Calibre Mining & Logistics IPO Eyes EV for Green Mining

Mumbai, Jul 14 (PTI) IPO-bound integrated mining services firm Calibre Mining and Logistics has said it is exploring the deployment of electric vehicles in mining operations.

The company earlier announced a price band of Rs 402-424 per equity share for its Rs 450-crore initial public offering (IPO), which opens on July 17 and closes on July 21.

The IPO comprises fresh issue up to Rs 400 crore an offer-for-sale up to Rs 50 crore by the promoters, it said.

"Multiple vendors have given us the testing vehicles (and) we are in the test mode. We have raised multiple queries and solutions are being discussed. I believe in the next 6-12 months, there will be a larger picture on where EV will go in green mining," said Mohit Chadda, Chairman and Managing Director, Calibre Mining and Logistics Ltd.

The company has 1,911 vehicles in its fleet, including 100 on lease.

He said that the company plans to utilise fresh issue proceeds for repayment of certain borrowings, purchase of machinery, and the balance funds for general corporate purposes.

The company, he said, had a debt of approximately Rs 2,000 crore as on March 31 this year, of which a little over Rs 206 crore is being phased out, adding, "The rundown on debt will give the company added value to further go on expansion mode."

Incorporated in 2014, the company is a mining operator managing overburden removal, coal extraction and coal logistics together as an integrated services provider.


The company offers its customers end-to-end services including coal extraction, overburden removal, coal loading and unloading, road transportation and coordination of rail transportation, making it a one-stop coal mining and logistics provider.

Its mining and overburden removal operations are located in Maharashtra, Madhya Pradesh and Chhattisgarh; however, it does not own any of the mines.

The company's largest customers are subsidiaries of Coal India Limited (Coal India or CIL), namely Western Coalfields Limited (WCL) and Northern Coalfields Limited (NCL).

In logistics, the company focuses on coal loading, unloading and road transportation.

Revenue from the coal mining business accounted for around 86 per cent of the overall revenue in the previous fiscal, while the remaining around 14 per cent was from the logistics business, he said.

Mohit Chadda also said the company's order book stood at around Rs 9,500 crore, which is to be executed on average in the two-and-a-half to three-and-a-half years time frame.

"I will execute these orders with the money in hand. I have a critical mineral block, which is in the exploration stage, and there is no revenue today from that block," he added.

The company's revenue from operations was Rs 1,677.66 crore during FY26 as against Rs 1,430.40 crore a year earlier while its net profit stood at Rs 157.90 crore in the previous fiscal as against Rs 131.54 crore a year earlier.

DAM Capital Advisors Limited is the Book-Running Lead Manager, and KFin Technologies Limited is the Registrar of the Offer.