| Event | Date |
|---|---|
| Open Date | 09-01-2026 , Friday |
| Close Date | 13-01-2026 , Tuesday |
| Tentative Allotment | 14-01-2026 , Wednesday |
| Tentative Listing Date | 19-01-2026 , Monday |
| Retail Appl. Cut Off Time | 13-01-2026 , Tuesday 05:00 PM |
| Non Retail Appl. Cut Off Time | 13-01-2026 , Tuesday 04:00 PM |
| Anchor Allotment | 08-01-2026 , Thursday |
| Initiation Of Refund | 15-01-2026 , Thursday |
| Credit Of Share To Demat | 15-01-2026 , Thursday |
Bharat Coking Coal Limited is one of India’s most important coal mining companies, with a strong focus on coking coal, which is a key input for the steel industry. The company is a wholly-owned subsidiary of Coal India Limited and was incorporated in 1972 to mine and supply coking coal from the Jharia and Raniganj coalfields.
As per the company’s RHP details, Bharat Coking Coal Limited was the largest coking coal producer in India in Fiscal 2025 in terms of coking coal production, accounting for 58.50% of domestic coking coal production. Its primary product is coking coal, but it also produces non-coking coal and washed coal used mainly by the steel, power, fertilizer and other industrial sectors.
Bharat Coking Coal Limited is a Mini Ratna company and a wholly-owned subsidiary of Coal India Limited. The company primarily operates in the coking coal segment, which makes it strategically important for India’s steel manufacturing ecosystem. Coking coal is used in the steel industry for metallurgical purposes, while non-coking coal is largely used by power and other industrial consumers.
The company operates across a leasehold area of 288.31 square kilometers, covering 252.88 square kilometers in the Jharia coalfield and 35.43 square kilometers in the Raniganj coalfield. Its operations include opencast mining, underground mining, coal washeries, monetisation of old and idle washeries through the Washery Developer and Operator route, and revival of discontinued underground mines through the Mine Developer and Operator model.
As of September 30, 2025, Bharat Coking Coal Limited operated 34 mines, consisting of 4 underground mines, 26 opencast mines and 4 mixed mines. The majority of production is from opencast mines, which generally allow larger-scale extraction compared with underground mines.
The company’s mining operations are supported by rail and road evacuation facilities, longwall mining technology, and 507 heavy earth-moving machines, including draglines, shovels, dumpers, dozers and drills.
| Particulars | Six months ended Sep 30, 2025 Production (MT) |
% of Total Coal Production | Six months ended Sep 30, 2024 Production (MT) |
% of Total Coal Production |
|---|---|---|---|---|
| Opencast mines | 15.41 | 97.87% | 18.54 | 97.08% |
| Underground mines | 0.33 | 2.13% | 0.56 | 2.92% |
| Total | 15.75 | 100.00% | 19.09 | 100.00% |
| Particulars | Fiscal 2025 Production (MT) |
% of Total Coal Production | Fiscal 2024 Production (MT) |
% of Total Coal Production | Fiscal 2023 Production (MT) |
% of Total Coal Production |
|---|---|---|---|---|---|---|
| Opencast mines | 39.36 | 97.19% | 40.33 | 98.13% | 35.49 | 98.09% |
| Underground mines | 1.14 | 2.81% | 0.77 | 1.87% | 0.69 | 1.91% |
| Total | 40.50 | 100.00% | 41.10 | 100.00% | 36.18 | 100.00% |
Note: Production figures include coal extracted from mixed mines, which are accounted for under underground and opencast mines.
Bharat Coking Coal Limited’s production is highly concentrated in coking coal. In the six months ended September 30, 2025, coking coal production was 15.05 million tonnes out of total raw coal production of 15.75 million tonnes. This represented 95.56% of total coal production for the period. In Fiscal 2025, coking coal production was 38.89 million tonnes, representing 96.02% of total coal production.
| Period | Coking Coal (MT) | Non-Coking Coal (MT) | Total Raw Coal (MT) | Washed Coking Coal (MT) | Washed Power Coal (MT) |
|---|---|---|---|---|---|
| Six months ended Sep 30, 2025 | 15.05 | 0.70 | 15.75 | 0.72 | 1.52 |
| Six months ended Sep 30, 2024 | 18.39 | 0.70 | 19.09 | 0.84 | 1.54 |
| Fiscal 2025 | 38.89 | 1.61 | 40.50 | 1.65 | 3.16 |
| Fiscal 2024 | 39.11 | 1.99 | 41.10 | 1.46 | 2.84 |
| Fiscal 2023 | 33.72 | 2.46 | 36.18 | 1.43 | 2.48 |
Since Fiscal 2021, the company has strategically increased production by adding capacity through heavy earth-moving machinery. Fiscal 2024 was a record year, with raw coal production of 41.10 million tonnes and raw coal offtake of 39.27 million tonnes. Fiscal 2025 production was slightly lower than Fiscal 2024 but remained significantly higher than Fiscal 2023.
