Bharat Coking Coal (BCCL)

The Bharat Coking Coal (BCCL) IPO will open on January 9, 2026, and close on January 13, 2026. This IPO is a Book Built Issue, through which the company aims to raise approximately ₹1,071 crores. The issue consists of a fresh issue of ₹[.] crores along with an offer for sale of up to 46,57,00,000 equity shares, each having a face value of ₹10.

The price band for the Bharat Coking Coal IPO is fixed at ₹21 to ₹23 per share. The allocation is structured with 35% reserved for retail investors, 50% for Qualified Institutional Buyers (QIBs), and 15% for High Net-worth Individuals (HNIs). The IPO is scheduled to be listed on both BSE and NSE on January 16, 2026, while the allotment date is set for January 14, 2026.

Financially, the company reported a revenue of ₹14,401.63 crores in 2025, compared to ₹14,652.53 crores in 2024. The profit stood at ₹1,240.19 crores in 2025, down from ₹1,564.46 crores in 2024. Based on these financials, IPO investors are advised to consider this issue from a long-term investment perspective.

Bharat Coking Coal IPO Details

Bharat Coking Coal IPO Market Lot

The Bharat Coking Coal IPO minimum market lot is 600 shares with ₹13,800 application amount. The retail investors can apply up to 13 lots with 8,400 shares of ₹1,93,200.

About Bharat Coking Coal

Bharat Coking Coal Limited (BCCL), incorporated in 1972, is one of India’s leading producers and suppliers of coking coal, non-coking coal, and washed coal. The company was conferred Mini Ratna status in 2014, recognizing its significant role in supplying coking coal to the steel and power industries.

BCCL operates mines located in the Jharia coalfields of Jharkhand and the Raniganj coalfields of West Bengal. As of March 31, 2025, the company operates a total of 32 mines, comprising 25 opencast mines, 3 underground mines, and 4 mixed mines.

In FY25, BCCL’s coal production increased to 40.50 million tonnes. During the same period, the company accounted for nearly 58.5% of India’s domestic coking coal production. Its operations include opencast and underground mining, coal washeries, reopening discontinued underground mines, and reviving coal washeries that had been idle for a certain period.

Strengths

• Bharat Coking Coal Limited is the largest producer of coking coal in India.

• As of April 1, 2024, the company possessed 791 million tonnes of coal resources, making it the primary source of coking coal production in the country.

• Domestic demand for coking coal is projected to grow significantly, rising from 67 million metric tonnes in FY25 to 138 million metric tonnes by FY35.

• The company benefits from the strong parentage of Coal India Limited, which provides strategic, technological, and financial support for sustainable growth.

• BCCL is almost debt-free, strengthening its financial stability.

Weaknesses

• The company has contingent liabilities amounting to ₹4,930 crore, which may materialize in the future and could impact its business, cash flows, and financial condition.

• Approximately 87% of BCCL’s revenue is generated from its top 10 customers, making it vulnerable to the loss of any major customer.

• The IPO is entirely an Offer for Sale (OFS) with no fresh issue component, meaning the proceeds will go to existing shareholders and will not be utilized for the company’s growth.

• Other income of ₹598 crore is derived from non-core activities.

• Debtor days have increased from 39.1 days to 48.2 days, indicating slower receivables collection.