Caliber Mining and Logistics Limited

Energy — Thermal Coal · NSE

₹581.80+₹18.25 (+3.24%)

DalalBaazaar Score

55 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:26 pm

Understanding the Business

Company site ↗

The 60-second version of Caliber Mining and Logistics Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Caliber Mining and Logistics Limited provides coal mining services in India.

IndustryThermal Coal

SectorEnergy

Employees5,297

Annual revenue₹1,678 Cr

How does it make money?

Turns over ₹1,678 Cr a year. Of every ₹100 of sales, about ₹9 reaches shareholders as profit, with ₹26 left at the operating level before interest, tax and depreciation. Each of its 5,297 employees supports ₹31.7 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹31.7 lakh

Who are its competitors?

The closest listed comparisons in its industry are RELIANCE INDUSTRIES LTD, OIL AND NATURAL GAS CORP., BHARAT PETROLEUM CORP LT, INDIAN OIL CORP LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 19.8% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE15.3%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +156% while net margin moved -34% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+156%

Margin effect-34%

DalalBaazaar Score

55/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Debt/Equity of 1.73x is high — earnings must service borrowings before shareholders see anything
• Current ratio of 1.02 covers short-term liabilities, without much slack
✗ Free cash flow is negative — growth is being funded by borrowing or fresh equity
• Interest cover of 3.6x is adequate
✗ Debt has grown 38.6% a year — worth checking what it bought

Quality vs. Valuation

Company Quality

57/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

50/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

25.4x

Sector Median

6.9x

median of 4 sector peers

⚠️Against its sector it trades 270% above the peer median of 6.9x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

6.9x median of 4 peers · +270%

vs. generic bands

Fair

15x–35x

EV/EBITDA

11.2x

PEG

1.32

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 46.7% to 24.4% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 30.4% to 19.8% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 3 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 166% over 3 years, from ₹420 Cr to ₹1,120 Cr.
🔴High leverageFinancial
Debt/Equity of 1.73x — earnings must service borrowings before shareholders see anything.
🔴Inventory building faster than salesFinancial
Inventory up 935% against revenue up 156% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹224 Cr in the latest year.
🟡Margins are compressingFinancial
EBITDA margin is down 2.4 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 19.8% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 28.6% to 26.3%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Leverage amplifies any setback
Debt/Equity of 1.73x. Interest is payable whether or not the business has a good year.
A premium to the sector to defend
It trades 270% above the peer median. That premium needs a reason that persists, or it closes.
Returns on shareholder capital are falling
ROE has dropped from 46.7% to 24.4%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 28% a year✓ 36.8% CAGR
Latest reported year was 67.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 24%✓ 26.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹224 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✓ 3.6x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

7 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 4 neutral · 3 weak

Market Cap

₹3,804 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

25.4x

Fair

Fairly valued against the generic band

P/B Ratio

4.81x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹22.9

Profitable

Profitable on a per-share basis

ROE

24.4%

Strong

Strong capital efficiency

ROCE

19.8%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.73x

High

High leverage

Revenue Growth (YoY)

67.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-21.9%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹224 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

9.9%

Average

Average margins

Net Margin

7.7%

Average

Average bottom-line conversion

Current Ratio

1.02

Adequate

Adequate, but no real cushion

52W Range Position

63%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

530.9 / 521.6

Bullish alignment (short > long)

RSI (14)

61.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹655 Cr	₹953 Cr	₹1,430 Cr	₹1,678 Cr	+36.8%
EBITDA	₹187 Cr	₹239 Cr	₹356 Cr	₹440 Cr	+32.9%
EBITDA Margin	28.6%	25.1%	24.9%	26.3%	—
PAT (Net Profit)	₹93 Cr	₹96 Cr	₹132 Cr	₹158 Cr	+19.2%
ROE	46.7%	32.4%	26.9%	24.4%	—
ROCE	30.4%	20.9%	25.8%	19.8%	—
Total Debt	₹420 Cr	₹840 Cr	₹754 Cr	₹1,120 Cr	+38.6%
Free Cash Flow	-₹96 Cr	-₹319 Cr	₹122 Cr	-₹224 Cr	—

🟢 Revenue has grown at 36.8% a year over 3 years.

🟢 EBITDA has grown at 32.9% a year over 3 years.

🔴 EBITDA Margin has fallen from 28.6% to 26.3% over 3 years (-2.4 pts).

🟢 PAT (Net Profit) has grown at 19.2% a year over 3 years.

🔴 ROE has fallen from 46.7% to 24.4% over 3 years (-22.3 pts).

🔴 ROCE has fallen from 30.4% to 19.8% over 3 years (-10.5 pts).

🔴 Total Debt has grown at 38.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,077 Cr

Total Liabilities

₹1,430 Cr

Cash & Equivalents

₹7 Cr

Operating Cash Flow

₹411 Cr

Capex

-₹635 Cr

Shareholding (proxy)

Institutional Holding

10.1%

Insider Holding

74.2%

Peer Comparison

Company	P/E	ROE
RELIANCE INDUSTRIES LTD	21.9x	8.3%
OIL AND NATURAL GAS CORP.	6.4x	11.7%
BHARAT PETROLEUM CORP LT	7.3x	17.1%
INDIAN OIL CORP LTD	5.3x	15.3%

Recent News

1 mixed5 general

Caliber Mining and Logistics Ltd. Share Price Live Today

CNBC TV18, 16 Oct

Caliber Mining and Logistics Share Price Rise Explained

Univest, 13 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

CALIBER MINING AND LOG L Share Price - Live NSE: CMLL Stock Price & Chart

Upstox, 16 Oct

Compare with

Equitymaster, 17 Oct

Caliber Mining & Logistics IPO to Open on July 17, 2026: Price Band, Issue Size, Timeline & Key Details

Groww, 17 Jul

Caliber Mining and Logistics Ltd Key Financial Ratios – Valuation, Profitability & More

Value Research, 29 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth

MiddlingBusiness Quality · Profitability · Valuation

WeakFinancial Health · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Free cash flow remains positive · see Key things to watch ↑