| Year | Coal Production (MT) | Offtake (MT) |
|---|---|---|
| 2016 | 35.86 | 36.20 |
| 2017 | 37.04 | 34.92 |
| 2018 | 32.61 | 33.36 |
| 2019 | 31.04 | 33.07 |
| 2020 | 27.73 | 28.76 |
| 2021 | 24.66 | 23.13 |
| 2022 | 30.51 | 32.25 |
| 2023 | 36.18 | 35.51 |
| 2024 | 41.10 | 39.27 |
| 2025 | 40.50 | 38.26 |
The company supplies raw coal to power, steel, fertilizer and other industries. A large portion of raw coal offtake goes to the power industry, including captive power plants. The company also uses raw coal in its own washeries to produce washed coking coal.
| Particulars | Six months ended Sep 30, 2025 Quantity (MT) |
% of Total Offtake | Six months ended Sep 30, 2024 Quantity (MT) |
% of Total Offtake |
|---|---|---|---|---|
| Power industry including CPPs | 13.14 | 76.98% | 14.31 | 76.97% |
| Steel industry | 0.49 | 2.86% | 0.47 | 2.55% |
| Fertilizer industry | 0.25 | 1.49% | 0.17 | 0.93% |
| Own washery | 2.65 | 15.55% | 2.79 | 15.02% |
| Others | 0.53 | 3.13% | 0.84 | 4.53% |
| Total | 17.06 | 100.00% | 18.60 | 100.00% |
| Particulars | Fiscal 2025 Quantity (MT) |
% of Total Offtake | Fiscal 2024 Quantity (MT) |
% of Total Offtake | Fiscal 2023 Quantity (MT) |
% of Total Offtake |
|---|---|---|---|---|---|---|
| Power industry including CPPs | 29.60 | 77.61% | 30.81 | 78.46% | 27.51 | 77.42% |
| Steel industry | 0.85 | 2.21% | 1.00 | 2.54% | 1.16 | 3.26% |
| Fertilizer industry | 0.39 | 1.03% | 0.49 | 1.25% | 0.39 | 1.11% |
| Own washery | 5.72 | 14.94% | 4.93 | 12.56% | 4.42 | 12.44% |
| Others | 1.61 | 4.21% | 2.04 | 5.19% | 2.05 | 5.77% |
| Total | 38.26 | 100.00% | 39.27 | 100.00% | 35.53 | 100.00% |
Bharat Coking Coal Limited operates coal washeries to reduce ash content in coking coal and make it suitable for use in steel industries. In Fiscal 2025, production of washed coking coal reached its highest level in the past 17 years. This is important because higher domestic washed coking coal availability can support import substitution for India’s steel sector.
| Particulars | Six months ended Sep 30, 2025 Quantity (MT) |
% of Total Dispatch | Six months ended Sep 30, 2024 Quantity (MT) |
% of Total Dispatch |
|---|---|---|---|---|
| Washed coking coal | 0.73 | 30.02% | 0.85 | 30.79% |
| Washed power coal | 1.33 | 54.64% | 1.43 | 51.59% |
| Other by-products | 0.37 | 15.34% | 0.49 | 17.62% |
| Particulars | Fiscal 2025 Quantity (MT) |
% of Total Dispatch | Fiscal 2024 Quantity (MT) |
% of Total Dispatch | Fiscal 2023 Quantity (MT) |
% of Total Dispatch |
|---|---|---|---|---|---|---|
| Washed coking coal | 1.70 | 30.70% | 1.46 | 29.92% | 1.42 | 30.74% |
| Washed power coal | 2.89 | 51.89% | 2.77 | 56.76% | 2.49 | 53.90% |
| Other by-products | 0.97 | 17.41% | 0.65 | 13.32% | 0.71 | 15.32% |
In Fiscal 2025, Bharat Coking Coal Limited achieved net sales of ₹130,832.60 million. Raw coal formed the largest portion of sales, followed by washed coal and other by-products. In the six months ended September 30, 2025, net sales stood at ₹52,602.90 million, lower than ₹63,686.80 million in the six months ended September 30, 2024.
| Particulars | Six months ended Sep 30, 2025 Amount (₹ Mn) |
% of Total Sales | Six months ended Sep 30, 2024 Amount (₹ Mn) |
% of Total Sales |
|---|---|---|---|---|
| Raw coal | 41,760.12 | 79.38% | 48,271.17 | 75.79% |
| Washed coal | 6,967.90 | 13.25% | 10,507.91 | 16.50% |
| Other by-products | 3,874.88 | 7.37% | 4,907.72 | 7.71% |
| Total | 52,602.90 | 100.00% | 63,686.80 | 100.00% |
| Particulars | Fiscal 2025 Amount (₹ Mn) |
% of Total Sales | Fiscal 2024 Amount (₹ Mn) |
% of Total Sales | Fiscal 2023 Amount (₹ Mn) |
% of Total Sales |
|---|---|---|---|---|---|---|
| Raw coal | 101,690.37 | 77.72% | 101,784.50 | 77.34% | 95,925.90 | 77.68% |
| Washed coal | 19,111.32 | 14.61% | 20,450.90 | 15.54% | 16,892.60 | 13.68% |
| Other by-products | 10,030.91 | 7.67% | 9,376.02 | 7.12% | 10,672.90 | 8.64% |
| Total | 130,832.60 | 100.00% | 131,611.00 | 100.00% | 123,491.40 | 100.00% |
The power industry is the largest customer segment for Bharat Coking Coal Limited, followed by the steel industry. For retail investors, this shows that the company’s demand is closely linked to India’s power generation and steel production ecosystem.
