South Eastern Coalfields IPO

Yet to be determined Industrial HVAC and Electro-Mechanical Engineering Services Mainboard

IPO Details

Bidding Dates

To be announced

Minimum Investment

To be announced

Price Range

To be announced

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

To be announced

Investor category and sub category

Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)

About South Eastern Coalfields IPO

South Eastern Coalfields Ltd. (SECL), a wholly-owned subsidiary of Coal India Ltd., is one of India's largest coal producers. Headquartered in Bilaspur, Chhattisgarh, the company has been engaged in coal mining for over 40 years and holds Miniratna Category-I status.

The company has a substantial coal resource base of approximately 47.55 billion tonnes, representing 11.50% of India's total geological coal resources. Its audited coal reserves stood at 4.61 billion tonnes as of April 1, 2026, which could support production at FY2026 levels for approximately 26 years.

SECL operates some of the world's largest coal mines, including the Gevra and Kusmunda opencast mines in Chhattisgarh. Gevra was ranked the world's second-largest coal mine by production capacity in FY2026.

In FY2026, SECL produced 176.29 million tonnes of coal, accounting for 16.94% of India's total coal production. It is the second-largest coal producer among Coal India's subsidiaries, contributing 22.95% to CIL's overall production. Its coal production grew by 5.25% in FY2026 compared with FY2025.

Industry Outlook

Growing incomes, urbanisation, industrialisation, EV adoption, and higher appliance usage are expected to drive electricity demand. Per capita consumption is projected to reach 1,700–1,800 kWh by FY2032.
Thermal power accounted for approximately 70% of India's electricity generation in FY2026, while the power sector contributes over 70% of total coal demand.
India's coal production increased from 610 million tonnes in FY2015 to approximately 1,048 million tonnes in FY2025, supported by policy reforms, capacity expansion, and improved evacuation infrastructure.
Government spending on infrastructure, housing, and construction is driving demand for steel, cement, and other energy-intensive industries, supporting coal consumption.
EV adoption, AI data centre expansion, and rising residential consumption are creating additional electricity requirements.
India's electricity requirement is projected to increase from 1,630 BU in FY2024 to 2,378 BU in FY2030, registering a CAGR of approximately 6.4%.
Government initiatives to increase domestic coal production aim to reduce dependence on imported non-coking coal, conserve foreign exchange, and limit exposure to global price fluctuations.
India's primary energy supply grew at a 10-year CAGR of 3.60%, compared with 1.40% globally. Its per capita energy consumption of 27 gigajoules remains significantly below the global average of 73 gigajoules, indicating scope for further growth.

South Eastern Coalfields IPO Objectives

The company will not receive any money from the IPO as it is entirely an offer for sale (OFS). The proceeds from the sale of shares will go to the promoter selling shareholder after deducting the applicable taxes and IPO-related expenses.

Financial Performance of South Eastern Coalfields

Particulars	H1 FY2027	H1 FY2026	FY2026	FY2025	FY2024
Revenue from Operations (₹ million)	165,937.80	150,902.50	329,565.20	299,983.60	327,836.20
EBITDA (₹ million)	40,293.60	34,547.00	93,648.70	86,308.10	106,707.50
EBITDA Margin (%)	22.85%	22.06%	26.84%	26.16%	30.52%
Profit After Tax (₹ million)	21,743.50	11,409.20	47,545.90	45,404.20	69,307.70
PAT Margin (%)	12.33%	7.29%	13.62%	13.76%	19.82%

Note: H1 FY2027 refers to the 6 months ended September 30, 2026, while H1 FY2026 refers to the six months ended September 30, 2025.

South Eastern Coalfields Peer Comparison

Company	Revenue (₹ million)	EPS (₹)	NAV per Share (₹)	P/E Ratio	RoNW (%)
South Eastern Coalfields Ltd.	329,565.20	7.19	30.39	NA	25.70%
Coal India Ltd.	1,684,002.90	50.46	195.22	7.79	27.80%
Bharat Coking Coal Ltd.	136,447.80	0.28	12.53	Not Meaningful	2.07%
NMDC Ltd.	320,708.90	8.47	38.70	7.97	23.40%
PT Bukit Asam (Persero) Tbk	228,900.54	1.36	10.47	11.77	13.03%
Yancoal Australia Ltd.	358,145.86	20.11	410.11	20.45	4.83%

Strengths and Opportunities for South Eastern Coalfields IPO

Land holdings span approximately 59,022 hectares across Chhattisgarh, Madhya Pradesh and West Bengal, with mining rights covering around 1.27 lakh hectares.

