Caliber Mining And Logistics Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Caliber Mining And Logistics Ltd filed with BSE on 14 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Caliber Mining and Logistics reported Q1 FY27 revenue of Rs 657 crore versus Rs 393 crore a year earlier, with EBITDA of Rs 110 crore against Rs 95.67 crore in the year-ago quarter. Management said reported EBITDA margin of 16.80% rose to an adjusted 20.02% after excluding a diesel escalation pass-through, attributing the margin compression to a sharp rise in diesel prices linked to the Iran war. The company also reported an order book of Rs 9,124 crore including GST and a ratings upgrade from BBB positive to A minus with a positive outlook.
Numbers mentioned
Revenue: INR657 crores (Q1 FY27)
p. 3
“I'm happy to inform the investors that we have done a revenue of INR657 crores as against INR393 in FY26, Q1 FY26.”
Nikhil Karwa, page 3 of the filed PDF · View the filing
EBITDA: INR110 crores (Q1 FY27)
p. 3
“EBITDA stood at INR110 as against INR95.67.”
Nikhil Karwa, page 3 of the filed PDF · View the filing
Cash profit: INR68.54 crores (Q1 FY27)
p. 3
“Coming to cash profit, we have done a cash profit of INR68.54 crores as against INR55.37 crores in FY26.”
Nikhil Karwa, page 3 of the filed PDF · View the filing
Order book: INR9,124 crores including GST (as of June 30, 2026)
p. 3
“Our order book stood robust at INR9,124 crores including GST as of June 30, 2026.”
Nikhil Karwa, page 3 of the filed PDF · View the filing
Reported EBITDA margin: 16.80% (Q1 FY27)
p. 4
“we had a reported EBITDA margin of 16.80.”
Nikhil Karwa, page 4 of the filed PDF · View the filing
Adjusted EBITDA margin: 20.02% (Q1 FY27)
p. 4
“So if we report that, our EBITDA margin stands at 20.02% for this quarter.”
Nikhil Karwa, page 4 of the filed PDF · View the filing
Coal extraction: 1.54 million metric ton (Q1 FY27)
p. 3
“we have done 1.54 million metric ton in quarter 1 27 versus quarter 1, 2026, we have done 1.21 metric ton.”
Mohit Chadda, page 3 of the filed PDF · View the filing
Overburden removal: 43.37 million cubic meter (Q1 FY27)
p. 3
“we have done 43.37 million cubic meter versus 28.56 million cubic meter last year.”
Mohit Chadda, page 3 of the filed PDF · View the filing
Coal transported by road: 2.42 million metric ton (Q1 FY27)
p. 3
“Coming to coal transported by road, we have done 2.42 million metric ton versus 2.98 million metric ton.”
Mohit Chadda, page 3 of the filed PDF · View the filing
Coal loaded on rakes: 4.77 million metric ton (Q1 FY27)
p. 3
“Coming to coal loaded on rakes, we have done 4.77 million metric ton versus 4.46 million metric ton in Quarter 1, 2026.”
Mohit Chadda, page 3 of the filed PDF · View the filing
Fleet size: 2,033 (as on June 2026)
p. 3
“Caliber currently has a fleet size of 2,033 as on June 2026.”
Mohit Chadda, page 3 of the filed PDF · View the filing
Revenue from coal mining services: INR597 crores, approximately 91% (Q1 FY27)
p. 3
“Out of the revenue of INR657 crores, INR597 crores, that is approximately 91%, came from coal mining services.”
Nikhil Karwa, page 3 of the filed PDF · View the filing
Average order book period: 46 months
p. 4
“We have an average order book period of 46 months and we have a good revenue visibility for the next 3 to 4 years.”
Nikhil Karwa, page 4 of the filed PDF · View the filing
Credit rating: upgraded from BBB positive to A minus with positive outlook
p. 4
“I'm happy to share that we have got one notch improvement from BBB positive to A minus with a positive outlook.”
Nikhil Karwa, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 45% to 50% Y-o-Y · FY27
stated firmly by Management
p. 18
“And we will be doing a revenue growth of about 45% to 50% Y-o-Y.”
Management, page 18 of the filed PDF · View the filing
EBITDA growth — 35% plus year-on-year · FY27
stated conditionally by Management
p. 18
“Apart from that, we are targeting to have an EBITDA growth of 35% plus year-on-year subject to fuel cost spikes which we are expecting to normalize.”
Management, page 18 of the filed PDF · View the filing
PAT growth — 35% plus year-on-year · FY27
stated conditionally by Management
p. 18
“PAT growth we are again expecting to be in the range of 35% plus year-on-year reflecting a margin which will be having because of savings in interest cost as well.”
Management, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the margin dip to the Iran war raising diesel costs, noting pass-through arrangements partially offset it.
Answered by Management
Asked by Yash: Is the margin compression exceptional or will it continue through the year?
p. 4
“The cost has gone up significantly, particularly the diesel cost. We do have pass-through arrangements with our customers where diesel escalations are being given.”