| Industry | Six months ended Sep 30, 2025 Amount (₹ Mn) |
% of Total Sales | Six months ended Sep 30, 2024 Amount (₹ Mn) |
% of Total Sales |
|---|---|---|---|---|
| Power industry including captive power plants | 39,692.12 | 75.46% | 45,264.07 | 71.07% |
| Steel industry | 9,720.59 | 18.48% | 13,158.49 | 20.66% |
| Fertilizer industry | 684.88 | 1.30% | 463.70 | 0.73% |
| Cement industry | 22.53 | 0.04% | - | - |
| Other non-regulated sectors | 2,482.78 | 4.72% | 4,800.54 | 7.54% |
| Total | 52,602.90 | 100.00% | 63,686.80 | 100.00% |
| Industry | Fiscal 2025 Amount (₹ Mn) |
% of Total Sales | Fiscal 2024 Amount (₹ Mn) |
% of Total Sales | Fiscal 2023 Amount (₹ Mn) |
% of Total Sales |
|---|---|---|---|---|---|---|
| Power industry including captive power plants | 96,787.00 | 73.98% | 91,715.80 | 69.68% | 80,184.22 | 64.94% |
| Steel industry | 23,751.50 | 18.15% | 24,585.10 | 18.68% | 22,615.50 | 18.31% |
| Fertilizer industry | 1,051.10 | 0.80% | 1,274.90 | 0.97% | 1,014.30 | 0.82% |
| Cement industry | 137.74 | 0.11% | 192.08 | 0.15% | 23.74 | 0.02% |
| Other non-regulated sectors | 9,105.26 | 6.96% | 13,843.12 | 10.52% | 19,653.64 | 15.91% |
| Total | 130,832.60 | 100.00% | 131,611.00 | 100.00% | 123,491.40 | 100.00% |
Rail is the dominant mode of coal dispatch for Bharat Coking Coal Limited. This is important because coal is a bulk commodity, and rail-based movement generally supports large-volume dispatch to power plants, steel plants and other industrial customers.
| Mode | Six months ended Sep 30, 2025 Amount (₹ Mn) |
% of Net Sales | Six months ended Sep 30, 2024 Amount (₹ Mn) |
% of Net Sales |
|---|---|---|---|---|
| Rail | 46,626.87 | 88.64% | 54,262.29 | 85.20% |
| Road | 5,976.03 | 11.36% | 9,424.51 | 14.80% |
| Net Sales | 52,602.90 | 100.00% | 63,686.80 | 100.00% |
| Mode | Fiscal 2025 Amount (₹ Mn) |
% of Net Sales | Fiscal 2024 Amount (₹ Mn) |
% of Net Sales | Fiscal 2023 Amount (₹ Mn) |
% of Net Sales |
|---|---|---|---|---|---|---|
| Rail | 114,357.90 | 87.41% | 104,386.00 | 79.31% | 96,849.70 | 78.43% |
| Road | 16,474.70 | 12.59% | 27,225.00 | 20.69% | 26,641.70 | 21.57% |
| Net Sales | 130,832.60 | 100.00% | 131,611.00 | 100.00% | 123,491.40 | 100.00% |
The company’s normative production capacity increased from 64.49 MTPA in Fiscal 2023 to 77.49 MTPA in Fiscal 2025. However, utilisation varies depending on actual production, mining plan, overburden removal, mine readiness, demand and dispatch conditions.
| Type of Mine | Fiscal 2025 Normative Capacity (MTPA) |
Fiscal 2025 Actual Production (MT) |
Fiscal 2025 Utilisation |
Fiscal 2024 Normative Capacity (MTPA) |
Fiscal 2024 Actual Production (MT) |
Fiscal 2024 Utilisation |
Fiscal 2023 Normative Capacity (MTPA) |
Fiscal 2023 Actual Production (MT) |
Fiscal 2023 Utilisation |
|---|---|---|---|---|---|---|---|---|---|
| Underground | 8.69 | 1.14 | 13.12% | 6.51 | 0.77 | 11.83% | 6.06 | 0.69 | 11.39% |
| Opencast | 68.80 | 39.36 | 57.21% | 58.43 | 40.33 | 69.02% | 58.43 | 35.49 | 60.74% |
| Total | 77.49 | 40.50 | 52.26% | 64.94 | 41.10 | 63.29% | 64.49 | 36.18 | 56.10% |
Bharat Coking Coal Limited has a significant coal resource and reserve base. As per the details provided, the company’s total reserves were 1,495.4 MT and total resources were 2,285.4 MT as of March 31, 2025. The reserve base includes coking coal and thermal coal.
