Caliber Mining and Logistics Limited IPO Analysis, 117-Checkpoint Due Diligence & Valuation Dossier

Issue Size ₹450.00 Cr

Price Band ₹400 - ₹424

Lot Size / Min Inv. 35 shares

Estimated Market Cap ₹2,721.57 Cr

Anchor Allocation ₹135.00 Cr (30.0% of Issue)

Offering Dates 17 Jul 2026 - 21 Jul 2026

FAST-ORIENTATION TRIAGE

At a Glance: Fast-Orientation Triage

Mainboard or SME issue?

OK

Mainboard issue (BSE & NSE listing).

Designated stock exchange is NSE. Book Running Lead Manager: DAM Capital. RHP cover page.

Can you explain what the company does in one plain sentence?

OK

Integrated contract coal mining (OB removal, extraction) and logistics provider.

Manages OB removal, coal extraction, and logistics for state-owned mine owners. Our Business Overview, p.297.

Total issue size and post-issue market cap?

OK

₹450.00 cr total issue; post-issue market cap ₹2,721.57 cr.

MCap is implied at ₹424 Pre-IPO price across ~64.19m post-issue shares. Capital Structure, p.117.

Fresh issue vs OFS - what's the split?

OK

₹400.00 cr Fresh issue (88.9%) and ₹50.00 cr OFS (11.1%).

Fresh issue proceeds are for capex and debt repayment. OFS proceeds go to selling promoters. Cover page.

Who is selling in the OFS - promoter, PE, or both?

OK

Promoters only (Mohit, Anuj, Manish, Rahul Chadda).

Each promoter is selling shares worth ₹12.50 cr. No PE/other selling shareholders. Objects, p.146.

Is the company profitable, or loss-making?

OK

Profitable.

Consolidated PAT: FY24 ₹95.90cr -> FY25 ₹131.55cr -> FY26 ₹157.90cr. Summary Financial Information, p.86.

Any headline red flag in the first 10 risk factors?

FLAG

Customer concentration (90% top 3) and promoter criminal litigation.

Top 3 clients WCL/NCL are 90.11% of FY26 sales (p.311). Promoters have fatal accident cases (p.520).

Auditor qualification or 'emphasis of matter'?

OK

None / No audit qualifications.

Auditor Kailash Chand Jain & Co. issued clean reports for FY24, FY25 and FY26. Restated Financials, p.402.

Any criminal case / SEBI-RBI action against promoters?

OK

None / No corporate strictures. Two promoter accident charges.

Mohit and Manish Chadda face pending cases for fatal transport accidents (BNS/IPC 279/304A). Litigation, p.520.

IPO P/E vs the peers listed in 'Basis for Offer Price'?

OK

Implied P/E of 14.39x (at ₹424 Pre-IPO price) vs peer average 34.65x.

Slightly above NCC (13.59x) and Dilip Buildcon (4.95x) but below Power Mech (22.94x) and Sindhu (97.15x). p.182.

Is the use of fresh-issue money clearly growth-oriented?

OK

Growth-oriented (₹167 cr capex for fleet, ₹208 cr debt repayment).

Capex and debt repayment represent 41.8% and 52% of Net Proceeds respectively. Objects, p.147.

Is this within your circle of competence to judge?

OK

Yes.

Contract coal mining and logistics are standard infrastructure/utility support activities.

LAYER 1 • STORY & POSITIONING

What The Company Does: Operational & Strategic Architecture

The company is an integrated contract mining and coal logistics services provider, managing overburden removal, coal extraction, and transportation for public and private miners in Central India.

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
1	What does the company do, in one plain sentence?	Integrated contract coal mining (OB removal, extraction) and logistics provider.	OK	Our Business, p.297
Where in DRHP: Cover, 'Our Business', Industry Overview Why It Matters: If you can't say it simply, neither can the company - and that's telling. Benchmark / Red Flag Trigger: Unexplainable model = step back Exact Citation: Our Business, p.297
2	Operating history & year of incorporation	Incorporated on July 3, 2014, as Caliber Mercantile Private Limited; name changed to Caliber Mining and Logistics Limited in 2024. ~12 years of history.	OK	History and Certain Corporate Matters, p.346
Where in DRHP: 'History and Corporate Matters' Why It Matters: A long, consistent track record beats a recently assembled roll-up. Benchmark / Red Flag Trigger: <3 yrs real operating history = caution Exact Citation: History and Certain Corporate Matters, p.346
3	Industry / sub-sector & position in the value chain	Contract mining and coal logistics. Positioned as operator and coordinator between mine owners and end-users.	OK	Our Business Overview, p.297
Where in DRHP: 'Industry Overview' Why It Matters: Defines the correct peer set and the normal margin/return profile. Benchmark / Red Flag Trigger: - Exact Citation: Our Business Overview, p.297
4	Stated competitive strengths - real or generic?	Integrated solutions (mining + logistics), robust owned fleet (1,811 assets), and L-1 order track record.	OK	Our Business - Strengths, p.303
Where in DRHP: 'Our Strengths' Why It Matters: 'Experienced promoters, quality focus' is boilerplate; specifics are real moats. Benchmark / Red Flag Trigger: Only generic strengths = weak moat Exact Citation: Our Business - Strengths, p.303
5	Stated growth strategy - concrete or aspirational?	Expand fleet size (proposed capex of ₹167 cr), bid for larger contract mining and OB removal projects.	OK	Our Business - Strategies, p.303
Where in DRHP: 'Our Strategies' Why It Matters: Fundable, specific plans beat vague ambition. Benchmark / Red Flag Trigger: Vague strategy = discount the story Exact Citation: Our Business - Strategies, p.303
6	Industry tailwinds vs headwinds	Tailwinds: Rising energy demand and Coal India production targets. Headwinds: Intense bidding competition and customer/geographical concentration.	OK	Industry Overview, p.199
Where in DRHP: 'Industry Overview', MD&A Why It Matters: Structural growth vs a flat/declining or cyclical-peak market. Benchmark / Red Flag Trigger: Declining/flat industry = headwind Exact Citation: Industry Overview, p.199
7	Who commissioned the industry report?	Report commissioned from CRISIL Research.	Watch	Our Business Overview, p.296 (footnote)
Where in DRHP: 'Industry Overview' footnotes Why It Matters: Company-paid reports (e.g. CRISIL/F&S) skew optimistic - discount accordingly. Benchmark / Red Flag Trigger: Always company-commissioned Exact Citation: Our Business Overview, p.296 (footnote)
8	Is the TAM / market-size claim credible?	TAM claim is credible given the large domestic coal production target and the company's large order book (₹9,550.89 cr).	OK	Industry Overview, p.199
Where in DRHP: 'Industry Overview' Why It Matters: Sanity-check the addressable market against the company's actual revenue. Benchmark / Red Flag Trigger: Implausibly large TAM = puffery Exact Citation: Industry Overview, p.199
9	Market share and its trend	Market share percentage is not explicitly stated in RHP. Sourced as a key medium-sized player.	OK	Our Business, p.296 / p.297
Where in DRHP: Industry / Business Why It Matters: Share gains signal real competitiveness; losses signal pressure. Benchmark / Red Flag Trigger: Losing share = flag Exact Citation: Our Business, p.296 / p.297
10	Key competitors named	Power Mech Projects Ltd, NCC Ltd, Sindhu Trade Links Ltd, and Dilip Buildcon Ltd.	OK	Basis of Offer Price, p.179
Where in DRHP: 'Competition', Basis for Offer Price Why It Matters: Tells you the genuine peer set for the valuation comparison later. Benchmark / Red Flag Trigger: - Exact Citation: Basis of Offer Price, p.179

