Bharat Coking Coal IPO
Bookbuilding IPO | ₹1,071.00 Cr | Listing at BSE, NSE
IPO Open
Fri, Jan 09, 2026
IPO Close
Tue, Jan 13, 2026
Price Band
₹21.00 to ₹23.00
Market Cap (Pre-IPO)
₹10,711.10 Cr
IPO Details
| IPO Date | Jan 09, 2026 to Jan 13, 2026 |
| Listing Date | Jan 16, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹21.00 to ₹23.00 |
| Lot Size | 600 Shares (Minimum: ₹13,800.00) |
| Sale Type | Offer For Sale |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | Up to 23,285,000 shares at a discount of ₹1.00 to the issue price |
| Issue Size | ₹1,071.00 Crores |
| Total Shares Offered | 465,700,000 shares |
| Offer For Sale | 465,700,000 shares |
Bharat Coking Coal IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII Shares Offered | Not less than 15.00% of the Offer |
Bharat Coking Coal IPO Lot Size
Investors can bid for a minimum of 600 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 600 | ₹13,800 |
| Retail (Max) | 14 | 8,400 | ₹193,200 |
| S-HNI (Min) | 15 | 9,000 | ₹207,000 |
| S-HNI (Max) | 72 | 43,200 | ₹993,600 |
| B-HNI (Min) | 73 | 43,800 | ₹1,007,400 |
Bharat Coking Coal Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 18,711.13 | 17,283.48 | 14,727.73 | 13,312.86 |
| Total Income | 6,311.51 | 14,401.63 | 14,652.53 | 13,018.57 |
| Profit After Tax | 123.88 | 1,240.19 | 1,564.46 | 664.78 |
| EBITDA | 459.93 | 2,356.06 | 2,493.89 | 891.31 |
| NET Worth | 5,830.89 | 6,551.23 | 5,355.47 | 3,791.01 |
| Reserves and Surplus | 1,006.52 | 1,805.73 | 664.72 | -853.10 |
| Total Borrowing | 1,559.13 | 0.00 | 0.00 | 0.00 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 0.00% |
| ROCE (Return on Capital Employed) | 30.13% |
| Debt/Equity | 0.00 |
| RoNW (Return on Net Worth) | 20.83% |
| PAT Margin (Profit After Tax Margin) | 8.61% |
| EBITDA Margin | 16.36% |
| Price to Book Value | 1.63 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 2.66 | 0.53 |
| P/E (x) | 8.64 | 43.23 |
| Promoter Holding | 100.00% | 90.00% |
Company Promoters
- The President of India
- acting through the Ministry of Coal
- Government of India and Coal India Limited are the company promoters.
Company Overview
Incorporated in 1972, Bharat Coking Coal Limited (BCCL) is engaged in the production of coking coal, non-coking coal, and washed coal. The company is a wholly-owned subsidiary of Coal India Limited.
As of September 30, 2025, the company operates a network of 34 operational mines, including four underground, 26 opencast, and four mixed mines.
The company's primary product is coking coal, catering to the steel and power industries. As of April 1, 2024, BCCL has an estimated coking coal reserve of approximately 7,910 million tonnes. In Fiscal 2025, BCCL accounted for 58.50% of the total domestic coking coal production in India.
The company operates across Jharia, Jharkhand, and Raniganj, West Bengal, covering a total leasehold area of 288.31 square kilometres.
The company's operations include opencast and underground mining projects, coal washeries, monetisation of idle washeries through the Washery Developer and Operator (WDO) model, reopening discontinued underground mines through the Mine Developer and Operator (MDO) model, and solar power project monetisation through self-consumption and grid injection.
The company's coal production increased from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025. In Fiscal 2024, the company produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal.
Company Strengths
- Largest coking coal producer in India with access to large reserves.
- Strategically located mines with large washeries.
- Well-positioned to capitalise on demand for coking coal in India.
- Strong parentage of Coal India Limited.
- Consistent track record of growth and financial performance.
Bharat Coking Coal IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Bharat Coking Coal Limited | 2.66 | 2.66 | 14.07 | 0.00 | 20.83 | 0.00 | Consolidated |
| Alpha Metallurgical Resources Inc | 1,233.78 | 1,222.65 | 11,182.10 | 14.87 | 11.48 | 1.63 | Consolidated |
| Warrior Met Coal, Inc | 410.12 | 410.12 | 3,423.71 | 19.44 | 12.82 | 2.33 | Consolidated |
Quick Info
| Sector | Coal Mining and Coke Production |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹10,711.10 Cr |
| GMP | 33.60 |
Important Dates
| IPO Open | Jan 09, 2026 |
| IPO Close | Jan 13, 2026 |
| Allotment Date | Jan 14, 2026 |
| Credit to Demat | Jan 15, 2026 |
| Listing Date | Jan 16, 2026 |
Lead Manager(s)
IDBI Capital Markets Services Ltd. i
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
- Bharat Coking Coal IPO is a book build issue of ₹1,071.11 crores. The issue is entirely an offer for sale of 46.57 crore shares of ₹1,071.11 crore.
- Bharat Coking Coal IPO opens for subscription on Jan 9, 2026 and closes on Jan 13, 2026. The allotment for the Bharat Coking Coal IPO is expected to be finalized on Jan 14, 2026. Bharat Coking Coal IPO will list on BSE, NSE with a tentative listing date fixed as Jan 16, 2026.
- Bharat Coking Coal IPO price band is set at ₹21 to ₹23 per share. The lot size for an application is 600. The minimum amount of investment required by an retail is ₹13,800 (600 shares) (based on upper price). The lot size investment for sNII is 15 lots (9,000 shares), amounting to ₹2,07,000, and for bNII, it is 73 lots (43,800 shares), amounting to ₹10,07,400.