The following discussion is intended to convey managements perspective on our financial condition and results of operations for Fiscal 2026, Fiscal 2025 and Fiscal 2024. This discussion and analysis is based on, and should be read in conjunction with, our Restated Financial Information (including the schedules, notes and significant accounting policies thereto) included in the section titled Financial Information on page 392.
Our Restated Financial Information have been derived from our audited Ind AS standalone financial statements for Fiscal 2026 and Fiscal 2025 and our audited Ind AS consolidated financial statements for Fiscal 2024, and restated in accordance with the SEBI ICDR Regulations and the Guidance Note on Reports on Company Prospectuses (Revised 2019) issued by the ICAI. Our financial statements are prepared in accordance with Ind AS, notified under the Companies (Indian Accounting Standards) Rules, 2015, and read with Section 133 of the Companies Act, 2013 to the extent applicable. Ind AS differs in certain material respects from IFRS and U.S. GAAP and other accounting principles with which prospective investors may be familiar. Accordingly, the degree to which the financial statements prepared in accordance with Ind AS included in this Red Herring Prospectus will provide meaningful information is entirely dependent on the readers level of familiarity with Ind AS accounting policies. We have not attempted to quantify the impact of IFRS or U.S. GAAP on the financial information included in this Red Herring Prospectus, nor do we provide a reconciliation of our financial information to IFRS or U.S. GAAP. Any reliance by persons not familiar with Ind AS accounting policies on the financial disclosures presented in this Red Herring Prospectus should accordingly be limited. Please also see Risk Factors-66 - Significant differences exist between Ind-AS and other accounting principles, such as U.S. GAAP and IFRS, which may be material to the financial statements prepared and presented in accordance with Ind-AS contained in this Red Herring Prospectus. , on page 72.
Our fiscal year ends on March 31 of each year, and references to a particular fiscal year are to the 12 months ended March 31 of that year. All references to a year are to that Fiscal Year, unless otherwise noted.
Unless otherwise indicated or the context requires otherwise, the financial information for Fiscal 2026, Fiscal 2025 and Fiscal 2024, included herein have been derived from our restated consolidated balance sheets as at March 31, 2026, March 31, 2025 and March 31, 2024, and restated consolidated statements of profit and loss, cash flows and changes in equity for the fiscal years ended March 31, 2026, March 31, 2025 and March 31, 2024 of the Company, together with the statement of significant accounting policies, and other explanatory information thereon.
Some of the information contained in this section, including information with respect to our strategies, contain forward-looking statements that involve risks and uncertainties. You should read the section titled ForwardLooking Statements on page 24 for a discussion of the risks and uncertainties related to those statements and also the section titled Risk Factors and Our Business on pages 26 and 297, respectively, for a discussion of certain factors that may affect our business, results of operations and financial condition. The actual results of the Company may differ materially from those expressed in or implied by these forward-looking statements.
Unless otherwise stated, a reference to the Company or our Company in this section is a reference to Caliber Mining and Logistics Limited on a standalone basis, while any reference to we, us and our in this section refers to Caliber Mining and Logistics Limited and its subsidiaries and associates on a consolidated basis.
Overview
We are mining operator managing overburden removal, coal extraction and coal logistics together as an integrated services provider. We have a fleet of 1,911 vehicles, plant and machinery (including 100 that are leased vehicles, plant and machinery) as of April 30, 2026 comprising of 883 tippers, 64 loaders, 162 excavators and 362 tip trailers. Our revenue from operations grew at a CAGR of 32.67% from ?95,311.60 lakhs in Fiscal 2024 to ?1,67,766.09 lakhs in Fiscal 2026. We offer our customers end-to-end services including coal extraction, overburden removal, coal loading and unloading, road transportation and coordination of rail transportation, making us a one-stop coal mining and logistics provider. Our mining and overburden removal operations are located in Maharashtra, Madhya Pradesh and Chhattisgarh; however, we do not own any of the mines. Our largest customers are mine owing subsidiaries of Coal India Limited ( Coal India or CIL ), namely Western Coalfields Limited ( WCL ) and Northern Coalfields Limited ( NCL ). In logistics, we focus on coal loading, unloading and road transportation using our fleet of 1,811 owned (and 100 leased) vehicles, plant and machinery as of April 30, 2026. As of April 30, 2026, our workforce comprised 5,521 employees including four employees
on retainer. Our order book increased from ?5,66,829.69 lakhs as at March 31, 2026 to ?9,55,089.08 lakhs as of May 15, 2026.
As of the date of this RHP, our business comprises:
• Coal mining services which primarily include coal extraction and overburden removal on a contractual basis for WCL and NCL, as well as other private companies. See, Our Business - Our Operations-Coal Mining on page 314.
• Logistics which primarily includes loading, unloading and road transportation of coal and iron. See, Our Business - Our Operations - Logistics on page 317.
• Rake loading which is loading coal onto rail rakes using our machinery. See, Our Business - Our Operations-Rake Loading on page 319.
• Rail coordination services which primarily includes assisting customers to coordinate movement of coal by rail on Indian Railways for ensuring uninterrupted services as per their quantity and quality requirements.
See, Our Business - Our Operations-Rail Coordination on page 319.
• Coal trading which primarily includes the buying and selling of coal. See, Our Business - Our Operations- Coal trading on page 320.
The table set forth below provides the split of our consolidated revenue from operations by type of services for the fiscal years indicated.
| Revenue from operations by service type | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||
| t lakhs | % of revenue from operations | t lakhs | % of revenue from operations | t lakhs | % of revenue from operations | |
| Coal mining services | 144,417.52 | 86.08% | 1,15,219.73 | 80.55% | 66,179.74 | 69.44% |
| Logistics | 20,867.09 | 12.44% | 23,444.06 | 16.39% | 26,559.66 | 27.87% |
| Rake loading | 911.46 | 0.54% | 1,966.57 | 1.37% | 1,140.13 | 1.20% |
| Rail coordination services | 32.81 | 0.02% | 818.68 | 0.57% | 752.58 | 0.79% |
| Coal trading | 1,537.22 | 0.92% | 1,591.34 | 1.11% | 679.49 | 0.71% |
| Grand Total | 167,766.09 | 100.00% | 143,040.38 | 100.00% | 95,311.60 | 100.00% |
In our coal mining services business, we extract coal and remove overburden at open cast mines pursuant to mining services contracts with our customers, which own both the mines and the coal reserves.
As of the date of this RHP, we are providing coal extraction and overburden removal contractual services at the following contract sites:
| Name of Contract Sites | Location | Description |
| Hindustan Lalpeth OCM (\u201c Lalpeth- New \u201d) | Chandrapur area Maharashtra | Coal extraction and overburden removal for WCL |
| Jayant Open Cast Project (\u201c Jayant \u201d) | Singrauli, Madhya Pradesh | Overburden removal for NCL |
| Sasti Expansion OCM (\u201c Sasti \u201d) (1) | Ballarpur area, Maharashtra | Coal extraction and overburden removal for CMPL SCR joint venture on behalf of WCL |
| New Majri UG to OC Mine (\u201c Majri- New \u201d) | Majri area, Maharashtra | Overburden removal for WCL |
| Parsa East Mine (\u201c Parsa \u201d) (2) | Parsa, Chhattisgarh | Overburden removal for Adani Power Limited (\u201c Adani Power \u201d) |
| Dudhichua OCP (\u201c Dudhichua \u201d) | MadhyaPradesh | Overburden removal for NCL |
| Gouri Pouni Expansion OCM (\u201c Gouri Pouni-New \u201d) | Ballarpur area, Maharashtra | Coal extraction and overburden removal for WCL |
| Dhoptala (Sasti UG to OC)OCM -2 (\u201c Dhoptala-2 New \u201d) | Ballarpur area, Maharashtra | Coal extraction and overburden removal for WCL |
| Dudhichua OCP -2 (\u201c Dudhichua-2 New \u201d) | Madhya Pradesh | Overburden removal for NCL |
| Name of Contract Sites | Location | Description |
| Jayant Open Cast Project -OCP 2 \u201c( Jayant- 2 \u201d) | Singrauli, Madhya Pradesh | Overburden removal for NCL |
(1) Our customer in our Sasti mine contract is CMPL SCR joint venture for which we are providing coal extraction and overburden removal for WCL.
(2) Operations in connection with our Parsa mine contract were suspended from September 1, 2023 and this suspension is continuing. For further information, see Risk Factors-32 - Our mining contracts may be terminated or penalties demanded upon the occurrence of certain events. Any termination of our mining contracts or demand for penalties by our customers could materially and adversely affect our business, results of operations and financial condition.
The map below sets forth the locations of contract mining sites, offices and maintenance locations as at the date of this RHP.
In the one month period ended April 30, 2026 and in Fiscal 2026, we extracted 0.46 million metric tonnes ( MT ) and 4.48 million MT, respectively, of coal from open cast mines. We also removed 13.59 million cubic meters ( Mcum ) of overburden across seven (7) open cast mines in the one month period ended April 30, 2026 and removed 128.07 million Mcum of overburden across seven (7) open cast mines in Fiscal 2026.
The following table sets forth our annual and average monthly coal extraction by contract site in the fiscal years and the period indicated.
| Coal Extraction | |||||||||
| One month period ended April 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||||
| Contract Site | Custome r | Annual extractio n* | Averag e extracti on per month* | Annual extractio n* | Averag e extracti on per month* | Annual extractio n* | Averag e extracti on per month* | Annual extractio n* | Averag e extracti on per month* |
| Lalpeth (1) | WCL | - | - | - | - | - | - | 0.49 | 0.17 |
| Pouni (2) | WCL | - | - | - | - | 0.65 | 0.16 | 0.73 | 0.06 |
| Dhoptala (3) | WCL | 0.10 | 0.10 | 1.63 | 0.14 | 1.73 | 0.15 | 1.64 | 0.15 |
| Sasti # | WCL | 0.18 | 0.18 | 1.73 | 0.14 | 2.10 | 0.18 | 0.79 | 0.20 |
| Baranj (4) | KKC Group | - | - | - | - | - | - | 0.82 | 0.10 |
| Lalpeth- New # | WCL | 0.14 | 0.14 | 1.00 | 0.08 | 1.00 | 0.08 | 0.51 | 0.07 |
| Gouri Pouni - New# | WCL | 0.04 | 0.04 | 0.13 | 0.13 | ||||
| Total | 0.46 | 0.46 | 4.48 | 0.49 | 5.48 | 0.57 | 4.98 | 0.75 | |
* Extraction as certified by Sandeep H. Mashru (Independent Chartered Engineer ).
# Continuing mining contract
(1) Hindustan Lalpeth OCM (Lalpeth ), completed on August 16, 2023.
(2) Pouni II OCM WCL (Pouni) contract is in the final stages of completion awaiting the final survey and revise estimates after which a completion certificate is expected to be issued.
(3) Dhoptala OCM (Dhoptala) contract completed on May 19, 2026.
(4) Our customer in our Baranj mine contract, KKC Group, is a related party to us. The contract completed on February 7, 2025. For further information, see Risk Factor-7 - We have in the past entered into related party transactions and may continue to do so in the future on page 33.
The following table sets forth our overburden removal by contract site in the fiscal years and the period indicated.
| Overburden Removal | |||||||||
| Contract Site | Customer | One month period ended April 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||
| million cubic meters* | % of total overburd en removal* | million cubic meters* | % of total overbur den removal * | million cubic meters* | % of total overbur den removal * | million cubic meters* | % of total overbur den removal * | ||
| Lalpeth (1) | WCL | - | - | - | - | - | - | 0.99 | 1.46 |
| Pouni (2) | WCL | - | - | - | - | 0.45 | 0.42 | 6.29 | 9.23 |
| Majri-Old (3) | WCL | - | - | - | - | - | - | 1.49 | 2.19 |
| Majri-RH (4) | WCL | - | - | - | - | - | - | 0.16 | 0.23 |
| Sasti # | WCL | 1.89 | 13.94 | 24.16 | 18.87 | 22.95 | 21.53 | 8.15 | 11.97 |
| Sasti-Old (5) | WCL | - | - | - | - | - | - | 4.73 | 6.95 |
| Dhoptala (6) | WCL | 0.56 | 4.09 | 6.91 | 5.39 | 9.47 | 8.88 | 11.21 | 16.47 |
| Baranj (7) | KKC Group | - | - | - | - | 1.79 | 1.68 | 4.86 | 7.14 |
| Parsa (8) | Adani Power | - | - | - | - | - | - | 2.87 | 4.22 |
| Gouri-Pouni (9) | WCL | - | - | - | - | 4.09 | 3.84 | 6.12 | 9.00 |
| Lalpeth-New# | WCL | 0.60 | 4.40 | 8.19 | 6.40 | 7.67 | 7.20 | 4.12 | 6.05 |
| Majri-New # | WCL | 2.81 | 20.69 | 23.89 | 18.66 | 15.4 | 14.45 | 3.01 | 4.43 |
| Jayant # | NCL | 3.38 | 24.88 | 48.95 | 38.22 | 44.78 | 42.00 | 14.06 | 20.66 |
| Dudhichua | NCL | 2.22 | 16.33 | 13.93 | 10.88 | - | - | - | - |
| Gouri Pouni - New # | WCL | 2.13 | 15.67 | 2.03 | 1.59 | - | - | - | - |
| Grand Total | 13.59 | 100.00 | 128.07 | 100.00 | 106.60 | 100.00% | 68.07 | 100.00% | |
* Overburden removal certified Sandeep H. Mashru (Independent CharteredEngineer)(Government approved valuer).
# Continuing overburden removal contract
(1) Hindustan Lalpeth OCM (Lalpeth ), contract completed on August 16, 2023.
(2) Pouni II OCM WCL (Pouni) contract is in the final stages of completion awaiting the final survey and revise estimates after which a completion certificate is expected to be issued.
(3) Majri UG OCM (Majri-Old), contract completed on June 7, 2023.
(4) Majri UG OCM (Majri-RH), contract completed on April 16, 2023
(5) Sasti Expansion OCM (Sasti-Old), contract completed on November 21, 2023.
(6) Dhoptala OCM (Dhoptala) contract completed on May 19, 2026.
(7) Our customer in our Baranj mine contract, KKC Group, is a related party to us. The contract completed on February 7, 2025. For further information, see Risk Factor-7 - We have in the past entered into related party transactions and may continue to do so in the future on page 33.
(8) Operations in connection with the Parsa mine contract of the Companywere suspended from September 1, 2023 and this suspension is continuing.
(9) Gouri-Pouni contract completed on June 20, 2026.
We have increased overburden removal by 88.18% from Fiscal 2024 to Fiscal 2026 due in part to our large investment in our vehicles, plant and machinery. As of April 30, 2026, we owned 1,811 and leased 100 vehicles, plant and machinery for our mining and logistics operations, including 883 mining tippers, 362 tip trailers, 162 excavators, 64 loaders, 65 bulldozers and 32 graders. For more information, see Our Business - Vehicles, Plant and Machinery on page 320. We conduct in-house maintenance and preventive maintenance of our vehicles, plant and machinery, which provides us cost savings and efficiencies. In this regard, we have our own workshops located at our headquarters at Chandrapur and at seven (7) of our mining sites. For more information on our fleet, see Our Business - Our Vehicles, Plant and Machinery - In-house maintenance on page 322.
We have been in the logistics business since Fiscal 2016 and have developed a one-stop logistics solution that focuses on coal loading, unloading and road transportation. We also began providing logistics solutions for iron ore customers in Fiscal 2023. In cases where coal is to be delivered by rail, we assist our customers by loading of coal onto rail rakes, and we also offer coordination services to ensure meeting customer delivery schedules. For more information, see Our Business - Our Operations - Rake Loading and Our Business - Our Operations - Rail Coordination On page 319 and page 319, respectively.
The table below sets forth the details of coal and iron cargo transported or handled by us during the fiscal years and the period indicated.
| Cargo particulars | One month period ended April 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Coal transported by road (MTs) | 0.52 | 8.50 | 12.47 | 11.80 |
| Iron ore transported by road (MTs) | 0.01 | 0.07 | - | 0.24 |
| Coal loaded on rakes (MTs) | 2.03 | 11.37 | 22.51 | 13.74 |
We served 49 customers in Fiscal 2026, 53 customers in Fiscal 2025 and 39 customers during Fiscal 2024. In Fiscal 2026, Fiscal 2025 and Fiscal 2024, our marquee and largest mining customers were WCL and NCL. Our key logistics customers include KSR Freight Carriers (a related party), GMR Warora Energy Limited and Dhariwal Infrastructure Limited. For information on all our related party transactions, see Restated Financial Information - Note 30 - Related Party Disclosures on page 392.
We benefit from an Order Book of ?9,55,089.08 lakhs (including advance work orders) as of May 15, 2026, of which 95.90% comprised coal mining services and overburden removal services and 4.10% comprised logistics services contracts and work orders. Our Order Book (including advance work orders) was ?5,66,829.69 lakhs as at March 31, 2026, of which 93.27% comprised contract coal mining services and overburden removal services and 6.73% comprised logistics services contracts and work orders. Our Order Book comprises anticipated revenues from the unexecuted portions of existing contracts and work orders as at a particular date. As at May 15, 2026, the anticipated execution period of our current orders and contracts is 32 months to 68 months for our
mining and overburden removal services contracts and 12 months to 60 months for our logistics orders and contracts.
We are led by our promoters, Mohit Satishkumar Chadda, Anuj Krishanlal Chadda, Manish Krishanlal Chadda, Rahul Roshanlal Chadda and Priya Anuj Chadda who have industry rich experience and legacy in the mining and logistics business. With their strategic vision and understanding of the mining and logistics business, we have been able to continue steady growth of our operating business. They are supported by an experienced team of 312 managers and administration employees (including employees on retainer) as of April 30, 2026.
Principal Factors Affecting Our Results of Operations
Our financial performance and results of operations are influenced by a number of important factors, some of which are beyond our control, including without limitation, intense global and domestic competition, general economic conditions, changes in conditions in the regional markets in which we operate, changes in costs of supplies, and evolving government regulations and policies. Some of the more important factors are discussed below, as well as in the section titled Risk Factors on page 26.
Increasing demand for coal in India
As a contract mining and logistics services provider, our growth and results of operations and financial condition are significantly affected by end-customer demand for our contract mining and logistics services from industries, particularly coal mining, which in turn is linked to macroeconomic factors driving demand for our end-customers products and services in India and globally, principally coal. Accordingly, demand for our services will be primarily driven by continual expansion of the mining sector in India. For more information on the increasing demand for coal in India, see Industry Overview on page 199.
Our performance may decline during recessionary periods or in other periods where one or more macroeconomic factors, or potential macroeconomic factors, negatively affect the level of consumer and business confidence and consumption or the performance of our end-customers.
Integrated service offerings providing end-to-end contract mining and logistics solutions
We are an integrated contract mining services provider offering overburden removal and coal extraction services and logistics solutions, including loading and unloading coal and iron ore, road transportation, rail rake loading and rail coordination. We have actively worked to improve our profitability through a number of strategies to cater to the entire value chain for our customers and to take advantage of economies of our growing scale, including expanding our logistics solutions offerings, and to place our Company in the best position possible to address customer requirements. For instance, we have begun to offer logistics solutions for iron ore customers. In addition, we believe that, by integrating our contract mining and logistics services, we can take advantage of economies of scale through the optimizing the utilization of our available plant and machinery capacity and human resources. With the cost benefits achieved, we are able to be bid at more competitive rates for new projects, thereby increasing our revenue generating opportunities
The following table sets forth our revenue from operations from our logistics services, broken down by service type, for the fiscal years and periods indicated:
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||
| Amount | % of revenue from operations | Amount | % of revenue from operations | Amount | % of revenue from operations | |
| ( ? lakhs ) | (%) | ( ? lakhs ) | (%) | ( ? lakhs ) | (%) | |
| Logistics | 20,867.09 | 12.44% | 23,444.06 | 16.39% | 26,559.66 | 27.87% |
| Rake loading | 911.46 | 0.54% | 1,966.57 | 1.37% | 1,140.13 | 1.20% |
| Rail coordination services | 32.81 | 0.02% | 818.68 | 0.57% | 752.58 | 0.79% |
| Total | 21,811.36 | 13.00% | 26,229.31 | 18.34% | 28,452.37 | 29.86% |
From Fiscal 2024 to Fiscal 2026, our revenue from operations from our logistics services decreased by 21.43% from ?26,559.66 lakhs in Fiscal 2024 to ?20,867.09 lakhs in Fiscal 2026. Our revenue from logistics services decreased by 21.43% from ?26,559.66 lakhs in Fiscal 2024 to ?20,867.09 lakhs in Fiscal 2026.