| Technology | Proved Reserve (MT) | Probable Reserve (MT) | Total Reserve (MT) | Measured Resource (MT) | Indicated Resource (MT) | Inferred Resource (MT) | Total Resource (MT) |
|---|---|---|---|---|---|---|---|
| Open Cast | 1,048.1 | 7.8 | 1,055.8 | 1,441.8 | 0.0 | 0.0 | 1,441.8 |
| Underground | 48.2 | 157.9 | 206.1 | 669.6 | 5.5 | 0.0 | 675.1 |
| Mixed | 222.2 | 11.3 | 233.5 | 168.5 | 0.0 | 0.0 | 168.5 |
| Total | 1,318.5 | 176.9 | 1,495.4 | 2,279.9 | 5.5 | 0.0 | 2,285.4 |
| Quality | Proved Reserve (MT) | Probable Reserve (MT) | Total Reserve (MT) | Measured Resource (MT) | Indicated Resource (MT) | Inferred Resource (MT) | Total Resource (MT) |
|---|---|---|---|---|---|---|---|
| Coking Coal | 1,017.4 | 123.3 | 1,140.7 | 1,777.6 | 5.5 | 0.0 | 1,783.1 |
| Thermal Coal | 301.1 | 53.6 | 354.7 | 502.3 | 0.0 | 0.0 | 502.3 |
| Coking + Thermal | 1,318.5 | 176.9 | 1,495.4 | 2,279.9 | 5.5 | 0.0 | 2,285.4 |
Bharat Coking Coal Limited generates revenue through different operating routes such as departmental production, hired HEMM patches, MDO model and washeries. Hired HEMM patches contributed the largest portion of revenue from operations in the six months ended September 30, 2025.
| Particulars | Six months ended Sep 30, 2025 Amount (₹ Mn) |
% of Revenue from Operations | Six months ended Sep 30, 2024 Amount (₹ Mn) |
% of Revenue from Operations |
|---|---|---|---|---|
| Departmental production | 7,476.35 | 13.21% | 10,447.86 | 15.26% |
| Hired HEMM patches | 26,247.11 | 46.38% | 37,269.10 | 54.44% |
| MDO model | 10,765.93 | 19.02% | 3,867.27 | 5.65% |
| Revenue from washeries | 12,100.81 | 21.38% | 16,877.67 | 24.65% |
The company has reported strong revenue and profitability over recent years. Revenue from operations increased from ₹126,240.60 million in Fiscal 2023 to ₹138,025.50 million in Fiscal 2025. However, for the six months ended September 30, 2025, revenue from operations declined to ₹56,590.20 million from ₹68,461.90 million in the six months ended September 30, 2024.
| Key Indicator | Sep 30, 2025 | Sep 30, 2024 | March 31, 2025 | March 31, 2024 | March 31, 2023 |
|---|---|---|---|---|---|
| Revenue from operations (₹ Mn) | 56,590.20 | 68,461.90 | 138,025.50 | 142,458.60 | 126,240.60 |
| EBITDA (₹ Mn) | 4,599.30 | 13,734.70 | 23,560.60 | 24,938.90 | 8,913.10 |
| EBITDA Margin | 7.29% | 19.37% | 16.36% | 17.02% | 6.85% |
| PAT (₹ Mn) | 1,238.80 | 7,487.00 | 12,401.90 | 15,644.60 | 6,647.80 |
| PAT Margin | 1.96% | 10.56% | 8.61% | 10.68% | 5.11% |
| ROCE | 4.28%* | 20.72%* | 30.13% | 47.20% | 16.56% |
| Return on Net Worth | 2.00%* | 13.12%* | 20.83% | 34.21% | 19.22% |
| Trade receivables as days of revenue | 60 | 28 | 40 | 25 | 36 |
| Current Ratio | 1.00 | 1.19 | 1.19 | 1.21 | 0.96 |
| NAV per equity share (₹) | 12.52* | 13.01* | 14.07 | 11.50 | 8.14 |
| EPS Basic and Diluted (₹) | 0.27* | 1.61* | 2.66 | 3.36 | 1.43 |
*Not annualised.
Bharat Coking Coal Limited’s customer base includes major public sector and power sector companies such as Damodar Valley Corporation, Steel Authority of India Limited, Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited, National Thermal Power Corporation Limited, Punjab State Power Corporation Limited, Jhajjar Power Limited and Maithon Power Limited. The top 10 customers contributed 83.89% of revenue from operations in the six months ended September 30, 2025, indicating high customer concentration.
| Period | Top Customers Revenue Contribution | % of Revenue from Operations |
|---|---|---|
| Six months ended Sep 30, 2025 | ₹47,471.50 Mn | 83.89% |
| Six months ended Sep 30, 2024 | ₹56,451.50 Mn | 82.46% |
| Fiscal 2025 | ₹122,679.20 Mn | 88.88% |
| Fiscal 2024 | ₹115,111.67 Mn | 80.79% |
| Fiscal 2023 | ₹104,901.20 Mn | 83.10% |
The company has used HEMM, longwall mining technology and highwall mining technology to improve operational efficiency. Highwall mining at the amalgamated Block-II OCP project is expected to help extract previously inaccessible coal reserves with improved safety and lower underground labour exposure.
As of September 30, 2025, the company had installed and commissioned 26.97 MW of solar power plants, including 6.97 MWp rooftop projects and 20 MW ground-mounted projects. It is also involved in ecological restoration, reclamation of mined-out areas and CBM projects in Jharia, Jharkhand.
Bharat Coking Coal Limited is not a typical private sector growth company. It is a large public sector coal producer with strategic importance for India’s steel and power ecosystem. Its main business strength comes from its position in domestic coking coal production, large reserves, parentage of Coal India Limited, established mine infrastructure, and long-standing relationships with large power and steel sector customers.
