Altman Z″
Needs current assets and current liabilities.
CMLL · Logistics · INE11XY01018
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
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.
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.
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.
Source: RHP p. 274, 282, 297, Our Business & Industry Overview
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Coal mining services | 86.08 | RHP p. 298, Our Business |
| Logistics | 12.44 | RHP p. 298, Our Business |
| Coal trading | 0.92 | RHP p. 298, Our Business |
| Rake loading | 0.54 | RHP p. 298, Our Business |
| Rail coordination services | 0.02 | RHP p. 298, Our Business |
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.
Growth rate: 19.4% CAGR (Fiscal 2026-2030)
Market size: ₹32,66,800 lakh (Fiscal 2026)
Sector slug: contract-mining
Source: RHP p. 287, Industry Overview
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| Power Mech Projects Limited | 22.94 | 15.9 | p. 859 | ||
| NCC Limited | 13.59 | 9.02 | p. 859 | ||
| Sindhu Trade Links Limited | 97.15 | 2.54 | p. 859 | ||
| Dilip Buildcon Limited | 4.95 | 20.09 | p. 859 |
As presented in the offer document. Post-listing figures are in the statements above.
| Period | Related party revenue cr | Pat cr | Ebitda cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| FY26 | 7 | 157.9 | 9.41% | 1677.661 | yes | 285.393 | |
| FY25 | 131.549 | 9.2% | 1430.404 | yes | -121.494 | ||
| FY24 | 95.902 | 10.06% | 953.116 | yes | 276.494 |
Written before listing, answered from the document itself.
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, 666
How 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. 893-894
Is 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, 866
What 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, 638
What the issue priced at, on the figures in the document.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2024-09-30 | Abakkus Four2eight Opportunities Fund | 2083333 | 240 | financial investor | p. 729 |
| 2026-06-17 | Anchorage Capital Fund – Anchorage Capital Scheme III | 1415095 | 424 | financial investor | p. 747 |
| 2026-06-27 | Baring Private Equity India Fund 6 | 353773 | 424 | financial investor | p. 747 |
| 2026-06-27 | Scarlet Ventures LLP | 353773 | 424 | financial investor | p. 747 |
| 2026-06-27 | Anuj A Sheth | 117924 | 424 | other | p. 747 |
| 2026-06-27 | Maithili Gagan Chaturvedi | 117925 | 424 | other | p. 747 |
Ceo: Mohit Satishkumar Chadda
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).
Promoters hold 88.75% pre-issue. The Offer includes a Fresh Issue of ₹400 crore and an OFS of ₹50 crore by promoters, ensuring they retain a vast majority stake post-listing to execute the long-term order book.
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.
Source: RHP p. 588-589, 638, 642, 724, 770
A change between the two filings is a disclosure in itself.
| Field | Rhp value | Drhp value | Note | Source |
|---|---|---|---|---|
| Total issue size and structure | Up to ₹45,000.00 lakhs (Fresh Issue up to ₹40,000.00 lakhs, Offer for Sale up to ₹5,000.00 lakhs) | Up to ₹60,000.00 lakhs (Fresh Issue up to ₹50,000.00 lakhs, Offer for Sale up to ₹10,000.00 lakhs) | 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. | DRHP p. 24, 80; RHP p. 81, 796 |
| Pre-IPO Placement | Company undertook Pre-IPO Placements aggregating to ₹6,000.00 lakhs and ₹4,000.00 lakhs | Company may consider a Pre-IPO Placement aggregating up to ₹10,000.00 lakhs | 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. | DRHP p. 25; RHP p. 673, 762 |
| Use of Proceeds (Fresh Issue) | Repayment/prepayment of borrowings: ₹20,800.00 lakhs; Capital expenditure: ₹16,700.00 lakhs | Repayment/prepayment of borrowings: ₹17,500 lakhs; Capital expenditure: ₹20,000 lakhs | The allocation for debt repayment increased by ₹3,300 lakhs, while the allocation for capital expenditure was reduced by ₹3,300 lakhs. | DRHP p. 25, 119; RHP p. 803 |
| Financial Information Period | Fiscals 2026, 2025, and 2024 | Three-months ended June 30, 2024, and Fiscals 2024, 2023, and 2022 | 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. | DRHP p. 27, 81; RHP p. 82, 392 |
| Contingent Liabilities | ₹45,853.34 lakhs (as of March 31, 2026) | ₹14,614.15 lakhs (as of June 30, 2024) | Contingent liabilities increased by roughly 213% (over ₹31,000 lakhs), primarily driven by a substantial increase in bank guarantees issued for business purposes. | DRHP p. 29, 378; RHP p. 749 |
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
Net margin has narrowed from 9.2% to 4.6% year-on-year — profitability per rupee of sales is shrinking.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Quarter net margin 4.6% vs 9.2% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-224 cr, negative in 5 of 6 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings rose 176% over two years while the company also carries ₹5 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹1,120 cr from ₹406 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Operating cash is 260% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹411 cr against trailing net profit ₹158 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Debt rose over 3 years, and most of it (138%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹869 cr largely matched by an asset build of ₹1,197 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Needs more balance-sheet detail (only 4 of 9 signals testable).