The table below sets forth the details of coal and iron cargo transported or handled by us during the fiscal years indicated.
| Cargo particulars | One month ended April 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Coal transported by road (MTs) | 0.52 | 8.50 | 12.47 | 11.80 |
| Iron ore transported by road (MTs) | 0.01 | 0.07 | - | 0.24 |
| Coal loaded on rakes (MTs) | 2.03 | 11.37 | 22.51 | 13.74 |
Increasing share of business from top customers
We served 49, 53 and 39 customers in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. In Fiscals 2026, 2025 and 2024, our marquee and largest mining customers were WCL and NCL. Our key logistics customers include KSR Freight Carriers, GMR Warora Energy Limited and Dhariwal Infrastructure Limited.
The table below sets forth the revenue from operations derived from our top ten customers for each of the fiscal years indicated.
| Revenue from operations by service typ e | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||
| Amount | % of revenue from operations | Amount | % of revenue from operations | Amount | % of revenue from operations | |
| ( ? lakhs ) | (%) | ( ? lakhs ) | (%) | ( ? lakhs ) | (%) | |
| Northern Coalfields Limited | 74,088.07 | 44.16% | 51,968.30 | 36.33% | 16,154.28 | 16.95% |
| Western Coalfields Limited (1) | 68,699.01 | 40.95% | 61,443.40 | 42.96% | 43,878.22 | 46.04% |
| KSR Freight Carriers | 8,382.82 | 5.00% | 8,313.80 | 5.81% | 8,123.69 | 8.52% |
| GMR Warora Energy Limited | 5,535.93 | 3.30% | 7,643.14 | 5.34% | 8,006.69 | 8.40% |
| Dhariwal Infrastructure Limited | 3,877.87 | 2.31% | 6,500.75 | 4.54% | 5,339.41 | 5.60% |
| S.M. Hakim | 1,630.44 | 0.97% | - | - | - | - |
| Adam Power Limited | 1,348.21 | 0.80% | 1,625.75 | 1.14% | 3,333.80 | 3.50% |
| Auro Enterprises (India) Private Limited | 569.89 | 0.34% | 1,313.72 | 0.92% | 73.77 | 0.08% |
| Shrihari Coal And Power Private Limited | 493.50 | 0.29% | - | - | - | - |
| Maa Vanijya Udyog Private Limited | 453.44 | 0.27% | 23.08 | 0.02% | - | - |
| Total | 165,079.17 | 98.40% | 1,38,831.94 | 97.06% | 84,909.86 | 89.09% |
(1) Includes revenue from CMPL SCR joint venture, MEC and CMPL Joint Venture and SKC CMPL Joint Venture for which we are providing coal extraction and overburden removal for WCL, our largest customer.
We expect that we will continue to be reliant on our major customers for the foreseeable future, particularly since most of the coal in India is currently supplied by Coal India. Given Coal Indias market position, we aim to continue to expand our mining business with Coal India and bid for new contracts and opportunities with WCL, NCL and other Coal India subsidiaries .
We believe that our Company is well-positioned to continue to capture additional projects from Coal India (including its affiliates) due to several factors that allow our bids to be competitive as compared to our peers,
including (i) a geographic advantage over many competitors by having a majority of our operations located in areas with significant coal reserves, (ii) substantial experience in the transportation and logistics business, which includes handling and management of equipment and labor, and (iii) significant capital investment made in plant and machinery, including earth-moving equipment, in the last few fiscal years.
If we are unable to maintain and grow relationships with any of our top customers and/or failure to retain such customers on terms that are commercially viable, our business, financial condition and results of operations would be adversely affected. In addition, any defaults or delays in payments by a major customer or a significant portion of our customers may have an adverse effect on business, financial condition and results of operations.
Capital expenditure and cost of funding
We require substantial capital to maintain our existing offices and facilities and to purchase, maintain and upgrade trucks, equipment and other machinery facilities for our fleet in order to service our customers. As at April 30, 2026, we owned 1,811 vehicles, plant and machinery and leased 100 vehicles, plant and machinery, including 883 mining tippers, 362 tip trailers, 162 excavators, 64 loaders and 65 bulldozers. We rely primarily on third-party debt (term loans from banks) and internal cash generated from operations to fund our capital expenditure requirements.
During Fiscal 2026, Fiscal 2025 and Fiscal 2024, we incurred capital expenditure (which primarily comprised of the additions to vehicles, plant and equipment and right to use assets (vehicles) during the period) on a restated consolidated basis of ?63,539.66 lakhs, ?17,983.07 lakhs and ?46,153.40 lakhs, respectively. For more information, see - Capital Expenditure in this section and Our Business on pages and 297, respectively.
As and when we win awards for new mining contracts, we will be required to expand our fleet of trucks, equipment and machinery in order to accommodate the requirements of each new project. We expect to meet our capital investment requirements through a combination of Net Proceeds, cash flows from operations, short- and longterm borrowings from banks, and overdraft facilities that are repayable on demand. For more information, see
Objects of the Offer on page 145.
Interest expenses on our borrowings have historically formed a material and growing part of our expenses. In Fiscal 2026, Fiscal 2025 and Fiscal 2024, our finance costs represented 4.84%, 5.17% and 5.40%, respectively, of our revenue from operations. A majority of our borrowings is comprised of term loans from banks, which bear interest at fixed rates of between 6.77% and 11.05% per annum. As at March 31, 2026, our non-current borrowings mainly comprised secured term loans from banks in the amount of ?99,341.34 lakhs. On September 30, 2024, we completed an equity financing round in which we raised ?4,999.99 lakhs. In addition to the proceeds from such equity financing round, we intend to apply a portion of the net proceeds from the Offer to pay down a portion of our outstanding borrowings, which we expect to reduce our finance costs in the next 12-24 months. For further details, see Objects of the Offer on page 145.
The actual amount and timing of our future capital requirements may differ from estimates as a result of, among other things, unforeseen delays or cost overruns in developing our products, changes in business plans due to prevailing economic conditions, unanticipated expenses and regulatory changes. To the extent our planned expenditure requirements exceed our available resources, we will be required to seek additional debt or equity financing. Additional debt financing could increase our interest costs and require us to comply with additional restrictive covenants in our financing agreements. Additional equity financing could dilute our earnings per Equity Share and your interest in the Company and could adversely impact our Equity Share price. Moreover, we are significantly dependent on our banks to continue to offer sufficient amounts of funding on commercially reasonable terms. In the event that we are unable to raise sufficient funding on a timely basis or at all, our ability to service our existing and/or new projects could be compromised, which could adversely affect our business, reputation, results of operations and financial condition.
Cost and availability of fuel, power and other inputs
We require substantial amounts of high-speed diesel fuel, electricity and water for our coal extraction and overburden removal activities. In addition, we require diesel fuel for our trucks in our logistics operations. Accordingly, the cost of diesel represents a significant portion of our operating expenditure. The following table sets forth our power & fuel expenses and power, electricity and water, including as percentage of our revenue from operations, for the fiscal years and periods indicated:
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||
| Amount | % of revenue from operations | Amount | % of revenue from operations | Amount | % of revenue from operations | |
| ( ? lakhs ) | (%) | ( ? lakhs ) | (%) | ( ? lakhs ) | (%) | |
| Power & fuel expenses | 78,391.48 | 46.73% | 67,289.14 | 47.04% | 42,744.35 | 44.85% |
| Power, electricity & water expenses | 148.14 | 0.09% | 125.58 | 0.09% | 55.81 | 0.06% |
Our power & fuel expenses, which are our single largest expense category in any given fiscal year, are substantially comprised of expenses relating to procurement of diesel. Accordingly, we are exposed to risks from fluctuations in global oil prices; any significant fluctuations may result in an increase in our power & fuel expenses, thereby increasing our expenditure and borrowing requirements. We have not historically hedged, and currently do not hedge, our diesel fuel price risk. Instead, we typically purchase our diesel requirements a month in advance directly from local refineries pursuant to long-term contracts in order to get competitive rates.
From Fiscal 2024 to Fiscal 2026, our power & fuel expenses increased at a CAGR of 35.42%, as compared to the CAGR of 32.67% for our revenue from operations over the same period, due largely to the increase in unit costs of diesel fuel over the period.
We may not be able to compensate for or pass on our increased costs to our customers. If we are not able to compensate for or pass on our increased power & fuel costs to our customers, such price increases could have a material adverse impact on our result of operations, financial condition and cash flows.
Operating costs and efficiencies
As we continue to expand the size and scope of our business, optimizing our operating costs and enhancing operating efficiencies will be critical to maintaining our competitiveness and profitability, particularly in view of the competitive environment in which we operate. Our employee benefit expense continues to represent a significant percentage of our revenue from operations. The following table sets forth our employee benefit expense, including as percentage of our revenue from operations, for the periods indicated:
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||
| Amount | % of revenue from operations | Amount | % of revenue from operations | Amount | % of revenue from operations | |
| ( ? lakhs ) | (%) | ( ? lakhs ) | (%) | ( ? lakhs ) | (%) | |
| Employee benefit expense | 18,683.54 | 11.14% | 14,655.94 | 10.25% | 9,774.36 | 10.26% |
Employee costs are semi-fixed in nature. Accordingly, our profitability is partially dependent on our ability to spread such costs over more projects. As a percentage of revenue from operations, our employee costs have increased from 10.26% in Fiscal 2024 to 11.14% in Fiscal 2026, primarily as a result of increased hiring as we continue to ramp up our operations for the new projects awarded to us. We believe that, with the expected expansion in revenue going forward, our employee and other operating costs as a percentage to overall revenue will stabilize.
We have also upgraded our information technology (IT) systems to improve monitoring and management of stores and spares inventory and related consumption.
Competition
We operate in competitive mining and logistics industries. In our mining business, we compete with regional and national companies for the award of major mining contracts, primarily from Coal India and its subsidiaries. In logistics, we compete with a variety of local, regional and global logistics service providers of varying sizes, operations and financial resources. Increased competition from other organized and unorganized third-party logistics providers may lead to a reduction in our revenues, reduced profit margins or a loss of market share.
We compete primarily on the basis of our service quality, reliability, pricing and the ability to understand evolving industry trends, as well as the ability to anticipate, understand and address customer requirements. The availability and configuration of our trucks, equipment and machinery that are able to comprehensively address varying requirements of mining and iron ore customers is also another differentiating factor. We must continuously strive to strengthen our brand, develop new techniques, reduce our costs of production and transportation and improve our operating efficiencies. Some of our competitors may be able to provide their services at competitive costs or have greater financial and technological resources. They might be in a better position to identify market trends, adapt to changes in industry, innovate new techniques, offer competitive prices due to economies of scale and ensure service quality and compliance. However, we are required to bid for projects on a continual basis through a lengthy and competitive bidding process, the submissions for which take significant time and resources to prepare. While reputation, experience and sufficiency of technical qualifications are important considerations in client decisions, we cannot assure you that our bids would be accepted. Accordingly, it is difficult to predict whether and when we will be awarded a new contract. We are unable to assure you that we will be able to continue to compete effectively. Any inability on our part to remain competitive in our industry will adversely affect our financial condition and results of operation. For further details, see Industry Overview - Profiling of Caliber Mining and Logistics Limited (CMLL) - Competition benchmarking across key players on page 273 and Risk Factors-15 - We operate in a competitive industry and may not be able to maintain our market position. Competitors in our peer group are both larger and smaller in size and scope of business, some are present in multiple sectors and our competitors may have better margins than us and may perform better than us in terms of key financial ratios. If we are unable to compete successfully with competitors in our peer group, our business, results of operations, cash flows may be adversely affected on page 40.
Key Performance Indicators and Non-GAAP Financial Measures
In addition to our financial results determined in accordance with Ind AS, we consider and use those certain non- GAAP financial measures and key performance indicators that are presented below as supplemental measures to review and assess our operating performance. Our management does not consider these non-GAAP financial measures and key performance indicators in isolation or as an alternative to the Restated Financial Information. We present these non-GAAP financial measures and key performance indicators because we believe they are useful to our Company in assessing and evaluating our operating performance, and for internal planning and forecasting purposes. We believe these non-GAAP financial measures and key performance indicators, when taken collectively with the Restated Financial Information, prepared in accordance with Ind AS, may be helpful to investors as an additional tool to evaluate our ongoing operating results and trends and to compare our financial results to prior periods.
Non-GAAP financial information are not recognized under Ind AS and do not have standardized meanings prescribed by Ind AS. In addition, non-GAAP financial measures and key performance indicators used by us may differ from similarly titled non-GAAP measures used by other companies. The principal limitation of these non- GAAP financial measures is that they exclude significant expenses and income that are required by Ind AS to be recorded in our financial statements, as further detailed below. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided below for each non- GAAP financial measure to the most directly comparable financial measure prepared in accordance with Ind AS. Investors are encouraged to review the related Ind AS financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable Ind AS financial measures included below and to not rely on any single financial measure to evaluate our business. Other companies may calculate non-GAAP metrics differently from the way we calculate these metrics. See Risk Factors-59 - We have in this Red Herring Prospectus included certain Non-GAAP Measures that may vary from any standard methodology that is applicable across the mining and logistics industries and may not be comparable with financial information of similar nomenclature computed and presented by other companies on page 69.
Set forth below are certain non-GAAP measures derived from our Restated Financial Information as at, or for the fiscal years ended, March 31, 2026, March 31, 2025 and March 31, 2024.
| Particulars | As at, or for the fiscal year ended, March 31, | ||
| 2026 | 2025 | 2024 | |
| Operating EBITDA (1) | 43,091.96 | 34,976.77 | 24,314.43 |
| Operating EBITDA Margin (2) | 25.69% | 24.45% | 25.51% |
| Particulars | As at, or for the fiscal year ended, March 31, | ||
| 2026 | 2025 | 2024 | |
| PAT Margin (3) | 9.41% | 9.20% | 10.06% |
| Return on Average Equity (4) | 27.78% | 33.51% | 38.63% |
| Return on Capital Employed (5) | 16.60% | 20.68% | 16.81% |
| Return on Average Assets (6) | 9.07% | 9.81% | 9.55% |
| Asset Turnover Ratio (7) | 0.96 | 1.07 | 0.95 |
| Current Ratio (8) | 1.02x | 1.05x | 0.93x |
| Net Debt / Equity Ratio (9) | 1.62x | 1.33x | 2.44x |
| Net Debt / Operating EBITDA Ratio (10) | 2.44x | 1.86x | 2.97x |
| Net Worth (11) | 64,754.31 | 48,929.71 | 29,593.38 |
| Return on Net Worth (12) | 24.38% | 26.89% | 32.41% |
| Receivable Days (13) | 42 Days | 47 Days | 52 Days |
| Payable Days (14) | 47 Days | 33 Days | 47 Days |
| Inventory Days (15) | 42 Days | 33 Days | 27 Days |
| Working Capital Cycle (16) | 37 Days | 47 Days | 32 Days |
Notes :
(1) Operating EBITDA is calculated as the sum of (i) profit before share of profit / (loss) from associate companies, and tax, (ii) finance costs, (iii) depreciation and amortisation expenses, (iv) tax expenses, and (v) exceptional items, less other income.
(2) Operating EBITDA Margin is calculated as Operating EBITDA divided by revenue from operations.
(3) PAT Margin is calculated as profit for the year divided by revenue from operations.
(4) Return on Average Equity is calculated as profit for the year divided by Average Equity for the year. Average Equity is calculated as the average of the total equity at the beginning of the year and at the end of the year.
(5) Return on Capital Employed is calculated as (1) the sum of (i) restated profit before profitfrom JV and AOPs, (ii) finance costs, (iii) tax expenses, and (iv) exceptional items, divided by (2) Capital Employed. Capital Employed is calculated as the sum of total equity, non-current borrowings, current borrowings and deferred tax liability/(asset).
(6) Return on Average Assets is calculated by profit for the year divided by Average Assets. Average Assets is calculated as the average of the total assets at the beginning of the year/ at the end of the year.
(7) Asset Turnover Ratio is calculated as revenue from operations divided by Average Assets.
(8) Current Ratio is calculated as current assets divided by current liabilities.
(9) Net Debt / Equity Ratio is calculated as Net Debt divided by total equity. Net Debt is calculated as total borrowings less cash and cash equivalents.
(10) Net Debt / Operating EBITDA Ratio is calculated as Net Debt divided by Operating EBITDA.
(11) Net Worth is calculated as total assets less total liabilities.
(12) Return on Net Worth is calculated as profit for the year divided by Net Worth as at the end of the fiscal year.
(13) Receivable Days is calculated as average trade receivables divided by revenue from operations multiplied by the number of days in the year. Average trade receivables is calculated as the average of the trade receivables at the beginning of the year and at the end of the year.
(14) Payable Days is calculated as average trade payables divided by Cost of Goods Sold multiplied by the number of days in the year. Average trade payables is calculated as the average of the trade payables at the beginning of the year and at the end of the year. Cost of Goods Sold is calculated as the sum of (i) purchases of stock in trade, (ii) changes in inventories of stock-in-trade, (3) OB removal, excavation and transportation Expenses, and (iv) power & fuel expenses.
(15) Inventory Days is calculated as average inventories divided by Cost of Goods Sold, multiplied by the number of days in the year. Average inventories is calculated as the average ofthe inventories at the beginning of the year and at the end of the year. Cost of Goods Sold is calculated as the sum of (i) purchases of stock in trade, (ii) changes in inventories of stock-in-trade, (3) OB removal, excavation and transportation Expenses, and (iv) power & fuel expenses..
(16) Working Capital Cycle is calculated as the sum of Receivable Days and Inventory Days, less Payable Days.
Operating EBITDA and Operating EBITDA Margin
The following table sets forth our earnings before interest, taxes, depreciation and amortisation expenses, less other income ( Operating EBITDA ) and Operating EBITDA Margin, including a reconciliation of each such financial measure to the Restated Financial Information for Fiscal 2026, Fiscal 2025 and Fiscal 2024.
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Revenue from operations (A) | 167,766.09 | 143,040.38 | 95,311.60 |
| Profit before share of profit / (loss) of associate companies, and tax (B) | 21,964.72 | 17,718.06 | 12,840.06 |
| Add: Finance costs (C) | 8,125.14 | 7,398.11 | 5,144.99 |
| Add: Depreciation and amortisation expense (D) | 13,701.61 | 10,376.75 | 6,810.18 |
| (Less): Other income (E) | 699.51 | 516.15 | 480.80 |
| Operating EBITDA (F=B+C+D-E) | 43,091.96 | 34,976.77 | 24,314.43 |
| Operating EBITDA Margin (G=F/A) | 25.69% | 24.45% | 25.51% |
Our Operating EBITDA on a consolidated basis has increased at a 33.13% CAGR to ?43,091.96 lakhs in Fiscal 2026 from ?24,314.43 lakhs in Fiscal 2024. In Fiscal 2026, Fiscal 2025 and Fiscal 2024, our Operating EBITDA on a consolidated basis was ?43,091.96 lakhs, ?34,976.77 lakhs and ?24,314.43 lakhs, respectively. Our Operating EBITDA Margins on a consolidated basis for Fiscal 2026, Fiscal 2025 and Fiscal 2024 were 25.69%, 24.45% and 25.51%, respectively. Our consolidated restated profit for the year has increased from ?9,590.16 lakhs in Fiscal 2024 to ?15,790.04 lakhs in Fiscal 2026. The increases in Operating EBITDA in Fiscal 2025 and Fiscal 2026 were mainly due to our increased scale of operations.
