BC
Bharat Coking Coal
Book Building issueMainboardNSE₹1,069 Cr issue
+96.57%
Listing gain over issue price
Issue size
₹1,069 Cr
1 lot at cut-off
₹13,800
Lot size
600shares
Open
09 Jan 2026
Close
13 Jan 2026
Allotment
14 Jan 2026
Listing
19 Jan 2026
Listing performance
Issue price
₹23
Listed at
₹45.21
Listing-day close
₹40.66
Latest price
₹37.98
Listing gain
+96.57%
Return since listing
+65.13%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹18.50
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 19 Jan 2026 | ₹18.50 | +80.43% | ₹8,400 | ₹41.50 | ₹11,100 |
| 18 Jan 2026 | ₹13.50 | +58.70% | ₹6,200 | ₹36.50 | ₹8,100 |
| 17 Jan 2026 | ₹12.40 | +53.91% | ₹5,700 | ₹35.40 | ₹7,440 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 09 Jan 2026 – 13 Jan 2026
- Listing date
- 19 Jan 2026
- Face value
- ₹10 per share
- Issue price
- ₹23 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹1,069 Cr
- Market cap at offer price
- ₹10,711 Cr
- Promoter holding
- 100.00% → 90.00% pre-issue → post-issue
- ISIN
- INE05XR01022
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- IDBI Capital Markets Services Ltd.
- Registered office
- Koyla Bhawan, Koyla, Nagar, Jharkhand
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 11,87,53,500 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹23
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
11,87,53,500
Anchor portion
₹273 Cr
at ₹23 per share
Valuation and performance
Valuation at offer price
₹23 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.66 | 0.53 |
| P/E (×) | 8.65 | 43.40 |
| Price to book (×) | 1.63 | — |
| Market cap | — | ₹10,711 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.83%
- ROCE
- 30.13%
- PAT margin
- 8.61%
- EBITDA margin
- 16.36%
- NAV per share
- ₹14.07
- Price to book
- 1.63
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Bharat Coking Coal
Bharat Coking Coal Limited (BCCL) was incorporated in 1972 as a coal mining company to mine and supply coking coal concentrated in mines located at Jharia, Jharkhand and Raniganj, West Bengal coalfields. The company has expanded significantly over the years, with coal production increasing from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025, a 32.74% increase. In Fiscal 2024, the company produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal. The company earns revenue primarily through the sale of raw coking coal, raw non-coking coal, washed coking coal, and washed power coal to customers in the power, steel, fertilizer, cement and other sectors.
Company Analysis
from RHPBharat Coking Coal Limited produces various grades of coking coal, non-coking coal, and washed coals for applications primarily in the steel and power industries.
Bharat Coking Coal Limited (BCCL) was incorporated in 1972 as a coal mining company to mine and supply coking coal concentrated in mines located at Jharia, Jharkhand and Raniganj, West Bengal coalfields. The company has expanded significantly over the years, with coal production increasing from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025, a 32.74% increase. In Fiscal 2024, the company produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal. The company earns revenue primarily through the sale of raw coking coal, raw non-coking coal, washed coking coal, and washed power coal to customers in the power, steel, fertilizer, cement and other sectors.
coal miningpower generationsteel production
Objects of the Issue
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges p.29
- Carry out the Offer for Sale of up to 465,700,000 Equity Shares by the Promoter Selling Shareholder p.29
- General corporate purposes p.89
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges and enhance visibility and brand image while providing liquidity and a public market for the Equity Shares in India. p.124
- Not stated in this document part
Issue Structure
- Total Issue
- Up to 465,700,000 equity shares of face value ₹ 10 each aggregating up to ₹ [●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 465,700,000 equity shares of face value ₹ 10 each aggregating up to ₹ [●] million
- Price Band
- [●] per Equity Share of face value ₹ 10 each (Floor Price) to ₹ [●] per Equity Share of face value ₹ 10 each (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10 each
Business Model
The company earns revenue from the production and sale of various grades of coal. Raw coking coal accounted for 77.20% of revenue from operations in the six months ended September 30, 2025, washed coking coal for 13.45%, and other coal products for the remainder. Customers are primarily in the power and steel industries, with power industry (including captive power plants) accounting for 75.46% of total sales in the six months ended September 30, 2025. The company operates mines in Jharia, Jharkhand and Raniganj, West Bengal.
