Bharat Coking Coal
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹21 – ₹23
Lot Size
600
₹13,800
Face Value
₹10
Listing Price
₹45.21
Important Dates
Open Date
09 Jan 2026
Close Date
13 Jan 2026
Allotment
14 Jan 2026
Refund
15 Jan 2026
Listing
19 Jan 2026
About Company
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.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | Achieve the benefits of listing the Equity Shares on the Stock Exchange | – |
Financial Performance
Share Reservations
QIB
19,79,22,500
Anchor
11,87,53,500
NII
5,93,76,750
Retail
13,85,45,750
Employee
2,32,85,000
Total
46,57,00,000
RHP Insights
AI-powered analysis from Red Herring Prospectus
Strategic Importance to India's Energy Security
BCCL is a key producer of coking coal in India, which is vital for the steel industry. As a subsidiary of Coal India Limited, it plays a critical role in reducing the country's dependence on expensive metallurgical coal imports.
Impact: HighExtensive Mineral Reserves and Resources
The company operates across the Jharia and Raniganj Coalfields, possessing significant proved and probable reserves. This long-term resource visibility ensures operational longevity and supply stability for core industries.
Impact: HighOffer for Sale (OFS) Structure
The IPO consists entirely of an Offer for Sale by Coal India Limited. This means the company will not receive any proceeds from the offer to fund its own capital expenditure or operations.
Impact: ModerateEnvironmental and Jharia Master Plan Challenges
A significant portion of BCCL's operations is affected by underground fires in the Jharia Coalfield. Implementing the Jharia Master Plan for resettlement and fire control is a massive, complex, and high-risk undertaking.
Impact: LowRevenue Growth and Financial Performance
The company has shown a positive trend in its financial metrics, with consistent revenue from operations and a transition toward sustained profitability in recent fiscal years compared to historical losses.
Impact: HighSWOT Analysis
AI-generated strategic view
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.
Weaknesses
- •Business dependent on cyclical steel and power sector demand.
- •High regulatory and environmental compliance requirements.
- •Concentration of operations in specific coalfields leading to regional risks.
Opportunities
- •Rising domestic demand for coking coal driven by infrastructure and steel sector growth.
- •Potential productivity improvements through technology and mine modernization.
- •Monetisation of idle washeries and reopening of discontinued mines.
Threats
- •Stringent environmental regulations impacting coal mining operations.
- •Long-term energy transition away from coal to renewables.
- •Operational risks related to underground and opencast mining activities.
Bharat Coking Coal IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| Bharat Coking Coal Limited | 2.66 | 2.66 | 14.07 | 20.83 | 18.91 | Consolidated |
| Alpha Metallurgical Resources Inc | 1,233.78 | 1,222.65 | 11,182.1 | 14.87 | 11.48 | Consolidated |
| Warrior Met Coal, Inc | 410.12 | 410.12 | 3,423.71 | 19.44 | 12.82 | Consolidated |
Bharat Coking Coal - Documents & Links
Registrar
Company contact
Bharat Coking Coal Ltd.
Address: Koyla Bhawan, Koyla Nagar, Dhanbad, Jharkhand, 826005
cos.bccl@coalindia.inhttp://www.bcclweb.in/Lead managers
Frequently Asked Questions
Common questions about Bharat Coking Coal IPO.