Caliber Mining & Logistics Ltd(CMLL)

NSE: CMLLBSE: 544833

₹ 516.45+1.16%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 3,376 crWebsite: www.cmll.inUpdated: 27 Oct 2026

About

Caliber Mining and Logistics Limited (CMLL) is an integrated coal mining and logistics services provider offering contract coal extraction, overburden removal, road transportation, rake loading, and rail coordination across open-cast mine sites in central India. The company held approximately 5.1% of the Indian contract mining market by value in FY26, up from less than 1% in FY20, and is among the top ten mining operators in India. In Q1 FY27, CMLL recorded revenue from operations of INR 657 crores, a 67% year-on-year increase, supported by an order book of INR 9,124 crores as of 30 June 2026.^[1][2]

Business segments

Coal mining services contributed 90.9% of Q1 FY27 revenue (INR 597 crores), up from 86% in FY26, covering contract coal extraction and overburden removal at open-cast mines.^[2]
The remaining revenue comes from four other service lines: logistics (road transport of coal and iron ore), rake loading, rail coordination services, and coal trading.^[1]

Operations

In FY26, CMLL operated at seven open-cast mine sites - Dhoptala, Dudhichua, Gouri Pouni, Jayant, Lalpeth, Majri, and Sasti - across Maharashtra and Madhya Pradesh.^[1]
A central maintenance workshop is located at Chandrapur, supported by workshops at each of the seven mine sites.^[1]
Fleet size stood at 2,033 units in Q1 FY27. Operations in Q1 FY27 spanned Maharashtra, Madhya Pradesh, and Chhattisgarh.^[2]

Key operating numbers

Coal extraction reached a record 1.54 MT in Q1 FY27, up 27% from 1.21 MT in Q1 FY26.^[2]
Overburden removal hit a record 43.37 million cubic metres in Q1 FY27, up 52% from 28.56 Mcum in Q1 FY26.^[2]
Coal loaded on rakes was 4.77 MT in Q1 FY27 vs 4.46 MT in Q1 FY26; coal transported by road was 2.42 MT vs 2.98 MT in Q1 FY26.^[2]
In FY26, overburden removed rose 20.14% to 128.07 Mcum (from 106.60 Mcum in FY25); coal extracted fell to 4.48 MT from 5.48 MT as two contracts completed.^[1]
Normalised EBITDA margin (excluding diesel escalation pass-through) was 20.02% in Q1 FY27, vs a reported 24.33% in Q1 FY26.^[2]

Order book

Order book stood at INR 9,124.81 crores (including GST) as of 30 June 2026, with INR 4,045 crores of new additions during Q1 FY27.^[2]
Average order book tenure is 46 months as of Q1 FY27, providing 3 - 4 years of revenue visibility.^[2]

Customers and distribution

Northern Coalfields Limited was the largest customer at 44.16% of revenue in FY26; Western Coalfields Limited was second at 40.95%; Coal India subsidiaries together accounted for 85.11% of FY26 revenue.^[1]
Repeat customers provided 84.59% of FY26 revenue. Daily production targets were met at every site in the last three fiscal years with a single exception; only one penalty of INR 4.59 lakhs was incurred across three fiscal years with no contract termination.^[1]

Subsidiaries and group structure

Caliber Natural Resources Private Limited (incorporated 29 September 2025, 99.99% held) commenced operations in FY26 with a turnover of INR 144.84 lakhs; its scope covers mining, processing, and trading of coal, iron ore, coking coal, manganese, limestone, and minerals.^[1]
Caliber Mines and Minerals Private Limited (incorporated 6 October 2025, 99.99% held) covers coal, iron ore, coking coal, manganese, limestone, and refractories but is yet to commence full-scale commercial operations.^[1]
Vadakhol Asoli Mining Private Limited (incorporated 25 April 2026, 40% held) is a joint-venture SPV formed for execution and development of a critical mineral mining project.^[1]
Chadda Infraprojects LLP is consolidated as a step-down subsidiary; CMLL holds 29% directly and Caliber Natural Resources holds a further 69%, together aggregating to 98%.^[1]

Expansion and capex

Total capex of INR 450 crores is planned for FY27 for current contracted sites: INR 167 crores from IPO proceeds and INR 283 crores from loans.^[2]
CMLL is actively pursuing tenders in Odisha and Jharkhand to extend its footprint beyond Maharashtra, Madhya Pradesh, and Chhattisgarh; 8 - 10 tenders are currently in the pipeline.^[2]
Management is evaluating entry into MDO (Mine Developer and Operator) contracts, iron ore mining, and further critical mineral block development, with one critical mineral block already secured in Maharashtra.^[2][1]

Recent developments

CMLL completed its IPO in July 2026: a fresh issue of 94,33,962 equity shares (~INR 40,000 lakhs) and an offer for sale of 11,79,244 shares (~INR 5,000 lakhs) at INR 424 per share; shares began trading on BSE and NSE on 24 July 2026 (scrip code 544833, symbol CMLL).^[1]
Post-IPO, INR 208 crores was applied toward debt repayment; gross debt is expected to reduce from INR 1,024 crores (start of FY27) to approximately INR 750 crores by FY27 year-end.^[2]
CRISIL upgraded CMLL's long-term credit rating by one notch to A-/Positive in August 2026, from BBB+/Stable reaffirmed on 26 March 2026 on total bank facilities of INR 1,414.90 crores.^[1][2]
Workforce grew from 3,686 to 5,297 employees as at 31 March 2026, adding 1,611 net new jobs; attrition fell to 5.00% in FY26 from 10.00% in each of the two preceding years.^[1]

Market Cap

₹3,376 Cr

High / Low

₹655 / 460

Promoter holding

74.2%

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