Caliber Mining & Logistics IPO

As of May 15, 2026, the company had an order book worth ₹9,550.89 crore. An order book is the total value of confirmed contracts yet to be completed. This gives the company strong revenue visibility and a steady pipeline of work for the next 3 to 6 years.

The company has maintained strong operating efficiency, with an EBITDA margin (profit before interest, taxes, depreciation, and amortisation) of 25.69% and a PAT margin (profit after all expenses) of 9.41% in FY26. Both are consistently higher than the industry average, showing that it earns better profits than many of its peers.

The company has improved how quickly it collects payments from customers. Its receivable days, which measure the average time taken to receive payments, came down from 52 days in FY24 to 42 days in FY26. Faster collections help improve cash flow and support day-to-day operations.

The company's revenue grew at a strong compound annual growth rate (CAGR) of 32.67%, rising from ₹953.12 crore in FY24 to ₹1,677.66 crore in FY26. This reflects healthy demand for its services and its ability to scale up its business.

The company delivered a Return on Average Equity (RoE, a measure of how efficiently it uses shareholders' money) of 27.78% in FY26. This indicates that it has been generating strong returns for its shareholders compared with many of its competitors.

As of April 30, 2026, the company owned 1,811 vehicles and machines out of its total fleet of 1,911. Owning most of its equipment reduces its dependence on rented machinery, gives it better control over operations, and can also help keep costs in check.

The company depends heavily on a small number of customers. In FY26, its top three clients contributed 90.11% of its revenue, with Northern Coalfields Limited alone accounting for 44.16%. If it loses any of these major customers or their orders decline, its revenue and profitability could be affected.

As of April 30, 2026, the company's outstanding borrowings (total loans) stood at ₹1,631.07 crore. This high debt also led to interest expenses of ₹81.25 crore in FY26, putting additional pressure on its earnings and cash flows.

The company's business is seasonal because heavy monsoon rains disrupt open-cast mining operations. In FY26, revenue during Q2, the monsoon quarter, fell to ₹227.28 crore, less than half of the ₹572.39 crore it generated in Q4, when weather conditions were more favourable.

The company earns a large share of its revenue from Maharashtra, which contributed 55.49% in FY26. Any slowdown in mining activity, policy changes, political developments, or severe weather in the state could have a noticeable impact on its business.

The company also has high supplier concentration, with its largest supplier accounting for 49.22% of its material purchases in FY26. Any disruption in supplies or disagreements over pricing with key suppliers could affect its mining and transportation operations.

As of March 31, 2026, the company had contingent liabilities (possible future financial obligations) of ₹458.53 crore, mainly due to bank guarantees. If these obligations are triggered, they could put additional pressure on the company's finances.

The company's Return on Average Equity (RoAE, which measures how efficiently it generates returns from shareholders' money) declined from 38.63% in FY24 to 27.78% in FY26. Its Return on Capital Employed (RoCE, which measures how efficiently the business uses its overall capital) also fell to 16.60% in FY26, indicating that its capital efficiency has weakened over time.