From a retail investor’s education point of view, the company should be studied as a resource-based public sector enterprise where production volume, coal quality, offtake, customer mix, regulatory environment, environmental obligations, and demand from steel and power sectors are more important than simple revenue growth alone.
The company is India’s largest coking coal producer in Fiscal 2025, contributing 58.50% of domestic coking coal production. Since coking coal is important for steel-making, Bharat Coking Coal Limited has a strategic role in reducing India’s dependence on imported coking coal.
Being a wholly-owned subsidiary of Coal India Limited provides operational, governance and strategic support. Coal India Limited is the largest coal producing company in the world as of March 31, 2025, and produced over 781 million metric tonnes of coal in Fiscal 2025.
Raw coal production increased from 36.18 MT in Fiscal 2023 to 40.50 MT in Fiscal 2025. Fiscal 2024 was the peak production year with 41.10 MT. However, six-month production declined from 19.09 MT in September 2024 period to 15.75 MT in September 2025 period, which retail investors should track.
More than 97% of production comes from opencast mines. This supports scale, but also means investors should understand factors like land, environmental approvals, overburden removal, mine planning and equipment efficiency.
Top 10 customers contributed 83.89% of revenue from operations in the six months ended September 30, 2025. This is not unusual for a PSU-linked bulk commodity supplier, but it means revenue is concentrated among a limited number of large institutional customers.
The power industry remained the largest sales contributor, accounting for 75.46% of sales in the six months ended September 30, 2025 and 73.98% in Fiscal 2025. Any change in coal demand from power producers can affect the company’s offtake and sales mix.
Coal washeries help reduce ash content in coking coal, making it suitable for steel industries. Fiscal 2025 recorded the highest washed coking coal production in the past 17 years, which supports India’s import substitution objective.
Profitability was lower in the six months ended September 30, 2025 compared with the same period in 2024. EBITDA margin declined from 19.37% to 7.29%, and PAT margin declined from 10.56% to 1.96%. This needs careful tracking because commodity-linked and mining businesses can have margin volatility.
Bharat Coking Coal Limited’s business is large, strategic and asset-heavy. It has a strong position in domestic coking coal, but its business should not be analysed only by revenue. Retail investors should focus on production trend, coal mix, customer mix, profitability, reserve life, capacity utilisation, environmental risk and long-term coal demand.
The company benefits from Coal India parentage, large reserves and strong institutional customers. However, the latest six-month period shows lower revenue, lower production and weaker margins compared with the previous six-month period. Therefore, investors should compare the IPO valuation with the company’s cyclicality and the long-term outlook for coal, coking coal and steel sector demand.
This business overview and IPORupee insight is prepared only for educational and informational purposes. It is not a recommendation to apply, avoid, buy, sell or hold any IPO or security. IPO investments are subject to market risk, business risk, valuation risk, sector risk and listing risk. Investors should read the Red Herring Prospectus, financial statements, risk factors, objects of the issue, peer comparison and valuations carefully before making any investment decision.
IPORupee does not provide investment advisory, portfolio management or stock recommendation services. The final decision should be based on an investor’s own research, risk profile, financial goals and consultation with a qualified financial advisor where required.
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 50.00 % | 19,79,22,500 | 455.22 Cr |
Retail | 35.00 % | 13,85,45,750 | 318.66 Cr |
Total HNI | 15.00 % | 5,93,76,750 | 136.56 Cr |
SHNI | 5.00 % | 1,97,92,250 | 45.52 Cr |
BHNI | 10.00 % | 3,95,84,500 | 91.04 Cr |
Employee | 0.00 % | 2,32,85,000 | 51.23 Cr |
Shareholder | 0.00 % | 4,65,70,000 | 107.11 Cr |
Bharat Coking Coal Ltd allotted 11,87,53,500 equity shares to anchor investors at ₹23 per share on 08 Jan 2026 before the IPO opening. The total anchor allocation stood at 273.13 Cr across 15 anchor investors.
Mutual funds received 7,17,39,600 shares worth 165.00 Cr, representing 60.41% of the total anchor investor allocation. Within the mutual fund portion, Nippon India Mutual Fund had the highest fund-house level allocation with 3,26,08,800 shares worth 75.00 Cr across 2 schemes. Other leading fund houses by allocation included Bandhan Mutual Fund and UTI Mutual Fund.
At scheme level, the largest mutual fund allocations included BANDHAN SMALL CAP FUND, NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA SMALL CAP FUND, NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON POWER & INFRA FUND, UTI-DIVIDEND YIELD FUND and UTI CHILDREN'S HYBRID FUND.
