Caliber Mining and Logistics Ltd Forensic Report - SOIC x StockScans Report

as of Sep 2026

Caliber Mining and Logistics Ltd's FY26 record carries clean audit opinions and no capital-markets debarment, but the numbers that drive the business, revenue, debt, and governance, all run through a tight circle of promoter-controlled entities. Core revenue is intermediated by partnerships and LLPs owned by the same family that runs the company, debt is understated by guarantees and collateral pledges, and the profit figure is shaped by policy choices. The record is disclosed and audited; the risk is concentration, in every sense of the word.

Key findings

  1. Core revenue flows through promoter-owned entities, with FY27 related-party ceilings of ₹1,200 crore Major - The AGM notice seeks approval for material related-party transaction limits of ₹500 crore with CMPL SCR Joint Venture, ₹200 crore with KSR Freight Carriers, and ₹500 crore with Chadda Infraprojects LLP for FY 2026-27, together 71.52% of FY26 consolidated turnover of ₹1,678 crore. The company also gave an unchanged corporate guarantee of 17.7 crore to Shree Chadda Roadlines, and a security deposit to KSR Freight Carriers that rose to 10 crore from 3.34 crore. The Board's Report states all such transactions were in ordinary course and at arm's length.
  2. Reported debt understates obligations via guarantees and pledges, with ₹87.58 crore of repaid loans unsatisfied in ROC records Major - Total borrowings rose to ₹1,057.61 crore in FY26 from ₹651.77 crore in FY25, and net debt/EBITDA worsened to 2.44x from 1.86x. Contingent liabilities ballooned to ₹458.53 crore, or 70.81% of net worth, including a ₹17.7 crore corporate guarantee supporting a related-party borrowing. Loans totalling 87.58 crore repaid or closed as of March 31, 2026 remain unmarked as satisfied in ROC records across 12 lenders.
  3. Revenue depends on ten customers, with Coal India alone over 80%, and unbilled revenue multiplied 22-fold Major - Top 10 customers contributed 98.40% of FY26 revenue, and management states "more than 80% of the revenue" comes from Coal India. Unbilled revenue in the standalone books rose from 5.5 crore to 123.58 crore in one year. Trade receivables of 135.58 crore include 49.44 crore from related parties and 2.32 crore of credit-impaired balances.
  4. Documented regulatory non-compliance: an RoC penalty for misusing private placement proceeds and years of delayed statutory dues Major - The Registrar of Companies levied a ₹15 lakh penalty on the company and ₹1 lakh on each of five directors for using private placement proceeds of ₹49,99,99,920 before allotment, in an order dated December 27, 2024. The DRHP dated 24 Jul 2026 discloses statutory dues delays across FY2022-FY2024, including Provident Fund delays of 1.51 crore in FY2023 and TDS delays of 2.22 crore in FY2022. No capital-markets debarment exists, and the Board's Report states no orders affecting going concern were passed in FY26.
  5. Accounting-policy choices shape reported profit: a ₹5.68 crore gratuity charge below the line and a tax-regime switch Major - The company classified a ₹5.68 crore gratuity charge as an exceptional item in FY26, on grounds of a legislative change being non-recurring. It elected the New Tax Regime under Section 115BAA, opting for a 22% corporate tax rate with MAT no longer applicable. Management also promoted a 20.02% adjusted EBITDA margin for Q1 FY27 by adding back ₹10.57 crore of diesel escalation revenue from Coal India.
  6. Promoter family dominates board, management and collateral, with remuneration rising faster than staff pay Major - Promoter and promoter group held 94.91% of equity as of the DRHP dated 24 July 2026, with no shares pledged. Median employee remuneration rose 0.40% against a 12.15% increase in KMP remuneration. The AGM notice dated September 5, 2026 seeks approval for a ₹500 crore related-party limit with Chadda Infraprojects LLP, where interested parties include Rahul Roshanlal Chadda (Whole-time Director) and Anuj Krishanlal Chadda (Senior Management Personnel).
  7. Contingent liabilities tripled to ₹458.53 crore, driven almost entirely by bank guarantees Minor - Contingent liabilities stood at ₹458.53 crore, or 70.81% of net worth, against ₹139.49 crore a year earlier. Of this, ₹440.14 crore is bank guarantees for tenders and fuel purchases, and ₹69.26 lakh relates to a GST demand for FY 2021-22. No material foreseeable losses on long-term contracts are disclosed.
  8. Group structure in flux: two new subsidiaries and a post-year-end associate, with a Section 8 foundation outside consolidation Minor - Caliber Natural Resources and Caliber Mines and Minerals were incorporated in September and October 2025, both yet to commence full-scale operations. Vadakhol Asoli Mining was incorporated on April 25, 2026, with the company holding 40%, to be treated as an associate from FY 2026-27. Caliber Foundation, a Section 8 company over which the company holds significant influence, is not equity accounted.
  9. Clean audit opinions across standalone and consolidated books, with one CARO observation on ₹60 lakh of related-party loans Clean - Kailash Chand Jain & Co. issued unqualified opinions on both standalone and consolidated financial statements for FY26, with no Emphasis of Matter or Key Audit Matter paragraphs. CARO confirms no default on loan repayments, no fraud noticed or reported, and no benami proceedings. The only substantive CARO observation is ₹60.00 lakh of loans to a related party, repayable on demand with no repayment schedule.

What to watch

Bottom line: This is an audited, disclosed record with unqualified opinions and no default or fraud findings. The risk is structural: the promoter family sits on both sides of the company's core revenue, its debt is secured by family collateral and guarantees, and its profit is partly a matter of policy choice. Read the related-party ceilings, the ROC satisfaction of charges, and the pending proceedings with that in mind.