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CALIBER MINING AND LOGISTICS LIMITED (Formerly Known as Caliber Mercantile Private Limited) UNEARTHING POSSIBILITIES ANNUAL REPORT 2025-26 Table of Contents Corporate Overview Statutory Reports Unearthing Possibilities 01 Management’s Discussion and Analysis 50 Letter from the Chairman and Managing Director 02 Notice of 12th Annual General Meeting 63 The Chief Financial Officer’s Review 04 Board's Report 76 Financial Highlights & Operating Performance 06 Our Legacy 08 Financial Statements Milestones 09 Independent Auditor's Report (Standalone) 112 Board of Directors 10 Standalone Balance Sheet 119 Senior Management Team 11 Standalone Statement of Profit and Loss 121 Corporate Information 11 Standalone Statement of changes in Equity 123 Today’s Caliber 12 Standalone Cash Flow Statement 125 Five Ways We Serve & How Value Is Created 14 Notes to Standalone Financial Statements 128 Where We Operate 16 Independent Auditor's Report (Consolidated) 173 Operations and Organizational structure 18 Consolidated Balance Sheet 179 The Customers Who Keep Coming Back 20 Consolidated Statement of Profit and Loss 180 What We Moved 21 Consolidated Statement of changes in Equity 181 The Order Book & The Outsourcing Opportunity 26 Consolidated Cash Flow Statement 182 Moving Minerals 30 Notes to Consolidated Financial Statements 184 Safety & Responsibility 31 Beyond Coal 32 Four Pillars 34 Building the Capacity 35 Why Caliber Wins 36 Assets on the Move 37 Uptime Is the Product 38 Digital Capabilities 39 Building Capacity in People 40 Environment 42 Risks and Risks Management 44 Awards and Recognitions 46 Public Issue 48 Forward-looking Statements: The report contains forward-looking statements that involve risks and uncertainties. When used in this discussion, the words like ‘plans’, ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, or other similar expressions as they relate to the company or its business are intended to identify such forward-looking statements, which are based on certain assumptions and expectations of future events. The company’s actual results, performance or achievements could differ materially from those expressed or implied in such forward-looking statements. Annual Report 2025-26 Unearthing Possibilities Every open cast mine begins with what lies above the coal. Millions of cubic metres of rock and earth must be moved before the first tonne is lifted. Fiscal 2026 was the year we cleared the ground for what comes next. We removed 128.07 million cubic metres of overburden, our highest ever, and invested ₹63,539.66 lakhs in the business, against ₹17,983.07 lakhs in the preceding year. We commissioned two new mine sites, built our order book to ₹5,66,829.69 lakhs, incorporated two wholly owned subsidiaries to take us beyond coal, and listed our equity shares on the National Stock Exchange and BSE shortly after the year closed. Like overburden removal, none of this shows up as revenue in the same twelve months. Machines bought in the fourth quarter earn in the years that follow. Sites that begin in March bill in earnest from the next fiscal. A year spent uncovering possibilities reads differently from a year spent realising them, and we owe our shareholders a report that says so plainly. This report is written on that basis. It sets out what we earned, what we invested, what we hold in contracted work, and what must go right for the possibilities we have unearthed to convert into returns. CALIBER MINING AND LOGISTICS LIMITED (formerly known as Caliber Mercantile Private Limited) Letter from the Chairman and Managing Director How Fiscal 2026 went Revenue from operations rose 17.29 per cent to ₹1,677.66 crore. Operating EBITDA rose 23.21 per cent to ₹430.67 crore and the operating margin improved 123 basis points to 25.67 per cent. Profit after tax rose 17.77 per cent to ₹157.14 crore. Earnings per share were ₹29.33 against ₹25.55. Cash from operations was ₹411.04 crore, up close to half. The year’s real work was investment Capital expenditure was ₹635.40 crore against ₹179.83 crore. We added 489 machines and opened Dudhichua for Northern Coalfields Limited and Gouri Pouni New for Western Coalfields Limited. Our workforce grew from 3,686 to 5,297. All of it was in place before the revenue it exists to produce. Return on capital employed was 16.58 per cent against 20.80, and return on average equity 27.63 per cent against 34.00: the arithmetic of a balance sheet growing faster than the profit it carries. Total assets rose from ₹1,402.93 crore to ₹2,077.39 crore, depreciation 32.04 per cent, borrowings from ₹651.77 crore to Dear Shareholders, a public sector undertaking of the ₹1,057.61 crore, and debt to equity highest domestic credit rating. As sole moved from 1.33 to 1.63. This is Caliber's first Annual Report as a contractor at each mine, we have met listed company, so I will begin with the daily production targets at every site What the capital bought business you now own a part of, and for three years, with a single exception. then with how it performed. Because of what the capital was What gives us the moat buying. The order book closed the What this business does year at ₹5,668.30 crore, up 33.61 per Four capabilities, each slow and costly cent, and reached ₹9,550.89 crore by Coal India and its subsidiaries own to replicate: the largest owned fleet 15 May 2026 after further awards at the mines but largely outsource the among peers with comparable data, Dhoptala, Dudhichua and Jayant. That mining itself. Roughly sixty-three per 1,881 vehicles, plant and machinery, is close to six times the revenue of cent of their coal production and close which lets us commit to mobilisation Fiscal 2026, with execution periods of to ninety per cent of their overburden timetables others cannot; in house thirty two to sixty eight months. Such removal is contracted out, and their maintenance at a central workshop contracts go to contractors whose stated targets are seventy and ninety- and seven site workshops, which held machines and crews already exist; the four per cent by Fiscal 2030. We maintenance expense flat while the capital deployed in Fiscal 2026 is what provide the fleet, the crews and the fleet grew 19 per cent; diesel, our allowed us to bid. maintenance, so the mine owner gets largest cost, bought a month ahead production without owning any of directly from refineries and distributed On volumes and the market it. We are paid a fixed rate for every by our own tankers to sites within cubic metre of rock moved and every a forty kilometre radius; and bid Coal extracted was 4.48 million tonne of coal extracted, against volume discipline, withdrawing from any tender tonnes against 5.48 million, because certified jointly, and then carry much priced below what we could deliver two contracts, Pouni and Baranj, of that coal by road and load it onto at. On the latest peer data, the result completed. Overburden removed rail rakes, so one counterparty covers is the highest operating margin, profit rose to 128.07 million cubic metres the seam, the haul and the rake. margin and return on equity among from 106.60 million, and that is the Every mining contract we hold is with India’s principal contract miners. larger pool. Stripping ratios rise as Annual Report 2025-26 mines deepen: contractual overburden is projected to double to 4,312 Because of what we million cubic metres by Fiscal 2030, compounding at 14.6 per cent against were buying. Our 8.7 per cent for contractual coal, and to be seventy eight per cent of the order book at the close contract mining market by value. The of the year stood at market itself, ₹29,729 crore in Fiscal 2025, is projected to reach ₹66,393 ₹5,66,829.69 lakhs, up crore by Fiscal 2030. We hold about five per cent of it, and 6.6 per cent of 33.61 per cent, and Coal India’s contractual overburden by 15 May 2026 it had against a target of ten. Logistics volumes fell by decision: reached ₹9,55,089.08 coal by road was 8.50 millio [Showing first 8,000 characters — download PDF for full document]