Business Segments
Production and sale of raw coking coal from the company's mines in Jharia and Raniganj coalfields
Production and sale of raw non-coking coal
Production and sale of washed coking coal derived after beneficiating raw coal
Production and sale of washed power coal derived after beneficiating raw coal
Supply of coking coal for power generation
Supply of coking coal for steel production
Supply of coking coal for fertilizer production
Supply of coking coal for cement production
Supply of coking coal to traders, cokery and other small industries
Production and sale of raw coking coal used for steel manufacturing, characterized by the ability to form coke when heated at high temperatures in the absence of air, which is essential for blast furnace processes in steelmaking.
Production and sale of processed coking coal with impurities removed through coal washing, used for specific industrial purposes particularly in the steel sector at premium prices.
Production and sale of non-coking coal primarily used for energy generation and power production.
Extraction and production of coking coal and non-coking coal from mines in Jharia and Raniganj coalfields
Coal beneficiation to reduce ash content and produce washed coking coal and washed power coal for steel and power industries
Production of washed power coal, slurry, and rejects from coal washing for various industrial applications
Mining and production of coking coal through opencast and underground mines for supply to steel and industrial sectors
Mining and production of thermal coal for power generation and other industrial uses
Processing raw coal through six operating washeries to produce metallurgical-grade coking coal and washed power coal with enhanced calorific value and reduced ash content
Extraction of coking coal from opencast mines, processing through washeries, and sale to customers. Operations include stripping activity (removal of overburden to access coal seams), coal processing through washeries to produce saleable coking coal products.
Production and sale of coking coal in raw, washed, and by-product forms to power utilities, steel manufacturers, and other industrial customers
Production and sale of coal through underground and open-cast collieries
SWOT Analysis
Strengths
- • Largest coking coal producer in India with established market position(p.28)
- • Significant production growth trajectory over recent years(p.28)
- • Strong backing and support from Coal India Limited as parent company(p.47)
- • High-quality coal reserves with significant resource base(p.39)
- • Diversified product portfolio across multiple coal grades(p.28)
- • Strategic geographic location in major coalfields(p.28)
- • Dominant coking coal market position in India(p.59)
- • High capacity utilization and production efficiency(p.50)
- • Washery infrastructure to improve coal quality for steel sector(p.50)
- • Alignment with India's energy security objectives(p.50)
- • Largest coking coal producer in India with access to large reserves(p.127)
- • Strategically located mines with large washeries(p.127)
- • Well positioned to capitalize on demand for coking coal in India(p.127)
- • Strong parentage of Coal India Limited(p.127)
- • Consistent track record of growth and financial performance(p.127)
- • Largest coking coal producer in India with 58.50% market share and 7.91 billion tonnes of coking coal reserves(p.224)
- • Strategically located mines in Jharia and Raniganj coalfields with major reserves within 40 km radius(p.221)
- • Market leader in coking coal washery capacity with 13.65 MTPA operational capacity(p.225)
- • Only source of prime coking coal in India(p.224)
- • Debt-free company with no long-term borrowings providing growth capacity(p.204)
- • Strong production growth with 32.74% increase from Fiscal 2022 to 2025(p.219)
- • Largest operational coking coal washing capacity with 50% share among major Indian washeries(p.202)
- • Technology pioneer with Longwall mining and highwall mining capabilities(p.205)
- • Strategic location in well-developed coalfields with logistical advantages(p.226)
- • Advanced washery infrastructure with modern beneficiation technology(p.226)
- • No long-term debt and strong financial stability(p.228)
- • Experienced management team and large skilled workforce(p.229)
- • Support and resources from parent company Coal India Limited(p.227)
- • Large resource base with significant coal reserves(p.227)
- • Diversified mining methods and coal quality production(p.226)
- • Established governance structure with specialized committees(p.282)
