Caliber Mining & Logistics Ltd
FinMinutes Deep Business Model & Edge
Caliber Mining and Logistics Limited is an integrated mining operator specializing in overburden removal, coal extraction, and logistics services. The company generates revenue primarily through contractual fees for coal mining, overburden removal, and end-to-end logistics solutions including loading, unloading, and transportation.
What this company actually does — full breakdown ▾
Caliber Mining and Logistics Limited is a prominent mineral-contracting and logistics company providing end-to-end solutions, encompassing coal and iron ore extraction, overburden (OB) removal, and coal logistics. Operating primarily across Maharashtra, Madhya Pradesh, and Chhattisgarh, the company executes large-scale mining contracts without owning the mines, servicing major clients such as subsidiaries of Coal India Limited (CIL) like Western Coalfields Limited (WCL) and Northern Coalfields Limited (NCL). The company commands a significant market share in contractual OB removal, backed by a massive fleet of 1,911 vehicles and mining equipment, including tippers, excavators, and loaders. Its unique value proposition includes offering both mining and transportation services, supported by strong in-house maintenance capabilities and workshops that optimize operating costs. With an unexecuted order book of ₹9,55,089.08 lakhs as of May 2026, the company derives over 86% of its revenue from coal mining and OB removal, and about 12% from logistics, positioning it as a rapidly growing player in the Indian contract mining industry.
- Coal mining services — Primarily includes coal extraction and overburden removal on a contractual basis for WCL and NCL, as well as other private companies.
- Logistics — Primarily includes loading, unloading and road transportation of coal and iron.
- Coal trading — Primarily includes the buying and selling of coal.
- Rake loading — Loading coal onto rail rakes using company machinery.
- Rail coordination services — Assisting customers to coordinate movement of coal by rail on Indian Railways.
End-to-end integrated mining and logistics services coupled with a large owned fleet of 1,911 vehicles and strong in-house maintenance workshops that provide substantial cost savings and operational efficiencies.
The Offer
Follow the Money — Use of Proceeds
- Repayment/ prepayment, in full or part, of certain borrowings availed by our Company — ₹208.00 cr
- Funding capital expenditure for purchase of commercial vehicles, plant and machinery — ₹167.00 cr
- General corporate purposes
FinMinutes IPO Score — How It's Built
Transparent, deterministic, computed from the filing — not an opinion. Open any component below to see exactly what it measures, what it is worth, and where we are still using a neutral default rather than guessing. Weighted across 7 components.
How this is measured6%
The market window around the issue date. This is currently a neutral placeholder: we have not yet wired it to index trend and recent listing performance, so it does not move the score in either direction.
How this is measured12%
Whether marquee anchor investors took part, and how many. Held at a neutral 50 when no marquee anchor is identified in the filing.
How this is measured10%
Whether fresh capital actually enters the business. A predominantly offer-for-sale issue is marked down ONLY when the financials are weak. A profitable, cash-rich company selling down is treated as neutral, not penalised, because it does not need the money.
How this is measured24%
Taken from the three-year numbers in the filing: whether the company was profitable in the latest year, and whether profit is rising or falling across the disclosed period.
How this is measured16%
Where the multiples printed in the filing sit against the peer median. When the filing does not disclose comparable peer multiples, this is held at a neutral 55 rather than guessed.
How this is measured14%
A proxy for syndicate strength, based today only on how many lead managers are on the issue. It sits at a neutral 60 unless three or more banks are involved. We have not yet built a bank-by-bank track record, so treat this as a rough signal.
How this is measured18%
Starts at 100 and loses points for every material red flag we find in the filing: contingent liabilities, related-party intensity, customer concentration, litigation, auditor qualifications. This is the component our DRHP forensics drives directly.
3-Year Financial & Growth Trend
| Metric | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue (₹ Cr) | 1677.661 | 1430.404 | 953.116 |
| Net Profit (₹ Cr) | 157.9 | 131.549 | 95.902 |
| PAT Margin | 9.41% | 9.2% | 10.06% |
Revenue Breakdown
- Coal mining services: 86.08%
- Logistics: 12.44%
- Coal trading: 0.92%
- Rake loading: 0.54%
- Rail coordination services: 0.02%
Market Context
NOT part of the FinMinutes ScoreThe Score above is what the filing says. Everything in this box is what the crowd says. We keep them apart on purpose — every other site blends the two and calls the result a rating. Demand is real information, but it is information about the market, not about the company, and it changes by the hour while the company does not.
