Business Profile of Bharat Coking Coal Limited
Bharat Coking Coal Limited (BCCL) was incorporated in 1972 and it is engaged in the production of coking coal, non-coking coal, and washed coals. It is wholly-owned subsidiary of Coal India Limited. Under company operations it includes opencast and underground mining projects, coal washeries, monetisation of idle washeries through the Washery Developer and Operator (WDO) model, reopening discontinued underground mines through the Mine Developer and Operator (MDO) model, and solar power project monetisation through self-consumption and grid injection. The company operates 32 mines, including 25 opencast, 3 underground, and 4 mixed mines, as of March 31, 2025. The primary products of company are coking coal, catering to steel and power industries.
Objective of Bharat Coking Coal IPO
As per the draft red hearing prospects, the IPO issue consists only offer for sale. The offer for sale consists of 465,700,000 shares at the face value of ₨ 10.00 each aggregating up to ₹ ₹1,071 Cr. There are only OFS and main objective of company is to achieve the benefits of listing on the Stock Exchange and enhance brand image and provide liquidity in market for the equity shares in India.
Details of Bharat Coking Coal IPO
| IPO Open Date | Fri, Jan 9, 2026 |
| IPO Close Date | Tue, Jan 13, 2026 |
| Basis of Allotment | N.A. |
| Listing Date | Nov 14, 2025 |
| Face Value | ₹10 per share |
| Price | ₹21 to ₹23 per share |
| Lot Size | 600 Shares |
| Total Issue Size | 46,57,00,000 shares |
| (aggregating up to ₹1,071 Cr) | |
| Fresh Issue | N.A |
| N.A | |
| Offer For Sale | 46,57,00,000 shares |
| (aggregating up to ₹1,071 Cr) | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not less than 50% of the Net Offer |
| Retail Shares Offered | Not more than 35% of the Net Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Net Offer |
Bharat Coking Coal IPO: Issue Price & Size
The issue size of the IPO has been declared and the overall issue size of the IPO is Rs 1,071 Cr, out of which 46,57,00,000 Equity Shares, aggregating up to Rs 1,071cr, comprise only for sale by shareholders.
Launch Date of Bharat Coking Coal IPO
Bharat Coking Coal Limited IPO will be open on Jan 9, 2026 and close on the Jan 13, 2026. All types of investors can bid between these dates through their eligible categories.
Financial Statements of Bharat Coking Coal Limited
| Particular (Rs in millions) | March 31 , 2025 | March 31 , 2024 | March 31 , 2023 |
| Revenue from Operations | |||
| Sales | 130,832.60 | 131,611.00 | 123,491.40 |
| Other Operating Revenue | 9,151.90 | 8,842.40 | 9,475.90 |
| Revenue from Operations | 139,984.50 | 140,453.40 | 1,32,967.30 |
| Other Income | 5,990.80 | 4,066.70 | 3,945.10 |
| Total Income | 145,975.30 | 144,520.10 | 136,912.40 |
| Expenses : | |||
| Cost of Materials Consumed | 6,409.20 | 7,421.70 | 9,891.60 |
| Changes in inventories of finished goods | ( 5,625.80 ) | ( 3,321.30 ) | ( 137.20 ) |
| Employee Benefits Expense | 67,137.30 | 71,506.90 | 73,581.20 |
| Finance Costs | 724.90 | 618.30 | 556.90 |
| Depreciation /Amortization | 5,806.80 | 3,403.90 | 3,054.30 |
| Stripping Activity Adjustment | ( 5,764.00 ) | ( 3,856.90 ) | 6,726.70 |
| Contractual Expense | 43,115.10 | 31,686.40 | 23,913.50 |
| Other Expenses | 17,142.90 | 16,144.40 | 14,023.50 |
| Total Expenses | 128,946.40 | 123,603.40 | 131,610.50 |
| Profit before Tax | 17,028.90 | 20,916.70 | 5,301.90 |
| Tax Expense | |||
| Current Tax | 2,900.30 | 1,803.30 | 13.10 |
| Deferred Tax | 1,726.70 | 3,468.80 | ( 1,359.00 ) |
| Total Tax Expenses | 4,627.00 | 5,272.10 | ( 1,345.90 ) |
| Profit for the period | 12,401.90 | 15,644.60 | 6,647.80 |
Key financial ratios of Bharat Coking Coal Limited
| Key performance indicators | Unit | As of ,end for the period ended | ||
| March 31 , | March 31 , | March 31 , | ||
| 2025 | 2024 | 2023 | ||
| Revenue from operations | in million | 1,39,984.50 | 1,40,453.40 | 1,32,967.30 |
| Revenue CAGR | % | 2.6 | ||
| EBITDA | in million | 23,560.60 | 24,938.90 | 8,913.10 |
| EBITDA CAGR | % | 62.58 | ||
| EBITDA Margin | % | 16.14 | 17.26 | 6.51 |
| Profit after tax | in million | 12,401.90 | 15,644.60 | 6,647.80 |
| PAT CAGR | % | 36.59 | ||
| PAT Margin | % | 8.5 | 10.83 | 4.86 |
| Return on Average Capital Employed | % | 30.13 | 47.2 | 16.56 |
| Return on Net Worth | % | 20.83 | 34.21 | 19.22 |
| Capital Expenditure | in million | 18,149.40 | 12,375.30 | 9,865.30 |
| Trade receivables as number of days of Revenue from operations | Days | 39 | 25 | 34 |
| Current Ratio | In Times | 1.19 | 1.21 | 0.96 |
| Net Asset Value ( NAV ) per equity share | in | 14.07 | 11.5 | 8.14 |
| Earning per shares | in | 2.66 | 3.36 | 1.43 |
Promoters & Shareholding Bharat Coking Coal IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 100.00% shareholding in company.