The largest anchor investor received 28.56% of the anchor portion. The top five anchor investors together received 10,13,59,500 shares, representing about 85.35% of the total anchor allocation.
| Rank | Anchor Investor Name | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|
| 1 | LIFE INSURANCE CORPORATION OF INDIA | 3,39,13,200 | 28.56 % | 78.00 Cr |
| 2 | BANDHAN SMALL CAP FUND | 3,26,08,800 | 27.46 % | 75.00 Cr |
| 3 | NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA SMALL CAP FUND | 1,77,22,200 | 14.92 % | 40.76 Cr |
| 4 | NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON POWER & INFRA FUND | 1,48,86,600 | 12.54 % | 34.24 Cr |
| 5 | MAYBANK SECURITIES PTE.LTD.-ODI | 22,28,700 | 1.88 % | 5.13 Cr |
| Rank | Mutual Fund Scheme | AMC | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|---|
| 1 | BANDHAN SMALL CAP FUND | Bandhan Mutual Fund | 3,26,08,800 | 27.46 % | 75.00 Cr |
| 2 | NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA SMALL CAP FUND | Nippon India Mutual Fund | 1,77,22,200 | 14.92 % | 40.76 Cr |
| 3 | NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON POWER & INFRA FUND | Nippon India Mutual Fund | 1,48,86,600 | 12.54 % | 34.24 Cr |
| 4 | UTI-DIVIDEND YIELD FUND | UTI Mutual Fund | 13,72,800 | 1.16 % | 3.16 Cr |
| 5 | UTI CHILDREN'S HYBRID FUND | UTI Mutual Fund | 13,72,800 | 1.16 % | 3.16 Cr |
The figures are based on the company’s stock exchange anchor allotment intimation. Anchor allocation is only an informational disclosure and does not indicate future listing performance.
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 600 (1) | ₹ 13,800 |
Retail MAX | - | 8400 (14) | ₹ 1,93,200 |
SHNI MIN | - | 9000 (15) | ₹ 2,07,000 |
SHNI MAX | - | 43200 (72) | ₹ 9,93,600 |
BHNI MIN | - | 43800 (73) | ₹ 10,07,400 |
Employee MIN | ₹ 1 | 600 (1) | ₹ 13,200 |
Employee MAX | ₹ 1 | 22200 (37) | ₹ 4,88,400 |
Shareholder MIN | - | 600 (1) | ₹ 13,800 |
Shareholder MAX | - | 8400 (14) | ₹ 1,93,200 |
| Particulars | Sept 30, 2025 | Sept 30, 2024 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|---|
Revenue from Operations | 56,590.20 | 68,461.90 | 1,38,025.50 | 1,42,458.60 | 1,26,240.60 |
Other Income | 6,524.90 | 2,445.10 | 5,990.80 | 4,066.70 | 3,945.10 |
Total Income | 63,115.10 | 70,907.00 | 1,44,016.30 | 1,46,525.30 | 1,30,185.70 |
Cost of Materials Consumed | 2,727.30 | 3,073.60 | 6,409.20 | 7,421.70 | 9,891.60 |
Changes in inventories | 1,036.90 | -1,235.00 | -5,625.80 | -3,321.30 | -137.20 |
Employee Benefits Expense | 30,375.20 | 33,363.40 | 65,423.74 | 69,506.70 | 71,479.30 |
Finance Costs | 600.50 | 321.90 | 724.90 | 618.30 | 556.90 |
Depreciation/Amortization/ Impairment | 2,005.40 | 2,172.40 | 5,806.80 | 3,403.90 | 3,054.30 |
Stripping Activity Adjustment | -5,854.60 | -5,023.30 | -7,723.00 | -1,851.70 | - |
Contractual Expense | 20,588.30 | 18,323.20 | 43,115.10 | 31,686.40 | 23,913.50 |
Other Expenses | 9,642.70 | 8,670.40 | 18,856.46 | 18,144.60 | 16,125.40 |
Total Expenses | 61,121.70 | 59,666.60 | 1,26,987.40 | 1,25,608.60 | 1,24,883.80 |
Profit before Tax | 1,993.40 | 11,240.40 | 17,028.90 | 20,916.70 | 5,301.90 |
Tax Expense | 754.60 | 3,753.40 | 4,627.00 | 5,272.10 | -1,345.90 |
Profit for the period | 1,238.80 | 7,487.00 | 12,401.90 | 15,644.60 | 6,647.80 |
Other Comprehensive Income | -788.70 | -1,847.10 | -547.50 | -466.40 | -1,346.50 |
Total Comprehensive Income for the period | 450.10 | 5,639.90 | 11,854.40 | 15,178.20 | 5,301.30 |
Basic EPS | 0.27 | 1.61 | 2.66 | 3.36 | 1.43 |
Diluted EPS | 0.27 | 1.61 | 2.66 | 3.36 | 1.43 |
| Particulars | Sept 30, 2025 | Sept 30, 2024 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|---|
Property, Plant & Equipment | 49,362.10 | 38,848.50 | 42,644.10 | 34,385.70 | 29,078.10 |
Capital Work in Progress | 18,424.70 | 15,861.60 | 16,167.80 | 13,678.10 | 12,998.30 |
Exploration and Evaluation Assets | 524.30 | 1,652.50 | 2,278.20 | 1,632.90 | 1,553.60 |
Intangible Assets | 79.50 | 107.80 | 94.90 | 126.60 | 156.80 |
Financial Assets | 11,709.90 | 10,581.90 | 10,189.00 | 8,866.20 | 7,058.60 |
Deferred Tax Assets (Net) | 5,572.70 | 5,937.80 | 5,628.30 | 7,170.80 | 10,482.70 |
Other non-current assets | 10,696.80 | 9,429.70 | 10,426.50 | 8,569.00 | 6,208.50 |