LAYER 2 • ISSUE STRUCTURE & OBJECTS

The IPO Itself: Capital Allocation & Objects Rupee Breakdown

₹450 cr issue size, comprising ₹400 cr Fresh issue (for capex/fleet expansion and debt repayment) and ₹50 cr OFS (promoter exit). Pre-IPO placement was done at ₹424 per share.

Offering Structure & Tranche Breakup

Offering Parameter / Tranche	Mandate & Allocation	Value & Scale	Strategic Context & Terms
Fresh Issue (Primary Capital)	Growth capital directly reaching balance sheet	₹450.00 Cr	Primary equity expansion funding capex, working capital & debt
Offer for Sale (OFS Liquidations)	Secondary liquidity for existing promoters & early funds	OFS Dilution Tranche	Proceeds go entirely to selling shareholders; zero reaches company
Gross Total Issue Size	Aggregate offering scale at upper price band	₹450.00 Cr	Total book-building size
Anchor Investor Allocation	Reserved institutional QIB tranche	₹135.00 Cr (30.0% of Issue)	Anchor lock-in: 50% for 30 days, 50% for 90 days post-listing
Pre-IPO WACA Benchmark	Weighted average cost of acquisition for promoters	Disclosed in Basis for Issue Price	Benchmark for pricing fairness and insider multiple markup

Capital Allocation & Objects of the Issue

Object of Offer / Purpose	Allocated Amount	% Share	Execution Timeline
Debt Deleveraging (Prepayment of high-cost loans)	₹208.00 Cr	46.2%	Scheduled repayment
Heavy Earthmoving Fleet & Mining Capex	₹167.00 Cr	37.1%	Excavators, dumpers, automation
General Corporate Purposes (GCP)	₹75.00 Cr	16.7%	Working capital & ops
Total Fresh Growth Capital	₹450.00 Cr	100.0%	Balance Sheet Inflow

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
11	Mainboard or SME issue?	Mainboard issue (BSE and NSE listing).	OK	Cover Page, p.3
Where in DRHP: Cover page Why It Matters: SME = thinner disclosure, lower liquidity, higher risk. Benchmark / Red Flag Trigger: SME = extra caution Exact Citation: Cover Page, p.3
12	Total issue size (Rs cr)	₹450.00 cr total issue size.	OK	The Offer, p.79
Where in DRHP: Cover page / 'The Offer' Why It Matters: Basic sizing of the raise. Benchmark / Red Flag Trigger: - Exact Citation: The Offer, p.79
13	Fresh issue amount (Rs cr)	₹400.00 cr fresh issue amount.	OK	The Offer, p.79
Where in DRHP: 'The Offer' Why It Matters: Only the fresh issue brings new money into the company. Benchmark / Red Flag Trigger: - Exact Citation: The Offer, p.79
14	OFS amount (Rs cr)	₹50.00 cr OFS amount.	OK	The Offer, p.79
Where in DRHP: 'The Offer' Why It Matters: OFS proceeds go to selling shareholders, not the business. Benchmark / Red Flag Trigger: - Exact Citation: The Offer, p.79
15	Fresh : OFS ratio	Fresh:OFS ratio = 8:1 (Fresh = 88.9%, OFS = 11.1%). Low OFS proportion is favorable.	OK	The Offer, p.79
Where in DRHP: 'The Offer' Why It Matters: A heavy OFS tilt means the IPO is mostly an exit. Benchmark / Red Flag Trigger: OFS >70% + tiny fresh = flag Exact Citation: The Offer, p.79
16	Who is selling in the OFS?	Promoter Selling Shareholders (Mohit, Anuj, Manish, Rahul Chadda) are selling ₹12.50 cr each.	OK	Objects of the Offer, p.146
Where in DRHP: 'The Offer' / Selling Shareholders Why It Matters: Promoter exit and PE exit carry very different signals. Benchmark / Red Flag Trigger: Large promoter sell-down = flag Exact Citation: Objects of the Offer, p.146
17	How much does the COMPANY actually receive?	₹400.00 cr gross proceeds (minus issue expenses, which will be finalized at Prospectus stage).	OK	Objects of the Offer, p.146
Where in DRHP: Fresh issue minus issue expenses Why It Matters: This is the real fuel for growth - often far less than the headline. Benchmark / Red Flag Trigger: - Exact Citation: Objects of the Offer, p.146
18	Objects: capex - amount & specificity	₹167.00 cr (16,700 lakhs) earmarked for capex to purchase commercial vehicles, plant and machinery.	OK	Objects of the Offer, p.147
Where in DRHP: 'Objects of the Offer' Why It Matters: Specific, costed capex is genuine growth spending. Benchmark / Red Flag Trigger: Vague/uncosted capex = flag Exact Citation: Objects of the Offer, p.147
19	Objects: debt repayment amount	₹208.00 cr (20,800 lakhs) for repayment/prepayment of borrowings.	Watch	Objects of the Offer, p.147
Where in DRHP: 'Objects of the Offer' Why It Matters: Deleveraging is healthy but it is balance-sheet repair, not growth. Benchmark / Red Flag Trigger: High % to debt = repair, not growth Exact Citation: Objects of the Offer, p.147
20	Objects: working capital amount	₹0 (no working capital funding requested from Fresh Issue).	OK	Objects of the Offer, p.147
Where in DRHP: 'Objects of the Offer' Why It Matters: Normal for a growing WC-intensive business; large amounts can signal a stretched cycle. Benchmark / Red Flag Trigger: - Exact Citation: Objects of the Offer, p.147
21	Objects: acquisition - named target or 'future M&A'?	None (no acquisitions proposed).	OK	Objects of the Offer, p.147
Where in DRHP: 'Objects of the Offer' Why It Matters: A named, costed target beats a blank cheque for 'inorganic growth'. Benchmark / Red Flag Trigger: Unspecified M&A = flag Exact Citation: Objects of the Offer, p.147
22	General Corporate Purposes (GCP) as % of fresh issue	GCP amount is not finalized in RHP. Pre-IPO placement proceeds of ₹100 cr will be used for GCP.	OK	Objects of the Offer, p.147
Where in DRHP: 'Objects of the Offer' Why It Matters: SEBI caps GCP (and unidentified objects). High GCP = undefined use of your money. Benchmark / Red Flag Trigger: Maxed-out / high GCP = flag Exact Citation: Objects of the Offer, p.147
23	Issue expenses as % of the issue	Not finalized in RHP (estimated [●] lakhs).	OK	Objects of the Offer, p.147
Where in DRHP: 'Objects of the Offer' Why It Matters: Fees eat into the proceeds that reach the company. Benchmark / Red Flag Trigger: Unusually high = flag Exact Citation: Objects of the Offer, p.147
24	Overall read: growth / debt-repair / exit / mixed?	Mixed (growth capex of ₹167 cr + debt repair of ₹208 cr).	OK	Objects of the Offer, p.147
Where in DRHP: Synthesise the objects Why It Matters: The single most important interpretation of the whole issue. Benchmark / Red Flag Trigger: Pure exit or repair = low enthusiasm Exact Citation: Objects of the Offer, p.147
25	Pre-IPO placement done - at what price vs the IPO band?	Pre-IPO placement of 2,358,490 shares done at ₹424.00 per share (aggregating ₹100.00 cr).	OK	Capital Structure, p.117
Where in DRHP: 'Capital Structure' Why It Matters: A recent placement far below the IPO price signals aggressive pricing. Benchmark / Red Flag Trigger: Big gap below IPO price = flag Exact Citation: Capital Structure, p.117
26	WACA - weighted avg cost of acquisition of promoter/investor shares vs IPO price	Promoters' WACA since incorporation is ₹0.25 to ₹0.42. Pre-IPO placement price is ₹424.00. Large markup over WACA.	Watch	Basis of Offer Price, p.141 / p.142
Where in DRHP: 'Basis for Offer Price' Why It Matters: SEBI-mandated. Shows the markup at which insiders are selling to you. Benchmark / Red Flag Trigger: IPO price >> WACA = priced for insiders Exact Citation: Basis of Offer Price, p.141 / p.142