PAT Margin
The following table sets forth our profit after tax margins (PAT Margin), including a reconciliation of such financial measure to the Restated Financial Information, for Fiscal 2026, Fiscal 2025 and Fiscal 2024. PAT Margin is calculated as profit for the year divided by total income.
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Profit for the year (A) | 15,790.04 | 13,154.88 | 9,590.16 |
| Revenue from operations (B) | 1,67,766.09 | 1,43,040.38 | 95,311.60 |
| PAT Margin (C=A/B) | 9.41% | 9.20% | 10.06% |
Our PAT Margin on a consolidated basis was 9.41%, 9.20% and 10.06% in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.
Return on Average Equity
The following table sets forth our Return on Average Equity, including a reconciliation of such financial measure to the Restated Financial Information, for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Return on Average Equity is calculated as profit for the year divided by Average Equity for the year. Average Equity is calculated as the average of the total equity at the beginning of the year and at the end of the year.
(Z in lakhs, except percentages)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Profit for the year (A) | 15,790.04 | 13,154.88 | 9,590.16 |
| Total equity at the beginning of the year (1) | 48,929.71 | 29,593.38 | 20,063.32 |
| Total equity at the end of the year (2) | 64,754.31 | 48,929.71 | 29,593.38 |
| Average Equity (B = ((1)+(2))/2) | 56,842.01 | 39,261.54 | 24,828.35 |
| Return on Average Equity (C=A/B) | 27.78% | 33.51% | 38.63% |
Our Return on Average Equity on a consolidated basis was 27.78%, 33.51% and 38.63% in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The fluctuations in our Return on Average Equity were due to fluctuations in our profit for the year from period-to-period and the high capital base for the respective period.
Return on Capital Employed
The following table sets forth our Return on Capital Employed, including a reconciliation of such financial measure to the Restated Financial Information, for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Return on Capital Employed is calculated as (1) the sum of (i) restated profit before profit from JV and AOPs, (ii) finance costs, (iii) tax expenses, and (iv) exceptional items, divided by (2) Capital Employed. Capital Employed is calculated as the sum of total equity, non-current borrowings, current borrowings and deferred tax liability/(asset).
(Z in lakhs, except percentages)
| Particulars | As at, or for the fiscal year ended, March 31, | ||
| 2026 | 2025 | 2024 | |
| Profit before share of profit / (loss) of associate companies, and tax (A) | 21,964.72 | 17,718.06 | 12,840.06 |
| Add: Finance costs (B) | 8,125.14 | 7,398.11 | 5,144.99 |
| EBIT (D=A+B-C) | 30,089.86 | 25,116.17 | 17,985.05 |
| Total assets (1) | 207,738.88 | 1,40,409.43 | 127,918.39 |
| Total liabilities (2) | 142,984.56 | 91,4479.72 | 98,325.01 |
| Net Worth (E = (1) - (2)) | 64,754.31 | 48,929.71 | 29,593.38 |
| Non-current borrowings (3) | 69,867.14 | 34,657.03 | 41,287.75 |
| Current borrowings (4) | 35,894.13 | 30,520.42 | 31,263.20 |
| Deferred tax liability/(asset) (4) | 10,774.06 | 7,317.78 | 4,827.03 |
| Capital Employed (F=E+(3)+(4)+(5)) | 181,289.64 | 121,424.94 | 106,971.36 |
| Return on Capital Employed (G=E/F) | 16.60% | 20.68% | 16.81% |
In Fiscal 2026, Fiscal 2025 and Fiscal 2024, our Return on Capital Employed on a consolidated basis was 16.60%, 20.68% and 16.81%, respectively. The fluctuations in our Return on Capital Employed were due to higher capital employed for business expansion, and the changes in our Operating EBITDA Margins following the change in focus of our Company from coal trading to mining activity in Fiscal 2023.
Return on Average Assets
The following table sets forth our Return on Average Assets, including a reconciliation of such financial measure to the Restated Financial Information, for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Return on Average Assets is calculated as profit for the year divided by Average Assets for the year. Average Assets is calculated as the average of the total assets at the beginning of the year and at the end of the year.
(Z in lakhs, except percentages)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Profit for the year (A) | 15,790.04 | 13,154.88 | 9,590.16 |
| Total assets at the beginning of the year (1) | 140,409.43 | 127,918.39 | 73,022.41 |
| Total assets at the end of the year (2) | 207,738.88 | 140,409.43 | 127,918.39 |
| Average Assets (B = ((1)+(2))/2) | 174,074.16 | 134,163.91 | 100,470.40 |
| Return on Average Assets (C=A/B) | 9.07% | 9.81% | 9.55% |
In Fiscal 2026, Fiscal 2025 and Fiscal 2024, our Return on Average Assets on a consolidated basis was 9.07%, 9.81% and 9.55%, respectively. The fluctuations in our Return on Average Assets were due to the increase in fixed assets purchased over the period following the change in focus of our Company from coal trading to mining activity in Fiscal 2024.
Asset Turnover Ratio
The following table sets forth our Asset Turnover Ratio, including a reconciliation of such financial measure to the Restated Financial Information, for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Asset Turnover Ratio is calculated as revenue from operations divided by Average Assets for the year. Average Assets is calculated as the average of the total assets at the beginning of the year and at the end of the year.
(Z in lakhs, except ratios)
| Particulars | As at, or for the fiscal year ended, March 31, | ||
| 2026 | 2025 | 2024 | |
| Total assets at the beginning of the year (1) | 140,409.43 | 127,918.39 | 73,022.41 |
| Total assets at the end of the year (2) | 207,738.88 | 140,409.43 | 127,918.39 |
| Average Assets (A = (1)+(2)/2) | 174,074.16 | 134,163.91 | 100,470.40 |
| Revenue from operations (B) | 167,766.09 | 143,040.38 | 95,311.60 |
| Asset Turnover Ratio (C=B/A) | 0.96 | 1.07 | 0.95 |
Current Ratio
The following table sets forth our Current Ratio, including a reconciliation of such financial measure to the Restated Financial Information, as at March 31, 2026, March 31, 2025 and March 31, 2024. Current Ratio is calculated as current assets divided by current liabilities as at the end of the year.
| Particulars | As at March 31, | ||
| 2026 | 2025 | 2024 | |
| Current assets (A) | 61,090.25 | 45,235.39 | 40,798.77 |
| Current liabilities (B) | 59,658.03 | 43,173.21 | 43,842.93 |
| Current Ratio (C=A/B) | 1.02 | 1.05 | 0.93 |
Net Debt/Equity Ratio and Net Debt/Operating EBITDA Ratio
The following table sets forth our Net Debt/Equity Ratio and Net Debt/Operating EBITDA Ratio, including a reconciliation of such financial measure to the Restated Financial Information, for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Net Debt/Equity Ratio is calculated as Net Debt divided by total equity. Net Debt is calculated as total borrowings less cash and cash equivalents at the end of the year. Net Debt/Operating EBITDA Ratio is calculated as Net Debt divided by Operating EBITDA.
| Particulars | As at, or for the fiscal year ended, March 31, | ||
| 2026 | 2025 | 2024 | |
| Non-current borrowings (1) | 69,867.14 | 34,657.03 | 41,287.75 |
| Current borrowings including current maturities of non-current borrowings (2) | 35,894.13 | 30,520.42 | 31,263.20 |
| Cash and cash equivalents (3) | 737.43 | 286.29 | 338.98 |
| Net Debt (A=(1)+(2)-(3)) | 105,023.84 | 64,891.16 | 72,211.97 |
| Equity share capital (i) | 5,358.33 | 5,358.33 | 5,100.00 |
| Other equity (ii) | 59,395.63 | 43,571.38 | 24,493.38 |
| Non-controlling interest (iii) | 0.35 | - | - |
| Total equity (B=(i)+(ii)+(iii)) | 64,754.31 | 48,929.71 | 29,593.38 |
| Net Debt/Equity Ratio (C=A/B) | 1.62 | 1.33 | 2.44 |
| Operating EBITDA (D) | 43,091.96 | 34,976.77 | 24,314.43 |
| Net Debt/Operating EBITDA Ratio (E=A/D) | 2.44 | 1.86 | 2.97 |
In Fiscal 2026, Fiscal 2025 and Fiscal 2024, our Net Debt/Equity Ratio on a consolidated basis was 1.62, 1.33 and 2.44, respectively. The decrease in our Net Debt/Equity Ratio from Fiscal 2024 to Fiscal 2025 was primarily due to a reduction in borrowings and an increase in equity on account of retained earnings and capital infusion in Fiscal 2025. The increase in our Net Debt/Equity Ratio from Fiscal 2025 to Fiscal 2026 was due to increase in borrowings in Fiscal 2026.
Our Net Debt/Operating EBITDA Ratio on a consolidated basis for Fiscal 2026, Fiscal 2025 and Fiscal 2024 was 2.44, 1.86 and 2.97, respectively. The decrease in our Net Debt/Operating EBITDA Ratio from Fiscal 2024 to Fiscal 2025 was primarily due to strong Operating EBITDA in Fiscal 2025 resulting from an increase in our scale
of operations. The increase in our Net Debt/Operating EBITDA Ratio from Fiscal 2025 to Fiscal 2026 was due to increase in borrowings in Fiscal 2026.
Net Worth
The following table sets forth our Net Worth, including a reconciliation of such financial measure to the Restated Financial Information, as at March 31, 2026, March 31, 2025 and March 31, 2024. Net Worth is calculated as total assets less total liabilities.
(Z in lakhs)
| Particulars | As at March 31, | ||
| 2026 | 2025 | 2024 | |
| Total assets (A) | 207,738.88 | 140,409.43 | 127,918.39 |
| Total liabilities (B) | 142,984.57 | 91,479.72 | 98,325.01 |
| Net Worth (C=A-B) | 65,754.31 | 48,929.71 | 29,593.38 |
Return on Net Worth
The following table sets forth our Return on Net Worth, including a reconciliation of such financial measure to the Restated Financial Information, for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Return on Net Worth is calculated as profit for the year divided by Net Worth as at the end of the fiscal year.
(Z in lakhs, except percentages)
| Particulars | As at, or for the fiscal year ended, March 31, | ||
| 2026 | 2025 | 2024 | |
| Profit for the year (A) | 15,790.04 | 13,154.88 | 9,590.16 |
| Net Worth (B) | 65,754.31 | 48,929.71 | 29,593.38 |
| Return on Net Worth (C=A/B) | 24.38% | 26.89% | 32.41% |
Receivable Days
The following table sets forth our Receivable Days, including a reconciliation of such financial measure to the Restated Financial Information, for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Receivable Days is calculated as average trade receivables divided by revenue from operations, multiplied by the number of days in the year. Average trade receivables is calculated as the sum of (i) trade receivables as at the beginning of the fiscal year, and (ii) trade receivables as at the end of the fiscal year, divided by 2.
(? in lakhs, except days)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Revenue from operations (A) | 167,766.09 | 143,040.38 | 95,311.60 |
| Total trade receivables at the beginning of the year (1) | 25,265.29 | 11,686.31 | 15,292.44 |
| Total trade receivables at the end of the year (2) | 13,557.88 | 25,265.29 | 11,686.31 |
| Average trade receivables (B = ((1)+(2))/2)) | 19,411.59 | 18,475.80 | 13,489.38 |
| Number of days in the year (C) | 365 | 365 | 366 |
| Receivable Days (D=B/A * C) | 42 | 47 | 52 |
In Fiscal 2026, Fiscal 2025 and Fiscal 2024, our Receivable Days was 42, 47 and 52, respectively. The overall improvement in our Receivable Days during the aforementioned period was due to our improved collection management efforts.
Payable Days
The following table sets forth our Payable Days, including a reconciliation of such financial measure to the Restated Financial Information, for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Payable Days is calculated as average trade payables divided by Cost of Goods Sold multiplied by the number of days in the year. Average trade payables is calculated as the sum of (i) trade payables as at the beginning of the fiscal year and (ii) trade payables as at the end of the fiscal year, divided by 2. Cost of Goods Sold is calculated as the sum of (i) purchases of stock
in trade, (ii) changes in inventories of stock-in-trade, (3) OB removal, excavation and transportation expenses, and (iv) power & fuel expenses.
(Z in lakhs, except days)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Purchases of stock in trade (1) | 884.84 | 1,331.56 | 468.70 |
| Changes in inventories of stock-in-trade (21 | 245.68 | 90.16 | 779.87 |
| OB removal, excavation and transportation expenses (3) | 5,052.93 | 5,043.11 | 6,738.67 |
| Power & fuel expenses (4) | 78,391.48 | 67,289.14 | 42,744.35 |
| Cost of Goods Sold (A=(1)+(2)+(3)+(4)) | 84,574.93 | 73,753.97 | 50,731.59 |
| Total trade payables at the beginning of the year (i) | 5,327.48 | 8,086.63 | 4,953.88 |
| Total trade payables at the end of the year (ii) | 16,543.45 | 5,327.48 | 8,086.63 |
| Average trade payables (B = ((i)+(ii))/2))) | 10,935.47 | 6,707.06 | 6,520.26 |
| Number of days in the year (C) | 365. | 365 | 366 |
| Payable Days (D=B/A * C) | 47 | 33 | 47 |
In Fiscal 2026, Fiscal 2025 and Fiscal 2024, our Payable Days was 47, 33 and 47, respectively. The overall increase in our Payable Days during the aforementioned period was due to a policy of releasing vendor payments upon GST portal reflection adopted in Fiscal 2026.
Inventory Days
The following table sets forth our Inventory Days, including a reconciliation of such financial measure to the Restated Financial Information, for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Inventory Days is calculated as average inventories divided by Cost of Goods Sold, multiplied by the number of days in the year. Average inventories is calculated as the sum of (i) inventories as at the beginning of the fiscal year and (ii) inventories as at the end of the fiscal year, divided by 2. Cost of Goods Sold is calculated as the sum of (i) purchases of stock in trade, (ii) changes in inventories of stock-in-trade, (3) OB removal, excavation and transportation expenses, and (iv) power & fuel expenses.
(? in lakhs except days)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Opening inventories (i) | 6,814.84 | 6,402.61 | 1,209.99 |
| Closing inventories (ii) | 12,528.62 | 6,814.84 | 6,402.61 |
| Average inventories (A = ((i)+(ii))/2)) | 9,671.73 | 6,608.73 | 3,806.30 |
| Purchase of stock-in-trade (1) | 884.84 | 1,331.56 | 468.70 |
| Changes in inventories of stock-in-trade (2) | 245.68 | 90.16 | 779.87 |
| OB removal, excavation and transportation expenses(3) | 5,052.93 | 5,043.11 | 6,738.67 |
| Power & fuel expenses (4) | 78,391.48 | 67,289.14 | 42,744.35 |
| Cost of Goods Sold (B=(1)+(2)+(3)+(4)) | 84,574.93 | 73,753.97 | 50,731.59 |
| Number of days in the year (C) | 365 | 365 | 366 |
| Inventory Days (D=A/B * C) | 42 | 33 | 27 |
In Fiscal 2026, Fiscal 2025 and Fiscal 2024, our Inventory Days was 42, 33 and 27, respectively. The increase in Inventory Days in Fiscal 2025 and Fiscal 2026 was primarily due to an increase in inventory levels on account of the increase in scale of operations and an increase in demand for coal in Fiscal 2025.
Working Capital Cycle
The following table sets forth our Working Capital Cycle for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Working Capital Days is calculated as the sum of (1) Receivable Days and (2) Inventory Days, less Payable Days.
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Receivable Days (A) | 42 | 47 | 52 |
| Inventory Days (B) | 42 | 33 | 27 |
| Payable Days (C) | 47 | 33 | 47 |
| Working Capital Cycle (D=A+B-C) | 37 | 47 | 32 |
In Fiscal 2026, Fiscal 2025 and Fiscal 2024, our Working Capital Cycle on a consolidated basis was 37 days, 47 days and 32 days, respectively. The increase in our Working Capital Cycle during the aforementioned period was due mainly to the increase in our Payable Days for the reasons described above, which was partially offset by the improvement in our Receivable Days and Payable Days following the change of our Companys focus from coal trading to mining activity from Fiscal 2023.
Statement of Significant Accounting Policies
(a) Basis of preparation
Statement of Compliance
The Restated Financial Information comprises of Restated Standalone Statement of Assets and Liabilities of the Company as at March 31, 2025, Restated Standalone Statement of Profit and Loss (including Other Comprehensive Income/Loss), Restated Standalone Statement of Changes in Equity and the Restated Standalone Statement of Cash Flows for the year ended March 31, 2025, Restated Consolidated Statement of Assets and Liabilities of the Holding Company and its associates, (the Holding Company together with its associates hereinafter referred to as the Group) as at March 31, 2024 and March 31, 2023 , the Restated Consolidated Statement of Profit and Loss (including Other Comprehensive Income/Loss), Restated Consolidated Statement of Changes in Equity and the Restated Consolidated Statement of Cash Flows for the year ended March 31, 2024 and March 31, 2023 and the summary of material accounting policies and explanatory notes (collectively referred as Restated Financial information).
The Restated Financial Information comprises of Restated Consolidated Statement of Assets and Liabilities of the Group as at March 31, 2026 and March 31, 2024 Restated Consolidated Statement of Profit and Loss (including Other Comprehensive Income/Loss), Restated Consolidated Statement of Changes in Equity and the Restated Consolidated Statement of Cash Flows for the year ended March 31, 2026 and March 31, 2024, Restated Standalone Statement of Assets and Liabilities of the Holding Company as at March 31, 2025, the Restated Standalone Statement of Profit and Loss (including Other Comprehensive Income/Loss), Restated Standalone Statement of Changes in Equity and the Restated Standalone Statement of Cash Flows for the year ended March 31, 2025 and the summary of material accounting policies and explanatory notes (collectively referred as Restated Financial information);
These Restated Financial Information have been prepared by the management as required under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (ICDR Regulations) issued by the Securities and Exchange Board of India (SEBI), in pursuance of the Securities and Exchange Board of India Act, 1992, for the purpose of inclusion in the Updated Draft Red Herring Prospectus (UDRHP), Red Herring Prospectus (RHP), Prospectus (collectively referred as Offer Documents) in connection with the proposed initial public offering of equity shares of face value of Rs. 10 each of the Holding Company (the Offer), in terms of the requirements of:
• Section 26 of Part I of Chapter III of the Companies Act, 2013 (the Act);
• The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended;
• The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI) (the Guidance Note)
The Restated Ind AS Consolidated Statements has been compiled from:
I. Audited consolidated financial statements of the Group as at and for the year ended March 31, 2026 prepared in accordance with Indian Accounting Standards (Ind-AS) notified under the Companies
(Indian Accounting Standards) Rules, 2015 (as amended from time to time) and other accounting principles generally accepted in India, along with the presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind-AS compliant Schedule III), as applicable which was approved by the Board of Directors at their meeting held on May 19, 2026;
II. the audited Ind AS standalone financial statements of the Holding Company as at and for the year ended March 31, 2025 prepared in accordance with the Indian Accounting Standards (referred to as Ind AS) as prescribed under Section 133 of the Companies Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on May 12, 2025; and
III. Audited Consolidated financial statements of the Group as at and for the year ended March 31, 2024 prepared in accordance with Indian Accounting Standards (Ind-AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and other accounting principles generally accepted in India, along with the presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind-AS compliant Schedule III), as applicable which was approved by the Board of Directors at their meeting held on September 14, 2024.