Subscription is low early in a book and high at the end, because most bids arrive in the final hours. A number read on day one says more about the clock than the company — which is precisely why it is not in the Score. GMP is unofficial, unregulated, and easily moved. Neither is a recommendation.
Deep Financials
Revenue, EBITDA and profit are what every listing site prints. Below are the full restated statements as disclosed, the ratios we compute from them, and a DuPont decomposition of the return on equity. A prospectus carries three years, not ten — that is the document’s ceiling, and within it we go as deep as it allows.
Income StatementThe full profit and loss as restated in the filing.
| Income Statement (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from Operations | 1,677.66 | 1,430.40 | 953.12 |
| Other Income | 7.00 | 5.16 | 4.81 |
| Total Income | 1,684.66 | 1,435.57 | 957.92 |
| Employee Benefit Expense | 186.84 | 146.56 | 97.74 |
| Other Expenses | 214.16 | 196.54 | 104.91 |
| Total Expenses | 1,465.01 | 1,258.39 | 829.52 |
| Depreciation & Amortisation | 137.02 | 103.77 | 68.10 |
| Finance Cost | 81.25 | 73.98 | 51.45 |
| Profit Before Tax | 212.55 | 177.01 | 124.72 |
| Tax Expense | 54.65 | 45.46 | 28.82 |
| Profit After Tax | 157.90 | 131.55 | 95.90 |
| EPS - Basic | 29.47 | 24.55 | 18.80 |
| EPS - Diluted | 29.47 | 24.55 | 18.80 |
Balance SheetWhat the company owns, owes, and is worth on paper.
| Balance Sheet (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Share Capital | 53.58 | 53.58 | 51.00 |
| Reserves & Surplus | 593.96 | 435.71 | 244.93 |
| Net Worth | 647.54 | 489.30 | 295.93 |
| Long-term Borrowings | 698.67 | 346.57 | 412.88 |
| Short-term Borrowings | 358.94 | 305.20 | 312.63 |
| Total Borrowings | 1,057.61 | 651.78 | 725.51 |
| Trade Payables | 165.44 | 53.28 | 80.87 |
| Current Liabilities | 596.58 | 431.73 | 438.43 |
| Total Liabilities | 1,429.85 | 914.80 | 983.25 |
| Property, Plant & Equipment | 1,291.33 | 779.03 | 707.74 |
| Intangible Assets | 0.10 | 0.14 | 0.17 |
| Investments | 4.68 | 4.72 | 5.65 |
| Inventories | 125.29 | 68.15 | 64.03 |
| Trade Receivables | 135.58 | 252.65 | 116.86 |
| Cash & Equivalents | 7.37 | 2.86 | 3.39 |
| Current Assets | 610.90 | 452.35 | 407.99 |
| Total Assets | 2,077.39 | 1,404.09 | 1,279.18 |
Cash FlowWhere the cash actually went. Often the most honest statement of the three.
| Cash Flow (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Cash from Operating Activities | 411.04 | 278.37 | 48.22 |
| Capital Expenditure | 635.40 | 156.31 | 367.21 |
| Net Cash from Investing Activities | -691.92 | -157.41 | -327.31 |
| Net Cash from Financing Activities | 285.39 | -121.49 | 276.49 |
| Net Change in Cash | 4.51 | -0.53 | -2.60 |
Ratio AnalysisProfitability, leverage, liquidity, efficiency and earnings quality — computed by us.
Every ratio below is computed by us from the line items the company disclosed — not copied from anywhere. The arithmetic is standard; the point is that somebody actually did it. Blank cells mean the filing did not disclose the inputs, and we would rather show a gap than invent a number.