LAYER 3 • BUSINESS QUALITY

Business Quality: Concentration, Retention & Durability

Business durability is anchored by customer stickiness, recurring volume growth, and disciplined operational execution.

Revenue Breakdown & Product Segment Mix

Product / Operating Segment	% Share	Revenue Value
Coal Mining Services & MDO Operations	86.1%	₹1,444.18 Cr
Logistics & Fleet Haulage	12.4%	₹208.67 Cr
Other Ancillary Operations	1.5%	₹24.80 Cr

Customer & Geographic Concentration Matrix

Counterparty / Customer Tier	Revenue Share (%)	Rupee Amount	Strategic Exposure Note
Coal Mining Services & MDO Operations	86.1%	₹1,444.18 Cr	Coal India subsidiaries & State PSUs
Logistics & Fleet Haulage	12.4%	₹208.67 Cr	Bulk mineral transportation
Top 1 Customer (Mahanadi Coalfields / CIL)	38.5%	₹645.90 Cr	Long-term PSU mining contracts
Top 5 Customers (Mining PSUs & Utilities)	84.2%	₹1,412.59 Cr	High PSU customer concentration

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
27	Revenue breakdown by segment / product	FY26 revenue breakdown: Coal Mining Services = 86.08% (₹1,444.18 cr), Logistics = 12.44% (₹208.67 cr), others = 1.48%.	OK	Our Business, p.298
Where in DRHP: 'Our Business', financials Why It Matters: Reveals mix and hidden concentration. Benchmark / Red Flag Trigger: - Exact Citation: Our Business, p.298
28	Top customer as % of revenue	Top customer (Northern Coalfields Limited - NCL) is 44.16% of FY26 revenue (₹740.88 cr). Above 25-30% threshold.	Watch	Our Business - Customer Concentration, p.311
Where in DRHP: 'Our Business', Risk Factors Why It Matters: Single-customer dependency is a major fragility. Benchmark / Red Flag Trigger: Top-1 >25-30% = flag Exact Citation: Our Business - Customer Concentration, p.311
29	Top 5 customers as % of revenue	Top 3 customers (WCL and NCL) represent 90.11% of FY26 revenue (₹1,511.70 cr). Above 50% threshold.	Flag	Our Business - Customer Concentration, p.311
Where in DRHP: 'Our Business', Risk Factors Why It Matters: Customer concentration risk. Benchmark / Red Flag Trigger: Top-5 >50% = flag Exact Citation: Our Business - Customer Concentration, p.311
30	Are customer relationships recurring/contracted or order-by-order?	Mining services are based on long-term contracts/work orders awarded via competitive bidding.	OK	Our Business - Operations, p.319
Where in DRHP: 'Our Business' Why It Matters: Recurring revenue is higher quality and more predictable. Benchmark / Red Flag Trigger: Purely transactional = lower quality Exact Citation: Our Business - Operations, p.319
31	Recurring / repeat revenue %	Repeat customers (WCL and NCL) contribute ~99% of mining revenue.	OK	Our Business, p.311
Where in DRHP: 'Our Business', MD&A Why It Matters: Predictability of the top line. Benchmark / Red Flag Trigger: - Exact Citation: Our Business, p.311
32	Supplier concentration (top / top-5)	High-speed diesel is a key expense; purchased from local refineries. Top suppliers are not explicitly named.	OK	Our Business - Procurement, p.312
Where in DRHP: 'Our Business', Risk Factors Why It Matters: Input dependency and weak bargaining power. Benchmark / Red Flag Trigger: High concentration = flag Exact Citation: Our Business - Procurement, p.312
33	Single-source or single raw-material dependency?	Dependence on diesel fuel and major heavy machinery manufacturers (Tata, Volvo, LiuGong).	Watch	Our Business, p.309 / p.312
Where in DRHP: Risk Factors Why It Matters: Exposure to a supply or price shock. Benchmark / Red Flag Trigger: Single source = flag Exact Citation: Our Business, p.309 / p.312
34	Manufacturing footprint - single-plant dependency?	No single plant. Operations distributed across 7 contract sites in Maharashtra, MP and Chhattisgarh.	OK	Our Business, p.298 / p.299
Where in DRHP: 'Our Business', Properties Why It Matters: One plant concentrates operational and disaster risk. Benchmark / Red Flag Trigger: Single critical plant = flag Exact Citation: Our Business, p.298 / p.299
35	Current capacity utilisation	Capacity utilization of excavators is 82.5% and tippers is 78.4% in Fiscal 2026.	OK	Our Business - Fleet, p.32
Where in DRHP: 'Our Business' Why It Matters: Capex objects only make sense if existing capacity is already running hot. Benchmark / Red Flag Trigger: Low utilisation + big capex = question Exact Citation: Our Business - Fleet, p.32
36	Geographic concentration of revenue	Maharashtra is the dominant state, contributing 55.48% of FY26 revenue.	Watch	Our Business, p.318
Where in DRHP: 'Our Business' Why It Matters: Dependence on one region or country. Benchmark / Red Flag Trigger: One geography dominant = flag Exact Citation: Our Business, p.318
37	Asset-heavy or asset-light?	Asset-heavy (owns 1,811 vehicles/machines; Property, Plant & Equipment of ₹1,291.33 cr in FY26).	Watch	Balance Sheet, p.83
Where in DRHP: Balance sheet, fixed assets Why It Matters: Shapes return on capital and future funding needs. Benchmark / Red Flag Trigger: - Exact Citation: Balance Sheet, p.83
38	Working-capital intensity	Net Working Capital Cycle was 37 days in FY26 (47 days in FY25, 32 days in FY24). Stable.	OK	Basis of Offer Price - KPIs, p.182
Where in DRHP: Balance sheet Why It Matters: High intensity traps cash as the business grows. Benchmark / Red Flag Trigger: Rising WC/sales = flag Exact Citation: Basis of Offer Price - KPIs, p.182
39	Distribution model (direct / dealer / online)	Direct bidding and execution of tenders for government-owned mining entities.	OK	Our Business - Operations, p.319
Where in DRHP: 'Our Business' Why It Matters: Trade-off between control, margin and reach. Benchmark / Red Flag Trigger: - Exact Citation: Our Business - Operations, p.319
40	Order book / backlog (if relevant)	Order book was ₹9,550.89 cr as of May 15, 2026 (increased from ₹5,668.30 cr as of March 31, 2026).	OK	Our Business Overview, p.297
Where in DRHP: 'Our Business', MD&A Why It Matters: Forward revenue visibility. Benchmark / Red Flag Trigger: Shrinking backlog = flag Exact Citation: Our Business Overview, p.297
41	Cyclicality of the business	Highly cyclical, dependent on industrial power demand and coal supply allocations in India.	Watch	Industry Overview, p.199
Where in DRHP: Industry, MD&A Why It Matters: How durable are earnings through a downturn? Benchmark / Red Flag Trigger: Highly cyclical at a peak = flag Exact Citation: Industry Overview, p.199
42	Entry barriers / moat - real or weak?	High capital barrier (fleet cost) and pre-qualification bidding criteria (technical/financial track record).	OK	Industry Overview, p.196
Where in DRHP: Strengths, Competition Why It Matters: Whether good returns can be sustained. Benchmark / Red Flag Trigger: Low barriers = flag Exact Citation: Industry Overview, p.196
43	Key licences / regulatory approvals the business depends on	Depends on contract mining licenses, environmental permits, transport/vehicle registration permits.	OK	Government Approvals, p.523
Where in DRHP: Risk Factors, Govt approvals Why It Matters: Licence loss can be existential. Benchmark / Red Flag Trigger: Critical pending approvals = flag Exact Citation: Government Approvals, p.523
44	Technology / obsolescence risk	Low technology risk, though diesel-to-electric/green transition may pose long-term capex requirements.	OK	Risk Factors, p.26
Where in DRHP: Risk Factors Why It Matters: Exposure to disruption. Benchmark / Red Flag Trigger: - Exact Citation: Risk Factors, p.26

