Caliber Mining and Logistics Ltd (CMLL)
🎯 Key Takeaways
- Caliber Mining and Logistics Ltd (CMLL) is in a high-growth phase driven by operational expansion and a substantial order book, transitioning from a legacy mining entity into a more structured, capital-efficient mining and logistics operator. Despite near-term margin pressure from diesel costs, the company is leveraging strong top-line growth and improved credit metrics to build long-term visibility.
- Revenue grew 14.8% QoQ to ₹657 in Q1FY27.
- ⚠️ Near-term margin compression due to diesel price volatility, which management acknowledges but expects to normalize.
- Market Cap
- ₹3,544
- P/B Ratio
- 5.47
- Debt/Equity
- 1.63
- Promoter
- 94.9%
📖 The Story
Caliber Mining and Logistics Ltd (CMLL) is in a high-growth phase driven by operational expansion and a substantial order book, transitioning from a legacy mining entity into a more structured, capital-efficient mining and logistics operator. Despite near-term margin pressure from diesel costs, the company is leveraging strong top-line growth and improved credit metrics to build long-term visibility.
📰 What's Happening
In Q1 FY27 (June 30, 2026), CMLL reported record consolidated revenue of ₹658.98 Crore, up 67.37% YoY, supported by 1.54 MMT coal extraction (+27% YoY) and an expanded order book of ₹9,124.81 Crore. Adjusted EBITDA margin improved to 20.02% from 16.80% YoY, reflecting operational efficiencies and diesel pass-through mechanisms. Management highlighted that IPO proceeds of ₹208 Crore are being allocated to debt reduction and capex, enhancing financial flexibility. The board approved the unaudited Q1 results and inclusion of the Directors' Report in the FY2026 annual report during its August 11, 2026 meeting. CRISIL has upgraded CMLL’s long-term bank facilities rating to A-/Positive from BBB+/Stable, affirming improved creditworthiness for its ₹1,414.9 Crore debt facilities.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 393 | 572 | 657 |
| Operating Profit | 67 | 120 | 65 |
| OPM % | 17.1% | 21.0% | 9.9% |
| Net Profit | 38 | 67 | 30 |
| EPS | ₹7.08 | ₹12.47 | ₹5.53 |
Revenue has grown sharply from ₹393 Crore in Q1 FY25 to ₹657 Crore in Q1 FY26, indicating accelerating demand and effective execution in mining and logistics operations. Operating profit margins have fluctuated but remain resilient, with Q1 FY26 OPM at 9.9% (down from 21.0% in Q4 FY26), primarily due to diesel-driven cost pressures. However, cash profit rose 23.79% YoY to ₹68.54 Crore, underscoring strong underlying cash generation despite PAT decline of 21.57% to ₹29.76 Crore. The company is investing in fleet efficiencies and contract optimization to drive sustainable margin expansion beyond the current diesel volatility cycle.
🔮 Management Outlook & What's Next
Management expects EBITDA pressure from diesel volatility to normalize as crude prices stabilize, enabling margin recovery. They have guided for 45-50% YoY revenue growth and 35%+ PAT growth in FY27, underpinned by operational efficiencies, contract optimization, and fleet efficiencies. The expanding ₹9,124.81 Crore order book provides 46 months of revenue visibility, supporting confidence in sustained top-line momentum.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Equity Capital | 54 |
| Reserves | 594 |
| Borrowings | 1,058 |
| Total Liabilities | 2,077 |
| Fixed Assets | 1,405 |
| Investments | 5 |
| Total Assets | 2,077 |
The balance sheet as of March 2026 shows total assets of ₹2,077 Crore, with equity of ₹54 Crore and reserves of ₹594 Crore, while borrowings stand at ₹1,058 Crore. The company maintains a moderate debt-to-equity ratio of 1.63, and the recent CRISIL upgrade to A-/Positive reflects improved repayment capacity. With ₹285 Crore in financing cash outflows and a net cash flow of ₹5 Crore in the latest quarter, the company is actively managing capital structure, likely using IPO proceeds and operating cash flow to reduce leverage and fund growth without over-leveraging.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +411 |
| Investing | -692 |
| Financing | +285 |
| Net Cash Flow | +5 |
👥 Shareholding Pattern
| Category | Q3FY25 |
|---|---|
| Promoters | 94.9% |
| FII | 0.0% |
| DII | 0.0% |
| Public | 0.0% |
| # Shareholders | 66 |
Promoter holding remains high at 94.91% as of Q3FY25, indicating strong control and alignment with management. However, FII and DII holdings are currently 0%, suggesting limited institutional interest or possible divestment by existing investors. The lack of public float and institutional participation may limit liquidity and broader market attention, despite improving credit metrics and growth trends.
