Bharat Coking Coal was incorporated on January 01, 1972. The company is the largest producer of coking coal in India in Fiscal 2025, accounting for 58.5% of the country's domestic coking coal output. It primarily produces coking coal and also supplies non-coking and washed coal for use mainly in the steel and power sectors
| Bidding Dates |
|---|
| 09 Jan 2026 - 13 Jan 2026 |
| Subscription |
|---|
| 146.87x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹12,600 | 1 | 14 | 600 | 465.7 M | ₹21 - ₹23 | 90 % | ₹9779.7 M - ₹10711.1 M | RHP DOC |
Bharat Coking Coal IPO SUBSCRIPTION STATUS
13 Jan '26Bharat Coking Coal IPO overall subscription rate was 146.87 times the total available shares
Bharat Coking Coal IPO retail subscription rate was 49.33 times in the retail segment
Bharat Coking Coal IPO non-institutional investor subscription rate was 258.16 times in the non-institutional investor category
Bharat Coking Coal IPO Qualified Institutional Bidder subscription rate was 310.81 times the available shares for Qualified Institutional Bidder
Bharat Coking Coal IPO Employees subscription rate was 5.18 times in the Employees category
Bharat Coking Coal IPO Shareholder Reservation subscription rate was 87.29 times in the Shareholder Reservation category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees | Shareholder Reservation |
|---|---|---|---|---|---|
| Category Reservation | 35% | 15% | 50% | - | - |
13 Jan 2026 (Day 3) | 49.33x | 258.16x | 310.81x | 5.18x | 87.29x |
12 Jan 2026 (Day 2) | 26.94x | 96.36x | 1.44x | 2.62x | 44.03x |
09 Jan 2026 (Day 1) | 9.26x | 16.39x | 0.3x | 0.83x | 10.86x |
Bharat Coking Coal FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 5,659.0 | 123.9 | -334.9 | -623.9 | 7.3% |
| H1FY25 | 6,846.2 | 748.7 | 1,014.8 | 38.0 | 19.4% |
| FY25 | 13,802.6 | 1,240.2 | 796.5 | 31.5 | 16.4% |
| FY24 | 14,245.9 | 1,564.5 | 1,299.1 | 112.2 | 17.0% |
| FY23 | 12,624.1 | 664.8 | 1,698.8 | 691.6 | 6.9% |
Bharat Coking Coal IPO SUBSCRIPTION STATUS DETAILS
Bharat Coking Coal had 465.7 M shares on offer
Bharat Coking Coal IPO offer price was in the range ₹21 - ₹23
Bharat Coking Coal IPO minimum Investment was ₹12600
Bharat Coking Coal IPO issue size was ₹ 9779.7 M - ₹ 10711.1 M
Bharat Coking Coal had a minimum lot size of 600 Shares per application
Bharat Coking Coal NUMBER OF SHARES ON OFFER
Bharat Coking Coal IPO IMPORTANT DATES
| Issue Open Date | 09 Jan 2026 |
| Issue close Date | 13 Jan 2026 |
| Allotment Date | 14 Jan 2026 |
| Refund Date | 16 Jan 2026 |
| Demat Account Credit Date | 16 Jan 2026 |
| Listing Date | 19 Jan 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Bharat Coking Coal Allotment Status | Exchange/ Registrar |
Bharat Coking Coal IPO subscription opened on 09 Jan 2026, and closed on 13 Jan 2026
IPO allotment for Bharat Coking Coal was finalized on Wednesday, 14 Jan 2026
IPO listing for Bharat Coking Coal was on NSE and BSE on Monday, 19 Jan 2026
Bharat Coking Coal IPO LISTING GAINS
| Issue Price (adjusted) | 23.0 |
| Listing Open Price | 45.0 |
| Listing Close Price | 40.6 |
| Listing Gain% | 95.7% |
| Current Gain% | 48.1% |
Bharat Coking Coal Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bharat Coking Coal Ltd. | 34.1 | 15866.4 | -136 | 1.2 | 1.3 | 2.2 | 0.6 | 14924.3 | 3.6 | 128.3 | -89.7 | -0.3 | -109.4 |
| Coal India Ltd. | 415.2 | 255907.3 | 8.2 | -1.4 | 1.6 | 26.1 | 10.9 | 179676 | 17.6 | 31094.3 | -12.1 | 50.6 | -5.9 |
| Lloyds Metals & Energy Ltd. | 2101.2 | 118278 | 32.1 | 0.2 | 6.9 | 26.5 | 8.8 | 17306.4 | 155.5 | 3680.8 | 153.9 | 65.4 | 153.9 |
| NMDC Ltd. | 84.9 | 74660.1 | 10 | 0.7 | 2.3 | 21.9 | 15.4 | 33559.3 | 31.6 | 7450.4 | 13.9 | 8.5 | 13.9 |
| Gujarat Mineral Development Corporation Ltd. | 582.8 | 18533 | 19.4 | 0.4 | 6.6 | 13.5 | 10.6 | 3077.2 | -4 | 956.7 | 39.5 | 30.1 | 43.7 |
| Tega Industries Ltd. | 1625.7 | 12213.5 | 85.6 | -3 | 7.2 | 4.2 | 3.3 | 1773.6 | 5.5 | 142.7 | -28.7 | 19 | -28.7 |
Bharat Coking Coal INFORMATION ON IPO ISSUE