Pursuant to the Companies (Indian Accounting Standard) Second Amendment Rules, 2015, the Group voluntarily adopted March 31, 2024 as reporting date for first time adoption of Indian Accounting Standard (Ind-AS) - notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and consequently April 01, 2022 as the transition date for preparation of its statutory financial statements as at and for the year ended March 31, 2024. The financial statements as at and for the year ended March 31, 2024, were the first financial statements, prepared in accordance with Ind-AS.
Up to the financial year ended March 31, 2023, the Company prepared its financial statements in accordance with accounting standards notified under the section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP or Previous GAAP)
The Special purpose Ind AS Consolidated financial statements as at and for the year ended March 31, 2023 have been prepared after making suitable adjustments to the accounting heads from their Indian GAAP values following accounting policies and accounting policy choices (both mandatory exceptions and optional exemptions availed as per Ind AS 101) consistent with that used at the date of transition to Ind AS (April 01, 2022) and as per the presentation, accounting policies and grouping/classifications including revised Schedule III disclosures.
Basis of Measurement
The Restated financial Statement of the Group have been prepared on an accrual basis and under the historical cost convention except for certain financial instruments, Property Plant and Equipment (as on the transition date) and defined benefit plans which have been measured at fair value. The accounting policies are consistently applied by the Group to all the period mentioned in the financial statements.
Functional and presentation currency
The Restated financial statements are presented in Indian rupees, which is the Groups functional currency. All amounts have been rounded to the nearest lakhs as per requirement of Schedule III, unless otherwise stated.
Critical estimates and judgements
Preparations of the Restated financial statements require use of accounting estimates which, by definition, will seldom equal the actual results. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgements is included in relevant notes together with information about the basis of calculation for each affected line item in the Financial Statements.
The areas involving critical estimates or judgements are:
i) Estimation of useful life of tangible assets
ii) Estimation of defined benefit obligations
iii) Fair value measurements
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have financial impact on the Group and that are believed to be reasonable under the circumstances.
Fair value measurement
The Group measures financial instruments, such as, investments at fair value at each balance sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
i) In the principal market for the asset or liability, or
ii) In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participants ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
I. Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities
II. Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
III. Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
For assets and liabilities whether transfers have occurred between levels in the hierarchy by re-assessing that are recognised in the financial statements on a recurring basis, the Group determines categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
The management determines the policies and procedures for both recurring fair value measurement as well as for non-recurring measurement.
At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be re-measured or re-assessed as per the Groups accounting policies. For this analysis, the management verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents.
The management also compares the change in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable.
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
Current versus non-current classification
The Group presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as current when it is:
I. Expected to be realised or intended to be sold or consumed in normal operating cycle
II. Held primarily for the purpose of trading
III. Expected to be realised within twelve months after the reporting period, or
IV. Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
I. It is expected to be settled in normal operating cycle
II. It is held primarily for the purpose of trading
III. It is due to be settled within twelve months after the reporting period, or
IV. There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Group has identified twelve months as its operating cycle.
Basis of consolidation
The Restated consolidated Financial Statements comprise the financial statements of the Holding Company, its subsidiaries and associate as at March 31, 2026, March 31, 2025 and March 31, 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has:
i) Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee)
ii) Exposure, or rights, to variable returns from its involvement with the investee, and
iii) The ability to use its power over the investee to affect its returns
Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
The contractual arrangement with the other vote holders of the investee
iv) Rights arising from other contractual arrangements
v) The Groups voting rights and potential voting rights
vi) The size of the groups holding of voting rights relative to the size and dispersion of the holdings of the other voting rights holders
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
Restated Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member of the Group uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to that group members financial statements in preparing the consolidated financial statements to ensure conformity with the groups accounting policies.
Equity accounted investees
The Groups interests in equity accounted investees comprise interests in associates. An associate is an entity in which the Group has significant influence, but not control or joint control, over the financial and operating policies.
Interests in associates are accounted for using the equity method. They are initially recognised at cost which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Groups share of profit or loss and OCI of equity-accounted investees until the date on which significant influence ceases.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Groups interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
The consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances and necessary adjustments required for deviations, if any, are made in the consolidated financial statements. The consolidated financial statements are presented in the same manner as the Companys separate financial statements.
The financial statements of the subsidiary companies used in the consolidation are drawn up to the same reporting date as of the Company.
Details of group companies included in Consolidated Financial Statements are as under:
| Name of the entity | Country | % Equity Interest | ||||
| March 31, 2024 | March 31, 2023 | |||||
| Associates | ||||||
| CS Coal Mining Private Limited * | India | 50% | 50% | |||
| Caliber Foundation ** | India | 40% | 40% | |||
| Name of the entity | Country | % Equity Interest | ||||
| March 31,2026 | March 31, 2025 | March 31, 2024 | ||||
| Subsidiaries | ||||||
| Caliber Mines and Minerals Private Limited | India | 99.99% | NA | NA | ||
| Caliber Natural Resources Private Limited | India | 99.99% | NA | NA | ||
| Step down Subsidiary | ||||||
| Chadda Infraprojects LLP | India | 98.00% | NA | NA | ||
| Associates | ||||||
| CS Coal Mining Private Limited * | India | NA | NA | 50% | ||
| Caliber Foundation * | India | 40% | 40% | 40% | ||
* The Companys investment in this associate was disposed of with effect from April 1, 2024.
**The Company holds significant influence over Caliber Foundation, which is registered under Section 8 of the Companies Act, 2013, and is engaged in activities carried out for charitable or not-for-profit purposes. As per the requirements of Ind AS 28 Investments in Associates and Joint Ventures, an entity over which the investor has significant influence is generally required to be accounted for using the equity method in the consolidated financial statements.
However, in accordance with Paragraph 17 of Ind AS 28, the Company has assessed the nature and purpose of the associate entity and its relationship with the Group. Considering that Caliber Foundation is a not-for-profit organization and, by virtue of its constitutional documents and applicable regulatory framework, the Holding Company does not have rights over the distributable profits or net assets of the entity, the Company does not derive any economic benefits or returns from such investment.
Accordingly, as the Holding Company neither exercises control nor has access to the returns (profits or net assets) from Caliber Foundation, the same has not been accounted for under the equity method in these consolidated financial statements. This is consistent with the substance of the relationship and is in line with the principles of control and economic interest as envisaged under Ind AS 110 and Ind AS 28.
This approach has been adopted in order to present a true and fair view of the financial position and performance of the Group.
(b) Summary of material accounting policies
1. Foreign currencies
The Groups financial statements are presented in INR, which is also its functional currency.
Transactions and balances
Transactions in foreign currencies are initially recorded by the Group at its functional currency spot rate at the date the transaction first qualifies for recognition. However, for practical reasons, the Group uses average rate if the average approximates the actual rate at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are recognised in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is recognised in profit or loss.
2. Revenue recognition
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer.
Revenue from fixed-price and fixed-time frame contracts, where there is no uncertainty as to measurement or collectability of consideration, is recognized based upon the percentage of completion or proportionate efforts method depending upon the circumstances. When there is uncertainty as to measurement or ultimate collectability revenue recognition is postponed until such uncertainty is resolved.
Revenue from maintenance contracts is recognized over the period of contract on pro-rata basis.
Interest income is recognized on a time proportion basis taking into account the amount outstanding and the interest rate applicable.
Insurance Claims are accounted when the ultimate outcome of the same is certain and amount ascertained. Till the time of uncertainty about outcome and amount of claim, their recognition is postponed.
Dividends are recognised in the statement of Profit and Loss only when the right to receive payment is established:, It is probable that economic benefit associated with the Dividend will flow to the Group and the amount of Dividend can be measured reliably.
Revenue in excess of billings is classified is classified as unbilled revenue while billing in excess of revenue is classified as unearned revenue.
Variable consideration
If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is
estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Some contracts provide customers with a right of return the goods within a specified period.
Trade receivables
A receivable is recognised if an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).
Contract liabilities
A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).
3. Taxes on Income Current income tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.
Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity).
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity).
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
4. Property, plant and equipment (including Capital work in progress)
Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met.
Capital work in progress is stated at cost, net of accumulated impairment loss, if any. It comprises of the cost of property, plant and equipment that are not yet ready for their intended use as at the balance sheet date.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
| Assets | Useful life (in years) used by the Group (Single shift basis) |
| Office Building | 30 Years |
| Building - Temporary Structure | 3 Years |
| Plant and machinery (Equipment) | 10 Years |
| Furniture and fixture | 8 Years |
| Computer & Printers | 6 Years |
| Office equipment | 5 Years |
| Vehicles (Car & Utility) | 8-10 Years |
| Intangible Assets | 5 Years |
The Group, based on technical assessment made by technical expert and management estimate, depreciates certain items of plant and machinery (equipment) over estimated useful lives which are different from the useful life prescribed in Schedule II to the Companies Act, 2013. The management believes that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit and loss when the asset is derecognised.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.
5. Investment Property
Recognition and measurement
Investment property are properties held to earn rentals and/or for capital appreciation.
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at cost less accumulated depreciation and accumulated impairment loss, if any. The depreciation is charged on straight-line method over the useful life of the assets as prescribed under Part C of Schedule II of the Companies Act, 2013.
Derecognition
Investment properties are derecognised either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period of derecognition.
Reclassification to/from investment property
Transfers are made to (or from) investment property only when there is a change in use. Transfers between investment property and owner-occupied property do not change the carrying amount of the property transferred and they do not change the cost of that property for measurement or disclosure purposes.
Fair value disclosure
The fair value of investment property is disclosed in the notes. Fair value is determined by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the relevant location and category of the investment property being valued.
6. Intangible Assets
Intangible assets are recognised when it is probable that future economic benefits that are attributable to concerned assets will flow to the Group and the cost of the assets can be measured reliably.
Gain or loss arising from derecognition of an intangible asset is recognised in the Statement of Profit and Loss.
Intangible assets are stated at cost of acquisition and are amortized on straight line basis over a period of 5 years irrespective of the date of acquisition
7. Investment in Others (AOP)
Investment in others represents Groups share of capital in respective Association of Person (AOP) and Limited liability Partnership which are not considered as subsidiaries or associate and share in profit/ loss has been accounted for using equity method of accounting.
8. Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs.
9. Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
i) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment.
ii) Lease Liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
iii) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases, those leases that have a lease term of 12 months or less from the commencement date with no option for extension and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
Group as a lessor
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.
10. Inventories
Inventories are valued at the lower of cost and net realisable value except for inventory of consumables. Costs incurred in bringing each product to its present location and condition are accounted for as follows:
(i) Raw materials and Consumables: cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.
(ii) Finished goods: cost includes cost of direct materials and labour and a proportion of manufacturing overheads based on the normal operating capacity but excluding borrowing costs.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.
11. Impairment of non-financial assets
The carrying values of assets / cash generating units at each balance sheet date are reviewed for impairment if any indication of impairment exists.
If the carrying amount of the assets exceed the estimated recoverable amount, impairment is recognized for such excess amount. The impairment loss is recognized as an expense in the Statement of Profit and Loss, unless the asset is carried at revalued amount, in which case any impairment loss of the revalued asset is treated as a revaluation decrease to the extent a revaluation reserve is available for that asset.
When there is indication that an impairment loss recognized for an asset in earlier accounting periods which no longer exists or may have decreased, such reversal of impairment loss is recognized in the Statement of Profit and Loss, to the extent the amount was previously charged to the Statement of Profit and Loss.
12. Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
13. Retirement and other employee benefits
Retirement benefit in the form of provident fund is a defined contribution scheme. The Group has no obligation, other than the contribution payable to the provident fund. The Group recognizes contribution payable to the provident fund scheme as an expense, when an employee renders the related service.
The Group operates a defined benefit gratuity plan in India, which requires contributions to be made to a separately administered fund. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.
14. Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in three categories:
(i) Financial assets at amortised cost
(ii) Financial assets at fair value through other comprehensive income (FVTOCI)
(iii) Financial assets at fair value through profit or loss (FVTPL)
Financial assets are not reclassified subsequent to their recognition, except if and in the period the Group changes its business model for managing financial assets.
Financial assets at amortised cost
A financial asset is measured at the amortised cost if both the following conditions are met:
i) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
ii) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
This category is the most relevant to the Group. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss. The Groups financial assets at amortised cost includes trade receivables and other receivables.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognised in the statement of profit and loss.
This category includes derivative instruments and listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are recognised in the statement of profit and loss when the right of payment has been established.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:
iii) The rights to receive cash flows from the asset have expired, or
iv) The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of the Groups continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.
Impairment of financial assets
In accordance with Ind-AS 109, the Group applies expected credit loss (ECL) model for measurement and recognition of impairment loss. The Group follows simplified approach for recognition of impairment loss allowance on trade receivables.
The application of simplified approach does not require the Group to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.
For recognition of impairment loss on other financial assets and risk exposure, the Group determines that whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the Group reverts to recognizing impairment loss allowance based on 12-month ECL.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events on a financial instrument that are possible within 12 months after the reporting date.
As a practical expedient, the Group uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.
ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the Statement of profit and loss. This amount is reflected in a separate line in the Statement of profit and loss as an impairment gain or loss.
Financial assets measured as at amortized cost and contractual revenue receivables. ECL is presented as an allowance, i.e., as an integral part of the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount.
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Groups financial liabilities include trade and other payables, loans and borrowings including bank overdrafts. Subsequent measurement
For purposes of subsequent measurement, financial liabilities are classified in two categories:
(i) Financial liabilities at fair value through profit or loss
(ii) Financial liabilities at amortised cost
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the profit or loss.
Financial liabilities at amortised cost
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.
This category generally applies to borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit and loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset, and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
15. Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Groups cash management.
16. Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Chief Operational Decision Maker monitors the operating results of its business Segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit and loss and is measured consistently with profit or loss in the financial statements.
The Board of Directors of the Holding Company have been identified as the chief operating decision maker of the Group.
17. Contingent liability
A disclosure for a contingent liability is made where there is a possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group or a present obligation that arises from the past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
18. Earnings per share
Basic earnings per share is calculated by dividing the net profit or loss attributable to equity holders of parent Group (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders of the Group and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
c) Material accounting policy information
Significant accounting judgements, estimates and assumptions
The preparation of the Groups financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods
Other disclosures relating to the Groups exposure to risks and uncertainties include:
i) Capital management
ii) Financial risk management objectives and policies
iii) Sensitivity analyses disclosures
Judgements
In the process of applying the Groups accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements:
Determining the lease term of contracts with renewal and termination options - Group as lessee
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.
Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arms length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the assets performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill recognised by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis.
Provision for expected credit losses of trade receivables and contract assets
The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns
The provision matrix is initially based on the Groups historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.
The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Groups historical credit loss experience and forecast of economic conditions may also not be representative of customers actual default in the future.
Defined benefit plans (gratuity benefits)
The cost of the defined benefit gratuity plan and other post-employment benefits and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
Fair value measurement of financial instruments
When the fair value of financial assets and liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets if available, otherwise, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of the financial instrument.
Leases - Estimating the incremental borrowing rate
The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group would have to pay, which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. The Group estimates the IBR using observable inputs (such as market interest rates).
Changes in the accounting policies, if any, in Fiscals 2026, 2025 and 2024, and their effect on our profits and reserves
Financial Year 2023-24
1) During the financial year 2023-24, the Company has changed its accounting policy in relation to the method of depreciation for its property plant and equipment. Previously, depreciation was charged using the Written Down Value (WDV) method. However, from financial year 2023-24, the company has adopted the Straight Line Method (SLM) for depreciation of all fixed assets with retrospective effect.
The change in policy has been made to provide a more accurate reflection of the usage and economic benefits derived from the Companys assets over their useful lives.
2) Further for periods upto and including the year ended March 31, 2023, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Previous GAAP- Indian GAAP).
The standalone financial statements for the year ended March 31, 2024, were the first statutory financial statements of the Company prepared in accordance with Ind AS. In preparing the first Ind ASfinancial statements, the Companys Ind AS opening balance sheet was prepared as at April 01, 2022, the Companys statutory date of transition to Ind AS.
The Ind AS standalone financial statements as at and for the year ended March 31, 2023 and March 31, 2022 have been prepared after making suitable adjustments to the accounting heads from their Indian GAAP values following accounting policies and accounting policy choices
An explanation of how the transition to Ind AS has affected the previously reported financial position, financial
performance of the Company is provided in note 37 to the standalone financial statements of the Company. Financial Year 2024-25 No change in the accounting policies.
Financial Year 2025-26 No change in the accounting policies.
All financial figures for Fiscal 2025 and Fiscal 2024 in our Restated Financial Information have been regrouped/reclassified wherever necessary to correspond with the current years (Fiscal 2026) classification/disclosure. See Restated Financial Information - Notes to Restated Financial Information - Note 43 on page 392.
Overview of Income and Expenditure
The following descriptions set forth information with respect to key components of our profit and loss statement.
Income
Total income consists of revenue from operations and other income.
Revenue from operations . Revenue from operations mainly comprises of revenue from (i) sales of services provided by us and (ii) sales of products.
Set forth below is a breakdown of our revenue from operations for the fiscal years indicated as per the Restated Financial Information.
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||
| Amount | % of revenue from operations | Amount | % of revenue from operations | Amount | % of revenue from operations | |
| ( ? lakhs) | (%) | ( ? lakhs) | (%) | ( ? lakhs) | (%) | |
| Revenue from operations: | ||||||
| Sale of services | 166,228.87 | 99.08% | 141,449.04 | 98.89% | 94,632.10 | 99.29% |
| Sale of products | 1,537.22 | 0.92% | 1,591.34 | 1.11% | 679.50 | 0.71% |
| Revenue from operations | 167,766.09 | 100.00% | 143,040.38 | 100.00% | 95,311.60 | 100.00% |
For managements purposes, our Companys business is considered to constitute one reporting segment. See Restated Financial Information - Notes to Restated Financial Information - Note 36 - Segment Information on page 392. Nevertheless, our business can be categorized into two (2) board categories (i) sales of services and (ii) sales of products. Sales of services can be further divided into four (4) service types: (i) coal mining services; (ii) coal logistics; (iii) rake loading; and (iv) rail coordination services. Sale of products comprise coal trading only. Accordingly, we operate in five (5) business segments, namely, (i) coal mining services; (ii) coal logistics; (iii) rake loading; (iv) rail coordination services and (v) coal trading. See Our Business - Our Operations on page 297.
Set forth below is a breakdown of our revenue from operations, broken down by service type, for the fiscal years indicated:
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||
| Amount | % of revenue from operations | Amount | % of revenue from operations | Amount | % of revenue from operations | |
| ( ? lakhs) | (%) | ( ? lakhs ) | (%) | ( ? lakhs ) | (%) | |
| Coal mining services | 144,417.52 | 86.08% | 115,219.73 | 80.55% | 66,179.74 | 69.44% |
| Coal logistics | 20,867.09 | 12.44% | 23,444.06 | 16.39% | 26,559.66 | 27.87% |
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||
| Amount | % of revenue from operations | Amount | % of revenue from operations | Amount | % of revenue from operations | |
| ( ? lakhs ) | (%) | ( ? lakhs ) | (%) | ( ? lakhs ) | (%) | |
| Rake loading | 911.46 | 0.54% | 1,966.57 | 1.37% | 1,140.13 | 1.20% |
| Rail coordination services | 32.81 | 0.02% | 818.68 | 0.57% | 752.58 | 0.79% |
| Coal trading | 1,537.22 | 0.92% | 1,591.34 | 1.11% | 679.49 | 0.71% |
| Total revenue from operations | 167,766.09 | 100.00% | 143,040.38 | 100.00% | 95,311.60 | 100.00% |
The tables below show our unaudited quarterly revenue from operations and unaudited quarterly operating profit for the periods indicated:
| Revenue from Operations | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||
| Amount | % of revenue from operations | Amount | % of revenue from operations | Amount | % of revenue from operations | |
| ( ? lakhs) | (%) | ( ? lakhs ) | (%) | ( ? lakhs ) | (%) | |
| Q1 - April to June | 39,321.42 | 23.44% | 36,332.16 | 25.40% | 16,585.32 | 17.40% |
| Q2 - July to September | 22,727.55 | 13.55% | 22,953.27 | 16.05% | 13,807.29 | 14.49% |
| Q3 - October to December | 48,478.08 | 28.90% | 39,619.02 | 27.70% | 22,748.47 | 23.87% |
| Q4 - January to March | 57,239.05 | 34.12% | 44,135.93 | 30.86% | 42,170.52 | 44.24% |
| Total revenue from operations | 167,766.09 | 100.00% | 143,040.38 | 100.00% | 95,311.60 | 100.00% |
Other Income. Other income primarily comprises of recurring non-operating income, such as interest on financial assets, and non-recurring income such as dividend income on financial assets at FVTPL, profit on sale of investments and incentives.
