibility post-listing?
What strategies is the company pursuing to diversify its customer base beyond the current top three clients who contribute over 90% of revenue?
To what extent could volatility in power and fuel costs erode operating margins given that these expenses represent over half of total expenditures?
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