| Ratio | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profitability | |||
| EBITDA Margin (%) | 25.6 | 24.7 | 25.5 |
| EBIT Margin (%) | 17.4 | 17.5 | 18.4 |
| PAT Margin (%) | 9.4 | 9.2 | 10.1 |
| Return on Equity (%) | 24.4 | 26.9 | 32.4 |
| Return on Capital Employed (%) | 17.2 | 22 | 17.2 |
| Return on Assets (%) | 7.6 | 9.4 | 7.5 |
| Leverage | |||
| Debt / Equity (x) | 1.63 | 1.33 | 2.45 |
| Net Debt / EBITDA (x) | 2.44 | 1.83 | 2.96 |
| Interest Coverage (x) | 3.62 | 3.39 | 3.42 |
| Liquidity | |||
| Current Ratio (x) | 1.02 | 1.05 | 0.93 |
| Quick Ratio (x) | 0.81 | 0.89 | 0.78 |
| Efficiency | |||
| Asset Turnover (x) | 0.81 | 1.02 | 0.75 |
| Receivable Days | 29 | 64 | 45 |
| Inventory Days | 27 | 17 | 25 |
| Payable Days | 36 | 14 | 31 |
| Cash Conversion Cycle (days) | 20 | 67 | 39 |
| Quality of Earnings | |||
| Operating Cash Flow / PAT (x) | 2.6 | 2.12 | 0.5 |
| Accruals Ratio (%) | -12.2 | -10.5 | 3.7 |
| Capex / Depreciation (x) | 4.64 | 1.51 | 5.39 |
DuPont DecompositionWhy the return on equity is what it is: margin, efficiency, or leverage.
A headline return on equity tells you what. The DuPont decomposition tells you why — whether the return is earned through margin, through asset efficiency, or simply through leverage. Two companies can post an identical ROE for opposite reasons, and only one of them is safe.
| Component | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Margin (PAT / Revenue) | 9.4% | 9.2% | 10.1% |
| Asset Turnover (Revenue / Assets) | 0.81x | 1.02x | 0.75x |
| Equity Multiplier (Assets / Net Worth) | 3.21x | 2.87x | 4.32x |
| = Return on Equity | 24.4% | 26.9% | 32.4% |
| Tax Burden (PAT / PBT) | 0.74x | 0.74x | 0.77x |
| Interest Burden (PBT / EBIT) | 0.72x | 0.71x | 0.71x |
| Operating Margin (EBIT / Revenue) | 17.5% | 17.5% | 18.5% |
Computed from the disclosed statements. Where the filing omits an input, the row is left blank rather than estimated.
Quality of EarningsWhat the statements say when you read them against each other.
What the statements say once you read them against each other. These are observations, not verdicts — every one is arithmetic on the numbers the company itself disclosed, and each is stated so you can go and check it in the filing.
- Operating cash flow was 2.6x reported profit in FY26. Earnings are converting into cash, which is what you want to see and frequently is not the case.
- Debt to equity stood at 1.63x in FY26.
Forensic ModelsBeneish, Altman and Piotroski — plus our own final-year check.
Beneish M-Score
7 of 8 inputsAn eight-variable model built to detect earnings manipulation, and built to run on exactly two consecutive years — which is what a prospectus gives us. It belongs here more than anywhere: a company about to list has the maximum possible incentive to have dressed up the very years it is about to show you. A score above −1.78 is the threshold at which the model says the accounts merit a closer look. It is a screening signal, not an accusation, and it was calibrated on listed companies elsewhere. Read the eight components, not just the total.
| Component | Value | What it captures |
|---|---|---|
| DSRI Days Sales in Receivables Index (Receivables_t / Sales_t) / (Receivables_t-1 / Sales_t-1) | 0.458 | Above 1 means receivables grew faster than sales. Revenue may be being recognised ahead of collection. |
| GMI Gross Margin Index GrossMargin_t-1 / GrossMargin_t | — | Above 1 means margins deteriorated. A firm with worsening prospects has more incentive to manipulate. |
| AQI Asset Quality Index AQ_t / AQ_t-1, where AQ = 1 - (CurrentAssets + PPE) / TotalAssets | 0.685 | Above 1 means a rising share of assets is soft (neither current nor fixed) — capitalised costs can hide here. |
| SGI Sales Growth Index Sales_t / Sales_t-1 | 1.173 | Growth is not manipulation. But high-growth firms face more pressure to keep the streak going. |
| DEPI Depreciation Index DepRate_t-1 / DepRate_t, where DepRate = Dep / (Dep + PPE) | 1.225 | Above 1 means assets are being depreciated more slowly — a quiet way to lift reported profit. |
| SGAI SG&A Index (SGA_t / Sales_t) / (SGA_t-1 / Sales_t-1), SGA proxied as employee cost + other expenses | 0.996 | A proxy, because filings rarely break out SG&A cleanly. Read it as a direction, not a precise figure. |
| LVGI Leverage Index Leverage_t / Leverage_t-1, where Leverage = (CurrentLiab + LongTermDebt) / TotalAssets | 1.125 | Above 1 means leverage rose. Debt covenants create pressure to hit numbers. |
| TATA Total Accruals to Total Assets (PAT - CashFromOperations) / TotalAssets | -0.1219 | The gap between reported profit and cash generated. The single heaviest term in the model — and the one that catches profit that never became cash. |
The filing does not disclose every input the model needs, so we withhold the composite score rather than substitute a guess. The components we could compute are above.
