Bharat Coking Coal IPO: Issue Date, Lot Size, Price, Everything You Need to Know

Bharat Coking Coal (BCCL), India's largest producer of coking coal, is preparing to list on the Indian stock exchanges through an Offer for Sale (OFS) by Coal India. Incorporated in 1972 as a 100% subsidiary of Coal India (a Maharatna PSU), BCCL operates 34 mines, comprising 26 opencast, 4 underground, and 4 mixed operations, spread across the mineral-rich Jharia coalfields in Jharkhand and Raniganj in West Bengal, with estimated coking coal reserves of 7,910 million tonnes as of April 1, 2024. The company produces various grades of coking coal, non-coking coal, washed coking coal, and washed power coal that serve steel, power, fertiliser, cement, and glass manufacturing industries, making it an indispensable supplier to India's steelmaking base.

The Bharat Coking Coal IPO is an OFS by promoter Coal India, with no fresh issue, meaning all proceeds go to the parent rather than the company. The IPO is priced in the band of ₹21-₹23 per share, with a minimum lot size of 600 shares translating to a minimum investment of ₹12,600 at the lower band and ₹13,800 at the upper band for retail investors. The issue is expected to raise approximately ₹1,071.11 crore and will list on both BSE and NSE, providing direct market access to one of India's largest coal producers.

This blog covers the Bharat Coking Coal IPO comprehensively, including the Bharat Coking Coal IPO date, business overview, financials, sector context, Bharat Coking Coal IPO valuation outlook, and tracking Bharat Coking Coal IPO subscription, Bharat Coking Coal IPO subscription status, and Bharat Coking Coal IPO allotment status.

Bharat Coking Coal IPO Dates & Launch Details

The Bharat Coking Coal IPO follows a clearly defined and announced timeline, providing investors with precise dates for each stage of the subscription and allotment process.

• IPO opening date: 9th January 2026
• IPO closing date: 13th January 2026
• Basis of allotment: 14th January 2026
• Refund initiation: 15th January 2026
• Expected listing date: 16th January 2026

Lead Book Running Managers: IDBI Capital Markets Services, ICICI Securities

Registrar: Kfin Technologies

Bharat Coking Coal Price Band & Investment Details

The pricing structure for the Bharat Coking Coal IPO has been finalised to balance accessibility for retail investors while capturing fair value for the monopoly-positioned coking coal producer.

• Price band: ₹21 to ₹23 (Face value: ₹10 per share)
• Minimum lot size: 600 shares
• Minimum retail investment: ₹13,800 at upper price band
• Maximum retail investment: 14 lots comprising 8,400 shares amounting to ₹1,93,200

Bharat Coking Coal IPO Structure

About Bharat Coking Coal

Bharat Coking Coal (BCCL) stands as India's premier coking coal producer, holding a critical position in the country's steelmaking supply chain as a wholly-owned subsidiary of Coal India, one of India's largest Maharatna public sector undertakings. Established in 1972, BCCL has evolved into a diversified mining operation that spans not only coal extraction but also coal washing, product diversification, and advanced mining technologies.

The company operates a comprehensive portfolio of 34 mines distributed strategically across two primary coalfield regions: Jharia in Jharkhand and Raniganj in West Bengal, both recognised as among the world's richest coking coal reserves. This mining portfolio comprises 26 opencast mines, which account for the majority of production and allow for efficient large-scale extraction, 4 underground mines that access deeper seams, and 4 mixed mines combining both methodologies. The company manufactures a diverse range of coal products, including different grades of coking coal used in steelmaking, non-coking coal for power generation, washed coking coal and washed power coal that command premium pricing due to enhanced quality, plus by-products such as rejects and slurry that are utilised in cement and other industries.​

Beyond raw coal production, BCCL operates five operational coal washeries and is currently setting up three additional washeries with an aggregate annual capacity of 7 million tonnes, significantly enhancing product quality and market realisation. BCCL achieved its best washed coking coal output in 17 years during FY25, reaching 1.71 million tonnes, demonstrating the effectiveness of its washing infrastructure investments. 

The company employs advanced  technologies including longwall mining for underground operations and the recently launched highwall mining technique, complemented by a fleet of 520 heavy earth-moving machinery (HEMM) units that enable efficient large-scale extraction and contribute to industry-leading productivity metrics

Key Highlights:

• BCCL commands 58.50% of India's domestic coking coal production, making it virtually irreplaceable to the nation's steel industry.
• With total estimated reserves of 7,910 million tonnes as of April 1, 2024, BCCL possesses multi-decade production sustainability that addresses long-term supply security concerns for Indian steelmakers.
• The company serves major steel producers including SAIL, Tata Steel, and JSW Steel through long-term offtake agreements that provide revenue visibility and stable demand profiles.
• BCCL's product diversification, spanning coking coal, thermal coal, washed products, and by-products, enables revenue resilience across multiple customer segments and end-use industries including steel, power, fertiliser, cement, and glass manufacturing.
• The company's recent achievement in reaching its highest washed coal output in 17 years (1.71 Million Tonnes in FY25) underscores its commitment to value-addition and ability to capture premium pricing for enhanced products.