- • Multiple oversight mechanisms including Risk Management Committee(p.285)
- • Vigil mechanism with whistleblower protections(p.283)
- • Experienced management team with deep coal industry expertise(p.288)
- • Integrated mining operations with multiple product types(p.355)
- • Established mine closure and environmental provisions framework(p.359)
- • Diversified asset base across equipment and infrastructure(p.360)
- • Established risk management framework overseen by board with DPE guidelines compliance(p.411)
- • Diversified credit risk management through FSAs and e-auction mechanisms(p.411)
- • Zero long-term debt capital structure(p.411)
- • Comprehensive employee benefits funding structure with LIC backing(p.412)
- • Established IPO process with structured offer to existing shareholders and employees(p.509)
- • Standardized governance framework through comprehensive Articles of Association aligned with Companies Act(p.538)
- • Clear capital structure and share issuance flexibility(p.544)
Weaknesses
- • Heavy dependence on raw coking coal revenue with limited product diversification(p.41)
- • Highly concentrated customer base with significant revenue dependency(p.31)
- • Substantial contingent liabilities that could materialize(p.31)
- • Heavy reliance on third-party contractors for significant portion of coal extraction(p.47)
- • Concentrated geographic footprint with limited mining locations(p.31)
- • Dependence on limited vendor base for critical materials and services(p.31)
- • Complete ownership by Coal India Limited limits strategic independence(p.31)
- • Heavy dependence on power sector customers for revenue(p.48)
- • Low quality coking coal limits market applications(p.50)
- • Rapidly deteriorating trade receivables collection(p.49)
- • High mining operational hazards and accident risk(p.48)
- • Significant mine closure and reclamation liabilities(p.59)
- • Limited insurance coverage for operations(p.52)
- • Missing historical documents affecting 31% of share capital(p.53)
- • Significant decline in profit from H1 FY2025 to H1 FY2026(p.94)
- • Recent introduction of current borrowings in FY2026(p.93)
- • Declining raw coal production year-over-year(p.131)
- • Deteriorating current ratio indicating liquidity stress(p.131)
- • Significant decline in EBITDA margin(p.130)
- • Lower grade coking coal requiring extensive washing; only ~11% of output suitable for direct blast furnace use(p.196)
- • Deep-seated coal reserves requiring high overburden removal ratios and lowering Output per Manshift(p.216)
- • Declining coking coal production in 6-month period with 17.4% decrease year-over-year(p.219)
- • Manpower declining at 3% annually due to shift to contracted mining reducing operational control(p.190)
- • Geographically concentrated production with 82% of coal from 4 states creating logistical constraints(p.181)
- • Continuous underground fires in Jharia coalfield threatening operations and inhabitants(p.218)
- • High dependence on a few customers for revenue(p.248)
- • Significant reliance on limited vendors for critical services(p.246)
- • Aging washery equipment and low capacity utilization(p.242)
- • Inadequate insurance coverage(p.254)
- • Concentrated mining operations in fire-prone Jharia coalfields(p.231)
- • Significant accumulated GST input tax credit creating working capital constraint(p.308)
- • Outstanding trade receivables confirmation and reconciliation issues(p.308)
- • Substantial mine closure and site restoration obligations(p.331)
- • High employee benefits expense burden(p.332)
- • Land mutation and title deed issues for portion of held properties(p.316)
- • High capital work-in-progress balance indicating project delays(p.365)
- • Significant exploration and evaluation assets with uncertainty(p.367)
- • Contingent liabilities from tax and legal disputes(p.405)
- • Substantial unresolved statutory claims and litigations(p.406)
- • High employee benefit obligations straining cash flows(p.391)
- • High pending trade receivable confirmations creating audit uncertainty(p.421)
- • Significant accumulated GST input tax credit stuck due to inverted tax structure(p.421)
- • Multiple fraud cases under investigation by vigilance department(p.422)
- • Substantial land mutation pending with state governments(p.422)
- • Under-utilized washery capacity at only 28.46% of operable capacity(p.428)
- • Promoter selling shareholder dependency and concentration(p.509)
- • Limitation on share transfers and discretionary registration refusal by Board(p.545)
- • Company lien on shares for unpaid amounts creates liquidity constraints for members(p.552)