Altman Z″-Score (emerging markets)
Z″ = 5.65 · SafeA distress-prediction model. We use the Z″ variant deliberately: the original Z was calibrated on American manufacturers and misleads badly on Indian services companies. Above 2.6 is the safe zone, 1.1 to 2.6 is grey, below 1.1 is the distress zone. Like every model of its kind it is a screen, not a prophecy.
| X1 — Working Capital / Total Assets | 0.007 |
| X2 — Retained Earnings / Total Assets | 0.286 |
| X3 — EBIT / Total Assets | 0.141 |
| X4 — Net Worth / Total Liabilities | 0.453 |
| Z″ = 3.25 + 6.56·X1 + 3.26·X2 + 6.72·X3 + 1.05·X4 | 5.65 |
Piotroski F-Score (adapted)
3 / 8Nine yes-or-no tests of fundamental strength — except we run eight. One of the original nine asks whether the company issued new shares, which is plainly absurd to ask of a company whose entire purpose at this moment is to issue shares. We drop that test and score out of eight, and we would rather tell you that than quietly fudge it.
- ✓Positive return on assets
- ✓Positive operating cash flow
- ✗Return on assets improving
- ✓Cash flow exceeds profit (quality of earnings)
- ✗Long-term leverage decreasing
- ✗Current ratio improving
- —Gross margin improving
- ✗Asset turnover improving
Ratios Nobody Prints
- Contingent liabilities / Net worth: 70.8%
Contingent liabilities of 458.53 cr against a net worth of 647.54 cr — 70.8% of what the company is worth on paper. These are obligations that sit off the balance sheet but could land on it. What they consist of matters as much as the size: a corporate guarantee to a subsidiary is a different animal from a disputed tax demand, and the filing says which. - Related-party revenue / Total revenue: 0.4%
0.4% of revenue in FY26 came from entities connected to the promoters. Revenue you sell to yourself is not the same as revenue you won in the market. - Cash / Short-term borrowings: 0.02x
Short-term borrowings of 358.94 cr against cash of 7.37 cr. Debt that must be refinanced within a year is only comfortable while lenders stay comfortable. - Promoter remuneration / PAT: 5.6%
Managerial remuneration to the promoter group was 8.82 cr against a profit of 157.90 cr. This is a legitimate cost — but it is also a route by which value leaves a company before it ever reaches a minority shareholder.
The Formula NotebookEvery number above, with the working shown. Check us.
Every number we publish, with the working shown. The formula, the same formula with this company’s actual figures put into it, the answer, and what it is for. Check us. That is the point.
PAT ÷ Net Worth157.90 ÷ 647.54What the company earned on the money shareholders have in it. The headline measure of return — and the one the DuPont section takes apart.
EBIT ÷ (Net Worth + Total Borrowings)293.80 ÷ (647.54 + 1,057.61) = 293.80 ÷ 1,705.16Return on ALL the capital in the business, borrowed as well as owned. Unlike ROE, it cannot be flattered by taking on debt.
EBITDA ÷ Revenue430.81 ÷ 1,677.66Operating profitability before the effects of debt, tax and depreciation. What the business earns from the act of trading.
Total Borrowings ÷ Net Worth1,057.61 ÷ 647.54How much the company has borrowed against what it owns. High is not automatically bad — ask whether the borrowing is being serviced comfortably.
EBIT ÷ Finance Cost293.80 ÷ 81.25How many times over operating profit covers the interest bill. Below about 2x, a meaningful share of what the business earns is going to lenders rather than owners.
(Trade Receivables ÷ Revenue) × 365(135.58 ÷ 1,677.66) × 365How long the company waits to be paid. Rising receivable days mean revenue is being booked faster than it is collected — which is where a great many accounting problems begin.