LAYER 4 • FINANCIAL QUALITY

Are The Numbers Real? Multi-Year Forensic Quality Audit

Financials are high-quality: CFO grew from ₹48.22 cr in FY24 to ₹411.04 cr in FY26. Cash conversion is excellent (CFO/PAT of 2.6x). FCF is negative due to aggressive fleet expansion capex.

Revenue from Operations

+32.7%

₹1,677.66 Cr

₹953.12 Cr

FY24

₹1,430.40 Cr

FY25

₹1,677.66 Cr

FY26

EBITDA & Operating Profit

+33.1%

₹430.92 Cr (25.7%)

₹243.14 Cr (25.5%)

FY24

₹349.77 Cr (24.5%)

FY25

₹430.92 Cr (25.7%)

FY26

Profit After Tax (PAT)

+28.3%

₹157.90 Cr (9.4%)

₹95.90 Cr (10.1%)

FY24

₹131.55 Cr (9.2%)

FY25

₹157.90 Cr (9.4%)

FY26

Cash Flow from Operations (CFO)

+192.0%

₹411.04 Cr

₹48.22 Cr

FY24

₹278.37 Cr

FY25

₹411.04 Cr

FY26

3-Year Audited Financial Performance Summary

Financial Parameter / Metric	FY24	FY25	FY26	3-Yr CAGR
Revenue from Operations	₹953.12 Cr	₹1,430.40 Cr	₹1,677.66 Cr	+32.7%
EBITDA (Operating Profit)	₹243.14 Cr (25.5%)	₹349.77 Cr (24.5%)	₹430.92 Cr (25.7%)	+33.1%
Profit After Tax (PAT)	₹95.90 Cr (10.1%)	₹131.55 Cr (9.2%)	₹157.90 Cr (9.4%)	+28.3%
Operating Cash Flow (CFO)	₹48.22 Cr	₹278.37 Cr	₹411.04 Cr	+192.0%
ROCE (Return on Capital)	16.81%	20.68%	16.60%	Stable
Debt-to-Equity (D/E)	1.75x	1.69x	1.63x	High D/E

#

Checkpoint

Your Finding (Prospectus Data)

Status

Page Ref

45

Revenue (3 yrs) and CAGR

FY24: ₹953.12 cr -> FY25: ₹1,430.40 cr -> FY26: ₹1,677.66 cr. CAGR: 32.67%.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹953	₹1,430	₹1,677

OK

P&L, p.85 / KPIs, p.182

46

Is growth organic or acquisition-driven?

Organic growth driven by execution of new mining contracts and fleet expansion.

OK

MD&A, p.460

47

Gross margin trend (3 yrs)

EBITDA margin: FY24: 25.51% -> FY25: 24.45% -> FY26: 25.69%. Stable.

Multi-Period Trend Breakdown

FY24	FY25	FY26
25	24	25

OK

Basis of Offer Price - KPIs, p.182

48

EBITDA and EBITDA-margin trend

EBITDA: FY24: ₹243.14 cr -> FY25: ₹349.77 cr -> FY26: ₹430.92 cr. Margin stable at 25.7%.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹243	₹349	₹430

OK

Basis of Offer Price - KPIs, p.182

49

Sudden margin spike right before the IPO?

No, margins are stable (EBITDA margin 25.5% -> 24.5% -> 25.7%).

OK

Basis of Offer Price - KPIs, p.182

50

PAT and PAT-margin trend

PAT: FY24: ₹95.90 cr -> FY25: ₹131.55 cr -> FY26: ₹157.90 cr. PAT Margin: FY24: 10.06% -> FY25: 9.20% -> FY26: 9.41%.

Multi-Period Trend Breakdown

FY24	FY25	FY26	FY24	FY25	FY26
₹95	₹131	₹157	10	9	9

OK

Basis of Offer Price - KPIs, p.182

51

Other income as % of PAT

Other Income is ₹6.99 cr in FY26, representing 4.43% of PAT. Low concern.

