Bharat Coking Coal Limited IPO

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Bharat Coking Coal Limited (BCCL) is India’s largest producer of coking coal and a wholly owned subsidiary of Coal India Limited (CIL). Incorporated in 1972, BCCL was established to mine and supply coking coal primarily from the Jharia coalfield in Jharkhand and the Raniganj coalfield in West Bengal. The company was conferred Mini Ratna status in 2014, reflecting its strategic importance and operational scale.

Market Position & Reserves

BCCL is the largest coking coal producer in India, accounting for 58.50% of domestic coking coal production in FY2025. As of April 1, 2024, the company holds approximately 7.91 billion tonnes of coking coal reserves, making it the largest holder of prime coking coal reserves in India (Source: CRISIL).

Operations & Production

BCCL produces coking coal, non-coking coal, and washed coal, catering primarily to the steel, power, and fertilizer industries. Coal production increased from 30.51 million tonnes in FY2022 to 40.50 million tonnes in FY2025, representing growth of 32.74%. The company achieved record production in FY2024 and recorded a CAGR of 5.80% in coking coal production over the past three fiscal years.

As of September 30, 2025, BCCL operates 34 mines, including 26 opencast mines, 4 underground mines, and 4 mixed mines, across a leasehold area of 288.31 sq. km.

Infrastructure & Technology

BCCL is supported by robust infrastructure, including rail and road evacuation systems, coal washeries, and advanced mining technologies. The company operates 507 Heavy Earth Moving Machines (HEMMs) and has adopted longwall and highwall mining technologies to improve efficiency, safety, and cost optimization. It also monetizes idle washeries under the WDO model and discontinued underground mines under the MDO model.

Washeries & Value Addition

BCCL is a market leader in coking coal washery capacity, with an operational capacity of 13.65 million tonnes per annum. In FY2025, it achieved its highest washed coking coal production in 17 years, supporting import substitution and aligning with the Atmanirbhar Bharat initiative.

Objects of the Bharat Coking Coal Limited IPO:

The Company will not receive any proceeds from the Offer, as the entire Offer Proceeds will be received by the Promoter Selling Shareholder after deducting offer-related expenses and applicable taxes.
DRHP of Bharat Coking Coal Limited IPO
RHP of Bharat Coking Coal Limited IPO

Bharat Coking Coal Limited IPO Details:

Open Date: Jan 09 2026
Close Date: Jan 13 2026
Total Shares: 46,57,00,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 1071 Cr.
Lot Size: 600 Shares
Issue Price: ₹ 21-23 Per Equity Share
Listing At: NSE,BSE
Listing Date: Jan 16 2026

Promoters And Management:

1. Mr. Manoj Kumar Agarwal is the Chairman-cum-Managing Director, Chief Executive Officer, and Director (Finance) (additional charge) of the Company since January 27, 2025. He holds a Bachelor’s degree in Mining Engineering from the Indian School of Mines and an Executive MBA from the Indian Institute of Management, Ranchi. He also possesses a Manager’s First Class Certificate of Competency to manage a coal mine. He is responsible for overall management and operations of the Company. Prior to joining, he was associated with Central Coalfields Limited and Northern Coalfields Limited. 2. Mr. Murli Krishna Ramaiah has been the Director (Human Resources) since February 23, 2023. He holds a Bachelor’s degree in Science from Nagpur University and oversees personnel management, industrial relations, manpower planning, and recruitment. He was previously associated with Steel Authority of India Limited. 3. Mr. Sanjay Kumar Singh has been the Director (Technical) since October 10, 2023. He holds a Bachelor’s degree in Mining Engineering from the Indian School of Mines and has completed the General Management Programme (Cycle N25) from the European Centre for Executive Development. He also holds a Manager’s First Class Certificate of Competency. He oversees technical operations including excavation, underground mining, E&M, transportation, washery construction, and multiple operational areas across Jharia. Previously, he was associated with JSW Steel Limited, Adani Enterprises Limited, and Tata Steel Limited

Financials of Bharat Coking Coal Limited IPO:

Particulars 6M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 5659 13802 14246 12624
EBITDA (Cr) 460 2356 2494 891
EBITDA Margins 7% 16% 17% 7%
PAT (Cr) 124 1240 1564 665
PAT Margins 2% 9% 11% 5%
ROCE 4% 30% 47% 16%
OPerating Cash Flow (Cr) -335.00 1157 1414.00 1717
Capex (Cr) 343 1815 1238 986
Debt to Equity Ratio(In Times) 0.3 - - -

Comparison With Peers:

Their is no Indian listed Peers existed in Same business Segment.

Lead Manager of Bharat Coking Coal Limited IPO:

  1. ICICI Securities Limited
  2. IDBI Capital Market Services Limited

Registrar of Bharat Coking Coal Limited IPO:

  1. Kfin Technology Private Limited

Discussion on Bharat Coking Coal Limited IPO:

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