⚖️ Peer Comparison — Mining & Mineral products
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| COALINDIA | 2.62 L Cr | 8.4 | 40.0% | — | 0.09 |
| LLOYDSME | 1.07 L Cr | 21.5 | 22.3% | — | 1.47 |
| NMDC | 67,829 | 9.1 | 30.8% | — | 0.13 |
| KIOCL | 20,354 | 515.2 | 2.9% | — | 0.00 |
| GMDCLTD | 16,321 | 17.1 | 17.4% | — | 0.04 |
| BHARATCOAL | 15,610 | — | -0.3% | — | 0.35 |
| SANDUMA | 8,901 | 12.4 | 25.5% | — | 0.31 |
| ASHAPURMIN | 4,972 | 12.2 | 23.3% | — | 0.93 |
| MOIL | 4,968 | 78.3 | 3.7% | — | 0.00 |
| DECNGOLD | 3,998 | — | -8.9% | — | 0.10 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Near-term margin compression due to diesel price volatility, which management acknowledges but expects to normalize. 2. High promoter concentration with no institutional ownership, potentially limiting liquidity and investor confidence. 3. Dependence on coal extraction and commodity price exposure, despite diversification into logistics. 4. Execution risk in scaling operations and managing working capital amid rising order book pressure.
📋 Recent Filings
- Announcement2026-09-29Caliber Mining and Logistics Ltd announced that its trading window will close on 1 October 2026 and remain shut until 48 hours after the un-audited Q2…
- 🔴 annual report2026-09-10Caliber Mining and Logistics Ltd informed shareholders without registered email addresses that the FY 2025-26 Annual Report and AGM notice are availab…
- 🔴 annual report2026-09-05Caliber Mining and Logistics Ltd (CMLL) reported FY 2025-26 revenue of **₹1,67,766.09 lakhs**, with coal extracted at **4.48 million tonnes** and over…
- 🟡 Board Meeting2026-09-05Caliber Mining and Logistics announced that its share transfer records will be closed from September 24 to 30, 2026, to facilitate the 12th Annual Gen…
- 🟡 Board Meeting2026-09-05Caliber Mining and Logistics Ltd announced its 12th Annual General Meeting on 30 September 2026 at 3:00 PM, with book closure on 24 September and e-vo…
- 🟡 Board Meeting2026-09-03The board approved the resignation of PDTS & Associates as secretarial auditors and appointed NNJ & Co. for a five-year term starting FY2026-27, pendi…
- Announcement2026-08-12Caliber Mining and Logistics Limited announced that the audio recording of its earnings conference call for the quarter ended June 30, 2026, held on A…
- Announcement2026-08-12Caliber Mining and Logistics Limited (CMLL) presented its Q1 FY27 results on August 12, 2026, highlighting a 67% YoY revenue jump to ₹65,705 lakhs dri…
- Announcement2026-08-11Caliber Mining and Logistics Limited announced its participation in the EMKAY Confluence investor conference on August 14, 2026, in Mumbai, offering o…
- 🟡 Board Meeting2026-08-11Caliber Mining and Logistics Limited announced the outcome of its August 11, 2026 board meeting, approving unaudited Q1 financial results for June 30,…
🧠 Analyst's Read
CMLL is executing well on operational growth and debt reduction, supported by a strong order book and improving credit profile, but near-term margin pressure from fuel costs and low institutional interest are key monitoring points. The company’s ability to convert order book visibility into sustainable profitability will be critical for future investor confidence.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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