Total Non - Current Assets | 96,371.40 | 82,419.80 | 87,428.80 | 74,429.30 | 67,536.60 |
Inventories | 19,517.60 | 15,140.20 | 19,601.40 | 13,815.80 | 10,290.60 |
Investments | - | 22.60 | 4.10 | 2,665.20 | 797.20 |
Trade Receivables | 22,025.20 | 14,490.70 | 18,477.60 | 13,332.50 | 12,511.50 |
Cash & Cash equivalents | 4,288.70 | 4,233.90 | 1,675.40 | 2,858.20 | 5,449.40 |
Other Bank Balances | 6,501.90 | 7,709.70 | 9,623.10 | 6,588.10 | 6,092.60 |
Other Financial Assets | 3,909.30 | 794.40 | 2,341.90 | 737.00 | 589.90 |
Current Tax Assets (Net) | 1,552.20 | - | 1,985.40 | 1,028.50 | 1,685.70 |
Other Current Assets | 32,945.00 | 31,371.10 | 31,697.10 | 31,822.70 | 28,175.10 |
Total Current Assets | 90,739.90 | 73,762.60 | 85,406.00 | 72,848.00 | 65,592.00 |
Total Assets | 1,87,111.30 | 1,56,182.40 | 1,72,834.80 | 1,47,277.30 | 1,33,128.60 |
Equity Share Capital | 46,570.00 | 46,570.00 | 46,570.00 | 46,570.00 | 46,570.00 |
Other Equity | 10,065.20 | 11,842.80 | 18,057.30 | 6,647.20 | -8,531.00 |
Total Equity | 56,635.20 | 58,412.80 | 64,627.30 | 53,217.20 | 38,039.00 |
Lease Liabilities | 1,657.50 | 1,689.90 | 1,430.60 | 1,527.30 | 1,537.90 |
Other Financial Liabilities | 3,886.00 | 3,924.50 | 3,579.30 | 3,241.70 | 2,965.10 |
Provisions | 23,875.60 | 21,112.20 | 23,247.10 | 20,175.10 | 20,893.00 |
Other Non-Current Liabilities | 10,425.60 | 8,800.90 | 8,059.40 | 8,826.30 | 1,498.20 |
Total Non-Current Liabilities | 39,844.70 | 35,527.50 | 36,316.40 | 33,770.40 | 26,894.20 |
Borrowings | 15,591.30 | - | - | - | - |
Lease Liabilities | 826.20 | 904.50 | 901.10 | 775.00 | 588.50 |
Trade payables | 28,650.40 | 11,797.30 | 21,732.70 | 12,335.30 | 9,129.10 |
Other Financial Liabilities | 23,163.40 | 20,631.50 | 23,392.80 | 19,460.00 | 14,484.10 |
Other Current Liabilities | 14,156.00 | 15,074.60 | 15,340.80 | 15,872.90 | 19,686.30 |
Provisions | 8,244.10 | 13,809.70 | 10,523.70 | 11,846.50 | 24,307.40 |
Current Tax Liabilities | - | 24.50 | - | - | - |
Total Current Liabilities | 90,631.40 | 62,242.10 | 71,891.10 | 60,289.70 | 68,195.40 |
Total Equity and Liabilities | 1,87,111.30 | 1,56,182.40 | 1,72,834.80 | 1,47,277.30 | 1,33,128.60 |
| Particulars | Sept 30, 2025 | Sept 30, 2024 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|---|
Cash Flow From Operating Activities | -3,349.3 | 10,148.1 | 7,964.9 | 12,991.4 | 16,987.8 |
Cash Flow From Investing Activities | -651.6 | -7,881.3 | -7,823.1 | -14,844.2 | -17,058.3 |
Cash Flow From Financing Activities | 3,804.4 | -891.1 | -1,324.6 | -738.4 | -429.7 |
Net Cash Flow | -196.5 | 1,375.7 | -1,182.8 | -2,591.2 | -500.2 |
| Particulars | Bharat Coking Coal Limited | Warrior Met Coal | Alpha Metallurgical Resources |
|---|---|---|---|
Revenue | 13,802.55 | 13,058.93 | 25,320.27 |
Net Profit | 1,240.19 | 2,145.66 | 1,606.05 |
Basic EPS | 2.66 | 410.12 | 1,233.78 |
Diluted EPS | 2.66 | 410.12 | 1,222.65 |
Untitled | - | - | - |
| KPI | Sep 30, 2025 | Sep 30, 2024 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
ROCE | 4.28 | 20.72 | 47.20 | 16.56 |
RoNW | 2.00 | 13.12 | 34.21 | 19.22 |
Basic EPS | 0.27 | 1.61 | 3.36 | 1.43 |
Diluted EPS | 0.27 | 1.61 | 3.36 | 1.43 |
| Objective | No Of Shares | Amount |
|---|---|---|
Offer for Sale | 46,57,00,000 | 1,071.11 Cr |
Particulars | Pre IPO | Post IPO | ||
|---|---|---|---|---|
No. of Shares | % | No. of Shares | % | |
Promotor & Promotor Group | — | — | ||
Public | — | — | ||
Total | — | — | ||
| # | Title | Published Date |
|---|---|---|
| 1 | Bharat Coking Coal IPO Lists at 96% Premium, Delivers Stellar Market Debut | 19-01-2026 , Monday |
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
IDBI Capital Markets & Securities Limited | Sri Krishna Tapariya / Himanshu Shekhar Jha | +91 22 40691953 | bccl.ipo@idbicapital.com | www.idbicapital.com |
ICICI Securities Limited | Rahul Sharma/ Ashik Joisar | +91 22 6807 7100 | bccl.ipo@icicisecurities.com | www.icicisecurities.com |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of Bharat Coking Coal Ltd. The issue is scheduled to open on Friday, 09 January 2026 and closes on Tuesday, 13 January 2026.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount offered to investors through the public issue.