- • Borrowing constraints requiring President/CIL approval(p.557)
Opportunities
- • Strong projected growth in coking coal demand for steel production(p.28)
- • Government push for domestic coal production and self-sufficiency(p.28)
- • Expansion potential through New Coal Distribution Policy framework(p.48)
- • Capacity expansion and operational efficiency improvements(p.28)
- • Strategic restoration of discontinued mines via MDO model(p.58)
- • Modernization and monetization of coal washeries(p.69)
- • Coal bed methane exploration and development(p.76)
- • Leverage Jharia coalfield reserves for growth(p.69)
- • India positioned as fastest-growing major economy with 6.4% CAGR through 2030(p.152)
- • Strong government support through Coal Gasification Mission(p.156)
- • Mining sector recognized as key domain in Union Budget 2025-26(p.156)
- • Significant capital expenditure allocation supporting infrastructure and mining(p.156)
- • Growing steel and manufacturing sectors driving coking coal demand(p.160)
- • Coking coal demand expected to grow from 67 MMT in Fiscal 2025 to 138 MMT by Fiscal 2035(p.199)
- • Government's Mission Coking Coal targeting 140 MMT domestic production by 2029-30 to reduce imports(p.174)
- • India's National Steel Policy targets 300 MTPA steel capacity by 2031, driving coking coal demand(p.218)
- • Government focus on Atma-Nirbhar Bharat creating demand for domestic washed coking coal substitute for imports(p.222)
- • Washery capacity expansion targeting 63 MTPA by Fiscal 2030 enabling higher-grade coal production(p.202)
- • Stamp charging technology adoption across Indian steel mills enabling 35% blending of Indian coking coal(p.201)
- • Non-coking coal demand growing 4.1% CAGR (Fiscal 2024-2030) providing revenue diversification(p.180)
- • Growing demand for coking coal in India through 2035(p.227)
- • Expansion of washery capacity to capture domestic coking coal market(p.231)
- • Government initiative to promote self-reliance in coking coal(p.231)
- • Opportunities in coal bed methane projects for revenue diversification(p.233)
- • Transformation of discontinued mines into profitable ventures(p.230)
- • Revenue growth through operational efficiency improvements(p.332)
- • Strategic focus on Risk Management including ESG considerations(p.286)
- • Dividend distribution potential under CPSE guidelines(p.302)
- • ERP system migration enabling improved financial management(p.317)
- • Expansion of stripping activity assets for improved future coal access(p.355)
- • Capital-in-progress projects becoming operational to increase revenue capacity(p.364)
- • Solar energy generation expansion reducing operational costs(p.363)
- • Mine closure fund building to support environmental obligations(p.377)
- • Expansion of coking coal demand with projected growth from 67 to 138 MTY by Fiscal 2035(p.427)
- • New washery commissioning to improve capacity utilization(p.429)
- • Enhanced mining technology deployment for improved reserve recovery(p.428)
- • Customer base diversification through e-auctions and MoUs(p.427)
- • Jharia coalfield reorganization into seven large opencast units(p.428)
- • Diversified investor participation across multiple bidder categories and segments(p.509)
- • Access to international capital through FPI participation with 100% sectoral cap(p.521)
- • Institutional investor participation through QIB portion and anchor investor mechanism(p.516)
- • Enhanced liquidity through dematerialized form and trading on stock exchanges(p.516)
Threats
- • Volatile pricing and supply of critical raw materials like explosives and fuel(p.31)
- • Declining demand for coking coal from economic downturns or energy transition(p.31)
- • Reserve depletion risk in concentrated mining areas(p.31)
- • Uncertainty and volatility in reserve and resource estimates(p.31)
- • Regulatory constraints on coal distribution limiting pricing flexibility(p.48)
- • Dependence on power and steel industry performance(p.48)
- • Environmental regulations and climate change concerns affecting coal demand(p.42)
- • Reputational and operational risks from vendor litigations and regulatory actions(p.47)
- • Power and steel sector demand cyclicality and economic sensitivity(p.48)
- • Long-term transition toward renewable energy sources(p.59)
- • Environmental and climate policy restrictions on coal mining(p.54)
- • Potential restrictions on mining in forest areas(p.63)
- • Competition from imported coking coal(p.50)
- • Monsoon and adverse weather disruptions to operations(p.57)