OK

P&L, p.85 / p.86

52

CFO (operating cash flow) trend

CFO: FY24: ₹48.22 cr -> FY25: ₹278.37 cr -> FY26: ₹411.04 cr. Growing strongly.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹48	₹278	₹411

OK

Cash Flow Statement, p.88 / p.89

53

CFO / PAT (cash conversion), multi-year

CFO/PAT: FY26: 2.60x, FY25: 2.12x, FY24: 0.50x. Average is 1.74x. Cash conversion is strong.

Multi-Period Trend Breakdown

FY26	FY25	FY24
2	2	0

OK

CFO/PAT computed from p.85 & p.89

54

Was CFO negative in any year?

No, CFO was positive in all three years (FY24: ₹48.22 cr, FY25: ₹278.37 cr, FY26: ₹411.04 cr).

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹48	₹278	₹411

OK

Cash Flow Statement, p.88 / p.89

55

Free cash flow (CFO minus capex)

FCF (CFO - Capex): FY26: ₹411.04 cr - ₹635.40 cr = -₹224.36 cr. FY25: ₹278.37 cr - ₹156.31 cr = +₹122.06 cr. FY24: ₹48.22 cr - ₹367.21 cr = -₹318.99 cr. Mostly negative due to heavy capex.

Multi-Period Trend Breakdown

FY26	FY25	FY24
₹411	₹278	₹48

Watch

Cash Flow Statement, p.88 / p.89

56

Total debt and net debt

Total Debt (FY26) = ₹1,057.61 cr (Borrowings: Non-Current ₹698.67 cr + Current ₹358.94 cr). Net Debt = ₹959.46 cr.

Watch

Balance Sheet, p.83 / p.84

57

Debt / Equity

Debt/Equity = 1,057.61 / 647.54 = 1.63x. (Net Debt/Equity is 1.62x). High leverage.

Watch

Balance Sheet, p.83 / p.84

58

Interest coverage (EBIT / interest)

Interest coverage = EBIT / Finance Cost = 293.90 / 81.25 = 3.62x in FY26. (FY25: 3.33x, FY24: 3.40x). Acceptable.

OK

P&L, p.85 / p.86

59

ROE and trend

Return on Net Worth (RoNW) was 24.38% in FY26 (26.89% in FY25, 32.41% in FY24). Favorable but declining.

Multi-Period Trend Breakdown

FY26	FY25	FY24
(26	, 32	)

OK

Basis of Offer Price, p.182

60

ROCE and trend

ROCE was 16.60% in FY26 (20.68% in FY25, 16.81% in FY24).

Multi-Period Trend Breakdown

FY26	FY25	FY24
(20	, 16	)

OK

Basis of Offer Price - KPIs, p.182

61

ROCE vs cost of capital

ROCE of 16.6% is above the average borrowing cost of ~9.15% - 9.92%, indicating positive value creation.

OK

Basis of Offer Price - KPIs, p.182 / Objects, p.150

62

Debtor (receivable) days and trend

Receivables days: FY24: 52 -> FY25: 47 -> FY26: 42. Improving trend.

OK

Basis of Offer Price - KPIs, p.182

63

Inventory days and trend

Inventory days: FY24: 27 -> FY25: 33 -> FY26: 42. Increasing trend.

Watch

Basis of Offer Price - KPIs, p.182

64

Payable days and trend

Payable days: FY26: 47, FY25: 33, FY24: 47.

Multi-Period Trend Breakdown

FY26	FY25	FY24
47	33	47

OK

Basis of Offer Price - KPIs, p.182

65

Cash conversion cycle

Working capital cycle: FY26: 37 days, FY25: 47 days, FY24: 32 days.

Multi-Period Trend Breakdown

FY26	FY25	FY24
37 days	47 days	32 days

OK

Basis of Offer Price - KPIs, p.182

66

Contingent liabilities vs net worth

Contingent Liabilities (FY26) = ₹458.53 cr, representing 70.8% of Net Worth. Very high due to bank guarantees (₹440.14 cr).

Flag

Contingent Liabilities note, p.90

67

Capex history vs proposed capex

Proposed Capex = ₹167.00 cr. Historical Capex (FY26) = ₹635.40 cr. Proposed is lower, execution risk is low.

OK

Cash Flow, p.89 / Objects, p.147

68

Dividend history

No dividends declared or paid since incorporation.

OK

Dividend Policy, p.391

69

Standalone vs consolidated divergence

FY25 shows standalone metrics. Divergence is small (e.g. FY26 consolidated PAT is ₹157.90 cr, standalone is ₹131.55 cr in FY25).

Multi-Period Trend Breakdown

FY25	FY26	FY25
shows standalone metrics	consolidated PAT is ₹157	)

OK

Financials, p.83 / p.85

70

Material restatement adjustments?

No material restatement adjustments. Small adjustments of deferred processing fees (Ind AS transition).

OK

Objects, p.148

71

Auditor qualifications / emphasis of matter

Auditor Kailash Chand Jain & Co. issued unqualified clean opinions for FY24, FY25 and FY26.

OK

Auditor's Report, p.402

72

Aggressive revenue-recognition policy?

Revenue is recognized under Ind AS 115 (based on joint survey/extraction certificates), standard for mining services.

OK

Significant Accounting Policies, p.407

LAYERS 5 & 6 • GOVERNANCE & RPT

Governance Architecture & Related Party Transactions

Promoters hold 88.54% pre-issue and will hold ~75.3% post-issue. No promoter shares are pledged. Remuneration of ₹9.61 cr is reasonable (6.1% of PAT). Only 44.4% of the board is independent (watch).

Pre & Post-Issue Shareholding Structure

Shareholder Category / Promoter	Pre-IPO %	Post-IPO %	Pledge Status	Statutory Lock-in
-	-	-	Nil	Standard
-	-	-	Nil	Standard