For Bharat Coking Coal Ltd IPO, the total issue size is Rs 1,071.11 crore, consisting of an Offer for Sale (OFS) of Rs 1,071.11 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 21 per share and the upper price band is Rs 23 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Bharat Coking Coal Ltd IPO, the minimum lot size is 600 shares. At the upper price band of Rs 23 per share, the minimum application amount is Rs 13,800. Applications must be made in multiples of 600 shares.
Offer for Sale (OFS) means existing shareholders sell their shares to the public through the IPO.
For Bharat Coking Coal Ltd IPO, the Offer for Sale (OFS) size is Rs 1,071.11 crore. In an OFS, the selling shareholders receive the money, and the company usually does not receive funds from that portion.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For Bharat Coking Coal Ltd IPO, the IPO opens on Friday, 09 January 2026.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
Bharat Coking Coal Ltd IPO closes on Tuesday, 13 January 2026.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For Bharat Coking Coal Ltd IPO, the tentative allotment date is Wednesday, 14 January 2026.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
Bharat Coking Coal Ltd IPO is expected to list on Monday, 19 January 2026.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For Bharat Coking Coal Ltd IPO, refund initiation is expected on Thursday, 15 January 2026, and credit of shares to demat accounts is expected on Thursday, 15 January 2026.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For Bharat Coking Coal Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI), Employees, Shareholders. The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In Bharat Coking Coal Ltd IPO, 50% shares are reserved under the QIB category, with 19,79,22,500 shares offered, and an allocation amount of ₹455.22 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In Bharat Coking Coal Ltd IPO, 35% shares are reserved under the Retail category, with 13,85,45,750 shares offered, and an allocation amount of ₹318.66 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In Bharat Coking Coal Ltd IPO, 15% shares are reserved under the NII/HNI category, with 5,93,76,750 shares offered, and an allocation amount of ₹136.56 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In Bharat Coking Coal Ltd IPO, 5% shares are reserved under the SHNI sub-category, with 1,97,92,250 shares offered, and an allocation amount of ₹45.52 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In Bharat Coking Coal Ltd IPO, 10% shares are reserved under the BHNI sub-category, with 3,95,84,500 shares offered, and an allocation amount of ₹91.04 crore.
Employee reservation is a special quota reserved for eligible company employees, if applicable.
In Bharat Coking Coal Ltd IPO, 2,32,85,000 shares are offered under the Employee Reservation category, and an allocation amount of ₹51.23 crore.
Shareholder reservation is a special quota reserved for eligible shareholders, if applicable under the IPO issue structure.
In Bharat Coking Coal Ltd IPO, 4,65,70,000 shares are offered under the Shareholder Reservation category, and an allocation amount of ₹107.11 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Bharat Coking Coal Ltd IPO, the minimum lot size is 600 shares. At the upper price band of Rs 23 per share, the minimum application amount is Rs 13,800. Applications must be made in multiples of 600 shares.
Retail minimum application shows the minimum application size for retail investors.
For Bharat Coking Coal Ltd IPO, the Retail minimum application is 600 shares (1 lot) for about Rs 13,800.
Retail maximum application shows the maximum application size generally available under the retail category.
For Bharat Coking Coal Ltd IPO, the Retail maximum application is 8,400 shares (14 lots) for about Rs 1,93,200.
SHNI minimum application shows the minimum application size for the Small HNI category.
For Bharat Coking Coal Ltd IPO, the SHNI minimum application is 9,000 shares (15 lots) for about Rs 2,07,000.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For Bharat Coking Coal Ltd IPO, the SHNI maximum application is 43,200 shares (72 lots) for about Rs 9,93,600.
BHNI minimum application shows the minimum application size for the Big HNI category.
For Bharat Coking Coal Ltd IPO, the BHNI minimum application is 43,800 shares (73 lots) for about Rs 10,07,400.
Employee minimum application shows the minimum application size under the employee category, if this category is available in the IPO.
For Bharat Coking Coal Ltd IPO, the Employee minimum application is 600 shares (1 lot) for about Rs 13,200 with a discount of Rs 1 per share.
Employee maximum application shows the maximum application size under the employee category, if provided in the lot size table.
For Bharat Coking Coal Ltd IPO, the Employee maximum application is 22,200 shares (37 lots) for about Rs 4,88,400 with a discount of Rs 1 per share.
Shareholder minimum application shows the minimum application size under the shareholder category, if this category applies to the issue.
For Bharat Coking Coal Ltd IPO, the Shareholder minimum application is 600 shares (1 lot) for about Rs 13,800.
Shareholder maximum application shows the maximum application size under the shareholder category, if provided in the lot size table.
For Bharat Coking Coal Ltd IPO, the Shareholder maximum application is 8,400 shares (14 lots) for about Rs 1,93,200.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.