Expenses
Total expenses comprise of purchases of stock-in-trade, changes in inventories of stock-in-trade, OB removal, excavation and transportation expenses, power & fuel expenses, employee benefit expense, finance costs, depreciation and amortisation expense and other expenses.
Purchases of Stock-In-Trade, Changes in Inventories of Stock-in-Trade. Purchases of stock-in-trade comprises purchase of coal, and includes all direct costs incurred in the course of such procurement, such as customs duties, freight and clearing and forwarding charges, for the reporting period. Changes in inventories of stock-in-trade comprises of the difference in closing balance vis-a-vis opening balance of stock-in-trade.
OB Removal, Excavation and Transportation Expenses. OB removal, excavation and transportation expense comprises of vehicle hiring charges, transportation payments, OB drilling services & loading and handling charges incurred in connection with overburden removal operations.
Power & Fuel Expenses. Power & fuel expenses comprise of diesel (high-speed and regular) and electricity expenses.
Employee Benefits Expense. Employee benefits expense comprises of salaries, bonus and other allowances, contribution to provident and other funds, remuneration to directors, gratuity expenses and staff welfare expenses.
Finance Costs. Finance costs comprise of interest expense on financial liabilities carried at amortised cost (including interest on borrowings from banks and financial institutions, unsecured loans and lease liabilities), interest on current tax provision and other financial charges.
Depreciation and Amortisation Expenses. Depreciation and amortisation expenses comprise of depreciation on property, plant and equipment, depreciation on right-of-use assets, and amortisation of intangible assets.
Other Expenses. Other expenses primarily comprise of repair and maintenance expenses on our plant and machinery, vehicles and vehicles, rates and taxes, bank charges and other general expenses.
Set forth below is a breakdown of our total expenses as percentage of our revenue from operations for the fiscal years indicated, as per the Restated Financial Information.
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||
| Amount | % of revenue from operations | Amount | % of revenue from operations | Amount | % of revenue from operations | |
| (? lakhs ) | (%) | (? lakhs ) | (%) | (? lakhs ) | (%) | |
| Expenses: | ||||||
| Purchases of stock-intrade | 884.84 | 0.53% | 1,331.56 | 0.93% | 468.70 | 0.49% |
| Changes in inventories of stock-in-trade | 245.68 | 0.15% | 90.16 | 0.06% | 779.87 | 0.82% |
| OB removal, excavation and transportation expenses | 5,052.93 | 3.01% | 5,043.11 | 3.53% | 6,738.67 | 7.07% |
| Power & fuel expenses | 78,391.48 | 46.73% | 67,289.14 | 47.04% | 42,744.35 | 44.85% |
| Employee benefit expense | 18,683.54 | 11.14% | 14,655.94 | 10.25% | 9,774.36 | 10.26% |
| Finance costs | 8,125.14 | 4.84% | 7,398.11 | 5.17% | 5,144.99 | 5.40% |
| Depreciation and amortisation expense | 13,701.61 | 8.17% | 10,376.75 | 7.25% | 6,810.18 | 7.15% |
| Other expenses | 21,415.66 | 12.77% | 19,653.70 | 13.74% | 10,491.22 | 11.01% |
| Total expenses | 146,500.88 | 87.32% | 125,838.47 | 87.97% | 82,952.34 | 87.03% |
Tax Expense
Our tax expense represents the tax payable on the current periods taxable income based on the applicable income tax rate adjusted by income tax payable for earlier years and deferred tax charges or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period).
Tax expense for Fiscal 2026, Fiscal 2025 and Fiscal 2024 amounted to ?5,464.51 lakhs, ?4,545.93 lakhs and ?2,881.64 lakhs, respectively, as per the Restated Financial Information.
Deferred tax charges and the corresponding deferred tax liabilities or assets are recognized using the tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled or the asset realized. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Deferred tax is reviewed at each balance sheet date and written down or written up to reflect the amount that is reasonably certain, as the case may be, to be realized.
Operating Segment
Our Company is exclusively engaged in the business of providing contract coal extraction and over-burden removal services and iron ore logistics solutions. As such, in accordance with Ind AS, our Companys business is considered to constitute one reportable segment.
The Company is primarily engaged in operations in India and does not have any revenue from customers located outside India. In addition, the Company does not have any assets located outside India.
Results of Operations as per the Restated Financial Information
The following table sets forth select financial information as per the Restated Financial Information for Fiscal 2026, Fiscal 2025 and Fiscal 2024, the components of which are also expressed as a percentage of total income for such fiscal years:
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||
| Amount | % of total income | Amount | % of total income | Amount | % of total income | |
| ( ? lakhs) | (%) | ( ? lakhs) | (%) | ( ? lakhs) | (% | |
| Income: | ||||||
| Revenue from operations | 167,766.09 | 99.58% | 143,040.38 | 99.64% | 95,311.60 | 99.50% |
| Other income | 699.51 | 0.42% | 516.15 | 0.36% | 480.80 | 0.50% |
| Total income | 168,465.60 | 100.00% | 143,556.53 | 100.00% | 95,792.40 | 100.00% |
| Expenses: | ||||||
| Purchases of stock-intrade | 884.84 | 0.53% | 1,331.56 | 0.93% | 468.70 | 0.49% |
| Changes in inventories of stock-in-trade | 245.68 | 0.15% | 90.16 | 0.06% | 779.87 | 0.81% |
| OB removal, excavation and transportation expenses | 5,052.93 | 3.00% | 5,043.11 | 3.51% | 6,738.67 | 7.03% |
| Power & fuel expenses | 78,391.48 | 46.53% | 67,289.14 | 46.87% | 42,744.35 | 44.62% |
| Employee benefit expense | 18,683.54 | 11.09% | 14,655.94 | 10.21% | 9,774.36 | 10.20% |
| Finance costs | 8,125.14 | 4.82% | 7,398.11 | 5.15% | 5,144.99 | 5.37% |
| Depreciation and amortisation expense | 13,701.61 | 8.13% | 10,376.75 | 7.23% | 6,810.18 | 7.11% |
| Other expenses | 21,415.66 | 12.71% | 19,653.70 | 13.69% | 10,491.22 | 10.95% |
| Total expenses | 146,500.88 | 86.96% | 125,838.47 | 87.66% | 82,952.34 | 86.60% |
| Restated profit before profit from JV and AOPs | 21,964.72 | 13.04% | 17,718.06 | 12.34% | 12,840.06 | 13.40% |
| Loss/(Profit) from investment in others | 141.75 | 17.25% | 17.25 | 0.01% | 368.20 | 0.38% |
| Share of (Profit)/Loss of associates (net of tax) | - | - | - | - | 0.06 | 0.00% |
| Exceptional items | 568.42 | 0.34% | - | - | - | - |
| Restated profit before tax | 21,254.55 | 12.62% | 17,700.81 | 12.33% | 12,471.80 | 13.02% |
| Tax expense: | ||||||
| Current tax | 2,019.85 | 1.20% | 2,048.92 | 1.43% | 783.13 | 0.82% |
| Deferred tax | 3,444.66 | 2.04% | 2,497.01 | 1.74% | 2,098.51 | 2.19% |
| Total tax expense | 5,464.51 | 3.24% | 4,545.93 | 3.17% | 2,881.64 | 3.01% |
| Restated profit for the year | 15,790.04 | 9.37% | 13,154.88 | 9.16% | 9,590.16 | 10.01% |
| Other comprehensive income: | ||||||
| Items that will not be reclassified to profit or loss | ||||||
| Remeasurements of postemployment benefit obligations | 46.16 | 0.03% | (24.87) | (0.02)% | (0.76) | (0.00)% |
| Tax relating to items above | (11.62) | (0.01)% | 6.26 | 0.00% | 0.19 | 0.00% |
| Other comprehensive (loss) for the year, net of tax | 34.54 | 0.02% | (18.61) | (0.01)% | (0.57) | (0.00)% |
| Total restated comprehensive income for the year | 15,824.58 | 9.39% | 13,136.27 | 9.15% | 9,589.59 | 10.01% |
Fiscal 2026 compared to Fiscal 2025
| Particulars | Fiscal 2026 | Fiscal 2025 | Change (%) |
| Income : | |||
| Revenue from operations | 167,766.09 | 143,040.38 | 17.29% |
| Other income | 699.51 | 516.15 | 35.52% |
| Total Income | 168,465.60 | 143,556.53 | 17.35% |
| Expenses : | |||
| Purchases of stock-in-trade | 884.84 | 1,331.56 | (33.55)% |
| Changes in inventories of stock-in-trade | 245.68 | 90.16 | 172.49% |
| OB removal, excavation and transportation expenses | 5,052.93 | 5,043.11 | 0.19% |
| Power & fuel expenses | 78,391.48 | 67,289.14 | 16.50% |
| Employee benefit expense | 18,683.54 | 14,655.94 | 27.48% |
| Finance costs | 8,125.14 | 7,398.11 | 9.83% |
| Depreciation and amortisation expense | 13,701.61 | 10,376.75 | 32.04% |
| Other expenses | 21,415.66 | 19,653.70 | 8.97% |
| Total Expenses | 146,500.88 | 125,838.47 | 16.42% |
| Profit before profit from JV and AOPs | 21,964.72 | 17,718.06 | 23.97% |
| Loss/(Profit) from investment in others | 141.75 | 17.25 | 721.74% |
| Share of (Profit)/Loss of associates (net of tax) | - | - | - |
| Exceptional items | 568.42 | - | 0 |
| Restated profit before tax | 21,254.55 | 17,700.81 | 20.08% |
| Tax expense: | |||
| Current tax | 2,019.85 | 2,048.92 | (1.42)% |
| Deferred tax | 3,444.66 | 2,497.01 | 37.95% |
| Total tax expense | 5,464.51 | 4,545.93 | 20.21% |
| Profit for the year | 15,790.04 | 13,154.88 | 20.03% |
| Other comprehensive income for the year: | |||
| \u2022 Remeasurements of postemployment defined benefit obligations | 46.16 | (24.87) | (285.61)% |
| \u2022 Tax relating to items above | (11.62) | 6.26 | (285.62)% |
| Total other comprehensive (loss)/income for the year | 34.54 | (18.61) | (285.60)% |
| Total comprehensive income for the year | 15,824.58 | 13,136.27 | 20.46% |
Total Income
Our total income increased by 17.35% to ?168,465.60 lakhs for Fiscal 2026 from ?143,556.53 lakhs for Fiscal 2025, primarily due to a 17.29% increase in revenue from operations.
Revenue from Operations
Our revenue from operations increased by 17.29% to ?167,766.09 lakhs for Fiscal 2026 from ?143,040.38 lakhs for Fiscal 2025. This increase can be primarily attributed to a 17.52% increase in revenue from sales of services, partially offset by a 3.40% decrease in revenue from sales of products.
Sale of Services
Revenue from sales of services increased by 17.52% to ?166,228.87 lakhs for Fiscal 2026 from ?141,449.04 lakhs for Fiscal 2025, primarily due to an increase in mining contracts. In particular, coal mining services sales increased by 25.34% to ?144,417.52 lakhs in Fiscal 2026 from ^115,219.73 lakhs in Fiscal 2025. Such increase was partially offset by a (i) 10.99% decrease in logistics services sales to ?20,867.09 lakhs in Fiscal 2026 from ?23,444.06 lakhs in Fiscal 2025, (ii) 53.65% decrease in rake loading services sales to ?911.46 lakhs in Fiscal 2026 from
?1,966.57 lakhs in Fiscal 2025, and (iii) 95.99% decrease in revenue from rail coordination services to ?32.81 lakhs for Fiscal 2026 from ?818.68 lakhs for Fiscal 2025.
The following table sets forth our sales of services, broken down by type, for the periods indicated:
| Fiscal 2026 | Fiscal 2025 | |||
| Particulars | Amount | % of revenue from operations | Amount | % of revenue from operations |
| ( ? lakhs) | (%) | ( ? lakhs ) | (%) | |
| Coal mining services | 144,417.52 | 86.08% | 115,219.73 | 80.55% |
| Logistics | 20,867.09 | 12.44% | 23,444.06 | 16.39% |
| Rake loading | 911.46 | 0.54% | 1,966.57 | 1.37% |
| Rail coordination services | 32.81 | 0.02% | 818.68 | 0.57% |
| Total | 166,228.87 | 99.08% | 141,449.04 | 98.89% |
Sales of Products
Revenues from sales of products comprise solely of revenue generated from the coal trading business segment. Revenue from sales of products decreased by 3.40% to ?1,537.22 lakhs for Fiscal 2026 from ^1,591.34 lakhs for Fiscal 2025, primarily due to general decrease in market demand for coal.
Other income
Our other income increased by 35.52% to ?699.51 lakhs for Fiscal 2026 from ?516.15 lakhs for Fiscal 2025, primarily due to a 87.63% increase in interest on deposits with banks to ?465.30 lakhs for Fiscal 2026 from ?247.99 lakhs for Fiscal 2025 and a 66.97% increase in interest received on income tax refund to ?147.02 lakhs for Fiscal 2026 from ?88.05 lakhs for Fiscal 2025. Such increase was partially offset by (i) a 97.52% decrease in rental income to ?1.21 lakhs for Fiscal 2026 from ?48.80 lakhs for Fiscal 2025 resulting from expiry of lease agreement, and (ii) a 100.00% decrease in net gain on disposal of property, plant and equipment to nil for Fiscal 2026 from ?37.94 lakhs for Fiscal 2025. In Fiscal 2025, we had a one-time sale of defective equipment and old vehicles.
Expenses
Purchases of stock-in-trade and changes in inventories of stock-in-trade. Our purchases of stock-in-trade and changes in inventories of stock-in-trade decreased by 20.48% to ?1,130.52 lakhs for Fiscal 2026 from ?1,421.72 lakhs for Fiscal 2025. The decrease in our purchases of stock-in-trade and changes in inventories of stock-in-trade was due to the decrease in our coal trading operations in Fiscal 2026 owing to lower market demand for coal. As a result, we decreased our purchase of coal.
OB removal, excavation and transportation expenses. Our OB removal, excavation and transportation expenses increased by 0.19% to ?5,052.93 lakhs for Fiscal 2026 from ?5,043.11 lakhs for Fiscal 2025. These are direct expenses that are related to turnover from our mining and logistics services. The increase in our OB removal excavation and transportation expenses was lower than the 17.29% increase in our revenue from operations during the same period, primarily due to an increased usage of our own vehicles for our logistics and mining services in Fiscal 2026, which reduced our need to hire of third-party logistics service providers.
Power & fuel expenses. Our power & fuel expenses increased by 16.50% to ?78,391.48 lakhs for Fiscal 2026 from ?67,289.14 lakhs for Fiscal 2025. These are direct expenses that are related to turnover from our mining and logistics services. As a percentage of total income, our power & fuel expenses decreased to 46.53% for Fiscal 2026 from 46.87% in Fiscal 2025.
Employee benefit expense. Employee benefit expense increased by 27.48% to ?18,683.54 lakhs for Fiscal 2026 from ?14,655.94 lakhs for Fiscal 2025, which was primarily due to annual salary increments and an increase in our headcount as we were awarded new mining contracts. Our salaries, bonus & other allowances increased by 33.74% to ?16,710.94 lakhs for Fiscal 2026 from ?12,495.21 lakhs for Fiscal 2025, remuneration to directors increased by 22.54% to ?882.26 lakhs for Fiscal 2026 from ?720.00 lakhs for Fiscal 2025, and contribution to provident and other funds increased by 17.03% to ?841.16 lakhs for Fiscal 2026 from ?718.75 lakhs for Fiscal 2025. Such increases were partially offset by a 67.62% decrease in staff welfare expenses to ?221.39 lakhs for Fiscal 2026 from ?683.82 lakhs for Fiscal 2025, as a result of a decrease in accidental claims. We had 5,293 and
3,677 employees on the roll as at March 31, 2026 and March 31, 2025, respectively. These are direct expenses that are related to turnover from our mining and logistics services. Accordingly, as our revenue from sales of services increases, our employee benefit expense increases concurrently. As a percentage of total income, our employee benefit expenses increased to 11.09% for Fiscal 2026 from 10.21% in Fiscal 2025. We added substantially to headcount in Fiscal 2026 in anticipation of higher manpower requirements following the award of three new mining contracts to our Company.
Finance costs. Our finance costs increased by 9.83% to ?8,125.14 lakhs for Fiscal 2026 from ?7,398.11 lakhs for Fiscal 2025, primarily due to a 17.85% increase in interest on borrowings from banks and financial institutions to ?7,305.71 lakhs for Fiscal 2026 from ?6,199.05 lakhs for Fiscal 2025, which was primarily the result of higher outstanding long-term borrowings. With the increase in turnover as compared to the previous fiscal year, we took out additional term loans for capital expenditure purposes and additional working capital loans to finance the expansion of our operations, which contributed to the significant increase in finance cost in Fiscal 2026 as compared to Fiscal 2025. Such increase was partially offset by a 29.03% decrease in interest on lease liabilities to ?789.72 lakhs for Fiscal 2026 from ^1,112.83 lakhs for Fiscal 2025, which was principally due to a reduction in lease liability balances as no new leases were entered into during Fiscal 2026. As at March 31, 2026, our term loans outstanding was ?99,341.34 lakhs as compared to ?57,676.67 lakhs as at March 31, 2025. As at March 31, 2026, our working capital loans outstanding was ?6,419.63 lakhs as compared to ?7,250.75 lakhs as at March 31, 2025.
Depreciation and amortisation expense. Our depreciation and amortisation expense increased by 32.04% to ?13,701.61 lakhs for Fiscal 2026 from ?10,376.75 lakhs for Fiscal 2025, primarily due to the addition of ?65,539.66 lakhs in property, plant and equipment in Fiscal 2026, which primarily comprised plant and machinery and vehicles for the expansion of our mining activities. See Restated Financial Information - Notes to Restated Financial Information - Note 3A - Property, Plant and Equipment on page 392. During Fiscal 2026, the Company made significant investments in capital expenditure with respect to plant and machinery through borrowings as we continued focus on mining activity. Accordingly, there was a significant increase in depreciation and amortisation expense in Fiscal 2026 as compared to Fiscal 2025.
Other expenses. Our other expenses increased by 8.97% to ?21,415.66 lakhs for Fiscal 2026 from ?19,653.70 lakhs for Fiscal 2025, primarily due to (i) a 144.21% increase in insurance expense to ?1,169.45 lakhs for Fiscal 2026 from ?478.88 lakhs for Fiscal 2025 on account of our growing fleet of trucks, equipment and machines, (ii) a 56.42% increase in rates and taxes to ?659.22 lakhs for Fiscal 2026 from ?421.45 lakhs for Fiscal 2025, (iii) a 29.79% increase in bank charges expense to ?577.90 lakhs for Fiscal 2026 from ?445.26 lakhs for Fiscal 2025, and (iv) a 9.49% increase in donations to ?4.73 lakhs for Fiscal 2026 from ?4.32 lakhs for Fiscal 2025. These are indirect expenses that are related to turnover from mining and logistics services. Accordingly, as our revenue from sales of services increases, our indirect other expenses increase concurrently.