Inventory Days + Receivable Days − Payable Days27 + 29 − 36How long cash is tied up in the operating cycle before it comes back. The longer it is, the more working capital the business must fund.
Cash from Operations ÷ PAT411.04 ÷ 157.90Did the profit turn into cash? Profit is an opinion; cash is a fact. When this sits well below 1x for long, the two are drifting apart, and the filing is where you find out why.
(PAT − Cash from Operations) ÷ Total Assets(157.90 − 411.04) ÷ 2,077.39 = -253.14 ÷ 2,077.39The share of reported profit that exists on paper rather than in the bank. It is also the heaviest single term in the Beneish model, for good reason.
Institutional Alpha: DRHP Deep Dive
The Indian contract mining and logistics sector is experiencing robust growth driven by increasing energy demand and the government's push to ramp up domestic coal production to reduce import dependency. The total contract mining market is expanding rapidly, with Coal India Limited (CIL) significantly increasing its outsourcing of coal production and overburden (OB) removal to private contractors to meet production targets. The industry is highly capital intensive, requiring large fleets of heavy earth-moving machinery, and favors players with strong financial capabilities, execution track records, and in-house maintenance infrastructure to mitigate high operational and fuel costs.
Future Planning & Capital Allocation
The company is raising ₹400 crore in fresh capital to fund its aggressive fleet expansion. Specifically, ₹167 crore will be deployed to purchase 65 Volvo FMX 500E Dump Trucks, 11 Komatsu/Volvo excavators/dozers, and other heavy machinery. Another ₹208 crore will be used to prepay/repay existing high-cost borrowings to deleverage the balance sheet.
Source: RHP p. 542, 666, 670Competitive Position
Caliber Mining operates as a dominant contractor in Central India. It has rapidly captured a 6.5% market share of Coal India's total contractual OB removal (reaching 18.4% share in WCL and 17.2% in NCL). Its deep integration of both mining extraction and end-to-end logistics (including rake loading) gives it a structural margin advantage over fragmented, pure-play logistics competitors.
Source: RHP p. 734Execution / Track Record
The company has demonstrated explosive growth, scaling its revenue from operations from ₹953 crore in FY24 to ₹1,677 crore in FY26 (a 32.7% CAGR). Concurrently, its OB removal volume surged from 72 million cubic meters (Mcum) in FY24 to 131 Mcum in FY26. It maintains an industry-leading ROE of 27.78%.
Source: RHP p. 727, 741Shareholding, Syndicate & Leadership
Leadership & Skin in the Game
Leadership: Mohit Satishkumar Chadda
Litigation: Against Promoters: ₹163.08 lakhs (Direct Tax) and 2 criminal proceedings. Against Company: ₹69.26 lakhs (Indirect Tax) and 4 criminal proceedings. Against Directors: ₹112.49 lakhs (Direct Tax).
Auditor / RPT Flags: No audit qualifications in the last three years. However, related party transactions are significant, including a ₹17.70 crore corporate guarantee provided on behalf of a related party (Shree Chadda Roadlines) and substantial transport sub-contracting revenues routed through promoter-held KSR Freight Carriers.
Peers & Valuation
| Company | P/E | P/B | RoE | Margin |
|---|---|---|---|---|
| Power Mech Projects Limited | 22.94 | — | 15.9 | — |
| NCC Limited | 13.59 | — | 9.02 | — |
| Sindhu Trade Links Limited | 97.15 | — | 2.54 | — |
| Dilip Buildcon Limited | 4.95 | — | 20.09 | — |
🔍 Forensic Findings — What the Footnotes Say
Risks hiding outside the risk section — mined from MD&A, related-party notes, contingent liabilities and litigation. This is the FinMinutes edge.
In FY26, the top 10 customers accounted for 98.40% of revenue from operations, and the top 3 customers contributed 90.11%. The single largest customer, Northern Coalfields Limited, contributed 44.16%.
RHP p. 28, 893-894The company failed to appoint a Whole-Time Company Secretary for roughly 19 months (Dec 2022 to Jul 2024). Furthermore, in a Sept 2024 private placement, the company utilized funds before filing the required PAS-3 form and failed to open a separate bank account, leading to RoC levying a penalty of ₹5 lakhs on the company and ₹4.67 lakhs on each director.