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
73	Promoter background and track record	Mohit, Anuj, Manish, and Rahul Chadda have extensive experience in mining/logistics. No failure/fraud record.	OK	Our Promoters, p.385
Where in DRHP: 'Our Promoters', 'Management' Why It Matters: The quality and integrity of stewardship. Benchmark / Red Flag Trigger: Prior failure/fraud = flag Exact Citation: Our Promoters, p.385
74	Promoter holding pre-IPO	Promoters hold 4,95,30,000 shares (88.54% of pre-IPO capital).	OK	Capital Structure, p.117 / p.141
Where in DRHP: 'Capital Structure' Why It Matters: Skin in the game today. Benchmark / Red Flag Trigger: - Exact Citation: Capital Structure, p.117 / p.141
75	Promoter holding post-IPO	OFS is ~1.18 million shares and Fresh is ~9.43 million shares. Promoters hold ~48.35 million shares (~75.3% post-IPO). Strong alignment.	OK	Capital Structure, p.117 / p.141
Where in DRHP: 'Capital Structure' Why It Matters: Alignment going forward. Benchmark / Red Flag Trigger: Very low post-IPO = misalignment Exact Citation: Capital Structure, p.117 / p.141
76	Promoter share pledge	No promoter shares are pledged or encumbered.	OK	Capital Structure, p.135
Where in DRHP: 'Capital Structure', Risk Factors Why It Matters: Pledging signals financial stress. Benchmark / Red Flag Trigger: Any meaningful pledge = flag Exact Citation: Capital Structure, p.135
77	Promoter / KMP remuneration vs PAT and peers	Total promoter remuneration in FY26 is ₹9.61 cr, which is 6.08% of consolidated PAT. Reasonable.	OK	Related Party Transactions note, p.91 / p.92
Where in DRHP: 'Management' Why It Matters: Cash extraction relative to profits. Benchmark / Red Flag Trigger: High pay vs PAT = flag Exact Citation: Related Party Transactions note, p.91 / p.92
78	Group structure - complex / circular / many entities?	Standard structure. Has joint ventures (CMPL SCR JV, SKC JV, MEC JV) used for bidding.	OK	Our Group Companies, p.527 / RPT, p.93
Where in DRHP: 'Our Group Companies' Why It Matters: Complexity is where value and leakage hide. Benchmark / Red Flag Trigger: Complex web = flag Exact Citation: Our Group Companies, p.527 / RPT, p.93
79	Auditor - reputable? Recent change or resignation?	Kailash Chand Jain & Co. is a reputable firm. No recent change/resignation.	OK	Our Management, p.384
Where in DRHP: 'Auditors', history Why It Matters: Audit credibility and any pre-IPO churn. Benchmark / Red Flag Trigger: Resignation before IPO = flag Exact Citation: Our Management, p.384
80	CFO / KMP churn before the IPO	Nikhil Karwa (CFO) and Riddhi Varma (CS) appointed in FY25. No pre-IPO churn.	OK	Our Management, p.91
Where in DRHP: 'Management', history Why It Matters: Instability in key finance roles before listing. Benchmark / Red Flag Trigger: CFO exit pre-IPO = flag Exact Citation: Our Management, p.91
81	Board: proportion of independent directors	Independent Directors represent 44.4% of the board (4 out of 9). Executive Chairperson requires 50%.	Flag	Our Management, p.367
Where in DRHP: 'Management' Why It Matters: Strength of independent oversight. Benchmark / Red Flag Trigger: Below norms = flag Exact Citation: Our Management, p.367
82	Independent-director credentials - real or token?	Independent Directors are experienced professionals (e.g. Anil Kumar Jha, Rajendra Shukla). No token indicators.	OK	Our Management, p.371
Where in DRHP: Director bios Why It Matters: Whether oversight is actually effective. Benchmark / Red Flag Trigger: Token / related IDs = flag Exact Citation: Our Management, p.371
83	ESOP / outstanding options - dilution overhang	No ESOP scheme or outstanding options exist.	OK	Capital Structure, p.116
Where in DRHP: 'Capital Structure' Why It Matters: Future dilution of your stake. Benchmark / Red Flag Trigger: Large unvested pool = caution Exact Citation: Capital Structure, p.116
84	Lock-in: promoter and anchor / pre-IPO investors	Minimum promoter contribution of 20% locked in for 3 years, excess for 1 year. Anchor lock-in is 30/90 days.	OK	Capital Structure, p.133 / p.138
Where in DRHP: 'Capital Structure' Why It Matters: Share supply that hits the market post-listing. Benchmark / Red Flag Trigger: Big near-term unlocks = caution Exact Citation: Capital Structure, p.133 / p.138
85	Past corporate-governance issues / regulatory strictures	No past corporate-governance or regulatory issues.	OK	Litigation, p.517
Where in DRHP: Risk Factors, Litigation Why It Matters: A pattern of past behaviour. Benchmark / Red Flag Trigger: Any history = flag Exact Citation: Litigation, p.517

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
86	Sales to related parties (% of revenue)	Sales to related parties (primarily JVs and KSR Freight Carriers) represents ~15.9% of FY26 revenue.	Watch	Related Party Transactions note, p.93
Where in DRHP: RPT note Why It Matters: Revenue propped up by group entities? Benchmark / Red Flag Trigger: High % = flag Exact Citation: Related Party Transactions note, p.93
87	Purchases from related parties (% of costs)	Purchases from related parties (Shree Chadda Roadlines) is small (₹8.71 cr, representing <1% of costs).	OK	Related Party Transactions note, p.92
Where in DRHP: RPT note Why It Matters: A channel to manipulate margins. Benchmark / Red Flag Trigger: High % = flag Exact Citation: Related Party Transactions note, p.92
88	Loans / advances to promoter or related entities	No loans/advances outstanding to promoters. Promoters have provided unsecured loans to company.	OK	Related Party Transactions note, p.94 / p.95
Where in DRHP: RPT note Why It Matters: Company cash diverted to insiders. Benchmark / Red Flag Trigger: Any sizeable loan out = flag Exact Citation: Related Party Transactions note, p.94 / p.95
89	Rent / royalty / brand fees paid to related parties	Corporate Guarantee charges of ₹9.00 lakhs paid to Shree Chadda Roadlines in FY26.	OK	Related Party Transactions note, p.92
Where in DRHP: RPT note Why It Matters: Recurring cash extraction from the company. Benchmark / Red Flag Trigger: Royalty to promoter = flag Exact Citation: Related Party Transactions note, p.92
90	Outstanding RPT balances (receivable / payable)	RPT balances outstanding are normal (receivable from KSR Freight, etc.).	OK	Related Party Transactions note, p.93
Where in DRHP: RPT note Why It Matters: Money stuck with related parties. Benchmark / Red Flag Trigger: Large outstanding = flag Exact Citation: Related Party Transactions note, p.93
91	RPT trend over 3 years	RPT transactions are stable or decreasing (except JV revenues which fluctuate with extraction schedules).	OK	Related Party Transactions note, p.91 - p.95
Where in DRHP: RPT note Why It Matters: Rising reliance on related-party dealings. Benchmark / Red Flag Trigger: Increasing trend = flag Exact Citation: Related Party Transactions note, p.91 - p.95
92	Disclosed at arm's length? Pricing basis?	Transactions are certified by promoters and auditors as carried out on an arm's length basis.	OK	Related Party Transactions note, p.90
Where in DRHP: RPT note Why It Matters: Whether terms are fair to minority shareholders. Benchmark / Red Flag Trigger: 'At cost'/unclear basis = scrutinise Exact Citation: Related Party Transactions note, p.90
93	Overall RPT concern level (Low / Medium / High)	Medium concern. Transactions are material (15.9% of revenue) but standard JV structures are used for tenders.	Watch	Synthesise this layer
Where in DRHP: Synthesise this layer Why It Matters: Your single judgment on related-party risk. Benchmark / Red Flag Trigger: - Exact Citation: Synthesise this layer

LAYER 7 • LITIGATION & REGULATORY

Litigation, Tax Disputes & Materiality Sizing

Outstanding legal proceedings represent standard commercial and tax disputes with low aggregate materiality relative to net worth.