Bharat Coking Coal Financials 

Revenue and Profit Table

Cash Flow Table

Key Highlights:

• Revenue from operations has remained relatively stable in the ₹13,600 to ₹14,200 crore range over FY24–FY25, reflecting consistent production volumes and steady offtake from major steel customers, though H1FY26 at ₹5,659 crore reflects normal seasonal variations in coal mining and demand cycles.
• The slight 1% decrease in revenue between FY24 and FY25 masks the underlying stability of BCCL's core business despite global commodity price fluctuations.
• ​Net profit demonstrated robust performance, reaching ₹1,564.50 crore in FY24 and ₹1,240.20 crore in FY25, with the decline primarily attributable to changes in coal prices and operational costs rather than volume declines.
• H1FY25 saw a strong ₹748.70 crore profit, but H1FY26 moderated to ₹123.90 crore, reflecting the cyclical nature of commodity businesses and typical half-year variations.
• The profit after tax margin stood at 8.50% in FY25, demonstrating the company's ability to generate substantial shareholder returns even in a capital-intensive mining operation.
• ​Operating cash flows have been positive across most periods, with FY24 generating ₹1,299.10 crore and FY25 producing ₹796.50 crore, though H1FY26 turned negative at -₹334.90 crore due to seasonal timing of cash collections and working-capital movements typical in mining businesses.
• Free cash flow, which accounts for capex, remained positive in FY24 (₹112.20 crore) and FY25 (₹31.50 crore), indicating that the company generates cash even after funding growth investments, though this becomes negative in H1FY26 as the company pursues capacity expansion. 

Sector & Market Context

India's steel sector is one of the world's largest and fastest-growing, with domestic production capacity expanding toward a target of 300 million tonnes per annum (MTPA) by 2030 to support infrastructure, automotive, and consumer goods growth. Coking coal is an essential input to steelmaking, and India imports around 85% of its coking coal requirements from countries like Australia, Russia, and Mongolia. BCCL's 58.5% domestic production share is therefore critical to reducing India's import dependence and supporting the "Atmanirbhar Bharat" (self-reliant India) agenda.

The global coking coal market experiences cyclicality driven by steel demand, which in turn is linked to construction, automotive, infrastructure investment, and manufacturing activity. India's rapid urbanisation, infrastructure build-out under the National Infrastructure Pipeline, and growing domestic consumption provide a multi-decade runway for steel demand and therefore coking coal offtake. However, BCCL faces headwinds from environmental regulations requiring stricter mine closure and land rehabilitation standards, rising labour costs, and competitive imports that exert pricing pressure despite India's chronic supply deficit.

Key Considerations for Investors

Strengths

• BCCL's near-monopoly position in domestic coking coal production provides pricing power and stable long-term demand from major steelmakers with whom it maintains long-term contracts, ensuring revenue visibility and business resilience.
• The company's massive reserve base of 7,910 million tonnes of coking coal ensures multi-decade production sustainability, addressing investor concerns about resource depletion.
• Government ownership via Coal India provides implicit backing and access to capital for ongoing capex, while BCCL's consistent profitability demonstrates operational excellence in a capital-intensive industry.

Risks

• The recent H1FY26 results showing negative operating cash flow of -₹334.90 crore signal working-capital pressures or seasonal timing impacts that warrant monitoring, particularly if they persist through the full financial year.
• Global coking coal prices are volatile and driven by international steel demand, over which BCCL has no control. A sharp decline in global prices could reduce financial ratios despite stable volumes.
• Regulatory and environmental pressures are mounting, with stricter mine closure obligations, land rehabilitation costs, and potential restrictions on coal mining in sensitive areas, all of which could increase BCCL's operating costs and capex requirements.
• Additionally, the coal sector faces long-term structural challenges from energy transition and climate commitments, which could eventually reduce steelmaking's coal intensity or shift demand toward alternative steels.

Opportunities

• India's steel capacity expansion target of 300 MTPA by 2030 will require proportional increases in coking coal supply, creating a multi-year tailwind for BCCL's production and profitability.
• The company's washery and MDO/WDO initiatives can enhance product quality and command premium pricing, improving unit economics and EBITDA margins.
• Potential for backward integration into value-added steel products or forward integration into renewable energy generation could diversify revenue streams and reduce commodity-price cyclicality.

IPO Structure

• The Bharat Coking Coal Ltd IPO is structured as a pure Offer for Sale, meaning that Coal India is selling a portion of its 100% stake in BCCL to public investors, with all proceeds flowing to the parent company rather than to BCCL itself.
• This structure is typical for unlocking value from profitable state-owned subsidiaries while allowing the government to retain strategic control through majority or substantial minority ownership post-listing.
• The book-building mechanism will allow the market to discover the fair value price within the ₹21–₹23 band based on genuine investor demand across QIB, NII, and retail categories, with retail investors receiving a reserved allocation of at least 35% of the offer.
• Employees of BCCL and Coal India will receive a ₹1 per-share discount, enabling them to participate at preferential pricing and align their interests with the company's post-IPO growth.

About the Company

Founded in 1972, Bharat Coking Coal has spent over five decades establishing itself as the bedrock of India's steelmaking industry, evolving from a traditional coal producer to a modern, diversified resource company with operations spanning mining, processing, and renewable energy. The company's mission centres on providing reliable, high-quality coking coal to support India's steel sector while maintaining safe, sustainable operations and contributing to regional employment and development.

Bharat Coking Coal Final Review

The Bharat Coking Coal IPO represents a significant opportunity for investors to gain exposure to India's structural steel demand growth and the coking coal monopoly that underpins it. With stable annual revenues and a 7,910 MT reserve base assuring long-term sustainability, BCCL offers the rare combination of a monopoly-positioned commodity producer with government backing and dividend potential. 

However, investors should carefully monitor H1FY26 cash flow trends, watch global coking coal price movements, and assess regulatory/environmental cost impacts in the RHP before committing capital.

Always consider personal investment objectives and consult trusted sources before making any decisions.