- • Jharia coalfield fire, subsidence and environmental hazards(p.66)
- • Trade union activity and labor disputes risk(p.60)
- • Regulatory and taxation policy changes(p.63)
- • Global and domestic economic slowdown risk(p.152)
- • Coal sector growth deceleration(p.158)
- • Exposure to commodity price volatility and international market fluctuations(p.128)
- • Environmental and regulatory pressures on coal mining(p.156)
- • Competition from international coking coal producers(p.128)
- • Long-term climate commitments and net-zero 2070 target creating regulatory risks to coal mining expansion(p.218)
- • Potential carbon taxes, coal cess and emissions trading schemes limiting coal sector profitability(p.218)
- • India imports 51% of coking coal from Australia creating supply chain dependency and price volatility(p.197)
- • Global coking coal supply competition with Australia dominating 52% of exports at lower ash content(p.189)
- • Demand-supply gap narrowing from 206 MMT in 2025 to 76 MMT by 2030 reducing pricing power(p.184)
- • Regulatory approvals and land acquisition challenges delaying coal project development(p.191)
- • Shift to renewable energy and electric vehicles reducing thermal coal demand over long-term(p.221)
- • Logistics infrastructure constraints with only 50% coal transported by rail creating bottlenecks(p.191)
- • Regulatory framework governs coal distribution and allocation(p.244)
- • Competitive pressure from other coal producers(p.254)
- • Volatility in input costs including fuel and explosives(p.245)
- • Industry cyclicality and commodity price volatility(p.227)
- • Pending legal demands related to illegal mining penalties despite subsequent set-aside(p.318)
- • Data migration reconciliation gaps in critical HCM module(p.319)
- • Coal stock measurement gaps for certain heap categories(p.317)
- • Inverted GST tax structure creating potential future cash flow challenges(p.308)
- • Prior period fraud cases indicating internal control weaknesses(p.323)
- • Significant overburden removal costs affecting unit economics(p.355)
- • Environmental restoration and mine closure obligations creating future cash drains(p.391)
- • Regulatory and statutory compliance risks from contested demands(p.406)
- • Land encroachment reducing productive mine capacity(p.362)
- • Ongoing tax disputes and litigation reducing financial certainty(p.406)
- • Jharia coalfield fire-prone seams and high ash content affecting extraction efficiency(p.428)
- • Global coking coal price volatility affecting domestic competitiveness(p.428)
- • Supply-demand fluctuations in steel sector impacting demand(p.427)
- • Court verdict striking down composition user fees creating billing/refund uncertainty(p.421)
- • Excessive rainfall impacting production and offtake(p.449)
- • Regulatory risk from amendments to Companies Act and applicable securities laws post-filing(p.515)
- • Foreign investment restrictions based on beneficial ownership and border country provisions(p.536)
- • Offeror withdrawal risk up until allotment affecting investor certainty(p.508)
- • Operational execution risk in listing timeline and fund unblocking processes(p.515)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Coal India Limited | Promoter Selling Shareholder | 100.00% | — |
| President of India, acting through the Ministry of Coal, Government of India | Promoter | 0.00% | — |
| Coal India Limited | Corporate Promoter/Promoter Selling Shareholder | 100% | approximately 90.00% |
| Coal India Limited | Promoter | 100.00% | [●] |
| President of India, acting through the Ministry of Coal, Government of India | Promoter | — | [●] |
| Coal India Limited | Promoter (100% ownership) | 100% | — |
| Coal India Limited | Promoter | — | — |
| President of India, acting through the Ministry of Coal, Government of India | Promoter | — | — |
| Coal India Limited | Promoter | 100.00% | — |
| Coal India Limited | Promoter/Holding Company | 100% | 100% |
| Coal India Limited | 100% shareholder/Parent Company | 100% | — |
| Coal India Limited | Promoter/Corporate Promoter | 100.0% | — |
| Coal India Limited (CIL) | Promoter/Holding Company | — | — |
| Coal India Limited | Promoter Selling Shareholder | — | — |
Leadership
Manoj Kumar Agarwal · Chairman cum Managing Director / Chief Executive Officer / Director (Finance), additional charge
Satya Raju Masapogu · Chief Financial Officer
Murli Krishna Ramaiah · Director (Human Resources)
Sanjay Kumar Singh · Director (Technical)
Niladri Roy · Director (Technical)
Bani Kumar Parui · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.