Bharat Coking Coal is India’s primary producer of coking coal - the essential raw material that turns iron into steel - and a subsidiary of the government-owned Coal India Limited. It was formed to secure the country’s steelmaking fuel supply and listed publicly in January 2026 after an IPO that was subscribed nearly 147 times. Everything the company does follows a single logic: dig raw coal from the ground, then wash and grade it so steelmakers can use it - a mining-and-beneficiation chain that turns a lump of rock into a priced industrial input. # Business segments A single engine - coking coal for steel - that runs from the mine face to the washed product, with thermal coal and washery by-products sold along the way. ## 1. Coking coal mining and beneficiation: the fuel behind India’s steel **The company extracts raw coal from opencast and underground mines, then runs it through washeries to produce graded coking coal that steel plants can charge directly into their blast furnaces.** - **Two ways to dig** - opencast (surface) mining does the heavy lifting, contributing 10.40 million cubic metres of departmental production in the nine months to December 2025, while underground mining adds a smaller 0.34 million tonnes, together delivering total coal production of 24.65 million tonnes in that period. The opencast method requires stripping away enormous volumes of overburden - 113.13 million cubic metres in the same nine months - which is so central to the operation that the company carries a “Stripping Activity Asset” on its balance sheet to spread that cost over the life of the mine. - **Sold raw or washed, at two different price points** - most raw coal moves under long-term Fuel Supply Agreements with state-owned power and steel giants like NTPC, SAIL and DVC, accounting for 21.20 million tonnes in the first nine months of FY26 at an average realisation of about ₹2,817 per ton. A sliver - 0.50 million tonnes - goes through e-auctions where the same raw coal fetches roughly ₹4,265 per ton, giving the company a premium channel when demand runs hot. - **Washeries turn raw coal into steel-grade fuel** - the company runs a network of coal washeries with a combined operable capacity of 130.65 lakh tonnes, split between its own departmental plants (43.50 lakh tonnes) and those built and operated by contractors under Build-Operate-Maintain arrangements (87.00 lakh tonnes). These plants wash raw coking coal into two saleable grades: Prime Coking Coal, which sold 0.62 million tonnes at an average of ₹10,501 per ton, and Medium Coking Coal, which sold 0.52 million tonnes at ₹8,222 per ton - both priced on an import-parity model agreed with SAIL, so the company earns what steelmakers would otherwise pay for foreign coal. - **Yield is the factory’s report card** - how much washed coal a washery squeezes out of each tonne of raw feed determines its economics, and the TSL washery hit a yield of 45.68 percent in the nine-month period, far above the company-wide average of 28.46 percent. Three washeries - Dugdha, Sudamdih and Mahuda - are currently non-operative, while a brand-new 2.0 MTPA Bhojudih washery began commercial production in May 2026 using heavy-media cyclones and froth flotation to produce washed coking coal for the steel sector. - **By-products pay their way** - the washing process also produces middlings, rejects and slurry, and the company sold 2.50 million tonnes of these in the first nine months through a mix of fuel-supply agreements and e-auctions, extracting value from material that would otherwise be waste. Prices for washed coal and these by-products are revised periodically using Wholesale Price Index indexation, and evacuation charges are recovered per metric ton at rates that vary by product type and coal grade. # Group structure and partners **A government-owned subsidiary with a landmark private-sector asset handover and a joint-venture stake.** - Coal India Limited, itself a Government of India Undertaking, is the parent company, and BCCL carries Miniratna status - a designation that gives it operational autonomy within the public-sector framework. - In June 2026 the company handed its 2.0 MTPA Dugda Coal Washery over to JSW Steel Limited, the first time a coal washery in India has been monetised by transferring operations to the private sector, a move carried out under Ministry of Coal guidance and signed at BCCL’s headquarters in Dhanbad. - The company has also made equity investments into a joint venture, recorded in its financials, and was listed on stock exchanges in January 2026 with 46.57 crore ordinary shares representing 10 percent of its paid-up equity.