Profit before profit from JV and AOPs. As a result of the foregoing, our profit before profit from JV and AOPs increased by 23.97% to ?21,964.72 lakhs for Fiscal 2026 from ?17,718.06 lakhs for Fiscal 2025.
Loss / (Profit) from investment in others. Our loss from investment in others increased by 721.74% to ?141.75 lakhs in Fiscal 2026 from ?17.25 lakhs in Fiscal 2025.
Exceptional items. We recorded an exceptional item charge of ?568.42 lakhs in Fiscal 2026 following an amendment to the Payment of Gratuity Act, 1972, to extend statutory gratuity benefits to fixed-term / contractual employees on an equivalent basis to permanent employees. The recognition of the present value of the newly established gratuity obligation accumulated since the employment of these workers represents a non-recurring, one-time charge. In subsequent years, only the incremental service cost and interest cost will be recognised as part of normal employee benefits expense.
Profit before tax. As a result of the foregoing, our profit before tax increased by 20.08% to ?21,254.55 lakhs for Fiscal 2026 from ?17,700.81 lakhs for Fiscal 2025. As a percentage of total income, our profit before tax increased from 12.33% in Fiscal 2025 to 12.62% in Fiscal 2026.
Tax expense. Our total tax expense increased by 20.21% to ?5,464.51 lakhs for Fiscal 2026 from ?4,545.93 lakhs for Fiscal 2025. The increase in our tax expense for Fiscal 2026 was primarily attributable to a 37.95% increase in deferred tax to ?3,444.66 lakhs for Fiscal 2026 from ?2,497.01 lakhs for Fiscal 2025, primarily due to accelerated tax depreciation on the expanded asset base following significant capital expenditure of ?63,539.66 in Fiscal 2026, widening the gap between tax and booked depreciation. Total tax expenses of ?5,464.51 lakhs in
Fiscal 2026 is 25.71% of profit before tax of ?21,254.55 lakhs, while total tax expenses of ?4,545.93 lakhs for Fiscal 2025 is 25.68% of profit before tax of ?17,700.81 lakhs.
Profit for the year. As a result of the foregoing, our profit for the year increased by 20.03% to ?15,790.04 lakhs for Fiscal 2026 from ^13,154.88 lakhs for Fiscal 2025.
Other comprehensive income/(loss) for the year. We recorded other comprehensive income for the year of ?34.54 lakhs for Fiscal 2026 as compared to an other comprehensive (loss) for the year ?(18.61) lakhs for Fiscal 2025.
In Fiscal 2026, we had other comprehensive income of ?34.54 lakhs, due to remeasurements of post-employment benefit obligations of ?46.16 lakhs and tax relating to the foregoing of ?(11.62) lakhs. In Fiscal 2025, we had other comprehensive loss of ?(18.61) lakhs, due to remeasurements of post-employment benefit obligations of ?(24.87) lakhs and tax relating to the foregoing of ?6.26 lakhs.
Total comprehensive income for the year. As a result of the foregoing, our total comprehensive income for the year increased by 20.46% to ?15,824.58 lakhs for Fiscal 2026 from ^13,136.27 lakhs for Fiscal 2025.
Fiscal 2025 compared to Fiscal 2024
in Irtish? ryr-mt nr>rr-r>wtncrr>?)
| Particulars | Fiscal 2025 | Fiscal 2024 | Change (%) |
| Income : | |||
| Revenue from operations | 143,040.38 | 95,311.60 | 50.08% |
| Other income | 516.15 | 480.80 | 7.35% |
| Total Income | 143,556.53 | 95,792.40 | 49.86% |
| Expenses : | |||
| Purchases of stock-in-trade | 1,331.56 | 468.70 | 184.10% |
| Changes in inventories of stock-in-trade | 90.16 | 779.87 | (88.44)% |
| OB removal, excavation and transportation expenses | 5,043.11 | 6,738.67 | (25.16)% |
| Power & fuel expenses | 67,289.14 | 42,744.35 | 57.42% |
| Employee benefit expense | 14,655.94 | 9,774.36 | 49.94% |
| Finance costs | 7,398.11 | 5,144.99 | 43.79% |
| Depreciation and amortisation expense | 10,376.75 | 6,810.18 | 52.37% |
| Other expenses | 19,653.70 | 10,491.22 | 87.33% |
| Total Expenses | 125,838.47 | 82,952.34 | 51.70% |
| Profit before profit from JV and AOPs | 17,718.06 | 12,840.06 | 37.99% |
| Loss/(Profit) from investment in others | 17.25 | 368.20 | (95.32)% |
| Share of (Profit)/Loss of associates (net of tax) | - | 0.06 | (100.00)% |
| Exceptional items | - | - | - |
| Restated profit before tax | 17,700.81 | 12,471.80 | 41.93% |
| Tax expense: | |||
| Current tax | 2,048.92 | 783.13 | 161.63% |
| Deferred tax | 2,497.01 | 2,098.51 | 18.99% |
| Total tax expense | 4,545.93 | 2,881.64 | 59.45% |
| Profit for the year | 13,154.88 | 9,590.16 | 37.17% |
| Other comprehensive income for the year: | |||
| \u2022 Remeasurements of postemployment defined benefit obligations | (24.87) | (0.76) | 3,172.37% |
| \u2022 Tax relating to items above | 6.26 | 0.19 | 3,194.74% |
| Total other comprehensive (loss)/income for the year | (18.61) | (0.57) | 3,164.91% |
| Total restated comprehensive income for the year | 13,136.27 | 9,589.59 | 37.49% |
Total Income
Our total income increased by 49.86% to ?143,556.53 lakhs for Fiscal 2025 from ?95,790.71 lakhs for Fiscal 2024, primarily due to a 50.08% increase in revenue from operations.
Revenue from Operations
Our revenue from operations increased by 50.08% to ?143,040.38 lakhs for Fiscal 2025 from ?95,311.60 lakhs for Fiscal 2024, which was attributable to a 49.47% increase in revenue from sales of services and a 134.19% increase in revenue from sales of products.
Sales of Services
Revenue from sales of services increased by 49.47% to ?141,449.04 lakhs for Fiscal 2025 from ?94,632.10 lakhs for Fiscal 2024, primarily due to an increase in mining contracts. In particular, (i) coal mining services sales increased by 74.10% to ^115,219.73 lakhs for Fiscal 2025 from ?66,179.74 lakhs in Fiscal 2024, (ii) rake loading services sales increased by 72.49% to ?1,966.57 lakhs for Fiscal 2025 from ?1,140.13 lakhs in Fiscal 2024, and (iii) rail coordination services sales increased by 8.78% to ?818.68 lakhs for Fiscal 2025 from ?752.58 lakhs in Fiscal 2024. Such increases were partially offset by a 11.73% decrease in revenue from logistics services to ?23,444.06 lakhs for Fiscal 2025 from ?26,559.66 lakhs for Fiscal 2024.
The following table sets forth our sales of services, broken down by type, for the fiscal periods indicated:
| Particulars | Fiscal 2025 | Fiscal 2024 | ||
| Amount | % of revenue from operations | Amount | % of revenue from operations | |
| ( ? lakhs ) | (%) | ( ? lakhs ) | (%) | |
| Coal mining services | 115,219.73 | 80.55% | 66,179.74 | 69.44% |
| Logistics | 23,444.06 | 16.39% | 26,559.66 | 27.87% |
| Rake loading | 1,966.57 | 1.37% | 1,140.13 | 1.20% |
| Rail coordination services | 818.68 | 0.57% | 752.58 | 0.79% |
| Total | 141,449.04 | 98.88% | 94,632.10 | 99.29% |
Sale of Products
Revenues from sales of products comprise solely of revenue generated from the coal trading business segment. Revenue from sales of products increased by 134.19% to ?1,591.34 lakhs for Fiscal 2025 from ?679.50 lakhs for Fiscal 2024, due to a general increase in market demand for coal in Fiscal 2025.
Other income.
Our other income increased by 7.35% to ^516.15 lakhs for Fiscal 2025 from ?480.80 lakhs for Fiscal 2024, primarily due to a (i) 58.91% increase in interest on deposits with banks to ?247.99 lakhs for Fiscal 2025 from ?156.06 lakhs for Fiscal 2024 resulting from an increase in our deposit with banks in Fiscal 2025, (ii) interest received on income tax refund of ?88.05 lakhs in Fiscal 2025, and (iii) rental income of ?48.80 lakhs in Fiscal 2025, the latter two of which are non-recurring and non-operating income. Such increase was partially offset by a 85.34% decrease in interest on security deposits to ?19.36 lakhs in Fiscal 2025 from ?132.10 lakhs in Fiscal 2024 and a 100.00% decrease in profit on sale of investments to Nil in Fiscal 2025 from ?173.36 lakhs in Fiscal 2024.
Expenses
Purchases of stock-in-trade and changes in inventories of stock-in-trade. Our purchases of stock-in-trade and changes in inventories of stock-in-trade increased by 13.87% to ?1,421.72 lakhs for Fiscal 2025 from ?1,248.57 lakhs for Fiscal 2024. The increase in our purchases of stock-in-trade and changes in inventories of stock-in-trade was due to an increase in our coal trading operations in Fiscal 2025 owing to higher market demand for coal. As a result, we increased our purchases of coal.
OB removal, excavation and transportation expenses. Our OB removal, excavation and transportation expenses decreased by 25.16% to ?5,043.11 lakhs for Fiscal 2025 from ?6,738.67 lakhs for Fiscal 2024. These are direct expenses that are related to turnover from our mining and logistics services. Nevertheless, our OB removal
excavation and transportation expenses decreased from Fiscal 2024 to Fiscal 2025 despite an increase in our revenues from sales of services across the same period, primarily due to an increased usage of our own vehicles for our logistics and mining services in Fiscal 2025, which reduced our need to hire of third-party logistics service providers.
Power & fuel expenses. Our power & fuel expenses increased by 57.42% to ?67,289.14 lakhs for Fiscal 2025 from ?42,744.35 lakhs for Fiscal 2024. These are direct expenses that are related to turnover from mining and logistics services. As a percentage of total income, our power & fuel expenses increased to 46.87% for Fiscal 2025 from 44.62% for Fiscal 2024. The increase was primarily due to an increased usage of our own vehicles for our logistics and mining services in Fiscal 2025.
Employee benefit expense. Employee benefit expense increased by 49.94% to ?14,655.94 lakhs for Fiscal 2025 from ?9,774.36 lakhs for Fiscal 2024, which was primarily due to annual salary increments and an increase in our headcount as we were awarded new mining contracts. Our salaries, bonus & other allowances increased by 95.62% to ?12,495.21 lakhs for Fiscal 2025 from ?6,387.45 lakhs for Fiscal 2024, remuneration to directors decreased by 67.27% to ?720.00 lakhs for Fiscal 2025 from ?2,200.00 lakhs for Fiscal 2024, and staff welfare expenses increased by 1.96% to ?683.83 lakhs for Fiscal 2025 from ?670.69 lakhs for Fiscal 2024. We had 3,677 and 3,344 on the roll as at March 31, 2025 and March 31, 2024, respectively. These are direct expenses that are related to turnover from mining and logistics services. Accordingly, as our revenue from sales of services increases, our employee benefit expense increases concurrently. As a percentage of total income, our employee benefit expenses marginally increased to 10.21% for Fiscal 2025 from 10.20% in Fiscal 2024. We added substantially to headcount in Fiscal 2025 in anticipation of higher manpower requirements following the award of new mining contracts including (i) Dudhichua - Uttar Pradesh and (ii) Amrapali - Jharkhand.
Finance costs. Our finance costs increased by 43.79% to ?7,398.11 lakhs for Fiscal 2025 from ?5,144.99 lakhs for Fiscal 2024, primarily due to a (i) 41.97% increase in interest on borrowings from banks and financial institutions to ?6,199.05 lakhs for Fiscal 2025 from ?4,366.35 lakhs for Fiscal 2024, and (ii) 62.50% increase in interest on lease liabilities to ^1,112.83 lakhs for Fiscal 2025 from ?684.81 lakhs for Fiscal 2024. During Fiscal 2025, the Company focused on mining activity and accordingly made significant investments in capital expenditure with respect to plant and machinery through borrowings. With the increase in turnover as compared to the previous fiscal year, we took out additional term loans for capital expenditure purposes, which contributed to the significant increase in finance cost in Fiscal 2025 as compared to Fiscal 2024. While our level of borrowings was higher in Fiscal 2025, due to scheduled repayments, our term loans outstanding as at March 31, 2025 was ?57,676.67 lakhs as compared to ?63,158.68 lakhs as at March 31, 2024, and our working capital loans outstanding as at March 31, 2025 was ?7,250.75 lakhs as compared to ?8,629.50 lakhs as at March 31, 2024.
Depreciation and amortisation expense. Our depreciation and amortisation expense increased by 52.37% to ?10,376.75 lakhs for Fiscal 2025 from ?6,810.18 lakhs for Fiscal 2024, primarily due to the addition of ?15,630.02 lakhs in property, plant and equipment in Fiscal 2025, which primarily comprised plant and machinery and vehicles for the expansion of our mining activities. See Restated Financial Information - Notes to Restated Financial Information - Note 3A - Property, Plant and Equipment on page 392. During Fiscal 2025, the Company made significant investments in capital expenditure with respect to plant and machinery through borrowings as we continued focus on mining activity. Accordingly, there was a significant increase in depreciation and amortisation expense in Fiscal 2025 as compared to Fiscal 2024.
Other expenses. Our other expenses increased by 87.33% to ?19,653.70 lakhs for Fiscal 2025 from ?10,491.22 lakhs for Fiscal 2024, primarily due to (i) a 96.59% increase in repairs and maintenance (on plant and machinery and vehicles) to ?16,467.50 lakhs for Fiscal 2025 from ?8,376.41 lakhs for Fiscal 2024, on account of our growing fleet of trucks, equipment and machines, (ii) a 60.61% increase consumption of stores and spares to ?604.73 lakhs for Fiscal 2025 from ?376.53 lakhs for Fiscal 2024, (iii) a 73.24% increase in insurance expense to ?478.88 lakhs for Fiscal 2025 from ?276.43 lakhs for Fiscal 2024, and (iv) an impairment loss on financial assets of ?219.94 lakhs suffered in Fiscal 2025 as compared to nil for Fiscal 2024. These are indirect expenses that are related to turnover from mining and logistics services. Accordingly, as our revenue from sales of services increases, our indirect other expenses increase concurrently.
Profit before profit from JV and AOPs. As a result of the foregoing, our profit before profit from JV and AOPs increased by 37.99% to ?17,718.06 lakhs for Fiscal 2025 from ?12,840.06 lakhs for Fiscal 2024.
Loss / (Profit) from investment in others. Our loss from investment in others decreased by 95.32% to ?17.25 lakhs in Fiscal 2025 from ?368.20 lakhs in Fiscal 2024.
Profit before tax. As a result of the foregoing, our profit before tax increased by 41.93% to ?17,700.81 lakhs for Fiscal 2025 from ?12,471.80 lakhs for Fiscal 2024. As a percentage of total income, our profit before tax decreased to 12.33% in Fiscal 2025 from 13.02% in Fiscal 2024.
Tax expense. Our total tax expense increased by 57.75% to ?4,545.93 lakhs for Fiscal 2025 from ?2,881.64 lakhs for Fiscal 2024. The increase in our tax expense for Fiscal 2025 was primarily attributable to a 161.63% increase in current tax to ?2,048.92 lakhs for Fiscal 2025 from ?783.13 lakhs for Fiscal 2024, primarily due to our Companys election to opt to pay corporate income tax at a lower rate of 22% plus applicable surcharge and cess (as against the rate of 25% plus surcharge and cess) following the introduction of Section 115BAA of the Income- tax Act, 1961. Total tax expenses of ?4,545.93 lakhs for Fiscal 2025 is 25.68% of profit before tax of ?17,700.81 lakhs in Fiscal 2025, while total tax expenses of ?2,881.64 lakhs in Fiscal 2024 is 23.11% of profit before tax of ^12,471.80 lakhs in Fiscal 2024.
Profit for the year. As a result of the foregoing, our profit for the year increased by 37.17% to ?13,154.88 lakhs for Fiscal 2025 from ?9,590.16 lakhs for Fiscal 2024.
Other comprehensive income/(loss) for the year. Other comprehensive (loss) for the year increased by 3,164.91% to ?(18.61) lakhs for Fiscal 2025 from ?(0.57) lakhs for Fiscal 2024.
In Fiscal 2025, we had other comprehensive loss of ?(18.61) lakhs, due to remeasurements of post-employment benefit obligations of ?(24.87) lakhs and tax relating to the foregoing of ?6.26 lakhs. In Fiscal 2024, we had other comprehensive loss of ?(0.57) lakhs, due to remeasurements of post-employment benefit obligations of ?(0.76) lakhs and tax relating to the foregoing of ?0.19 lakhs.
Total comprehensive income for the year. As a result of the foregoing, our total comprehensive income for the year increased by 37.49% to ?13,136.27 lakhs for Fiscal 2025 from ?9,589.59 lakhs for Fiscal 2024.
Certain Items in the Restated Statement of Assets and Liabilities
Non-current assets. Our total non-current assets increased by 54.08% to ?146,648.63 lakhs as at March 31, 2026, from ?95,174.04 lakhs as at March 31, 2025, primarily due to an increase in our property, plant and equipment to ?129,132.89 lakhs as at March 31, 2026, from ?77,902.53 lakhs as at March 31, 2025, and (ii) an increase in our other financial assets to ?4,671.91 lakhs as at March 31, 2026, from ?2,368.07 lakhs as at March 31, 2025. This increase was primarily on account of purchases and leasing of additional trucks, equipment and machines for purposes of servicing the additional work orders received during the fiscal year.
Our total non-current assets increased by 9.25% to ?95,174.04 lakhs as at March 31, 2025, from ?87,119.62 lakhs as at March 31, 2024, primarily due to (i) an increase in our property, plant and equipment to ?77,902.53 lakhs as at March 31, 2025, from ?70,773.89 lakhs as at March 31, 2024, and (ii) an increase in our right of use assets to ?13,329.84 lakhs as at March 31, 2025, from ?12,914.59 lakhs as at March 31, 2024. This increase was primarily on account of purchases and leasing of additional trucks, equipment and machines for purposes of servicing the additional work orders received during the fiscal year.
Current assets. Our total current assets increased by 35.05% to ?61,090.25 lakhs as at March 31, 2026, from ?45,235.39 lakhs as at March 31, 2025, primarily due to (i) a 169.43% increase in other financial assets to ?18,745.74 lakhs as at March 31, 2026, from ?6,957.50 lakhs as at March 31, 2025, (ii) an 83.84% increase in our inventories to ?12,528.62 lakhs as at March 31, 2026, from ?6,814.84 lakhs as at March 31, 2025, which was primarily on account of an increase in stores and spares in line with the increasing size of our plant & machinery, and (iii) a 259.63% increase in other bank balances to ?9,077.66 lakhs as at March 31, 2026, from ?2,524.18 lakhs as at March 31, 2025. Such increases were partially offset by a 46.34% decrease in our trade receivables to ?13,557.88 lakhs as at March 31, 2026, from ?25,265.29 lakhs as at March 31, 2025.