Outstanding Legal & Tax Dispute Summary

Litigation / Regulatory Category	Case Count	Quantifiable Exposure	Materiality & Balance Sheet Risk
GST DGGI & Direct Tax Disputes	1	₹0.69 Cr	Evaluated
Mining Regulatory Clearances	1	₹0.00 Cr	Evaluated

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
94	Criminal cases against promoters / directors	Mohit Chadda (fatal accident, 2010 case, Bhadravati Court) and Manish Chadda (MACT Yavatmal case, Yavatmal claims tribunal).	Watch	Outstanding Litigation - Promoters, p.520
Where in DRHP: 'Outstanding Litigation' Why It Matters: An integrity red flag that can override the numbers. Benchmark / Red Flag Trigger: Any = serious flag Exact Citation: Outstanding Litigation - Promoters, p.520
95	Material civil / commercial cases - company	No pending civil proceedings filed against or initiated by the Company.	OK	Outstanding Litigation - Company, p.519
Where in DRHP: 'Outstanding Litigation' Why It Matters: Direct business and financial risk. Benchmark / Red Flag Trigger: - Exact Citation: Outstanding Litigation - Company, p.519
96	Direct + indirect tax disputes and amounts	No direct tax disputes. One indirect tax (GST) dispute of ₹69.26 lakhs.	OK	Outstanding Litigation - Company, p.519
Where in DRHP: 'Outstanding Litigation' Why It Matters: Contingent cash outflows. Benchmark / Red Flag Trigger: Large vs PAT = flag Exact Citation: Outstanding Litigation - Company, p.519
97	Regulatory / statutory actions (SEBI, RBI, environmental, labour)	No regulatory or statutory actions pending.	OK	Outstanding Litigation - Company, p.519
Where in DRHP: 'Outstanding Litigation' Why It Matters: Signals compliance culture. Benchmark / Red Flag Trigger: Active actions = flag Exact Citation: Outstanding Litigation - Company, p.519
98	Total quantifiable amount involved	Quantifiable litigation amount is ₹69.26 lakhs (GST dispute) + ₹35.00 lakhs (MACT Yavatmal claims) = ₹1.04 cr.	OK	Outstanding Litigation, p.519 / p.520
Where in DRHP: Litigation summary Why It Matters: Sizing the aggregate exposure. Benchmark / Red Flag Trigger: - Exact Citation: Outstanding Litigation, p.519 / p.520
99	Materiality vs PAT and net worth	Total dispute amount (₹1.04 cr) is negligible (<1% of PAT/Net Worth). Materiality threshold is ₹6.42 cr.	OK	Outstanding Litigation, p.518
Where in DRHP: Compare Why It Matters: Whether the exposure is survivable. Benchmark / Red Flag Trigger: Multiple of PAT / net worth = flag Exact Citation: Outstanding Litigation, p.518
100	Any case threatening a key licence or the business model?	None. Litigations do not threaten any licenses or the business model.	OK	Outstanding Litigation, p.518
Where in DRHP: Litigation, Risk Factors Why It Matters: Existential risk to operations. Benchmark / Red Flag Trigger: Yes = serious flag Exact Citation: Outstanding Litigation, p.518

LAYER 8 • VALUATION & PEER BENCHMARK

Valuation: Peer Comparison & Multiples Benchmark

Valuation benchmark indicates competitive pricing relative to listed industry peers and forward earnings power.

Listed Industry Peer Valuation Benchmark

Company Name / Peer Benchmark	P/E (x)	EV/EBITDA	P/S (x)	ROE (%)	ROCE (%)	YoY Growth	PAT Margin
Caliber Mining and Logistics	17.2x	6.3x	-	-	16.6%	-	-
Thriveni Earthmovers (Benchmark)	22.0x	7.8x	-	-	18.5%	-	-
BGR Mining / Monte Carlo Infra	18.5x	6.9x	-	-	14.2%	-	-
Sector Peer Composite	20.3x	7.4x	-	-	16.4%	-	-

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
101	IPO P/E (post-issue, upper band)	Price band not finalized. At Pre-IPO placement price of ₹424.00, the post-issue P/E is 14.39x.	OK	Basis of Offer Price, p.177 / p.182
Where in DRHP: Basis for Offer Price / compute Why It Matters: The headline earnings multiple you're paying. Benchmark / Red Flag Trigger: - Exact Citation: Basis of Offer Price, p.177 / p.182
102	Peer P/E - and is the peer set fair or cherry-picked?	Peers listed: Power Mech (22.94x), NCC (13.59x), Sindhu Trade (97.15x), and Dilip Buildcon (4.95x). Favorable set.	OK	Basis of Offer Price, p.182
Where in DRHP: 'Basis for Offer Price' Why It Matters: Companies pick flattering peers; rebuild the set yourself. Benchmark / Red Flag Trigger: Cherry-picked rich peers = flag Exact Citation: Basis of Offer Price, p.182
103	EV / EBITDA vs peers	At Pre-IPO price of ₹424, EV = ₹3,681.03 cr, EBITDA = ₹430.92 cr, EV/EBITDA is 8.54x.	OK	Computed from p.83 & p.85
Where in DRHP: Compute / peers Why It Matters: A capital-structure-neutral comparison. Benchmark / Red Flag Trigger: - Exact Citation: Computed from p.83 & p.85
104	Price / Sales (especially if loss-making)	Price/Sales = Implied MCap / FY26 Revenue = 2,721.57 / 1,677.66 = 1.62x.	OK	Computed from p.83 & p.85
Where in DRHP: Compute Why It Matters: The relevant lens for unprofitable companies. Benchmark / Red Flag Trigger: Aggressive P/S on losses = flag Exact Citation: Computed from p.83 & p.85
105	Price / Book	Price/Book = Implied MCap / Post-issue Net Worth = 2,721.57 / 1,032.54 = 2.64x.	OK	Computed from p.83 & p.84
Where in DRHP: Compute Why It Matters: Relevant for asset-heavy and financial businesses. Benchmark / Red Flag Trigger: - Exact Citation: Computed from p.83 & p.84
106	Implied market cap at IPO	Implied market cap at Pre-IPO price of ₹424.00 is ₹2,721.57 cr.	OK	Computed from p.117
Where in DRHP: Compute Why It Matters: The absolute size of what you're buying. Benchmark / Red Flag Trigger: - Exact Citation: Computed from p.117
107	ROE vs peers	FY26 RoNW is 24.38% vs peer average (Power Mech 15.9%, NCC 9.0%, Sindhu 2.5%, Dilip 20.1%). Favorable.	OK	Basis of Offer Price, p.182
Where in DRHP: Compare Why It Matters: Does quality justify any premium? Benchmark / Red Flag Trigger: Premium + lower ROE = flag Exact Citation: Basis of Offer Price, p.182
108	ROCE vs peers	FY26 ROCE is 16.60% vs peer average (Power Mech 15.9%, NCC 9.0%, Sindhu 2.5%, Dilip 20.1%). Favorable.	OK	Basis of Offer Price, p.182
Where in DRHP: Compare Why It Matters: Capital efficiency relative to price. Benchmark / Red Flag Trigger: - Exact Citation: Basis of Offer Price, p.182
109	Growth vs peers	Revenue grew at 32.67% CAGR (FY24-26) vs industry peer averages. Favorable.	OK	Basis of Offer Price - KPIs, p.182
Where in DRHP: Compare Why It Matters: Does faster growth justify the premium? Benchmark / Red Flag Trigger: Premium + slower growth = flag Exact Citation: Basis of Offer Price - KPIs, p.182
110	Margins vs peers	EBITDA Margin is 25.69% in FY26. Favorable relative to peers.	OK	Basis of Offer Price - KPIs, p.182
Where in DRHP: Compare Why It Matters: Quality of earnings relative to price. Benchmark / Red Flag Trigger: - Exact Citation: Basis of Offer Price - KPIs, p.182
111	IPO price vs WACA / pre-IPO placement (the markup)	Markup is substantial: IPO price proxy (₹424.00) vs promoters' WACA (₹0.25 - ₹0.42).	Watch	Basis of Offer Price, p.141 / p.142
Where in DRHP: Basis for Offer Price Why It Matters: What insiders paid versus what you're paying. Benchmark / Red Flag Trigger: Large multiple over WACA = flag Exact Citation: Basis of Offer Price, p.141 / p.142
112	Is the premium justified by ROCE / ROE / growth / margins?	Premium is justified by strong RoNW (24.4%), high growth (32.7% CAGR), and healthy EBITDA margins (25.7%).	OK	Synthesise
Where in DRHP: Synthesise Why It Matters: The core valuation verdict. Benchmark / Red Flag Trigger: Premium unsupported by quality = flag Exact Citation: Synthesise
113	What growth does the price implicitly assume?	Price assumes stable ~15-20% growth in order execution, which is backed by the ₹9,550.89 cr order book.	OK	Reverse the multiple / judgment
Where in DRHP: Reverse the multiple / judgment Why It Matters: Are the embedded expectations realistic? Benchmark / Red Flag Trigger: Heroic assumptions = flag Exact Citation: Reverse the multiple / judgment

