Bharat Coking Coal IPO is a book-built issue worth ₹1,071 Crore. The issue is entirely an offer for sale of 46.57 crore shares of ₹1,071.11 crore. The IPO will open for subscription on January 9, 2026, and close on January 13, 2026.
The basis of allotment is expected to be finalised on January 14, 2026, with tentative listing scheduled on BSE and NSE for January 16, 2026. The price band for the Bharat Coking Coal IPO has been fixed at ₹21 to ₹23 per share.
Investors can bid for Bharat Coking Coal IPO with a minimum of 1 lot, having 600 shares. For retail investors, the minimum investment required is ₹13,800. For high-net-worth investors (bHNI), the lot size stands at 73 lots, equal to 43,800 shares, amounting to ₹10,07,400.
IDBI Capital Markets Services Ltd is the book running lead manager (BRLM), and Kfin Technologies Ltd is the registrar of the issue. Detailed information is available at the Bharat Coking Coal IPO RHP.
Bharat Coking Coal IPO Objectives
The company will not receive any proceeds from the offer as the IPO is entirely an OFS. All the offer proceeds will be received by the promoter selling shareholder after deduction of offer-related expenses and relevant taxes.
About Bharat Coking Coal Limited
Incorporated in 1972, Bharat Coking Coal Limited is the largest producer of coking coal in India in Fiscal 2025, accounting for approximately 58.50% of the total domestic coking coal production during that year. The company’s primary product is coking coal, with estimated reserves of approximately 7,910 million tonnes as of April 1, 2024, making it one of the largest holders of coking coal reserves in India.
It produces various grades of coking coal, non-coking coal, and washed coal, which are primarily used in the steel and power industries. Bharat Coking Coal Limited is a wholly owned subsidiary of Coal India Limited (“CIL”) and was conferred Mini Ratna status in 2014. The company was established to mine and supply coking coal from mines primarily located in the Jharia coalfields in Jharkhand and the Raniganj coalfields in West Bengal.
Over the years, it has significantly expanded its operations, with coal production increasing from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025, representing a growth of 32.74% over Fiscal 2022. Further, coal production during the six-month period ended September 30, 2025, was 15.75 million tonnes, compared to 19.09 million tonnes produced during the corresponding six-month period ended September 30, 2024.
Industry Outlook
- India is heavily dependent on fossil fuels, consuming approximately 13% of the world’s coal, with coal-based thermal power plants contributing about 73% of electricity generation in Fiscal 2024.
- The Indian coal industry is highly fragmented, consisting of a few large producers and several medium and small players.
- Coal India Limited (CIL) and Singareni Collieries Company Limited (SCCL) dominate domestic coal production, jointly accounting for around 81% of total coal supply in Fiscal 2025.
- Coal remains a critical energy source across multiple sectors, with the power sector consuming nearly 70% of total coal usage in Fiscal 2024, making it central to India’s energy outlook.
How To Apply for the Bharat Coking Coal IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Bharat Coking Coal IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Bharat Coking Coal IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Bharat Coking Coal IPO
Koyla Bhawan, Koyla Nagar, Dhanbad, Jharkhand, India – 826005
Phone:+91 326-2230190
E-mail:cos.bccl@coalindia.in
Bharat Coking Coal IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
Bharat Coking Coal IPO Lot Size Details
| 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 |
Bharat Coking Coal IPO Promoter Holding
The President of India, acting through the Ministry of Coal, Government of India and Coal India Limited, are the promoter of the company.
| Share Holding Pre-Issue | 100% |
| Share Holding Post Issue | 90% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Bharat Coking Coal IPO
| KPI | Value |
| ROCE (%) | 30.13 |
| RoNW (%) | 20.83 |
| PAT Margin (%) | 8.61 |
| EBITDA Margin (%) | 16.36 |
Bharat Coking Coal IPO Registrar and Lead Managers
Bharat Coking Coal IPO Lead Managers
IDBI Capital Markets Services Ltd.
Registrar for Bharat Coking Coal IPO
Kfin Technologies Ltd.
Contact Number:+91 40 6716 2222
Email Address:bccl.ipo@kfintech.com
Financial Performance of Bharat Coking Coal Limited
| Particulars | Period Ended on Sep 30, 2025 | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
| Revenue from Operations (in ₹ Mn) | 56,590.20 | 1,38,025.50 | 1,42,458.60 | 1,26,240.60 |
| EBITDA (in ₹ Mn) | 4,599.30 | 23,560.60 | 24,938.90 | 8,913.10 |
| EBITDA Margin (%) | 7.29 | 16.36 | 17.02 | 6.85 |
| Profit/loss After Tax (in ₹ lakhs) | 1,238.80 | 12,401.90 | 15,644.60 | 6,647.80 |
| PAT Margin (%) | 1.96 | 8.61 | 10.68 | 5.11 |
| ROCE (%) | 4.28 | 30.13 | 47.20 | 16.56 |
| Net Worth (in ₹ lakhs) | 58,308.90 | 65,512.30 | 53,554.70 | 37,910.10 |
Strengths and Opportunities of Bharat Coking Coal Limited
- India’s largest coking coal producer, contributing 58.50% of domestic production in Fiscal 2025, is supported by access to large reserves
- Operations are concentrated in the coal-rich Jharia and Raniganj coalfields, supported by large washeries that enhance coal quality and value.
- The company is well-positioned to benefit from rising domestic coking coal demand, expected to grow from 67 MMT in Fiscal 2025 to 138 MMT by Fiscal 2035.
- Backed by Coal India Limited, the world’s largest coal producer, it provides operational strength, financial stability, and resource access.
- A consistent track record of operational and financial growth reflects strong execution capabilities and long-term sustainability.
- Led by an experienced management team and supported by a skilled and committed employee base across mining and operations.
- The company aims to expand operations by efficiently utilising resources, capitalising on steel sector growth, and monetising discontinued mines through reclamation and strategic repurposing.
Risks and Threats of Bharat Coking Coal Limited
- Reserve and resource estimates are based on assumptions and ISP Guidelines, and actual production or costs may differ materially from disclosed estimates.
- Certain reserve data has not been audited and differs from international classification standards, which may impact comparability and investor confidence.
- Mining operations are concentrated in Jharia (Jharkhand) and Raniganj (West Bengal), exposing the company to regional disruptions and reserve depletion risks.
- Inability to successfully exploit or replenish coal reserves in existing mining areas could adversely affect long-term operations and cash flows.
- A substantial portion of revenue is derived from raw coking coal, making the company vulnerable to fluctuations in demand for this product.
- Any decline in domestic or global demand for raw coking coal could negatively impact revenues and profitability.
- Dependence on raw material pricing and supply, which are subject to volatility beyond the company’s control, may impact operational efficiency and margins.
