Bharat Coking Coal IPO - Company Analysis
Bharat Coking Coal IPO, a Mainboard IPO, is a book-built issue of Rs. 1,071.11 Cr by Bharat Coking Coal Ltd., engaged in the production of washed coal, non-coking coal, and coking coal. The company is a wholly owned subsidiary of Coal India Limited.
As of 30 September 2025, the company operates 34 active mines, including four underground, 26 opencast, and four mixed mines. Coking coal, primarily used in the steel and power sectors, is its main product, contributing 58.50% of India’s domestic coking coal production in FY 2025.
The company’s operations include opencast and underground mining projects, coal washeries, reopening of closed underground mines via the Mine Developer and Operator (MDO) model, monetizing idle washeries using the Washery Developer and Operator (WDO) model, and solar power project monetization through self-consumption and grid injection.
Bharat Coking Coal IPO Details
The Bharat Coking Coal Ltd IPO will open on 09 Jan 2026 and close on 13 Jan 2026. The IPO allotment is scheduled for 14 Jan 2026, with refund initiation expected on 15 Jan 2026.
This mainboard IPO of Rs. 1,071.11 Cr consists entirely of an Offer for Sale (OFS) of 46.57 crore shares.
The expected listing date for the Bharat Coking Coal IPO is Friday, 16 Jan 2026, with shares proposed to be listed on the BSE and NSE.
The price band for the Bharat Coking Coal IPO is Rs. 21 to Rs. 23 per share.
| Events | Date |
| IPO Opening Date | January 09, 2026 |
| IPO Closing Date | January 13, 2026 |
| IPO Allotment Date | January 14, 2026 (Tentative) |
| Refund Initiation | January 15, 2026 (Tentative) |
| Tentative IPO Listing Date | January 16, 2026 |
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Industry Outlook
Company Financial
(Amount in Cr)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 17,283.48 | 14,727.73 | 13,312.86 |
| Total Income | 14,401.63 | 14,652.53 | 13,018.57 |
| PAT | 1,240.19 | 1,564.46 | 664.78 |
| EBITDA | 2,356.06 | 2,493.89 | 891.31 |
| Net Worth | 6,551.23 | 5,355.47 | 3,791.01 |
| Reserves & Surplus | 1,805.73 | 664.72 | -853.10 |
| Total Borrowing | 1,559.13 | - | - |
Cash Flows
The cash flows for various activities are shown below:
(Amount in Mn)
| Net Cash Flow In Multiple Activities | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Net Cash Flow Operating Activities | 7,964.90 | 12,991.40 | 16,987.80 |
| Net Cash Flow Investing Activities | (7,823.10) | (14,844.20) | (17,058.30) |
| Net Cash Flow Financing Activities | (1,324.60) | (738.40) | (429.70) |
Revenue Bifurcation
(Source RHP)
The Objective of The Issue
The Promoter Selling Shareholder will receive the entire Offer Proceeds after deducting offer-related expenses and applicable taxes; the company will not receive any proceeds from the offer.
Click to check the IPO application status.
Listed Peers of Bharat Coking Coal Ltd.
| Company Name | Face Value (₹) | P/E (₹) | EPS (x) |
| Alpha Metallurgical Resources, Inc | $0.01 | 14.87 | 1,233.78 |
| Warrior Met Coal, Inc | $0.01 | 19.44 | 410.12 |
Valuation
| KPI | Values |
| ROCE | 30.13% |
| RoNW | 20.83% |
| PAT Margin | 8.61% |
| EBITDA Margin | 16.36% |
| Price to Book Value | 1.63 |
Evaluation of P/E Ratio
The company’s IPO price of Rs. 23 corresponds to a P/E ratio of 8.64x, based on the FY 2025 EPS of Rs. 2.66.
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IPO's Strengths
- India’s largest producer of coking coal with access to substantial reserves.
- Mines equipped with large, strategically located washeries.
- Well-positioned to benefit from India’s growing demand for coking coal.
- Strong legacy as a subsidiary of Coal India Limited.
- Consistent track record of growth and financial performance.
IPO Weaknesses
- High concentration of mines and washeries in Jharkhand and West Bengal may adversely affect the business if coal deposits in these regions deplete or if existing reserves are not efficiently utilized.
- Dependence on a limited number of suppliers for contractual services poses a risk, as any disruption could impact operations.
- Exposure to fluctuations in contractual costs due to reliance on third-party contractors for certain coal handling and production activities.
Bharat Coking Coal IPO GMP
Bharat Coking Coal IPO GMP stands at ₹10.6 as of 13 Jan 2026. With a price band of Rs. 21–23, this indicates that the estimated listing price of the IPO could be around Rs. 39.5, reflecting an exppected gain of approximately 71.74% per share.
Bharat Coking Coal Limited IPO Summar
| IPO Opening & Closing Date | Jan 09, 2026 to Jan 13, 2026 |
| Face Value | Rs. 10 per Share |
| Issue Price | Rs. 21 to Rs. 23 |
| Lot Size | 600 Shares |
| Issue Size | 46,57,00,000 Shares (Rs. 1,071.11 Cr) |
| Offer for Sale | 46,57,00,000 Shares (Rs. 1,071.11 Cr) |
| Fresh Issue | - |
| Listing At | BSE, NSE |
| Issue Type | Book Built Issue IPO |
| Registrar | Kfin Technologies Ltd. |
Bharat Coking Coal IPO Lot Size
The Bharat Coking Coal Ltd. IPO allows retail investors to subscribe to a minimum of 1 lot (600 shares) for Rs. 13,800 and a maximum of 14 lots (8,400 shares) for Rs. 1,93,200. For S-HNI investors, the minimum subscription is 15 lots (9,000 shares) amounting to Rs. 2,07,000.
| Minimum Lot Investment (Retail) | 1 Lot |
| Maximum Lot Investment (Retail) | 14 Lots |
| SHNI (Minimum) | 15 Lots |
| SHNI (Maximum) | 72 Lots |
| BHNI (Minimum) | 73 Lots |
Bharat Coking Coal IPO Reservation
| Institutional Share Portion | 50% |
| Retail Investors' Share Portion | 35% |
| Non-Institutional Shares Portion | 15% |
Bharat Coking Coal IPO Allotment Status
To check the Bharat Coking Coal IPO allotment status, visit the official registrar’s website or the BSE website. Below are the links for your reference:
BSE Website - BSE IPO allotment status
Promoters And Management of Bharat Coking Coal Ltd.
- The President of India
- Coal India Limited.
| Pre-Issue Promoter Shareholding | 100% |
| Post-Issue Promoter Shareholding | 90% |
Bharat Coking Coal IPO Lead Managers
- IDBI Capital Markets Services Ltd.
- ICICI Securities Ltd.
Dividend Policy
The company has not declared or paid any dividend during the past three financial years.
Conclusion
The Bharat Coking Coal IPO offers exposure to India’s leading coking coal producer, with a significant market share, strong profit margins, and an attractive valuation of around 8.6x FY25 P/E. While being a pure OFS limits the company’s access to fresh capital for expansion, its backing by Coal India positions it well to benefit from ongoing steel demand. Despite risks related to regional concentration and commodity cyclicality, the IPO appeals to investors seeking listing gains and long-term exposure to an industry leader.