As of September 30, 2026, SECL operated 53 producing mines (19 opencast and 34 underground) across 13 operating areas. Opencast mines contributed approximately 92%–94% of total coal production during the reported periods.

As a wholly-owned subsidiary of Coal India Ltd., the world's largest coal producer, SECL benefits from its sales network, procurement systems, operational support and reputation. Coal India targets SECL production capacity of 245 million tonnes by FY2030.

Surface miners contributed 84.90% of opencast coal production in FY2026, up from 78.44% in FY2025, reducing drilling and blasting while supporting efficient extraction.

Approximately 47.55 billion tonnes of geological resources and 4.61 billion tonnes of audited reserves provide an estimated 26-year mining life at FY2026 production levels.

Expanding First Mile Connectivity (FMC) has improved coal movement from mines to loading points. FMC dispatch rose from 55 million tonnes in FY2024 to 74.40 million tonnes in FY2026.

Continued thermal coal demand supports SECL's business. Power utilities accounted for 139.77 million tonnes, or approximately 78.25% of total dispatches, in FY2026.

Beyond power utilities, SECL serves cement, sponge iron, aluminium and fertiliser industries. Coal production spans GCV grades G3–G16 to meet varied customer needs.

Risks and Threats for South Eastern Coalfields IPO

Almost all the company's revenue comes from the sale of raw non-coking coal. Any decline in demand for this coal could affect its revenue and profitability.

Around 65%–68% of its product sales come from power sector customers, including government power generation companies and independent power producers. Any slowdown or adverse developments in this sector could affect sales.

As a wholly-owned subsidiary of Coal India Ltd., the company's business operations and strategic decisions may be influenced by its parent company. It also relies on Coal India for all 25 of its executive employees, creating potential operational and management dependencies.

The company reported a decline in coal production, dispatches, revenue from operations and profit after tax in FY2025 compared with FY2024. Its coal production in FY2026 also remained below FY2024 levels.

Coal evacuation depends heavily on railway rakes, railway siding capacity and other transportation facilities. Any shortage or disruption in these facilities could affect coal dispatches and sales.

Mining activities are subject to various operational risks that could disrupt production, increase operating costs and affect the company's overall financial performance.

South Eastern Coalfields IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII	Not less than 15% of the Net Issue

South Eastern Coalfields IPO Promoter Holding

The government of India is the promoter of SECL.

Particulars	Pre-IPO	Post-IPO
Promoter Holding	100%	90%

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

South Eastern Coalfields IPO Registrar and Lead Managers

South Eastern Coalfields IPO Lead Managers

SBI Capital Markets Ltd.

ICICI Securities Ltd.

IDBI Capital Markets & Securities Ltd.

Motilal Oswal Investment Advisors Ltd.

Registrar for South Eastern Coalfields IPO

Name: Kfin Technologies Ltd.

Phone: 040-79615565

Email ID: southeastern.ipo@kfintech.com

How To Check the Allotment Status of the South Eastern Coalfields IPO?

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Go to the IPO Section and then to IPO Orders.

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How To Apply for South Eastern Coalfields 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 South Eastern Coalfields 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.

Contact Details of South Eastern Coalfields IPO

Address: Seepat Road, Bilaspur, Chhattisgarh, 495006

Phone: 07752-246340

Email ID: compsecy.secl@coalindia.in

How to Apply in IPO
How to Check IPO Allotment Status

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

South Eastern Coalfields IPO FAQs

Where will the South Eastern Coalfields IPO be listed?

The shares of the company are proposed to be listed on the BSE and NSE.

What could be the listing gains for the South Eastern Coalfields IPO?

The listing gains for the GNI Infrastructure IPO cannot be determined before the shares are listed on the stock exchange, as they depend on market conditions and investor demand.