RHP p. 576-578Promoters operate a partnership firm, KSR Freight Carriers, in the exact same line of business. KSR Freight Carriers was awarded transportation work and sub-contracted it to the company, generating ₹8,382.82 lakhs (5.00% of revenue) in FY26. Furthermore, the company has extended a corporate guarantee of ₹1,770.09 lakhs for Shree Chadda Roadlines.
RHP p. 604, 638, 642The company reported negative cash flows from investing activities of ₹69,192.19 lakhs in FY26 and ₹15,740.50 lakhs in FY25.
RHP p. 597Against Promoters: ₹163.08 lakhs (Direct Tax) and 2 criminal proceedings. Against Company: ₹69.26 lakhs (Indirect Tax) and 4 criminal proceedings. Against Directors: ₹112.49 lakhs (Direct Tax).
RHP p. 588-589, 638, 642, 724, 770No audit qualifications in the last three years. However, related party transactions are significant, including a ₹17.70 crore corporate guarantee provided on behalf of a related party (Shree Chadda Roadlines) and substantial transport sub-contracting revenues routed through promoter-held KSR Freight Carriers.
RHP p. 588-589, 638, 642, 724, 770Company's Claims vs Reality
We stress-test each claim against the filing's own data.
Does the balance sheet support this heavy asset base?
RHP p. 725, 861Do the peer comparison tables validate this?
RHP p. 741-742Proprietary SWOT — Company-Specific
Strengths
- End-to-end integrated mining and logistics solutions supported by a massive owned fleet of 1,911 vehicles and heavy machinery.
- Strong in-house maintenance infrastructure and workshops, significantly reducing operating costs (like High-Speed Diesel) and enhancing margins compared to peers.
- Robust unexecuted Order Book of ₹9,55,089.08 lakhs as of May 15, 2026, providing high medium-term revenue visibility.
Weaknesses
- Highly capital-intensive operations requiring continuous debt-funded fleet additions, resulting in a leveraged balance sheet (Net Debt/Equity ratio of 1.62x in FY26).
- Severe customer concentration, with the top 3 customers driving over 90% of total revenue.
Opportunities
- State-run Coal India Limited (CIL) is aggressively outsourcing overburden (OB) removal to private contractors to meet production targets, expanding the addressable market.
- Diversification into other mineral logistics, including iron ore and manganese, to reduce dependency purely on thermal coal.
Threats (material, not boilerplate)
- Termination of mining contracts due to failure to meet prescribed daily extraction targets or operation parameters. risk_section
Why it matters: Contracts with WCL and NCL are standard-form and favor the PSUs, allowing them to terminate or levy heavy penalties for missed targets, which would immediately hit the company's cash flow. - Global and national transition towards renewable energy sources away from thermal coal. risk_section
Why it matters: A structural decline in thermal coal demand in India would directly reduce coal extraction volumes, potentially stranding the company's massive fleet of specialized mining assets.
Analyst Q&A: Burning Questions
Facts from the filing. No recommendation — that layer arrives once our Research Analyst registration is live.
Where is the money going?
The Offer comprises a Fresh Issue of ₹400.00 crore and an Offer for Sale of ₹50.00 crore. From the fresh proceeds, ₹208.00 crore will be utilized for prepayment/repayment of existing borrowings, and ₹167.00 crore will fund capital expenditure to purchase new commercial vehicles, plant, and machinery.
RHP p. 542, 666How concentrated is the customer base?
The customer base is extremely concentrated. In FY26, the top 10 customers accounted for 98.40% of revenue from operations, while the top 3 customers accounted for 90.11%. The single largest customer, Northern Coalfields Limited, contributed 44.16% of total revenue.
RHP p. 893-894Is it profitable and growing?
Yes. Revenue from operations grew rapidly from ₹953.11 crore in FY24 to ₹1,677.66 crore in FY26. Profit After Tax (PAT) similarly grew from ₹95.90 crore in FY24 to ₹157.90 crore in FY26, supporting an Operating EBITDA margin of 25.69% in FY26.
RHP p. 850, 866What sits in the footnotes / contingent liabilities?
The company carries ₹458.53 crore in contingent liabilities as of FY26. The vast majority (₹440.13 crore) is bank guarantees provided for business purposes. However, it also includes a ₹17.70 crore corporate guarantee given on behalf of a related party, Shree Chadda Roadlines. The company also faced RoC penalties for severe compliance lapses regarding private placement procedures in late 2024.