| Name of shareholder | Number of shares | Percentage of shareholding |
| Promoter & Promoter Group | ||
| Coal India Limited | 4,65,70,00,000 | 100 |
| Public | – | – |
| Total | 4,65,70,00,000 | 100 |
Should You Subscribe To Bharat Coking Coal IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Bharat Coking Coal IPO
Largest coking coal producer in India
The company is the largest coking coal producer in India in Fiscal 2025 in terms of coking coal production, which accounted for 58.50% of the domestic coking coal production in Fiscal 2025. As of March 31, 2025, India’s total coal resource is estimated to be 389.4 billion metric tonnes, with coking coal resources amounting to 36.8 billion tonnes. It helps company supply of coking coal to meet the demands of its customers across industries such as steel plants, thermal power plants, cement manufacturers and fertilizer industry that rely on coal as a primary fuel or input.
Strategically located mines
The mines of company are strategically located in the Jharia and Raniganj coalfields, which have a vast reserve of coal resources. Bharat Coking Coal Ltd. is market leader in coking coal washery capacity in India, with an operational capacity of 13.65 million tonnes per annum. The strategic location mines and large washeries represent a significant competitive advantage that enhances operational efficiency and reduce cost in production.
Robust financial
The company has maintained a consistent track record of financial performance, which reflects company operational excellence and long-term viability. Their financial performance is characterized by no long-term debt, underscoring its strong financial stability. It enabled company to optimize expenses and maintain a healthy profit margin even in the face of fluctuating market conditions and industry challenge.
Strong parentage of Coal India Limited
Coal India Limited is the largest coal producing company in the world and relationship of company with Coal India Limited provides them a solid foundation and extensive resources that are pivotal to success. The strategic support of Coal India Ltd. includes access to advanced technologies, a pool of skilled professionals, and robust financial backing. These resources enable company s to undertake large-scale projects with confidence, ensuring timely and efficient execution.
Risk Factors of Bharat Coking Coal IPO
Heavy Reliance on Raw Coking Coal
The significant portion of company revenues is derived from production of raw coking coal, which accounted for 76.07%, 75.40%, and 76.07% of its revenue from operations in Fiscals 2025, 2024 and 2023, respectively. Any decline in demand for raw coking coal could have an adverse impact on company business, results of operations, financial condition and cash flows.
Raw Material Price & Supply Risk
The company is dependent upon the pricing and continued supply of raw materials which are subject to price volatility caused by external factors beyond company control, such as climatic and environmental conditions, commodity price fluctuations, and changes in government policies etc. As company competitiveness, costs and profitability depend, in part on ability to source and maintain a stable and sufficient supply of raw materials.
Client’s concentration risk
The business of company is largely depends upon its top 10 customers which accounted for 87.64%, 81.96% and 78.89% of company revenue from operations in Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers could have an adverse effect on company business, financial condition, results of operations and cash flows.
Third-Party Execution Risk
A significant portion of company overburden removal operations are conducted through third party contractors. Coal extraction conducted by third parties represented 78.47%, 74.93% and 72.04% of total coal extraction operations, respectively. The company engages third party contractors for transportation of coal from pit head to loading points, transportation of materials, loading of coal on wagons and a range of activities ancillary to mining operations. Any fluctuations in contractual costs cause risks in relating to the quality of their services.
Bharat Coking Coal IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
As per the sources, the GMP of Bharat Coking Coal Limited IPO is trading at around Rs 16.5 in the grey market shows the share of Bharat Coking Coal Limited is expected to list at around Rs 39.5 if you consider the upper price band of Rs 23 announced in the IPO for the bidding.