Our total current assets increased by 10.87% to ?45,235.39 lakhs as at March 31, 2025, from ?40,798.77 lakhs as at March 31, 2024, primarily due to (i) a 116.20% increase in trade receivables to ?25,265.29 lakhs as at March 31, 2025, from ^11,686.31 lakhs as at March 31, 2024, (ii) a 6.44% increase in our inventories to ?6,814.84 lakhs as at March 31, 2025, from ?6,402.61 lakhs as at March 31, 2024, which was primarily on account of an increase in stores and spares in line with the increasing size of our plant & machinery, and (iii) a 28.86% increase in other bank balances to ?2,524.18 lakhs as at March 31, 2025, from ?1,958.81 lakhs as at March 31, 2024. Such increases were partially offset by a 35.52% decrease in our other financial assets to ?6,957.50 lakhs as at March 31, 2025,
from ?10,790.05 lakhs as at March 31, 2024, a 68.97% decrease in other current assets to ?2,362.36 lakhs as at March 31, 2025, from ?7,614.33 lakhs as at March 31, 2024, and a 48.93% decrease in current tax assets (net) ?1,024.93 lakhs as at March 31, 2025, from ?2,007.08 lakhs as at March 31, 2024.
Other equity. Other equity primarily consists of retained earnings.
Our other equity increased to ?59,395.63 lakhs as at March 31, 2026, from ?43,571.38 lakhs as at March 31, 2025, as a result of an increase in our retained earnings as at March 31, 2026, due to our earning a restated profit for Fiscal 2026 of ?15,790.04 lakhs.
Our other equity increased to ?43,571.38 lakhs as at March 31, 2025, from ?24,493.38 lakhs as at March 31, 2024, as a result of an increase in our retained earnings as at March 31, 2025, due to our earning a restated profit for Fiscal 2025 of ?13,154.88 lakhs.
Non-current liabilities. Our total non-current liabilities increased by 72.50% to ?83,326.54 lakhs as at March 31, 2026, from ?48,306.51 lakhs as at March 31, 2025, primarily as a result of (i) a 101.60% increase in non-current borrowings to ?69,867.14 lakhs as at March 31, 2026, from ?34,657.03 lakhs as at March 31, 2025, and (ii) a 47.23% increase in deferred tax liabilities (net) to ?10,774.06 lakhs as at March 31, 2026, from ?7,317.78 lakhs as at March 31, 2025. Such increases were partially offset by a 62.41% decrease in lease liabilities to ?2,363.89 lakhs as at March 31, 2026, from ?6,287.92 lakhs as at March 31, 2025.
Our total non-current liabilities decreased by 11.34% to ?48,306.51 lakhs as at March 31, 2025, from ?54,482.08 lakhs as at March 31, 2024, primarily as a result of (i) a 16.06% decrease in non-current borrowings to ?34,657.03 lakhs as at March 31, 2025, from ?41,287.75 lakhs as at March 31, 2024, and (ii) a 24.70% decrease in non-current lease liabilities to ?6,287.92 lakhs as at March 31, 2025, from ?8,350.38 lakhs as at March 31, 2024. Such decreases were partially offset by a 51.60% increase in deferred tax liabilities (net) to ?7,317.78 lakhs as at March 31, 2025, from ?4,827.03 lakhs as at March 31, 2024.
Lease liabilities decreased from March 31, 2024 to March 31, 2026, as no new leases were entered into in Fiscal 2026. Deferred tax liabilities (net) increased from March 31, 2024 to March 31, 2026, because of temporary differences with respect to depreciation on property, plant and equipment, right-of-use assets and lease liabilities. The majority of deferred tax liability represents accelerated tax relief for the depreciation of property, plant and equipment.
Current liabilities. Our total current liabilities increased by 38.18% to ?59,658.03 lakhs as at March 31, 2026, from ?43,173.21 lakhs as at March 31, 2025, primarily as a result of a 210.53% increase in trade payables to ?16,543.45 lakhs as at March 31, 2026, from ?5,327.48 lakhs as at March 31, 2025, and a 17.61% increase in current borrowings to ?35,894.13 lakhs as at March 31, 2026, from ?30,520.42 lakhs as at March 31, 2025.
Our total current liabilities decreased by 1.53% to ?43,173.21 lakhs as at March 31, 2025, from ?43,842.93 lakhs as at March 31, 2024, primarily as a result of a 2.38% decrease in current borrowings to ?30,520.42 lakhs as at March 31, 2025, from ?31,263.20 lakhs as at March 31, 2024, and a 34.12% decrease in trade payables to ?5,327.48 lakhs as at March 31, 2025, from ?8,086.63 lakhs at March 31, 2024. This decrease was partially offset by a 27.18% increase in current lease liabilities to ?3,919.42 lakhs as at March 31, 2025, from ?3,081.71 lakhs as at March 31, 2024, and a 381.54% increase in other current liabilities to ?1,746.44 lakhs as at March 31, 2025, from ?362.68 lakhs as at March 31, 2024.
Total Indebtedness. Aa at March 31, 2026, we had total borrowings of ?105,761.27 lakhs. The following table sets forth certain information relating to our outstanding indebtedness as at March 31, 2026, March 31, 2025 and March 31, 2024.
(Z in lakhs)
| Indebtedness | As at March 31, 2026 | As at March 31, 2025 | As at March 31, 2024 |
| Non-Current : | |||
| Secured Borrowings, comprising of: | |||
| - Term loans from banks | 99,341.34 | 57,676.67 | 63,158.68 |
| - Total non-current secured borrowings | 99,341.34 | 57,676.67 | 63,158.68 |
| Unsecured Borrowings, comprising of: | |||
| - Loans from related party | 0.30 | - | - |
| Indebtedness | As at March 31, 2026 | As at March 31, 2025 | As at March 31, 2024 |
| - Total non-current unsecured borrowings | 0.30 | - | - |
| Less: Current maturities of non-current borrowings | (29,474.50) | (23,019.64) | (21,870.93) |
| Total non-current borrowings | 69,867.14 | 34,657.03 | 41,287.75 |
| Current : | |||
| Secured Borrowings, comprising of: | |||
| - Working capital loans from banks (cash credit facility) | 6,419.63 | 7,250.75 | 8,629.50 |
| - Current maturities of non-current borrowings | 29,474.50 | 23,019.64 | 21,870.93 |
| Total current secured borrowings | 35,894.13 | 30,270.39 | 30,500.43 |
| Unsecured Borrowings, comprising of: | |||
| - Loans from Directors | - | 150.03 | 762.77 |
| - Loans from Others | - | 100.00 | - |
| Total current borrowings | 35,894.13 | 30,520.42 | 31,263.20 |
| Total Borrowings | 105,761.27 | 65,177.45 | 72,550.95 |
Our total borrowings increased to ?105,761.27 lakhs as at March 31, 2026, from ?65,177.45 lakhs as at March 31, 2025, primarily due to an increase in term loans from banks to ?99,341.34 lakhs as at March 31, 2026, from ?57,676.67 lakhs as at March 31, 2025.
Our total borrowings decreased to ?65,177.45 lakhs as at March 31, 2025, from ?72,550.95 lakhs as at March 31, 2024, primarily due to decrease in term loans from banks to ?57,676.67 lakhs as at March 31, 2025, from ?63,158.68 lakhs as at March 31, 2024. Our increase in borrowings from March 31, 2023 to March 31, 2025 was due to an increase in term loans availed for the purchase of plant and machinery to service new mining contracts and an increase in working capital loans on account of an increase in scope of our business operations.
We intend to apply a portion of the net proceeds from the Offer to pay down a portion of our outstanding borrowings, which we expect to reduce our finance costs in the next 12-24 months. For further details, see Objects of the Offer on page 145.
See Financial Indebtedness for a description of broad terms of our indebtedness on page
Net Worth. Due to the increase in our revenue and net profit for the reasons discussed above, our net worth increased to ?64,754.31 lakhs as at March 31, 2026, from ?29,593.38 lakhs as at March 31, 2024.
Liquidity and Capital Resources
Capital Requirements
Our principal capital requirements are for capital expenditure, working capital and payment of principal and interest on our borrowings. Our principal source of funding has been and is expected to continue to be, cash generated from our operations, supplemented by borrowings from banks and financial institutions. For Fiscal 2026, Fiscal 2025 and Fiscal 2024, we met our funding requirements, including satisfaction of debt obligations, capital expenditure, investments, other working capital requirements, payouts to shareholders and other cash outlays, principally with funds generated from operations, optimization of operating working capital with the balance met from borrowings from banks.
Liquidity
Historically, our primary liquidity and capital requirements have been to finance our working capital needs for our operations: capital expenditures for the purchase of trucks, equipment and machinery, and the repayment of borrowings and debt service obligations. We have met these requirements through cash flows from operations, short- and long-term borrowings from banks, overdraft facilities that are repayable on demand, cash and cash equivalents and equity. We have also entered into various revolving credit and other working capital facilities, which provides sufficient liquidity for our present requirements.
As at March 31, 2026, we had ?737.43 lakhs in cash and cash equivalents, ?9,077.66 lakhs in other bank balances, ?12,383.87 lakhs in unbilled revenue, and ?13,557.88 lakhs in net trade receivables (current). We believe that, after taking into account the expected cash to be generated from operations, we will have sufficient liquidity for our present requirements and anticipated requirements for capital expenditure and working capital for 12 months following the date of this Red Herring Prospectus.
Cash Flows
The following table summarizes our cash flows for Fiscal 2026, Fiscal 2025 and Fiscal 2024, as per the Restated Financial Information:
(Z in lakhs)
| Particulars | As at, or for the fiscal year ended, March 31, | ||
| 2026 | 2025 | 2024 | |
| Net cash inflows from operating activities | 41,104.08 | 27,837.20 | 4,822.22 |
| Net cash generated outflow from investing activities | (69.192.19) | (15,740.50) | (32,731.29) |
| Net cash generated inflow/ (outflow) from financing activities | 28,539.25 | (12,149.39) | 27,649.42 |
| Net increase / (decrease) in cash and cash equivalents | 451.14 | (52.69) | (259.65) |
| Cash and cash equivalents at the beginning of the period/year | 286.29 | 338.98 | 598.63 |
| Cash and cash equivalents at the end of the period/year | 737.43 | 286.29 | 338.98 |
Cashflows from operating activities
Net cash inflow from operating activities was ?41,104.08 lakhs in Fiscal 2026. While our profit before tax for the year was ?21,254.55 lakhs, we had operating profit before working capital changes of ?42,967.12 lakhs, which was primarily due to non-cash adjustments for depreciation and amortisation expense of ?13,701.61 lakhs and finance costs of ?7,335.42 lakhs. Our working capital adjustments for Fiscal 2026 primarily consisted of an decrease in trade receivables of ?11,446.89 lakhs and an increase in trade payables of ?11,228.29 lakhs, partially offset by an increase in other current financial assets of ?(11,788.34) lakhs, an increase in inventories of ?(5,713.78) lakhs, an increase in other current assets of ?(2,322.01) lakhs and an increase in other non-current financial assets of ?(2,244.63) lakhs. Our cash generated from operations after changes in working capital was ?43,857.55 lakhs, adjusted by income taxes paid of ?(2,753.47) lakhs.
Net cash inflow from operating activities was ?27,837.20 lakhs in Fiscal 2025. While our profit before tax for the year was ?17,700.81 lakhs, we had operating profit before working capital changes of ?35,326.93 lakhs, which was primarily due to non-cash adjustments for depreciation and amortisation expense of ?10,376.75 lakhs and finance costs of ?6,285.28 lakhs. Our working capital adjustments for Fiscal 2025 primarily consisted of an increase in trade receivables of ?(13,798.92) lakhs, inventories of ?(412.23) lakhs and a decrease in trade payables of ?(2,716.66) lakhs, partially offset by a decrease in other current financial assets of ?3,832.59 lakhs and other current assets of ?5,251.97 lakhs. Our cash generated from operations after changes in working capital was ?28,903.97 lakhs, adjusted by income taxes paid of ?(1,066.77) lakhs.
Net cash inflow from operating activities was ?4,822.22 lakhs in Fiscal 2024. While our profit before tax was ?12,471.80 lakhs, we had operating profit before working capital changes of ?23,551.97 lakhs, which was primarily due to non-cash adjustments for depreciation and amortisation expense of ?6,810.18 lakhs and finance costs of ?4,460.18 lakhs. Our working capital adjustments for Fiscal 2024 primarily consisted of increases in other current financial assets of ?(8,898.78) lakhs, inventories of ?(5,192.62) lakhs and other current assets of ?(5,821.90) lakhs and a decrease in other current financial liabilities of ?(2,018.90) lakhs, which were partially offset by a decrease in trade receivables of ?3,606.13 lakhs and increase in trade payables of ?3,137.42 lakhs. Our cash generated from operations after changes in working capital was ?7,865.59 lakhs, adjusted by income taxes paid of ?(3,043.37) lakhs.
Net cash outflow from investing activities was ?(69,192.19) lakhs in Fiscal 2026, primarily due to purchases of fixed assets, including intangible assets, CWIP and capital advances, consisting of plant and machinery, building, office equipment, furniture, software, capital work-in-progress and advances to vendors for capital assets in the amount of ?(63,539.66) lakhs and investments in fixed deposits with remaining maturity of less than 12 months in the amount of ?(6,553.48) lakhs.
Net cash outflow from investing activities was ?(15,740.50) lakhs for Fiscal 2025, primarily due to purchases of fixed assets, including intangible assets, CWIP and capital advances, consisting of plant and machinery, building, office equipment, furniture, software, capital work-in-progress and advances to vendors for capital assets in the amount of ?(15,630.74) lakhs and investment in fixed deposits with remaining maturity of less than 12 months in the amount of ?(565.37) lakhs.
Net cash outflow from investing activities was ^(32,731.29) lakhs for Fiscal 2024, primarily due to purchases of fixed assets, including intangible assets, CWIP and capital advances, consisting of plant and machinery, building, office equipment, furniture, software, capital work-in-progress and advances to vendors for capital assets in the amount of ?(36,720.54) lakhs and investments in fixed deposits with remaining maturity of less than 12 months in the amount of ?(1,586.61) lakhs, which were partially offset by proceeds from the sale of investments in the amount of ?5,412.24 lakhs.
Cashflows from financing activities
Net cash inflow from financing activities was ?28,539.25 lakhs in Fiscal 2026, primarily due to the net repayment of long-term borrowings of ?35,210.11 lakhs and the net repayment of short-term borrowings of ?5,373.71 lakhs, which were partially offset by finance costs of ?(7,335.42) lakhs and the repayment of lease rentals of ?(4,709.15) lakhs.
Net cash inflow from financing activities was ?(12,149.39) lakhs in Fiscal 2025, primarily due to the net repayment of long-term borrowings of ?(6,630.72) lakhs, net repayment of short-term borrowings of ?(742.78) lakhs, finance costs of ?(6,285.28) lakhs and the repayment of lease rentals of ?(4,690.61) lakhs, which were partially offset by proceeds from a fresh issue of shares of ?6,200 lakhs.
Net cash inflow from financing activities was ?27,649.42 lakhs for Fiscal 2024, due to the receipt of proceeds of long-term borrowings (net) of ?16,077.16 lakhs and proceeds of short-term borrowings (net) of ?18,773.82 lakhs, which were partially offset by finance costs of ?(4,460.18) lakhs and the payment of lease rentals of ?(2,741.38) lakhs.
Commitment and Contingencies
As at March 31, 2026, commitment and contingent liabilities as per Ind AS 37 as indicated in our Restated Financial Information were as follows:
(Z in lakhs)
| Particulars | As at March 31, 2026 |
| Guarantees given by the Group\u2019s bankers on behalf of the Company 1 | 44,013.99 |
| Corporate Guarantee given by the Group | 1,770.09 |
| Demand under GST Law | 69.26 |
| Total | 45,853.34 |
Notes:
1) Bank guarantees are given to various authorities for participation in tenders and purchase offuel etc.
2) Corporate guarantee is given by the Company for the finance obtained by its related party.
For details, see Financial Statements - Notes forming part of the Restated Financial Statements - Note 34 - Commitment and Contingencies on page 392.
Lease Liabilities
We enter into agreements for leasing of vehicles (i.e., trucks, plant and equipments (including earth moving equipments) and office building (including our office premises for registered office and the temporary offices for our coal mining and coal transportation businesses). Leases of office building and vehicles generally have lease terms between 4 to 7 years.
The following table sets forth a summary of our lease liabilities as at March 31, 2026, March 31, 2025 and March 31, 2024, as per the Restated Financial Information, broken down by current and non-current:
| Particulars | As at March 31, 2026 | As at March 31, 2025 | As at March 31, 2024 |
| Current | 3,924.03 | 3,919.42 | 3,081.71 |
| Non-current | 2,363.89 | 6,287.92 | 8,350.38 |
| Total | 6,287.92 | 10,207.35 | 11,432.09 |
Capital Expenditure
Capital expenditure consists primarily of investments in our fleet of trucks, equipment and machines to add new, upgraded and modernized equipment and machinery. We have also taken certain plant and machinery on finance leases. Further additions to building include investments in our office and other facilities and purchases of furniture and fixtures, office equipment and other motor vehicles. Capital expenditure will vary from year to year depending upon a number of factors, including the need to add or replace equipment and the timing of certain projects.
The following table summarizes our capital expenditure for Fiscal 2026, Fiscal 2025 and Fiscal 2024:
R in lakhs)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Plant and Equipment | 15,278.44 | 3,393.30 | 7,233.70 |
| Land | 43.16 | 228.30 | 0 |
| Increase (decrease) in Capital Works-inProgress (closing minus opening) during the year | 0 | 0 | 0 |
| Increase (decrease) in Capital advance (closing minus opening) during the year | 0 | 0 | 0 |
| Furniture and Fixtures | 353.67 | 364.10 | 922.51 |
| Office Equipment | 42.17 | 49.15 | 47.52 |
| Vehicles | 46,413.54 | 11,396.16 | 27,405.71 |
| Fixed Assets (not put to use) | 1,061.13 | 0 | 0 |
| Buildings | 276.55 | 167.80 | 959.69 |
| Computers | 71.01 | 31.21 | 130.41 |
| Right to use assets (land) | 0 | 0 | 0 |
| Right to use assets (building) | 0 | 0 | 0 |
| Right to use assets (vehicle) | 0 | 2,353.04 | 9,386.69 |
| Total Capital Expenditure | 63,539.66 | 17,983.07 | 46,153.40 |
For Fiscal 2026, we added fixed assets of property, plant and equipment of ?63,539.66 lakhs, vehicles of ?46,413.54 lakhs, fixed assets (not put to use) of ^1,061.13 lakhs, plant and equipment of ?15,278.44 lakhs and furniture and fixtures of ?353.67 lakhs.
For Fiscal 2025, we added fixed assets of property, plant and equipment of ?15,630.02 lakhs, vehicles of ^11,396.16 lakhs, plant and machinery of ?3,393.30 lakhs, rights to use assets (vehicle) of ?2,353.04 lakhs and furniture and fixtures of ?364.10 lakhs.
For Fiscal 2024, we added fixed assets of property, plant and equipment of ?36,699.54 lakhs, vehicles of ?27,405.71 lakhs, right to use assets (vehicle) of ?9,386.69 lakhs, plant and equipment of ?7,233.70 lakhs, and buildings of ?959.69 lakhs.
Off-Balance Sheet Commitments and Arrangements
We do not have any off-balance sheet arrangements, derivative instruments, swap transactions or relationships with affiliates or other unconsolidated entities or financial partnerships that would have been established for the purpose of facilitating off-balance sheet arrangements.
Related Party Transactions
We have engaged in the past, and may engage in the future, in transactions with related parties. For details of our related party transactions, see Summary of Related Party Transactions on page 90.
Quantitative and Qualitative Analysis of Market Risks
The Companys financial assets includes investments, loans given, trade receivables, cash and cash equivalents, other bank balances and other financial assets that comes directly from its operations and financial liabilities comprises of borrowings, trade and other payables. The Company has an integrated financial risk management system which proactively identifies monitors and takes precautionary and mitigation measures in respect of the various risks.
The Group is exposed to market risk, credit risk and liquidity risk. The Companys senior management oversees the management of these risks, which evaluates and exercises independent control over the entire process of financial risks.
Market Risk
Market Risk is the risk that the future cash flows of a financial instrument will fluctuate due to changes in market prices. The most common types of market risks include interest rate risk, foreign currency risk. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables and loans and borrowings.
