Bharat Coking Coal IPO: Everything You Need to Know
The Indian IPO market is set for another major PSU moment with the arrival of the Bharat Coking Coal IPO in January 2026. As one of India’s most strategic coal producers and a key subsidiary of Coal India Limited, Bharat Coking Coal Limited (BCCL) plays a vital role in supplying coking coal to the steel industry.
With India’s infrastructure and manufacturing sectors expanding rapidly, demand for steel-and in turn, coking coal-remains strong. This IPO offers retail investors a rare chance to participate directly in a government-owned company that sits at the heart of India’s industrial ecosystem.
Here is a complete, easy-to-understand guide covering IPO dates, pricing, lot size, investment requirements, financials, risks, and whether this issue deserves a place in your portfolio.
About Bharat Coking Coal Limited
Bharat Coking Coal Limited is a government-owned company headquartered in Dhanbad, Jharkhand. It operates in the Jharia coalfields, one of India’s richest sources of prime coking coal.
The company’s core business includes:
- Mining of coking coal
- Coal washing and beneficiation
- Supplying metallurgical coal to steel manufacturers
- Managing underground and open-cast mines
Coking coal is essential for steel production, making BCCL a backbone of India’s infrastructure growth. Its key customers include large public and private steel producers across the country.
The promoters of the company are:
- The President of India, acting through the Ministry of Coal, Government of India
- Coal India Limited
Post IPO, promoter holding will reduce from 100% to 90%.
Bharat Coking Coal IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Open Date | Friday, 9 January 2026 |
| IPO Close Date | Tuesday, 13 January 2026 |
| Allotment Date | Wednesday, 14 January 2026 |
| Refunds Initiated | Thursday, 15 January 2026 |
| Shares Credited | Thursday, 15 January 2026 |
| Listing Date | Friday, 16 January 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹21 to ₹23 per share |
| Issue Price | ₹23 per share |
| Lot Size | 600 shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Offer For Sale (OFS) |
| Listing At | BSE, NSE |
| Employee Discount | ₹1 per share |
| Total Issue Size | 46,57,00,000 shares (₹1,071 Cr) |
| Pre-Issue Shares | 4,65,70,00,000 |
| Post-Issue Shares | 4,65,70,00,000 |
| Market Capitalization | ₹10,711.10 Cr |
How Much Money Do You Need to Apply?
Investors can bid for a minimum of 600 shares and in multiples thereof.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 600 | ₹13,800 |
| Retail (Maximum) | 14 | 8,400 | ₹1,93,200 |
| S-HNI (Minimum) | 15 | 9,000 | ₹2,07,000 |
| S-HNI (Maximum) | 72 | 43,200 | ₹9,93,600 |
| B-HNI (Minimum) | 73 | 43,800 | ₹10,07,400 |
Retail investors can apply for up to 14 lots, meaning the maximum retail application amount is ₹1.93 lakh.
Company Financials (₹ Crore)
| Period Ended | Sep 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Assets | 18,711.13 | 17,283.48 | 14,727.73 | 13,312.86 |
| Total Income | 6,311.51 | 14,401.63 | 14,652.53 | 13,018.57 |
| Profit After Tax | 123.88 | 1,240.19 | 1,564.46 | 664.78 |
| EBITDA | 459.93 | 2,356.06 | 2,493.89 | 891.31 |
| Net Worth | 5,830.89 | 6,551.23 | 5,355.47 | 3,791.01 |
| Reserves & Surplus | 1,006.52 | 1,805.73 | 664.72 | -853.10 |
| Total Borrowing | 1,559.13 | — | — | — |
Key Performance Indicators (KPI)
| KPI | Sep 30, 2026 | Mar 31, 2025 |
|---|---|---|
| ROCE | — | 30.13% |
| RoNW | 13.12% | 20.83% |
| PAT Margin | 1.96% | 8.61% |
| EBITDA Margin | 7.29% | 16.36% |
| Price to Book Value | 1.84 | 1.63 |
Valuation Metrics
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 2.66 | 0.53 |
| P/E (x) | 8.64 | 43.23 |
| Promoter Holding | 100% | 90% |
What Makes This IPO Attractive?
- Strategic PSU Asset – Direct exposure to India’s coking coal segment.
- Infrastructure Tailwind – Steel demand rises with highways, railways, housing, and manufacturing.
- Government Backing – Policy support and long-term supply contracts.
- Scale & Monopoly-Like Position – Limited domestic alternatives in prime coking coal.
- Strong ROCE – Indicates efficient use of capital in recent years.
Key Risks to Consider
- Environmental Regulations: Coal faces increasing ESG pressure.
- Cyclicality: Steel and infrastructure cycles impact revenue.
- Government Influence: Strategic decisions may prioritize national goals over profitability.
- Margin Volatility: Recent margins show decline compared to FY24-25.
- Energy Transition: Long-term shift toward renewables could affect coal demand.
Should Retail Investors Apply?
This IPO suits investors who:
- Believe in India’s long-term infrastructure growth
- Are comfortable with PSU-style governance
- Understand cyclical commodity businesses
- Have a medium-to-long-term investment horizon
Short-term listing gains will depend on:
- Market sentiment in January 2026
- Subscription levels
- Grey market trends closer to the issue
Long-term investors should focus on:
- Earnings sustainability
- Policy stability
- Steel demand outlook
- Future disinvestment plans
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Upcoming IPOs & Analysis page, where we regularly publish in-depth reviews of every major IPO in India.
Disclaimer
All the above information has been collected from various publicly available sources and news reports. This article is purely for educational and informational purposes. It is not investment advice. Stock market investments are subject to market risks. Before making any financial decision, consult your financial advisor to assess your personal risk profile and suitability.
