Newly listed Caliber Mining extends rally; up 45% from issue price

Share price of Caliber Mining and Logistics soared 17% to ₹616 on the BSE in intra-day deals, zooming 45% against its issue price of ₹424 per share in two days post-listing.

Caliber Mining and Logistics share price movement

 

Share price of Caliber Mining and Logistics (CMLL) soared 17 per cent to ₹616 on the BSE in intra-day deals amid heavy volume on Monday. The stock price of the coal manufacturer made a solid Dalal-Street debut on Friday, closing at a premium of 25 per cent against its issue price of ₹424. With today’s intra-day upward movement, the stock zoomed 45 per cent against its issue price. The company raised ₹450 crore through its initial public offering (IPO).

 

At 10:52 AM; CMLL quoted 15 per cent higher at ₹607.20, as compared to 0.70 per cent rise in the BSE Sensex. A combined 19.23 million equity shares changed hands on the NSE and BSE.

 

 

Caliber Mining IPO details

 

The ₹450-crore IPO comprised a fresh issue of 9.4 million shares aggregating ₹400 crore and an offer for sale (OFS) of 1.2 million shares worth ₹50 crore. The issue was priced in the range of ₹402-₹424 per share, with a lot size of 35 shares. 

 

The offering witnessed robust investor demand, receiving bids for 1,14,90,37,400 shares against 78,35,821 shares on offer, resulting in an overall subscription of 146.64 times, according to data available on the National Stock Exchange (NSE). 

 

Demand was led by non-institutional investors (NIIs), whose reserved portion was subscribed 267.36 times. The qualified institutional buyers (QIB) portion was subscribed 240.71 times, while the retail investor category was subscribed 41.15 times.  Check - TOP GAINERS NSE | TOP LOSERS NSE 

Caliber Mining overview, brokerages view

 

CMLL is an integrated coal mining and logistics service provider offering end-to-end solutions including overburden removal and coal extraction, logistics, rake loading, rail coordination, and coal trading, primarily serving Coal India subsidiaries like WCL (Western Coalfields Ltd.) and NCL (Northern Coalfields Ltd). 

 

As of April 2026, it operated a fleet of 1,911 vehicles and equipment (including 883 tippers, 162 excavators, 64 loaders, and 362 trailers) with operations across Maharashtra, Madhya Pradesh, Chhattisgarh and Uttar Pradesh.

 

India’s coal production is expected to grow at a compound annual growth rate (CAGR) of 7.2 per cent from 1,048MT in FY25 to 1,484 MT by FY30, driven by increasing power demand and import substitution, thereby providing a strong demand tailwind for mining contractors, with CMLL well-positioned to benefit given its established presence with Coal India subsidiaries. (Source: Crisil).

 

CMLL delivered strong financial performance over FY24–FY26 with revenue, earnings before interest, taxes, depreciation, and amortization (EBITDA) and PAT growing at CAGRs of 21 per cent, 33 per cent and 19 per cent respectively, driven by scale-up in mining operations, higher order execution from Coal India subsidiaries (WCL/NCL), robust order book conversion, and better operating leverage, according to Geojit Investments.

 

CMLL's order book increased by 68 per cent to ₹9,550 crore as of May 2026 from ₹5,668 crore in March 2026, providing strong revenue visibility with an order book-to-sales (FY26) ratio of around 5.6x, the brokerage firm said in the IPO note.

 

CMLL offers a compelling play on India’s coal outsourcing theme, supported by its integrated model, strong execution with Coal India subsidiaries, robust order book visibility, industry-leading margins, and growth supported by capacity expansion and balance sheet strengthening.

 

CMLL is supported by a strong order book, providing healthy revenue visibility, while the fresh issue proceeds will be utilized primarily for debt reduction and capacity expansion, strengthening its balance sheet and supporting future growth. Considering its strong growth outlook and favourable industry tailwinds, Angel One said.

 

Increasing outsourcing by state-owned miners is expected to drive sector growth, with the share of outsourced coal mining projected to rise to 70 per cent and overburden (OB) removal to 94 per cent by FY30, creating significant opportunities for established integrated contract mining players, the brokerage firm said.

 

India's contract mining industry is expected to witness strong growth, with the market projected to reach ₹6.64 trillion by FY30, growing at a CAGR of 17.4 per cent from FY25, supported by rising energy demand and Coal India Limited's (CIL) target to produce 1 billion tonnes of coal annually by FY27, it added.  =====================================  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.