The finance department undertakes management of cash resources, borrowing mechanism and ensuring compliance with market risk limits.
Interest Rate Risk
Interest rate risk is the risk that the future cash flows or the fair value of a financial instrument will fluctuate because of changes in market interest rates. The Groups exposure to the risk of changes in market interest rates relates primarily to the Groups long-term debt obligations.
The Groups investments in bank deposits are with fixed rate of interest with fixed maturity and hence not significantly exposed to interest rate sensitivity.
Credit Risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The Group periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets.
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where loans or receivables have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised as income in the statement of profit and loss.
Cash and cash equivalents: Balances with banks are subject to low credit risks due to good credit ratings assigned to the banks.
Trade and other receivables: The Group measures the expected credit loss of trade receivables and loans from individual customers based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends.
The ageing analysis of the receivables (gross of provisions) has been considered from the date the invoice falls due:
(Z in lakhs)
| Period | Less than 6 months | 6 months - 1 year | 1-2 years | 2-3 years | More than 3 years |
| As at March 31, 2026 | 10,975.60 | 1,098.40 | 1,206.92 | 414.62 | 362.31 |
| As at March 31, 2025 | 23,401.52 | 1,303.97 | 425.66 | 310.86 | 62.91 |
| As at March 31, 2024 | 10,892.48 | 487.64 | 309.78 | 23.80 | 17.33 |
The following table summarizes the changes in the Provisions made for the receivables:
| Particulars | March 31, 2026 | March 31, 2025 | March 31, 2024 |
| Opening balance | 239.62 | 44.72 | 46.41 |
| Provided during the year | 260.36 | 194.90 | - |
| Amounts written off | 0.17 | - | - |
| Reversals of provisions | (0.17) | - | (1.69) |
| Closing balance | 499.98 | 239.62 | 44.72 |
Liquidity Risk
Liquidity risk is the risk that the Group will not be able to settle or meet its obligations on time or at a reasonable price. The Groups finance department is responsible for liquidity, funding as well as settlement management and then processes related to such risks are overseen by senior management through rolling forecasts on the basis of expected cash flows.
Maturity profile of financial liabilities
The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date.
(Z in lakhs)
| On Demand | Less than 1 year | 1 to 5 years | More than 5 years | Total | |
| March 31, 2026 | |||||
| Borrowings | |||||
| from Banks | 6,419.63 | 29,474.50 | 69,784.63 | 82.21 | 105,760.97 |
| from directors | - | - | 0.30 | - | 0.30 |
| from others | - | - | - | - | - |
| Lease Liability | - | 3,924.03 | 2,363.89 | - | 6,287.92 |
| Trade payables | - | 16,543.45 | - | - | 16,543.45 |
| Other financial liabilities | - | 2,629.53 | 137.99 | - | 2,767.52 |
| March 31, 2025 | |||||
| Borrowings | |||||
| from Banks | 7,250.75 | 23,019.64 | 34,608.95 | 48.08 | 64,927.42 |
| from related party | 150.03 | - | - | - | 150.03 |
| from others | - | 100.00 | - | - | 100.00 |
| Lease Liability | - | 3,919.42 | 6,287.92 | - | 10,207.35 |
| Trade payables | - | 5,259.75 | 67.73 | - | 5,327.48 |
| On Demand | Less than 1 year | 1 to 5 years | More than 5 years | Total | |
| Other financial liabilities | - | 1,658.05 | 0.02 | - | 1,658.07 |
| March 31, 2024 | |||||
| Borrowings | |||||
| from Banks | 8,629.50 | 21,870.93 | 38,589.64 | 2,698.11 | 71,788.18 |
| from related party | 762.77 | - | - | - | 762.77 |
| from others | - | - | - | - | - |
| Lease Liability | - | 3,081.71 | 8,350.38 | - | 11,432.09 |
| Trade payables | - | 8,023.21 | 63.42 | - | 8,086.63 |
| Other financial liabilities | - | 1,048.16 | 1.06 | - | 1,049.22 |
Reservations, Qualifications and Adverse Remarks Included in Financial Statements
There have been no reservations or qualifications or adverse remarks of our Statutory Auditors in Fiscal 2026, Fiscal 2025 and Fiscal 2024.
Unusual or Infrequent Events or Transactions
Except as described in this Red Herring Prospectus, there have been no other events or transactions, including unusual trends on account of business activity, unusual items of income, change of accounting policies and discretionary reduction of expenses etc., that, to our knowledge, may be described as unusual or infrequent.
Known Trends or Uncertainties
Our business has been subject, and we expect it to continue to be subject, to significant economic changes arising from the trends identified above in Principal Factors Affecting our Results of Operations above and the uncertainties described in RiskFactors on page 26. To our knowledge, except as disclosed in this Red Herring Prospectus, there are no known trends or uncertainties that have had, or are expected to have, a material impact on our business or results of operations.
Future Relationship between Cost and Revenue
Other than as described in Risk Factors , Our Business and Managements Discussion and Analysis of Financial Condition and Results of Operations on pages 26, 297 and respectively, to the knowledge of our management, there are no known factors that may adversely affect our business prospects, results of operations and financial condition.
New Products or Business Segments
Other than as disclosed in this section and in Our Business on page 297, as on the date of this Red Herring Prospectus, there are no new products or business segments that have had or are expected to have a material impact on our business prospects, results of operations or financial condition.
Significant Dependence on Single or Few Customers
In Fiscal 2026, Fiscal 2025 and Fiscal 2024, our top 10 customers contributed to 98.40%, 98.72% and 97.05%, respectively, of revenue from operations, and our top 20 customers contributed to 99.69%, 99.50% and 99.63%, respectively, of revenue from operations.
See — Principal Factors Affecting Results of Operations - Increasing share of business from top customers in this section and Risk Factors-2 - We derive a significant portion (90.11% in Fiscal 2026) of our revenue from operations from out top three customers, with our single largest customer, Northern Coalfields Limited, contributing 44.16% of our revenue from operations in Fiscal 2026. Loss of any of our top customers could adversely affect our business, results of operations and financial condition. on pages and 28, respectively.
Seasonality of Business
Our business is affected by seasonal variations and adverse weather conditions. For further details, see Risk Factors-29 - Our operations are sensitive to seasonal changes and an abnormal rainy monsoon season could materially affect our business, results of operations and financial condition . on page 56.
Competitive Conditions
We operate in a competitive environment and expect competition in our industry from existing and potential competitors to intensify. Please refer to Our Business , Industry Overview , Risk Factors and - Principal Factors Affecting our Results of Operations above on pages 297, 199, 26 and respectively, for further information on our industry and competition.
Significant developments subsequent to March 31, 2026
Except as set out below, to our knowledge, no developments have taken place or circumstances have arisen since the date of the last financial statements as disclosed in this Red Herring Prospectus which materially or adversely affect or are likely to affect, (i) trading, profitability, performance or prospects of our Company (on a standalone or consolidated basis); (ii) value of the assets of our Company (on a standalone or consolidated basis); or (iii) the ability of our Company (on a standalone or consolidated basis) to pay our liabilities within the next 12 months:
| Sr. No. | Particulars |
| 1 | Subsequent to the closure of FY 2025-26, CMLL, pursuant to a joint venture arrangement with another company, incorporated a special purpose vehicle (\u201cSPV\u201d) in the form of a private limited company, namely Vadakhol Asoli Mining Private Limited, on April 25, 2026. CMLL holds 40% of the shareholding in the said company and accordingly, the said company is considered an Associate Company of CMLL. The SPV has been incorporated specifically for the execution/development of a critical mineral mining project and is therefore in the nature of a project-specific / special purpose entity. The company is in the process of completing post-incorporation compliances, including filing of Form INC-20A within 180 days from the date of incorporation. As the investment was made through subscription to the initial share capital upon incorporation, no valuation report was required and disclosure regarding mode of financing is not applicable. |
| 2 | The Company, in consultation with the Book Running Lead Manager has undertaken a pre-IPO placement of 14,15,095 Equity Shares of face value of ?10 each at an issue price of ? 424 per Equity Share (including a premium of ? 414 per Equity Share) for an amount of ? 60,00,00,280 by way of a private placement in accordance with Section 42 of the Companies Act, 2013 and Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014, each as amended. The Pre-IPO Placement by way of a private placement was approved through resolution dated June 12, 2026, by the Board and by Shareholders of the Company through resolution dated June 13, 2026. Subsequently, 14,15,095 Equity Shares of face value of ?10 each have been allotted pursuant to the resolution of Board dated June 17, 2026 to Anchorage Capital Fund Anchorage Capital Scheme III |
| 3 | The Company, in consultation with the Book Running Lead Manager has undertaken a pre-IPO placement of 9,43,395 Equity Shares of face value of ?10 each at an issue price of ? 424 per Equity Share (including a premium of ? 414 per Equity Share) for an amount of ? 39,99,99,480 by way of a private placement in accordance with Section 42 of the Companies Act, 2013 and Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014, each as amended. The Pre-IPO Placement by way of a private placement was approved through resolution dated June 23, 2026, by the Board and by Shareholders of the Company through resolution dated June 24, 2026. Subsequently, 9,43,395 Equity Shares of face value of ?10 each have been allotted pursuant to the resolution of Board dated June 27, 2026. The details of the allotments are as provided below: |
| Sr. No. | Name of the Party | No. of Equity Shares allotted |
| 1 | Anuj A Sheth | 1,17,924 |
| 2 | Maithili Gagan Chaturvedi | 1,17,925 |
| 3 | Scarlet Ventures LLP | 3,53,773 |
| 4 | Baring Private Equity India Fund 6 | 3,53,773 |
| Total | 9,43,395 |
CAPITALISATION STATEMENT
The following table sets forth our Companys capitalization as at March 31, 2026, as derived from our Restated Financial Information. This table should be read in conjunction with the sections titled Managements Discussion and Analysis of Financial Condition and Results of Operations , Financial Information - Restated Financial Statements and Risk Factors on pages 392 and 26, respectively.
(in ? lakhs)
| Particulars | Pre-Offer (As at March 31, 2026) (Actuals) | Post-Offer as adjusted* |
| Current Borrowing: | ||
| Secured (including current maturities of long-term debt) | 35,894.13 | !\u2022]_ |
| Unsecured | NIL | !\u2022]_ |
| Non-current borrowing | ||
| Secured | 69,867.14 | !\u2022]_ |
| Unsecured | NIL | !\u2022]_ |
| Total Borrowing (a) | 1,05,761.27 | !\u2022]_ |
| Shareholders\u2019 funds*: | ||
| Share capital | 5,358.33 | !\u2022]_ |
| Securities premium | 5,941.67 | !\u2022]_ |
| Reserves and surplus (excluding securities premium) | 53,453.96 | !\u2022]_ |
| Shareholders\u2019 funds (b) | 64,753.96 | !\u2022]_ |
| Total Capitalization (a+b) | 1,70,515.23 | [\u2022] |
| Current Borrowing / Shareholders Funds | 0.55 | [\u2022] |
| Non-current Borrowings / Shareholders Funds | 1.08 | [\u2022] |
| Total Borrowing / Shareholders Funds | 1.63 | [\u2022] |
A The corresponding post-Offer capitalization data for each of the amounts given in the above table is not
determinable at this stage and hence the same has not been provided in the above statement.
*These terms shall carry the meaning as per Schedule III of the Companies Act, 2013
Note-
1. The Company, in consultation with the Book Running Lead Manager has undertaken a pre-IPO placement of 14,15,095 Equity Shares of face value of ?10 each at an issue price of ? 424 per Equity Share (including a premium of ? 414 per Equity Share) for an amount of ? 60,00,00,280 by way of a private placement in accordance with Section 42 of the Companies Act, 2013 and Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014, each as amended. The Pre-IPO Placement by way of a private placement was approved through resolution dated June 12, 2026, by the Board and by Shareholders of the Company through resolution dated June 13, 2026. Subsequently, 14,15,095 Equity Shares of face value of ?10 each have been allotted pursuant to the resolution of Board dated June 17, 2026 to Anchorage Capital Fund Anchorage Capital Scheme III.
2. The Company, in consultation with the Book Running Lead Manager has undertaken a pre-IPO placement of 9,43,395 Equity Shares of face value of ?10 each at an issue price of ? 424 per Equity Share (including a premium of ? 414 per Equity Share) for an amount of ? 39,99,99,480 by way of a private placement in accordance with Section 42 of the Companies Act, 2013 and Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014, each as amended. The Pre-IPO Placement by way of a private placement was approved through resolution dated June 23, 2026, by the Board and by Shareholders of the Company through resolution dated June 24, 2026. Subsequently, 9,43,395 Equity Shares of face value of ?10 each have been allotted pursuant to the resolution of Board dated June 27, 2026. The details of the allotments are as provided below:
| Sr. No. | Name of the Party | No. of Equity Shares allotted |
| 1 | Anuj A Sheth | 1,17,924 |
| 2 | Maithili Gagan Chaturvedi | 1,17,925 |
| 3 | Scarlet Ventures LLP | 3,53,773 |
| 4 | Baring Private Equity India Fund 6 | 3,53,773 |
| Total | 9,43,395 |
FINANCIAL INDEBTEDNESS
Our Company avails loans in the ordinary course of business for purposes such as, inter alia, term loans and other fund-based working capital loans. Our Company has obtained the necessary consents required under the relevant loan documentation for undertaking activities in relation to the Offer, such as, inter alia, effecting a change in our shareholding pattern, change in the management of our board and change in our capital structure in connection with or post the Offer. For details regarding the resolution passed by our Shareholders on November 18, 2024 authorizing the borrowing powers of our Board, see Our Management - Borrowing Powers of our Board and Risk Factors-23 - We have incurred indebtedness, and an inability to comply with repayment and other covenants in our financing agreements could adversely affect our business andfinancial condition. In Fiscal 2026 and in Fiscal 2025 and Fiscal 2024, we have experienced a high debt to equity ratios of 1.63, 1.33 and 2.45, respectively on pages 371 and 51.
As on April 30, 2026, the aggregated outstanding borrowings of our Company amounted to ? 1,63,106.53 lakhs. Set forth below is a brief summary:
( Ammmtc in ? T iiVhcA
| Category of borrowings | Sanctioned amount | Outstanding amount as of April 30, 2026 |
| Fund Based | ||
| Secured facility | ||
| -Term loan (Vehicle and Plant & Machinery) | 1,52,379.14 | 1,02,426.16 |
| -Cash Credit and Working Capital facility | 18,390.90 | 12,153.65 |
| Unsecured facility | NA# | 60.30 |
| Total (A) | 1,70,770.04 | 1,14,640.11 |
| Non-Fund Based | ||
| Secured facility | ||
| -Bank Guarantee | 78,700.00 | 48,466.42 |
| Unsecured facility | - | - |
| Total (B) | 78,700.00 | 48,466.42 |
| Grand Total (A+B) | 2,49,470.04 | 1,63,106.53 |
# Sanction amount is NA as there are no sanction letter with respect to the unsecured loans obtained by the Company, its subsidiaries and its associates from related parties. Caliber Natural Resources Private Limited (Subsidiary of the Company) has obtained unsecured borrowing from the Company amounting f 60.00 Lakhs. Further, the loans were obtained as per the requirement of the Company, its subsidiaries or its associates.
Notes:
A. The Company had availed the following facilities which were outstanding as of April 30, 2026:
1) Term loan facilities availed by the company from Axis Bank Limited, Bandhan Bank, Bank of Baroda, Bank of India, Canara Bank, Cholamandalam Investment And Finance Company Limited, CNH Industrial Capital (India) Private Limited, CSB Bank Limited, HDB Financial Services Limited, HDFC Bank, Hinduja Leyland Finance Limited, ICICI Bank Limited, IDFC First Bank Limited, IndusInd Bank Ltd., Kotak Mahindra Bank, Mahindra & Mahindra Financial Services Limited, South Indian Bank Limited, SREI Infrastructure Finance Limited, State Bank of India, Sundaram Finance Limited, Tata Capital Financial Services Limited, The Federal Bank Limited, The Karur Vysya Bank Limited, Saraswat Co-operative Bank Limited, Union Bank of India, Volvo Financial Services (India) Private Limited, Yes Bank Limited.
2) Working capital facility comprising of fund based (including Cash credit and Working Capital Loans) and non-fund based facilities (including Bank guarantee and performance bank guarantee) from A U Small Finance Bank Limited, Axis Bank Limited, Bandhan Bank, Bank of Baroda, Canara
Bank, HDFC Bank, IDFC First Bank Limited, IndusInd Bank Limited, Kotak Mahindra Bank Limited, Punjab National Bank, State Bank of India, The Federal Bank, Union Bank of India and Yes Bank.
Principal terms of the borrowing are as follows:
The details provided below are indicative and there may be additional terms, conditions and requirements under the various borrowing agreements entered into by the company:
1. Interest: The interest rate for the secured fund- based facilities, except term loans is typically the REPO/MCLR/T-Bill of a specified lender plus a specified spread per annum. The spread for the various secured fund-based facilities varies from 0.45 % to 4.00% per annum. The rate of interest for the secured term loan obtained by the company varies from 6.77% to 10.25% per annum. Unsecured loan from related party and others are interest free.
2. Tenor: The tenor of the term loans typically varies from 23 months to 85 months. Further, certain of the facilities i.e. working capital facility are repayable on demand and renewed every year. Unsecured loan taken from related parties and others are not having any repayment schedule.
3. Security: The facilities sanctioned are typically secured by way of mortgage on specified properties/assets of the Company and properties belonging to our Promoters, Directors and certain members of the Promoter Group, charges on movable assets (including inventory) both present and future, personal guarantees of the Promoters and certain members of the Promoter Group. The nature of securities described herein is indicative and there may be additional requirements for creation of security under the various borrowing arrangements entered into by our Company.
4. Pre-payment: Certain facilities allow for pre-payment of the outstanding amount by serving prior notice to the lender. Pre-payment may be subject to pre-payment penalties as may be prescribed.
5. Penalty: The loans availed by the Company contain provisions prescribing penalties for various events including delayed payment, default in the repayment obligations of the Company, delay in creation of the stipulated security or in case of events of default. The penalty typically ranges from 1% to 24% p.a. An interest of up to 18% p.a. is payable in case the Company draws over the sanctioned limit. Further, a commitment charge as per the terms of the sanction may be levied by the lenders in case the sanctioned limits are not utilized by the Company.
6. Re-payment: While certain facilities are repayable on demand by the lender, the balance repayment period of the term loans varies from 1 months to 62 months.
7. Events of Default: Borrowing arrangements entered into by the Company contain standard events of default, including, inter alia:
a) failure or inability to pay outstanding principal and interest amounts on due dates;
b) providing incorrect or misleading information, warranties and representations;
c) providing inadequate security or insurance;
d) liquidation or dissolution;
e) downgrading of external credit rating;
f) cessation or change in business or control;
g) initiates proceedings for bankruptcy, commences negotiations with its creditors to reorganise debt, becomes insolvent;
h) failure to disclose any material information; and
i) default in the performance of any covenant, condition or undertaking on part of the Company.
8. Consequences of occurrence of events of default: In terms of the borrowing arrangements, the
following, inter alia, are the consequences of occurrence of events of default, whereby the lenders may:
a) terminate and cancel either whole or part of the facility;
b) suspend further access/ drawals, either in whole or in part, of the facility;
c) impose a monetary penalty;
d) enforce security; and
e) accelerate repayments/ initiate recall of the loans.
The Company is required to ensure that the aforementioned events of default and other events of default, as specified under the various binding documents and agreements entered into by the Company for the purpose of availing of loans, are not triggered.
This is an indicative list and there may be additional restrictive covenants under the various borrowing arrangements entered into by us. For details, see Risk Factors-18 - We have incurred indebtedness, and an inability to comply with repayment and other covenants in our financing agreements could adversely affect our business and financial condition on page 46.
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