Bharat Coking Coal Limited (BCCL) is engaged in the production of coking coal, non-coking coal, and washed coal, serving key industrial sectors, primarily the steel and power industries. The company is a wholly-owned subsidiary of Coal India Limited, with the Government of India as the ultimate promoter.
As of September 30, 2025, BCCL operates 34 operational mines, comprising four underground mines, 26 opencast mines, and four mixed mines, reflecting a diversified mining portfolio. The company’s mining operations are located in the Jharia coalfields of Jharkhand and the Raniganj coalfields of West Bengal, covering a total leasehold area of approximately 288.31 square kilometres.
Coking coal is BCCL’s principal product and a critical input for steel manufacturing. As of April 1, 2024, the company had estimated coking coal reserves of around 7,910 million tonnes. In Fiscal 2025, BCCL contributed 58.50% of India’s total domestic coking coal production, highlighting its strategic importance in the country’s steel value chain.
The company’s operations include opencast and underground mining, coal beneficiation through washeries, and monetisation of idle assets. BCCL has adopted the Washery Developer and Operator (WDO) model for reviving non-operational washeries and the Mine Developer and Operator (MDO) model for reopening discontinued underground mines. In addition, the company undertakes solar power projects, monetising them through self-consumption and grid injection to improve energy efficiency and sustainability.
BCCL has demonstrated consistent growth in coal production, which increased from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025. During Fiscal 2024, the company produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal, underlining its strong operational scale.
Bharat Coking Coal IPO – Details
| IPO Opening Date | 09 January 2026 |
| IPO Closing Date | 13 January 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 46,57,00,000 Shares Worth ₹1071.11 Crore Offer For Sale: 46,57,00,000 Shares Worth ₹1071.11 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹21 – ₹23 per share |
| Market Lot | 600 Shares |
| Min Order | 600 Shares [ 1 lot ] |
| Employee Discount | ₹1 |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Bharat Coking Coal IPO – Date Schedule
| IPO Open Date | 09 January 2026 |
| IPO Close Date | 13 January 2026 |
| Basis of Allotment | 14 January 2026 |
| Initiation of Refund | 15 January 2026 |
| Credit of Shares to Demat Account | 15 January 2026 |
| IPO Listing Date | 16 January 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on January 09, 2026 |
Bharat Coking Coal IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 600 | ₹13,800 |
| Retail (Max) | 14 | 8,400 | ₹1,93,200 |
| S-HNI (Min) | 15 | 9,000 | ₹2,07,000 |
| S-HNI (Max) | 72 | 43,200 | ₹9,93,600 |
| B-HNI (Min) | 73 | 43,800 | ₹10,07,400 |
Competitive Strength
- 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.
Company Promoters
- President of India
- Government of India
- Coal India Limited
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹13,018.57 Cr | ₹12,488.38 Cr | ₹664.78 Cr | – |
| 31 March 2024 | ₹14,652.53 Cr | ₹12,560.86 Cr | ₹1,564.46 Cr | – |
| 31 March 2025 | ₹14,401.63 Cr | ₹12,698.74 Cr | ₹1,240.19 Cr | – |
| 30 September 2025 | ₹6,311.51 Cr | ₹6,112.17 Cr | ₹123.88 Cr | ₹1,559.13 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROCE | 30.13% |
| RoNW | 20.83% |
| PAT Margin | 8.61% |
| EBITDA Margin | 16.36% |
| Price to Book Value | 1.63 |
| Pre IPO | Post IPO | |
| EPS (₹) | 2.66 | 0.53 |
| P/E (x) | 8.64 | 43.23 |
Object Of The Issue
The Promoter Selling Shareholder will be entitled to the entire proceeds of the Offer, after deducting its share of the offer-related expenses and applicable taxes. The Company will not receive any proceeds from the Offer, as the issue is entirely an Offer for Sale (OFS).
The objects of the Offer are to:
- Achieve the benefits of listing the Equity Shares on the BSE and NSE, including enhanced visibility, improved corporate image, and increased liquidity in the Equity Shares; and
- Carry out the Offer for Sale of up to 465,700,000 Equity Shares of face value ₹10 each by the Promoter Selling Shareholder, aggregating up to ₹[●] million.
Bharat Coking Coal IPO Peer Comparison
- As there are no listed Indian companies of comparable size and operating in a similar line of business, a like-to-like peer comparison is not available for the Company.
✅Strengths
- India’s largest domestic coking coal producer, contributing 58.50% of total domestic output in FY25.
- Large coking coal reserves of ~7,910 million tonnes, ensuring long-term resource visibility.
- Strategic importance to the steel industry, reducing India’s dependence on imports.
- Strong promoter backing as a wholly-owned subsidiary of Coal India Limited.
- Improving production trend, with output rising from 30.51 MT (FY22) to 40.50 MT (FY25).
⚠️Risks
- High dependence on the steel sector for coking coal demand.
- Geographical concentration in Jharia (Jharkhand) and Raniganj (West Bengal).
- Environmental and regulatory risks inherent in coal mining operations.
- Legacy issues such as mine fires and land rehabilitation in Jharia coalfields.
Bharat Coking Coal IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | 90.00% |
Bharat Coking Coal IPO Prospectus
Company Contact Information
| Bharat Coking Coal Ltd. Koyla Bhawan, Koyla Nagar Dhanbad, Jharkhand, 826005 Phone: 0326-2230190 Email: cos.bccl@coalindia.in Website: https://bcclweb.in/ |
Bharat Coking Coal IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: bccl.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Bharat Coking Coal IPO Lead Manager(s)
| 1. ICICI Securities Limited 2. IDBI Capital Markets & Securities Limited |
Bharat Coking Coal IPO FAQs
| What is Bharat Coking Coal IPO? Bharat Coking Coal IPO is a main-board IPO. The issue is priced at ₹21 to ₹23 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Bharat Coking Coal IPO open? The IPO is to open on 09 January 2026 for QIB, NII, and Retail Investors. |
| What is Bharat Coking Coal IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is Bharat Coking Coal’s IPO Size? Bharat Coking Coal IPO size is ₹1071.10 Crore. |
| What is the Bharat Coking Coal IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 600 Shares with ₹13,800, while the maximum bid is 8400 Shares with ₹1,93,200. |
| What is the Bharat Coking Coal IPO Allotment Date? Bharat Coking Coal IPO allotment date is 14 January 2026. |
| What is the Bharat Coking Coal IPO Listing Date? Bharat Coking Coal IPO listing date is 16 January 2026. The IPO is to be listed on BSE and NSE. |
