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Bharat Coking Coal IPO
Bharat Coking Coal Ltd
₹12,600 /600 sharesMinimum Investment
Bharat Coking Coal IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 9 Jan ‘26 - 13 Jan ‘26 | ₹12,600 | 600 | ₹21 - ₹23 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 1,071.11 Cr | RHP PDF | 14 Jan ‘26 | 16 Jan ‘26 |
| Face value |
|---|
| 10 |
About Bharat Coking Coal
Founded in
1972
MD/CEO
Mr Manoj Kumar Agarwal
Parent organisation
Bharat Coking Coal Ltd
Strengths & Risks of Bharat Coking Coal
Strengths
Risks
Bharat Coking Coal was the largest coking coal producer in India in FY25 in terms of coking coal production. It accounted for 58.50% of the domestic coking coal production in FY25. As of March 31, 2025, India’s total coal resource is estimated at 389.4 billion metric tonnes, with coking coal resources amounting to 36.8 billion tonnes. Bharat Coking Coal holds 7.91 billion tonnes of these coking coal resources, as of April 1, 2024, making it the only source of prime coking coal in India.
Bharat Coking Coal’s mines are strategically located in the Jharia and Raniganj coalfields, which have a vast reserve of coal resources. The company is a market leader in coking coal washery capacity in India, with an owned operational capacity of 13.65 million tonnes per annum (mtpa). The claim claims that its strategically located mines and large washeries represent a significant competitive advantage that enhances operational efficiency, reduces costs, and ensures high-quality coal production.
Since FY21, Bharat Coking Coal has strategically increased its production by adding capacity through incorporating heavy earth-moving machinery as part of its operations. This approach has helped it achieve a record high production of 39.11 million tonnes of raw coal in FY24, up 10.96% from the previous peak recorded in FY17.
In FY24, Bharat Coking Coal recorded its highest raw coal offtake of 39.27 million tonnes. Further, in FY25, it achieved a record overburden (OB) removal volume while maintaining its second-highest coking coal production, just below the peak of FY24. OB is the overlying rock mass that needs to be removed to access coal seams in opencast mines.
Bharat Coking Coal operates across a total leasehold area of 288.31 square kilometres (sq km), covering 252.88 sq km of the Jharia coalfield and 35.43 sq km of the Raniganj coalfield.
The company’s operational portfolio includes (i) opencast and underground mining projects, (ii) coal washeries, (iii) monetisation of old and idle coal washeries through the Washery Developer and Operator route; and (iv) restoration of operations in discontinued underground mines through the Mine Developer and Operator (MDO) model. The company also monetises its solar power projects through a combination of self-consumption and grid injection.
While long-term coal demand for power may decrease, Bharat Coking Coal’s coking coal remains essential for steel-making. It is expanding the washery capacity to increase the supply of washed, higher-grade coal and meet the anticipated growth in steel demand.
The reserves mentioned in the RHP are estimates and may differ from the actual numbers. Also, some of these estimates have been prepared and classified in accordance with Indian Standard Procedure guidelines (the ISP Guidelines), which differ from international standards. Bharat Coking Coal’s future performance depends on, among other things, the accuracy of the estimates of its reserve and resource base. Any significant differences could impact the life of the company’s mining and related operations and finances.
The company’s operations are entirely concentrated in the Jharia coalfield in Jharkhand and the Raniganj coalfield in West Bengal, which are critical sources of its coal production. This geographic concentration exposes the company to significant risks, including the potential depletion of coal reserves in these regions. The exhaustion of these finite coal reserves in the two regions could materially and adversely affect the company’s business, results of operations, financial condition, and cash flows.
A significant portion of Bharat Coking Coal’s revenues is derived from the production of raw coking coal, which accounted for 77.20%, 75.72%, 75.75% and 74.79% of its revenue from operations in the six months ending September 30, 2025, FY25, FY24 and FY23, respectively. Any decline in demand for raw coking coal could adversely impact the company’s business, results of operations, financial condition and cash flows.
