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HomeIPOBharat Coking Coal

About Bharat Coking Coal

Incorporated in 1972, Bharat Coking Coal Limited (BCCL) is involved in the mining of coking coal, non-coking coal, and washed coals. The company is a wholly-owned subsidiary of Coal India Limited. As on March 31, 2025, the company has 32 mining facilities, which consist of 25 opencast, 3 underground, and 4 mixed mining facilities. The primary product that the company deals with is Coking coal, which is served to the steel and power sectors. The approximate reserve of coking coal that BCCL has, as on April 1, 2024, is 7,910 million tonnes. In Fiscal 2025, BCCL's share in the overall domestic production of coking coal in India is 58.50 percent. It has operations in Jharia, Jharkhand, and Raniganj in West Bengal, with a total leasehold area of 288.31 square kilometers. The business domains of the company are opencast and underground mining, coal washeries, monetization of idle coal washeries via the ‘Washery Developer Operator (WDO)’ approach, restarting abandoned underground mining via the ‘Mine Developer Operator (MDO)’ approach, and the monetization of a solar power project via self-consumption as well as injection into the grid. The coal production of the company grew from 30.51 million tons in Fiscal 2022 to 40.50 million tons in Fiscal 2025. In Fiscal 2024, the company’s output of coking coal stood at 39.11 million tons, while that of non-coking coal was 1.99 million tons.

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Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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Issue Size22.98 Cr
Min. Qty2000 Shares
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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Antala Industries

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29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Bharat Coking Coal

Bharat Coking Coal

Open Date

09 Jan 2026

Close Date

13 Jan 2026

listed

Min Investment

₹13800

Lot Size

600 Shares

Issue Size

₹1071.11 Cr

Price Range

₹21 - ₹23

Listing Date

Jan 19, 2026

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Revenue Growth

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₹12(+52.00%)GMP
52.17%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Bharat Coking Coal IPO - Issue Objectives

100% OFS IPO — all proceeds go to promoter selling shareholders. The company want to achieve the benefits of listing its shares on the stock exchanges.

1

Carry out the offer for sale

100% OFS IPO — all proceeds go to promoter selling shareholders.

2

Listing on stock exchanges

The company want to achieve the benefits of listing its shares on the stock exchanges.

IPO Subscription Status

QIB
310.81x
NII
258.02x
Individual
49.25x
Total
146.80x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Bharat Coking Coal

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue6311.5114401.6314652.5313018.57
EBITDA459.932356.062493.89891.31
Expenses
Profit After Tax123.881240.191564.46664.78
Assets18711.1317283.4814727.7313312.86
Net Worth5830.896551.235355.473791.01
Reserves1006.521805.73664.72-853.10
Borrowing1559.13

Bharat Coking Coal - Promoter(s)

The President of India, acting through the Ministry of Coal

Government of India

Coal India Limited

Pre Issue Share Holding

100%

Post Issue Share Holding

90%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Largest coal producer in India

BCCL is the largest domestic producer of coking coal, holding a cumulative production share of 58.50% in FY25. As of April 1, 2024, it has 7.91 billion tonnes of coking coal resources. This accounts for India’s total coking coal resource base of 36.8 billion tonnes, making it the sole source of prime coking coal in the country.

02

Extensive mining reserves

The company holds mining leases and rights for 28,830.95 hectares, valid until March 31, 2050. This ensures a longer mining horizon while improving mining efficiency and reducing costs. Large reserves provide economies of scale, which lower per-unit extraction costs and support stable margins amid price volatility.

03

Strategically located mines and washery infrastructure

The operations primarily take place in the Jharia and Raniganj coalfields, which have abundant coking coal reserves. The company has a total installed capacity of 13.65 MTPA in its coking coal washery, the highest in the country. This enhances coal quality and revenue. Key washeries use advanced beneficiation technologies, which lower ash content and ensure regulatory compliance. They also produce diverse coal products for various industrial users.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Geographic concentration of mining operations

The company focuses its mining operations in the Jharia coalfield and Raniganj coalfield, putting it at risk due to geographic concentration. As of September 30, 2025, it operated 34 mines in these two areas with no geographic diversity. Any negative changes, such as stricter regulations, environmental rules, or natural disasters, in these coalfields could have serious consequences. Additionally, the coal resources in these areas are limited. Depletion or a failure to extract the existing coal resources efficiently can greatly impact sustainability.

02

Dependence on raw coking coal

The company makes a large portion of its revenue from raw coking coal. This type of coal accounted for 77.20% of revenue in the six months ending September 30, 2025, and 75.75% in FY25. Any sustained decline in coking coal demand could materially impact revenues, margins, and overall financial performance.

Contact Details

Bharat Coking Coal

Koyla Bhawan, Koyla Nagar Dhanbad, Jharkhand, 826005

03262230190
cos.bccl@coalindia.in
http://www.bcclweb.in/

Registrar Contact Details

Kfin Technologies Ltd.

04067162222
bccl.ipo@kfintech.com
https://ipostatus.kfintech.com/

Bharat Coking Coal IPO - FAQs

Bharat Coking Coal IPO is a Mainboard Listed IPO. The issue is priced at ₹21-23 per equity share. The minimum order quantity is 600 Shares. The IPO opens on 9 Jan, and closes on 13 Jan. Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.









IPO Timeline

  • Pre Apply2026-01-07
  • Bidding Starts2026-01-09
  • Bidding Ends2026-01-13
  • Allotment Finalisation2026-01-14
  • Release of Funds2026-01-15
  • Demat Transfer2026-01-15
  • Listing2026-01-19
04

Strong and diversified demand base

Revenue visibility is solid due to a diversified customer mix, mainly from regulated industries. In FY25, the power sector generated 73.98% of revenue, while the steel industry contributed 18.15%. This ensures stable demand. The company has long-standing relationships with over 260 customers, including repeat orders from 159 customers in the past five years. This adds to earnings stability and reduces the risk from counterparties.

05

The company benefits from the strategic, technical, and managerial support of Coal India Limited (CIL), the largest coal producer in the world. Board representation and executive oversight, along with access to group-level expertise, improve governance and execution. This enhances credibility with customers and regulators. Support from CMPDIL further boosts mine planning, exploration, and operational efficiency.

03

Contingent liabilities

As of September 30, 2025, the company reported contingent liabilities totaling ₹3,598 crore. This includes income tax, GST, royalty disputes, litigation claims, and arbitration issues. Litigation and arbitration-related risks alone exceed ₹2,150 crore. If any material portion of these liabilities crystallises, it could adversely affect profitability, cash flows, and balance sheet strength.

04

High customer concentration

Its top 10 customers contributed 83.89% of revenue in the six months ending September 30, 2025, and 88.88% in FY25. These customers mostly include large power utilities and public-sector enterprises. Losing a major customer, renegotiating contracts on unfavorable terms, or operational issues at customer facilities could significantly affect revenue and cash flow.

05

The operations rely on key inputs like explosives, oil and lubricants, and spare parts for heavy earth moving machinery (HEMM). The cost of materials used was ₹640.92 crore in FY25, which is 4.64% of revenue. Prices for raw materials can fluctuate due to weather, market demand, commodity price changes, and fuel price shifts, which may greatly impact extraction and transportation costs.