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Bharat Coking Coal Ltd
Mining & Mineral productsIPO
₹23 - 23
The Company produce various grades of coking coal, non-coking coal and washed coals for applications primarily in the steel and power industries. The Company was incorporated in 1972 to mine and supply coking coal concentrated in mines located at Jharia, Jharkhand and Raniganj, West Bengal coalfields. The Company has expanded its operations significantly over the years, with its coal production increasing from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025, which is an increase of 32.74% over Fiscal 2022. Further, its coal production was 15.75 million tonnes in the six months period ended September 30, 2025, as compared to 19.09 million tonnes in six months period ended September 30, 2024. In Fiscal 2024, we produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal, surpassing its previous records of coking coal production.
Lot600Min Invest₹13,800Face Value₹10Issue Size₹1,071 CrOffer for Sale₹1,071 CrListing Price₹45CMP₹30
Timeline
9 Jan
Bidding opens
13 Jan
Bidding closes
14 Jan
Allotment
15 Jan
Refund & demat credit
19 Jan
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹1,071 Cr46.57 Cr shares
Offer for Sale₹1,071 Cr
Face Value₹10
Lot Size600 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹13,8001-14 lots
sNII₹2,07,000from 15 lots
bNII₹10,07,400from 73 lots
Managers & Registrar
Lead ManagerIDBI Capital Markets & Securities Limited
Co-ManagerICICI Securities Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrCoal India LimitedPRMTR46,57,00,0001,071.11Total46,57,00,0001,071.11
Shareholding
CategoryPre IPOPost IPOPromoter Group100%90%Public0%10%
Objects of the Issue
- listing of the Equity Shares on the stock exchanges
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 12,624 | 14,246 | 15,917 | 13,645 | 12,911 |
| Operating ProfitCr | 497 | 2,087 | 1,757 | -494 | -750 |
| OPM% | 3.9 | 14.7 | 11.0 | -3.6 | -5.8 |
| PBTCr | 530 | 2,092 | 1,703 | 149 | -201 |
| PATCr | 665 | 1,564 | 1,240 | 128 | -117 |
| EPS | 1 | 3 | 3 | 0 | 0 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 4,657 | 4,657 | 4,657 | 4,657 | - |
| ReservesCr | -853 | 665 | 1,806 | 1,122 | - |
| BorrowingsCr | 213 | 230 | 233 | 2,242 | - |
| Fixed AssetsCr | - | - | 4,274 | 5,273 | - |
| Total AssetsCr | 13,313 | 14,728 | 17,283 | 20,585 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 1,699 | 1,299 | 627 | -641 | - |
| Investing Cash FlowCr | -1,706 | -1,484 | -823 | -310 | - |
| Financing Cash FlowCr | -43 | -74 | 37 | 1,150 | - |
| Net Cash FlowCr | -50 | -259 | -159 | 200 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Largest coking coal producer in India with access to large reserves.
- Strategically located mines with large washeries.
- Well positioned to capitalize on demand for coking coal in India.
- Strong parentage of Coal India Limited.
- Consistent track record of growth and financial performance.
- Experienced management team supported by committed employee base.
Strategies · as stated in the DRHP
- Utilize its resources effectively to sustain and expand operations, driving growth and maximizing efficiency.
- Transform discontinued mines into profitable ventures through resource monetization, and strategic repurposing.
- Monetize, modernize, and renovate its washeries.
- Implement energy conservation methods to enhance operational efficiency and reduce environmental impact.
- Leverage its resources in the Jharia coalfields to drive growth.
- Explore opportunities in coal bed methane projects to harness untapped energy resources.
Risks · as stated in the DRHP
- Information relating to its reserve and resource base included in this Red Herring Prospectus are estimates, and the company's actual production, revenues and expenditure with respect to its reserves and resources may differ materially from these estimates. Additionally, certain reserve and resource base information provided in this Red Herring Prospectus has been prepared and classified in accordance with Indian Standard Procedure guidelines (the "ISP Guidelines"), which has not been audited by SRK Mining Services (India) Private Limited ("SRK") and differs from international standards.
- The company's mines and washeries are concentrated in Jharia, Jharkhand and Raniganj, West Bengal and the eventual exhaustion of coal reserves in these areas or its inability to successfully exploit existing reserves may adversely affect the company's business, results of operations, financial conditions and cash flows.
- A significant portion of its revenues is derived from production of raw coking coal, which accounted for 77.20%, 74.13%, 75.72%, 75.75% and 74.79% of the company's revenue from operations in the six months period ended September 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. Any decline in demand for raw coking coal could have an adverse impact on its business, results of operations, financial condition and cash flows.
- The companyn has certain contingent liabilities that have been disclosed in the Restated Financial Information (Rs. 35,985.90 million as of September 30, 2025), which if materialize, may adversely affect its business, results of operations, financial condition and cash flows.
- The company is dependents upon the pricing and continued supply of raw materials, the costs and supply of which can be subject to significant variation due to factors outside its control.
- The company's business largely depends upon its top 10 customers which accounted for 83.89%, 82.46%, 88.88%, 80.79% and 83.10% of the company's revenue from operations in the six months period ended September 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers could have an adverse effect on its business, financial condition, results of operations and cash flows.