As of September 30, 2025, the company had contingent liabilities amounting to Rs 3,598.59 crore. If a significant portion of these liabilities materialise, it could hit the company’s results of operations, financial condition and cash flows.
The company’s business largely depends upon its top 10 customers, which accounted for 83.89%, 88.88%, 80.79% and 83.10% of its revenue from operations in the six months ending September 30, 2025, FY25, FY24 and FY23, respectively. The loss of any of these customers could hurt its business, financial condition, results of operations and cash flows.
Bharat Coking Coal’s business depends on a few vendors providing contractual services. Any disruptions in the supply of services could adversely affect the company’s business, results of operations, financial condition and cash flows. For the period ending September 30, 2025, expenses on these top 10 vendors stood at Rs 1,740.46 crore, which was 65.09% of the total purchases from all vendors. For FY25, FY24, and FY23, the respective figures were Rs 3,576.07 crore (60.86%), Rs 2,631.27 crore (53.16%) and Rs 2,157.58 crore (49.63%).
A portion of Bharat Coking Coal’s production and coal handling operations is conducted through third-party contractors, which exposes the company to fluctuations in contractual costs and risks relating to the quality of their services. In the six months ending September 30, 2025, FY25, FY24 and FY23, coal extraction conducted by third parties represented 84.21%, 78.47%, 74.93% and 72.04% of the company’s total coal extraction operations, respectively. The percentage of work done by third parties has been rising over the years. Investors should keep track of this metric and observe the cost-benefit for the company.
Bharat Coking Coal is a wholly-owned subsidiary of Coal India Limited, and therefore, it relies on the support and resources provided by the latter. Any misalignment in strategic priorities or changes in Coal India’s overall strategy could affect Bharat Coking Coal’s long-term planning and operational stability, adversely impacting its business, results of operations, financial conditions and cash flows.
Bharat Coking Coal relies significantly on the performance of industries such as the power and steel industries for its business, as a majority of its coal is dispatched to these industries. For the period ended September 30, 2025, the power industry accounted for Rs 3,969.21 crore (75.46%) of its coal dispatch, while for FY25, FY24 and FY23, the figures were Rs 9,678.70 crore (73.98%), Rs 9,171.58 crore (69.68%), and Rs 8,018.42 crore (64.94%). The steel industry accounted for Rs 972.06 crore (18.48%), Rs 2,375.15 crore (18.15%), Rs 2,458.51 crore (18.68%), Rs 2,261.55 crore (18.31%), in the corresponding periods. Any slowdown in either of these industries could hurt its business and finances.
The company is exposed to counterparty credit risk in the usual course of business dealings with its customers or vendors/third-party service providers. For the period ending September 30, 2025, FY25, FY24, and FY23, the company’s trade receivables stood at Rs 2,202.52 crore, Rs 1,847.76 crore, Rs 1,333.25 crore, and Rs 1,251.15 crore. Investors should note that the trend is rising. Also, the trade receivable days during the above periods stood at 60, 40, 25, and 36. Here too, the trend is rising from FY24. Though there are no bad debts written off, which is a healthy sign, past dues outstanding for more than six months, but not taken as impaired, during these periods stood at Rs 390.32 crore, Rs 373.78 crore, Rs 322.05 crore, and Rs 148.05 crore. This too has been rising consistently.
Bharat Coking Coal Financials
*All values are in Rs. Cr
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Application Details of Bharat Coking Coal IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹21 - 23 | Upto ₹2 Lakh | 600 |
| Employee | ₹20 - 22 | Upto ₹2 Lakh | 600 |
| Shareholder | ₹21 - 23 | Upto ₹2 Lakh | 600 |
| High Networth Individual | ₹21 - 23 | ₹2 - 5 Lakh | 600 |
For Bharat Coking Coal IPO, eligible investors can apply as Regular, Employee & Shareholder.