Needs trade receivables, total assets, current assets, net block, other expenses, borrowings, operating cash flow.
Accruals are -12.2% of assets. Free cash flow negative in 5 of 6 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Capital is going in far faster than revenue is coming out. For a business mid-build that is expected — the test is whether it converts.
cumulative operating cash flow ÷ cumulative net profit
₹640 cr ÷ ₹412 cr, over 6 years
1.55×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹158 − ₹411) cr ÷ average assets
-12.2%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
9.4% × 0.81 × 3.21
24.4%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹300 cr ÷ ₹87 cr
3.45×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹1,120 cr ÷ ₹648 cr
1.73×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +300% vs revenue +94%, FY2023 to FY2026
206pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 1 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 74.18% to 74.18% across these quarters.
FII held steady from 1.70% to 1.70% across these quarters.
MF held steady from 2.66% to 2.66% across these quarters.
Other held steady from 21.46% to 21.46% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2026 |
|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 113 | 186 | 69 | 74 | 45 | 30 |
| Inventory days
How long stock sits before it sells | 42 | 32 | 5 | 26 | — | — |
| Payable days
How long the company takes to pay suppliers | 286 | 255 | 171 | 152 | — | — |
| Cash conversion cycle
Debtor + inventory − payable days | -131 | -36 | -98 | -53 | 45 | 30 |
| Working capital days | 42 | 114 | 67 | 3 | -20 | -18 |
| ROCE %
Return on capital employed | — | 27.0% | 26.0% | 30.0% | 21.0% | — |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 179 | 485 | 865 | 953 | 1,430 | 1,678 |
| Other income | 1 | 7 | 10 | 1 | 5 | -2 |
| Depreciation | 7 | 30 | 54 | 68 | 104 | 137 |
| Finance cost | 3 | 12 | 29 | 57 | 74 | 87 |
| Profit before tax | 22 | 51 | 111 | 125 | 177 | 213 |
| Net profit (owners) | 19 | 37 | 80 | 96 | 132 | 158 |
| EPS (₹) | 61.93 | 123.43 | 15.75 | 18.80 | 24.55 | 29.47 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 393 | 572 | 657 |
| Other Income | 1 | -2 | 2 |
| Expenses | 298 | 412 | 547 |
| Depreciation | 28 | 41 | 45 |
| Finance cost | 17 | 25 | 28 |
| Profit before tax | 50 | 93 | 39 |
| Net Profit | 38 | 67 | 30 |
| EPS | 7.08 | 12.46 | 5.32 |
| Item | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 51 | 51 | 54 |
| Reserves | 43 | 55 | 96 | 118 | 245 | 594 |
| Borrowings | 6 | 69 | 251 | 406 | 840 | 1,120 |
| Net block | 20 | 62 | 208 | 351 | 837 | 1,405 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 6 | 34 | 63 | 6 | 5 |
| Total Assets | 114 | 200 | 427 | 712 | 1,279 | 2,077 |
| Line | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 46 | -8 | 53 | 90 | 48 | 411 |
| Cash from investing | -5 | -54 | -212 | -259 | -327 | -692 |
| Cash from financing | -40 | 64 | 169 | 162 | 276 | 285 |
| Free cash flow | 42 | -7 | -124 | -107 | -319 | -224 |
| Net change in cash | 2 | 1 | 10 | -6 | -3 | 5 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.