About Bharat Coking Coal
Bharat Coking Coal was incorporated on January 01, 1972. The company is the largest producer of coking coal in India in Fiscal 2025, accounting for 58.5% of the country's domestic coking coal output. It primarily produces coking coal and also supplies non-coking and washed coal for use mainly in the steel and power sectors
Object of the Issue
- To carry out the offer for sale of up to 46,57,00,000 equity shares of face value of Rs 10 each of the company
- To achieve the benefits of listing the equity shares on the stock exchanges
Bharat Coking Coal - PROMOTERS
| Name |
|---|
| Coal India Limited |
| President of India |
Bharat Coking Coal - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Manoj Kumar Agarwal | Chairman, Managing Director & Chief Executive Officer |
| Murli Krishna Ramaiah | Executive Director |
| Sanjay Kumar Singh | Executive Director |
| Niladri Roy | Executive Director |
| Sanoj Kumar Jha | Non-Executive Director |
| Mukesh Choudhary | Non-Executive Director |
| Arun Kumar Oraon | Independent Director |
Bharat Coking Coal Book Running Lead Manager
IDBI Capital Markets & Securities Limited
bccl.ipo@idbicapital.com
ICICI Securities Limited
bccl.ipo@icicisecurities.com
Bharat Coking Coal Registrar to the Offer
KFin Technologies Limited
bccl.ipo@kfintech.com
Bharat Coking Coal Strengths
Largest coking producer
The company is India’s largest producer of coking coal, accounting for 58.50% of domestic coking coal production in Fiscal 2025. It holds 7.91 billion tonnes of coking coal resources, making it the only source of prime coking coal in the country
Strategic mine location
The company operates strategically located mines in Jharia and Raniganj coalfields, areas rich in coal resources and equipped with strong infrastructure and logistics. It leads in coking coal washery capacity in India, with 13.65 million tonnes per annum capacity
Strong coal India backing
The company benefits from strong parentage under Coal India Limited, the world’s largest coal producer. This association offers access to advanced technologies, skilled professionals, and financial strength.
Bharat Coking Coal Risks
Raw material volatility
The company’s operations depend heavily on the steady and cost-effective supply of key raw materials such as explosives, timber, oil, lubricants, and heavy earthmoving machinery spares. External factors like climatic conditions, commodity price fluctuations, fuel cost changes, and regulatory shifts can affect their availability and pricing
Customer concentration risk
A substantial portion of the company’s revenue is generated from its top 10 customers, contributing over 78% of revenue across the past three fiscal years. The loss of any major customer due to contract termination, disputes, market decline, or policy changes could significantly impact the company’s revenue, cash flow, and overall financial health
Operational hazards exposure
The company's mining operations involve inherently hazardous activities, including blasting, drilling, and the use of heavy equipment. Despite safety protocols and periodic risk assessments, accidents have occurred in recent years
IPO FAQs
This IPO consists of an offer for sale of up to Rs 1,071.1 crore, of 465,700,000 shares.
The promoters of the company are Coal India Limited and President of India.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 21.0 - 23.0.
The IPO application opens on Jan 09, 2026 and closes on Jan 13, 2026.
The minimum lot size for the IPO is 600. The maximum lot size for the IPO is 8400.
For all category investors, the minimum application amount for this IPO is Rs. 12,600.0, the maximum value for this IPO is Rs 193,200.0.
This IPO will be allotted on Jan 14, 2026.
The refund will be credited to your account on Jan 16, 2026.
The allotted shares will be credited to your demat on Jan 16, 2026.
Bharat Coking Coal Ltd.’s shares listed on the stock exchanges on Jan 19, 2026.