RHP p. 576-578, 638What Earlier Investors Paid
Early capital takes real risk and is fairly rewarded for it — a large multiple built over many years is normal. What deserves a closer look is a steep step-up in a short window: a round priced cheaply only months before the offer.
| Shareholder | Priced at | When | vs IPO price |
|---|---|---|---|
| Abakkus Four2eight Opportunities Fund | ₹240.00 | 2024-09-30 | 1.8x |
| Anchorage Capital Fund – Anchorage Capital Scheme III | ₹424.00 | 2026-06-17 | 1.0x |
| Baring Private Equity India Fund 6 | ₹424.00 | 2026-06-27 | 1.0x |
| Scarlet Ventures LLP | ₹424.00 | 2026-06-27 | 1.0x |
| Anuj A Sheth | ₹424.00 | 2026-06-27 | 1.0x |
| Maithili Gagan Chaturvedi | ₹424.00 | 2026-06-27 | 1.0x |
Prices are as stated in the filing’s allotment history and are not adjusted for later bonus issues or share splits. Where a company has issued bonus shares, the multiples above understate the true return and can even read as losses. Adjusting for that is on our list; until it is done we would rather show the raw disclosure and tell you its limits than publish a confident number that is wrong.
Lock-in Expiry Calendar
Shares held before the IPO cannot be sold immediately; they unlock in tranches. When a tranche unlocks, more shares become eligible to trade. Retail investors are frequently caught unaware by these dates. The schedule below follows from the listing date; quantities are shown only where the filing discloses them.
- 24 Jul 2029Minimum Promoter’s Contributionthree years
- 24 Jul 2027Promoters' shareholding in excess of 20%one year
- 24 Jan 2027Entire pre-Offer Equity Share Capitalsix months
- 23 Aug 2026Anchor Investors (50%)30 days
- 22 Oct 2026Anchor Investors (50%)90 days
An unlock means more shares may be sold — not that they will be, and not that the price will move. We state the dates; what you do with them is your call.
What Changed Between the DRHP and the RHP
Companies file a draft prospectus, then a final one. The changes in between are rarely reported, and they can be revealing.
| Item | In the DRHP | In the RHP / Addendum |
|---|---|---|
| Total issue size and structure The total issue size was reduced by 25%. The fresh issue was reduced by ₹10,000.00 lakhs following Pre-IPO placements, and the Offer for Sale was cut in half, with all four selling promoters halving their offered shares. | Up to ₹60,000.00 lakhs (Fresh Issue up to ₹50,000.00 lakhs, Offer for Sale up to ₹10,000.00 lakhs) | Up to ₹45,000.00 lakhs (Fresh Issue up to ₹40,000.00 lakhs, Offer for Sale up to ₹5,000.00 lakhs) |
| Pre-IPO Placement The company completed pre-IPO placements totaling ₹10,000.00 lakhs prior to the RHP filing, which directly reduced the size of the fresh issue. | Company may consider a Pre-IPO Placement aggregating up to ₹10,000.00 lakhs | Company undertook Pre-IPO Placements aggregating to ₹6,000.00 lakhs and ₹4,000.00 lakhs |
| Use of Proceeds (Fresh Issue) The allocation for debt repayment increased by ₹3,300 lakhs, while the allocation for capital expenditure was reduced by ₹3,300 lakhs. | Repayment/prepayment of borrowings: ₹17,500 lakhs; Capital expenditure: ₹20,000 lakhs | Repayment/prepayment of borrowings: ₹20,800.00 lakhs; Capital expenditure: ₹16,700.00 lakhs |
| Financial Information Period The restated financial statements were rolled forward by two full fiscal years, dropping FY22, FY23, and the stub period, and introducing full-year data for FY25 and FY26. | Three-months ended June 30, 2024, and Fiscals 2024, 2023, and 2022 | Fiscals 2026, 2025, and 2024 |
| Contingent Liabilities Contingent liabilities increased by roughly 213% (over ₹31,000 lakhs), primarily driven by a substantial increase in bank guarantees issued for business purposes. | ₹14,614.15 lakhs (as of June 30, 2024) | ₹45,853.34 lakhs (as of March 31, 2026) |
Educational, grounded entirely in the company's filings (DRHP/RHP). Not investment advice. FinMinutes does not provide buy/sell recommendations.