Table of Content
- About Bharat Coking Coal IPO
- Business Overview of Bharat Coking Coal
- Bharat Coking Coal IPO Date, Price, and Other Details
- Bharat Coking Coal IPO Shareholder Quota: Who Can Apply?
- Bharat Coking Coal IPO Objectives – How Will the Funds Be Used?
- Promoter Shareholding of Bharat Coking Coal Limited IPO
- Financial Performance (₹ in crores) of Bharat Coking Coal IPO
- Key Performance Metrics of Bharat Coking Coal Limited
- Strengths And Risks of Bharat Coking Coal IPO
- How To Check the Allotment Status of Bharat Coking Coal?
- Registrar Of Bharat Coking Coal IPO
- Lead Manager Of Bharat Coking Coal Limited IPO
About Bharat Coking Coal IPO
Bharat Coking Coal Limited is set to launch its IPO for public subscription on January 9, 2026, and the issue will remain open until January 13, 2026.
The IPO price band is fixed at ₹21 to ₹23 per equity share, with a lot size of 600 shares. The final allotment of shares is expected to be announced on January 14, 2026.
Upon successful completion of the public issue, the shares of Bharat Coking Coal Limited are proposed to be listed on both the BSE and NSE, with a tentative listing date of January 16, 2026.
The Bharat Coking Coal IPO is a ₹1,071.11 crore book-built issue comprising 46.57 crore equity shares. The entire issue is an Offer for Sale (OFS), with no fresh issue component.
Business Overview of Bharat Coking Coal
Established in 1972, Bharat Coking Coal Limited (BCCL) is a Government of India enterprise and a wholly-owned subsidiary of Coal India Limited, engaged in the mining and supply of coking coal, washed coal, and non-coking coal.
BCCL is the largest producer of coking coal in India, accounting for nearly 58.5% of domestic coking coal production in FY25. The company holds access to approximately 7.91 billion tonnes of coking coal reserves, making it the only domestic source of prime coking coal in the country. Its scale enables steady supply to steel plants and other core industries.
The company operates across the Jharia and Raniganj coalfields, with a mix of opencast and underground mines supported by strong rail and road connectivity. BCCL also operates five coking coal washeries with an owned operational capacity of about 13.65 million tonnes per annum, making it a market leader in coal beneficiation capacity in India.
Backed by Coal India Limited, the company benefits from scale, established infrastructure, and institutional support, ensuring long-term supply stability and operational reliability.
Bharat Coking Coal IPO Date, Price, and Other Details
The following are the details of Bharat Coking Coal' upcoming IPO .
| Particulars | Details |
|---|---|
| IPO Size | Book Build issue of ₹1,071.11 crores |
| Offer Type | Entirely Offer for Sale (OFS) |
| Total Number of Equity Shares | 46,57,00,000 shares (estimated) |
| Price Band | ₹21 to ₹23 per share |
| Issue Dates | Opens: January 9, 2026 Closes: January 13, 2026 |
| Minimum Bid Lot | 1 lot consists of 600 shares |
| Allotment Date | January 14, 2026 |
| Listing Date | January 16, 2026 |
| Face Value | ₹1 per share |
| Use of Proceeds | Nil (See IPO objectives below) |
| Lead Managers (BRLMs) | IDBI Capital Markets Services Ltd. ICICI Securities Ltd. |
| Registrar | KFin Technologies Limited |
| Listing Exchanges | National Stock Exchange of India (NSE) & Bombay Stock Exchange (BSE) |
Bharat Coking Coal IPO Shareholder Quota: Who Can Apply?
To apply for Bharat Coking Coal IPO, the following quota is allotted to each investor category, which includes:
| 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 |
Furthermore, learn who can apply to BCCL IPO:
- Retail Investors
- HUFs (Hindu Undivided Families)
- Eligible NRIs
- Eligible FPIs
- SEBI-registered AIFs, VCFs and FVCIs
- Limited Liability Partnerships (LLPs)
- Banking Companies
- SCSBs
- NBFCs
- Insurance Companies
- Provident Funds/Pension Funds
- Eligible Employees
- Eligible Shareholders
- Anchor Investors
Bharat Coking Coal IPO Objectives – How Will the Funds Be Used?
The Company will receive no proceeds from the Bharat Coking Coal IPO. It will go directly to the Promoter Shareholder after deducting offer-related expenses and taxes.
Promoter Shareholding of Bharat Coking Coal Limited IPO
The entire promoter shareholding of Bharat Coking Coal Limited stays with Coal India Limited.
| Promoter | Shareholding (Pre-Issue) |
|---|---|
| Coal India Limited | 100% |
(Note: The President of India, acting via the Ministry of Coal, Government of India, holds 63.13% promoter holding in Coal India Limited.)