Management, page 4 of the filed PDF · View the filing
Management said all coal mining projects, which are the majority of revenue, are covered by fuel escalation clauses.
Answered by Management
Asked by Rushin: Which sites have fuel and diesel escalation clauses?
p. 5
“Sir, a major, if you see 86% of our revenue comes from coal mining. So all our coal mining projects are covered with fuel escalation costs.”
Management, page 5 of the filed PDF · View the filing
Management explained the shift in business mix from logistics to mining, which carries a higher fuel ratio, drove the increase.
Answered by Management
Asked by Rushin: Why has power and fuel cost as a percentage of revenue risen sharply over the years?
p. 5
“So gradually when our number in mining increased, sir, in mining the fuel ratio is more than the logistics part, sir.”
Management, page 5 of the filed PDF · View the filing
Management said the company targets 23% EBITDA in normal conditions with margins in a 22%-25% range across both segments.
Answered by Management
Asked by Rushin: What is the split of margins between coal mining and logistics?
p. 5
“Sir, I believe we are a 23% EBITDA company, when the situations are normal, sir.”
Management, page 5 of the filed PDF · View the filing
Management explained penalties apply only when shortfall is due to Caliber's inefficiency, not customer-caused hindrance.
Answered by Management
Asked by Rushin: Are there penalty clauses tied to volume shortfalls?
p. 6
“So if the problem is inefficiency of Caliber, I will be penalized by the contract as per the contract terms.”
Management, page 6 of the filed PDF · View the filing
Management confirmed plans to enter MDO coal and iron ore mining, citing a secured critical mineral block.
Answered by Management
Asked by Rushin: Is Caliber planning to enter MDO business?
p. 7
“Sir, see, what are the opportunities Caliber is currently exploring. Number 1 is we are doing coal logistics and coal mining, sir.”
Management, page 7 of the filed PDF · View the filing
Management confirmed 23% as the normalized steady-state EBITDA margin, with the gap driven by the diesel cost spike and mine transition inefficiencies.
Answered by Management
Asked by Arvind Arora: What explains the gap between last year's EBITDA margin and this year's adjusted margin, and is 23% the steady state?
p. 8
“Correct. So just to clarify, if you compare with the last quarter and the current quarter, the major impact, as we said, it is because of the fuel costs, a sudden spike in the diesel costs, though we have escalation clauses in place, however, that is one of the major reason where we are getting impacted.”
Management, page 8 of the filed PDF · View the filing
Management clarified it is maximum pass-through rather than a full 100% pass-through.
Answered by Management
Asked by Pawan Kumar: Is fuel cost 100% pass-through?
p. 9
“I would say it is maximum pass-through rather than saying 100% pass-through.”
Management, page 9 of the filed PDF · View the filing
Management said bidding for new coal contracts has resumed with 8-10 tenders currently in process, while also evaluating iron ore and MDO opportunities.
Answered by Management
Asked by Mitali: Has tendering activity resumed post-IPO and what is the competitive intensity?
p. 11
“We have participated in more than 8 to 10 tenders right now and we are awaiting results.”
Management, page 11 of the filed PDF · View the filing
Management said debt started the year at Rs 1,024 crore and is expected to fall to around Rs 750 crore by year-end absent new tenders.
Answered by Management
Asked by Ajit Sethi: What is the current gross debt and expected year-end debt?
p. 11
“So we expect that by year-end we should close at roughly around INR750 crores worth of debt.”
Management, page 11 of the filed PDF · View the filing
Management explained a land issue halted the site after six months, so equipment and manpower were redeployed to the Jayant project to avoid idle costs.
Answered by Management
Asked by Rushin: What happened with the suspended Adani Power tender at Parsa?
p. 14
“So when we monitored the situation, it looked like it will take minimum 4 to 6 months for the mine to restart.”
Management, page 14 of the filed PDF · View the filing
Management detailed the diesel price swings from around Rs 90 pre-war to a peak of Rs 154 and said prices were moderating into the Rs 110-120 range.
Answered by Management
Asked by Vishal: Where are diesel prices now versus the base quarter and is the peak behind the company?
p. 10
“Now, that same diesel also touched a low of INR98 , and then today it is standing at INR110 to INR120 range, sir.”
Management, page 10 of the filed PDF · View the filing
Management said more than 80% of revenue comes from Coal India and that contracts are for overburden removal and coal extraction services, not contingent on end coal demand.
Answered by Management
Asked by Vishal: Is revenue dependent on Coal India, and are contracts affected by weak coal demand?
p. 17
“Yes. More than 80% of the revenue, Yes.”
Management, page 17 of the filed PDF · View the filing
Management confirmed monsoon makes Q2 seasonally weaker, guiding to about 34 million cubic meters of overburden removal versus 43 million in Q1, with stronger quarters expected from Q3.
Answered by Management
Asked by Aman Kotadia: Will Q2 be a seasonally weak quarter due to monsoon?
p. 18
“Sir, the monsoon is a weak quarter for our sector sir.”
Management, page 18 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.