Bharat Coking Coal Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹21 - ₹23
- Lot size
- 600 shares
- Issue amount
- ₹1,071.11 cr
- Total subscription
- 146.87×
- Opens
- 9 Jan 2026
- Closes
- 13 Jan 2026
- Allotment
- 14 Jan 2026
- Listing
- 19 Jan 2026
Offer at a glance
Issue overview
- Issue size
- 46,57,00,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹12,600
- Fresh issue
- ₹0 cr
- Offer for sale
- ₹1,071.11 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹13,800
- Issue type
- Bookbuilding IPO
- Shares before issue
- 4,65,70,00,000
- Shares after issue
- 4,65,70,00,000
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 600 | ₹13,800 |
| sHNI | 15 | 9,000 | ₹2,07,000 |
| bHNI | 73 | 43,800 | ₹10,07,400 |
Share reservation
Subscription & GMP
Subscription by category
Reported 13 Jan 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 2,30,910 | 72,89,380 |
| EMPLOYEES | 0 | 97,085 |
| HNIs(10L +) | 4,398 | 2,37,408 |
| HNIs (2-10L) | 2,199 | 4,43,050 |
| Shareholder | 0 | 67,956 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 182.09 | 56,595 |
| FIIs | 0 | 17,102.48 |
| FIs | 0 | 23,228.03 |
| Mutual Funds | 0 | 2,468.5 |
| Others | 0 | 13,795.99 |
| RETAIL | 318.66 | 15,719.35 |
| HNIs 2+ | 45.52 | 10,160.6 |
| HNIs 10+ | 91.04 | 25,095.79 |
| EMPLOYEES | 53.56 | 277.21 |
| Shareholder | 107.11 | 9,349.85 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 1.61 | 2.66 | 3.36 | 1.43 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | 4.28 | 20.83 | 34.21 | 19.22 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 8.64 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Bharat Coking Coal Limited | 0 | 0 | 0 | 14.07 | 20.83 | 2.66 |
| Alpha Metallurgical Resources, Inc | 14.87 | 18177.77 | 0 | 11182.10 | 11.48 | 1233.78 |
| Warrior Met Coal, Inc | 19.44 | 7974.08 | 0 | 3423.71 | 12.82 | 410.12 |
Company information
Company profile
Bharat Coking Coal Limited, incorporated in 1972, is engaged in the production of coking coal, non-coking coal, and washed coal, and operates as a wholly owned subsidiary of Coal India Limited. As of March 31, 2025, the company operates 32 mines comprising 25 opencast, 3 underground, and 4 mixed mines, with its primary focus on coking coal to serve the steel and power industries. As of April 1, 2024, BCCL holds an estimated coking coal reserve of around 7,910 million tonnes and accounted for 58.50% of India’s total domestic coking coal production in Fiscal 2025. The company’s operations are spread across Jharia in Jharkhand and Raniganj in West Bengal, covering a total leasehold area of 288.31 square kilometers. Its activities include opencast and underground mining, coal washeries, monetisation of idle washeries through the Washery Developer and Operator model, revival of discontinued underground mines through the Mine Developer and Operator model, and monetisation of solar power projects through self-consumption and grid injection. Coal production increased from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025, while in Fiscal 2024 the company produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal.
Strengths
- Leading Player in Coking Coal with a Strong Resource Base: BCCL is India’s largest coking coal producer, contributing 58.50% of domestic output in FY 2025. The company holds 7.91 billion tonnes of coking coal resources, making it the only source of prime coking coal in India according to CRISIL. These sizeable reserves support uninterrupted supply to industries such as steel, power, cement, and fertilizers, while enabling economies of scale.
- Advantageous Mine Locations Backed by High Washery Capacity: The company’s mining operations are concentrated in the coal-rich Jharia and Raniganj coalfields, providing easy access to quality reserves. BCCL also operates the largest coking coal washery capacity in India at 13.65 MTPA, which improves coal quality, lowers logistics costs, and ensures efficient and consistent production.
- Well Positioned to Capture Growth in Coking Coal Demand: India’s coking coal demand is expected to rise from 67 million tonnes in FY 2025 to 104 million tonnes by FY 2030, mainly driven by growth in the steel sector, as per CRISIL. With its dominant market share and strong reserve base, BCCL is well placed to benefit from this demand growth and maintain long-term leadership.
Risk factors
- Concentration of Mines and Reserves in Limited Regions: BCCL’s entire mining operations are concentrated in the Jharia coalfield in Jharkhand and the Raniganj coalfield in West Bengal. Any depletion of reserves or difficulty in fully exploiting deposits in these regions could directly impact production and negatively affect the company’s business, financial position, and cash flows.
- Dependence on a Limited Set of Key Vendors: The company relies on a small number of vendors for critical inputs and services such as diesel supply, explosives, overburden removal, coal mining, transportation, and coal washing. Any disruption in these vendor relationships due to operational issues, financial stress, regulatory changes, or external factors could affect operational continuity and overall performance.
- High Dependence on Third-Party Contractors: A large portion of coal extraction and handling activities is carried out through third-party contractors, accounting for 78.47% in FY 2025. This exposes the company to risks related to cost fluctuations, service quality issues, delays, and operational inefficiencies, which may adversely impact production, logistics, and financial performance.
Promoters
President of India
Acting Through the Ministry of Coal
Government of India
Coal India Limited
Registrar & documents
Lead manager
ICICI Securities Limited, IDBI Capital Market Services Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Koyla Bhawan, Koyla Nagar Dhanbad, Jharkhand, 826005
0326-2230190
[email protected]Company website ↗Understanding BHARATCOAL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.