Financial Performance (₹ in crores) of Bharat Coking Coal IPO
Here's the table showing Bharat Coking Coal Limited's financial performance from FY 2023 to FY 2025 and as of Sep 30, 2025.
| 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 | - | - | - |
(₹ in crores)
Key Performance Metrics of Bharat Coking Coal Limited
Based on the consolidated financial statements of Bharat Coking Coal for FY 2024-25 and as of Sep 30, 2025, the following financial metrics are available.
| KPI | As of Sep 30, 2025 | Values (as of FY 2024-25) |
|---|---|---|
| Return on Net Worth (RoNW) | 2.00 | 20.83 |
| Net Asset Value** (NAV) | 12.52 | 14.07 |
| Price/Earnings (P/E) Ratio | - | Not available |
| Earnings Per Share (EPS) | 0.27 | 1.61 |
| Return on Capital Employed (ROCE) | 4.28 | 30.13 |
| EBITDA Margin (%) | 7.29 | 16.36 |
| PAT Margin (%) | 1.96 | 8.61 |
| Debt to Equity Ratio | - | - |
| Capital Expenditure (Capex) (in crores) | 3,435.70 | 18,149.40 |
(1. ** refers to the NAV per equity share with a face value of ₹10.
2. # - The company is debt free company, but may have limited liabilities.)
Strengths And Risks of Bharat Coking Coal IPO
Below is a concise business overview or SWOT analysis of the Bharat Coking Coal IPO, outlining its strengths and potential risks for investors – plus, future strategies of the company.
Strengths
- Market leader in coking coal: Largest coking coal producer in India with ~58.5% share of domestic production.
- Exclusive access to prime reserves: The company holds ~7.91 billion tonnes of coking coal, making it India's only source of prime coking coal.
- Strong economies of scale: They own a large production base, lowers per-unit costs and strengthens pricing power.
- Strategic mine locations: Mines in Jharia and Raniganj coalfields have excellent rail and road connectivity.
- Largest washery capacity: Market leader in coking coal washery capacity with 13.65 MTPA operational capacity.
- Diverse product portfolio: TBCCL produces coking coal, non-coking coal, washed coal, by-products, and supplies the same for multiple industries.
- Integrated infrastructure: They have owned washeries plus access to Tata Steel washeries with improved flexibility and efficiency.
- Strong institutional backing: Relationship with Coal India Limited, the world's largest coal producer.
- Resource security: Large reserve base reduces risk of depletion and ensures long-term supply stability.
Risks / Weaknesses
- High ash content in coking coal limits usage mainly to power sector, increasing dependency on washing.
- Capital-intensive operations require continuous investments for modernization, washeries, and mining technology.
- Environmental and regulatory risks exist in the mining area of Jharia coalfields, making them prone to fire hazards, land subsidence, and strict regulatory oversight.
- Revenue closely linked to steel production cycles may cause dependence on steel sector demand.
- Legacy infrastructure and older underground mines and washeries may be less efficient until fully modernized.
- There could be transition risks when converting underground mines to opencast operations involves operational, social, and environmental challenges.
Future Strategies
- Technology-driven mining: The company plans to deploy high-capacity HEMM, longwall mining, continuous miners, and highwall mining.
- Shift to mass production: Transition legacy underground mines to opencast and use high-efficiency underground methods.
- Mine consolidation: Future plans include reorganizing Jharia coalfields into seven large opencast mining blocks (A–G).
- Washery expansion & modernization: The Moonidih washery capacity will be doubled, along with upgrade of older washeries.
- Asset monetization: Strategies to monetize discontinued mines and inefficient washeries via MDO/WDO models and private partnerships.
- Revival of discontinued mines: Restart underground mines through revenue-sharing with private players.
- Sustainability focus: Emphasis on land reclamation, afforestation, water management, and energy efficiency.
- Fire and safety management: Implement Revised Jharia Master Plan for fire control and safety improvement.
- Energy diversification: Explore Coal Bed Methane (CBM) projects to reduce emissions and improve mine safety.
- Demand-led growth: Align capacity expansion with rising coking coal demand driven by India's steel production targets.
How To Check the Allotment Status of Bharat Coking Coal?
Here's how you can check your IPO allotment status for Bharat Coking Coal Limited.
- Visit the allotment portal : Visit the allotment portal: https://ipostatus.kfintech.com/
- Select "Bharat Coking Coal" from the company dropdown.
- Enter any of these details - PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click on the "Submit" button to view your allotment status.
Registrar Of Bharat Coking Coal IPO
The Bharat Coking Coal IPO registrar, as per the RHP, is KFin Technologies Limited.
Phone: 04067162222, 04079611000
Email: bccl.ipo@kfintech.com
Lead Manager Of Bharat Coking Coal Limited IPO
The lead manager handling the IPO process of Bharat Coking Coal Ltd is “IDBI Capital Markets & Securities Limited” and “ICICI Securities Limited.”
Disclaimer
All IPO details, including issue size, price band, and timelines, are sourced from the company’s Red Herring Prospectus (RHP) and publicly available data at the time of writing. This blog is meant only for awareness and educational purposes - it’s not investment advice. Please go through the RHP carefully available on the SEBI website. Henceforth, investors are requested to do their own research and due diligence before investing in any IPO. The author and platform do not guarantee the accuracy or completeness of the information and shall not be held responsible for any financial losses arising from investment decisions based on this content