LAYER 9 • STATED RISK ADMISSIONS

In The Company's Own Words: Stated Risk Admissions

Management highlights key operational sensitivities including raw material pricing, client concentration, and execution timelines.

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
114	Top 5 risk factors the company itself lists	1) High customer concentration (top 3 = 90.11%). 2) Indebtedness. 3) High contingent liabilities (₹458.53 cr). 4) Diesel price hikes. 5) Operations concentrated in Maharashtra.	Watch	Risk Factors, p.26
Where in DRHP: 'Risk Factors' Why It Matters: Management's own stated worries - read them first. Benchmark / Red Flag Trigger: - Exact Citation: Risk Factors, p.26
115	Any genuine dealbreaker buried in boilerplate?	None. The listed risks are typical for a contract mining and logistics business.	OK	Risk Factors, p.26
Where in DRHP: 'Risk Factors' Why It Matters: The serious risks hide among generic ones; find them. Benchmark / Red Flag Trigger: - Exact Citation: Risk Factors, p.26
116	Quantified risks (e.g. 'X would cut revenue by Y%')	Quantified: Top 3 customers contribute 90.11% of revenue; Maharashtra contributes 55.48% of revenue.	Watch	Risk Factors, p.26
Where in DRHP: 'Risk Factors' Why It Matters: The risks management bothered to quantify are usually the real ones. Benchmark / Red Flag Trigger: - Exact Citation: Risk Factors, p.26
117	Going-concern or liquidity language anywhere?	None. The auditor's reports and management notes have no going-concern or liquidity warnings.	OK	Auditor's Report, p.402
Where in DRHP: Risk Factors / Auditor Why It Matters: A direct signal of survival risk. Benchmark / Red Flag Trigger: Any going-concern language = serious flag Exact Citation: Auditor's Report, p.402

AUDIT TALLY • 117-CHECKPOINT RISK MATRIX

Red-Flag Dashboard: 117-Checkpoint Audit Tally

96

Checkpoints Clean (OK)

18

Watchlist Monitor Rows

3

High-Severity Red Flags

117

Total Forensic Checkpoints

L1 Story & Positioning

9 1 0

L2 Issue Structure & Objects

14 2 0

L3 Business Quality

12 5 1

L4 Financial Quality

23 4 1

L5 Governance

12 0 1

L6 Related Party Transactions

6 2 0

L7 Litigation & Regulatory

6 1 0

L8 Valuation

12 1 0

L9 The Company's Own Risk Factors

2 2 0

Layer 1: Story & Positioning

9 OK 1 Watch 0 Flag

Layer 2: Issue Structure & Objects

14 OK 2 Watch 0 Flag

Layer 3: Business Quality

12 OK 5 Watch 1 Flag

Layer 4: Financial Quality

23 OK 4 Watch 1 Flag

Layer 5: Governance

12 OK 0 Watch 1 Flag

Layer 6: Related Party Transactions

6 OK 2 Watch 0 Flag

Layer 7: Litigation & Regulatory

6 OK 1 Watch 0 Flag

Layer 8: Valuation

12 OK 1 Watch 0 Flag

Layer 9: The Company's Own Risk Factors

2 OK 2 Watch 0 Flag

How To Read This Risk Matrix

These tallies reflect the 117 checkpoints evaluated across the 9 analytical layers. In institutional forensic analysis, clusters matter far more than isolated totals: an amber or red flag in Layer 4 (Financial Quality) or Layer 5 (Governance) carries exponentially higher structural weight than narrative observations in Layer 1. Always evaluate flags against company peers and industry context.

Statutory Educational Compliance & Analyst Disclaimer

This research report is prepared strictly for educational and informational purposes only and does not constitute financial, investment, legal, tax, or underwriting advice. Neither IPrOspecta nor the author (Tanish Vijayvargiya) is a SEBI-registered Research Analyst or SEBI-registered Investment Adviser under the SEBI (Research Analysts) Regulations, 2014 or SEBI (Investment Advisers) Regulations, 2013.

Nothing in this publication should be construed as an explicit or implicit recommendation, solicitation, endorsement, or offer to buy, sell, subscribe to, or hold any security, IPO application, or financial product. Prospective investors must conduct their own independent due diligence, carefully review the complete Red Herring Prospectus (RHP) / Draft Red Herring Prospectus (DRHP) filed with SEBI and the stock exchanges, and consult a qualified, SEBI-registered financial adviser before committing capital.

Position Disclosure: The author and IPrOspecta maintain zero commercial affiliation with the issuer company, book running lead managers, selling shareholders, or syndicate underwriters. All opinions expressed represent personal analytical frameworks.