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Bharat Coking Coal Limited (BCCL) IPO

98.51xsubscribed

Bharat Coking Coal Limited (BCCL) IPO

98.51xsubscribed

Mining & Minerals

listed

₹12,600Min. investment

Bharat Coking Coal Limited (BCCL) IPO Details

Sector

Mining & Minerals

Issue size

₹1,071Cr

IPO type

Mainboard

Market cap

₹10,711.1CrLower than sector avg

Price range

₹21.00 – ₹23.00

Listing exchange

BSE, NSE

RevenueApr 2024 - Mar 2025

₹13,802CrHigher than sector avg

Listing date

19 Jan 2026

Lot size

600 shares

Draft Red Herring Prospectus

Read

Growth rate3Y CAGR

4.56%

SectorMining & Minerals

Price range₹21.00 – ₹23.00

IPO type

Regular

Lot size600 shares

Issue size₹1,071Cr

Draft Red Herring Prospectus

Read

Market cap

₹10,711.1CrLower than sector avg

RevenueApr 2024 - Mar 2025

₹13,802CrHigher than sector avg

Growth rate3Y CAGR

4.56%

Bharat Coking Coal Limited (BCCL) IPO Subscription Status

Date	QIB	NII	Retail	Total
09-Jan-26	0.35 times (X)	16.32 times (X)	9.34 times (X)	6.95 times (X)
12-Jan-26	0.53X	52.68X	18.96X	17.59X
13-Jan-26	170.48X	203.73X	37.92X	98.51X

As on 09-Jan-26, 5:30 PM

Bharat Coking Coal Limited (BCCL) IPO Timeline

Pre-apply
7 Jan
Bid start
9 Jan
Bid end
13 Jan
Allotment
14 Jan
Release of funds
15 Jan
Demat transfer
15 Jan
Listing
19 Jan

Pre-apply
7 Jan 2026
Bid start
9 Jan 2026
Bid end
13 Jan 2026
Allotment
14 Jan 2026
Release of funds
15 Jan 2026
Demat transfer
15 Jan 2026
Listing
19 Jan 2026

About Bharat Coking Coal Limited (BCCL)

Bharat Coking Coal Limited (BCCL) produces various grades of coking coal, non-coking coal and washed coals, which has application primarily in the steel and power industries. BCCL is a wholly owned subsidiary of Coal India Limited and conferred with Mini Ratna status in 2014.

BCCL is one of the largest domestic producer of coking coal, contributing 58.50% to India's total coking coal production in FY25. The company operates in the Jharia coalfields of Jharkhand and the Raniganj coalfields of West Bengal, two of the richest coal-bearing areas in the country.

The operational portfolio of BCCL includes opencast and underground mining projects, coal washeries, monetisation of old and idle coal washeries through the Washery Developer and Operator (WDO) route and restoration of operations in discontinued underground mines through the Mine Developer and Operator (MDO) model.

The company’s estimated coking coal reserves is around 7,910 MMT, as on April 1, 2024, making it one of the biggest contributors to coking coal reserves in India. As of September 30, 2025, the company runs 34 mines, including 26 opencast mines, 4 underground mines, and 4 mixed mines. Opencast mining is the main extraction method, contributing 97.19% of total coal production in FY25. Underground mining made up about 2.81%, indicating a focus on volume and cost efficiency.

The company operates five washeries and is developing additional washeries with an aggregate capacity of 7.00 million tonnes a year to improve coal quality and reduce ash content. In return, these plants help in supplying washed coking coal to steel manufacturers and facilitating domestic substitution of imported coking coal. In FY25, the proportion of washed coking coal to total dispatches was 30.70%, whereas washed power coal made up 51.89%.

The steel and power industries are the main sources of the company's coal offtake. In FY25, the power sector, including captive power, made up 77.61% of revenue, while steel industry accounted for 2.21% of total coal sales and fertiliser companies contributed 1.03%. Additionally, 14.94% of the total sales were used internally by company-owned washeries, demonstrating the operational integration of beneficiation and mining operations. Some of its key clients include Damodar Valley Corporation, Uttar Pradesh Rajya Vidyut Utpadan Nigam, SAIL, NTPC and many others.

As of September 30, 2025, it has commissioned 26.97 MW of solar power, which includes 6.97 MWp of rooftop solar power and 20.00 MW of ground-based solar power. In addition to these, it also intends to execute coal bed methane projects in the Jharia sector, which represents its attempt to harness its ancillary resources in a manner that aligns with the long-term goals of a net-zero target by 2070 in India.

The demand for Indian coking coal in FY25 stood at 67 MMT, which is expected to rise to 138 MMT by FY35, driven by the expanding Indian steel industry. BCCL is well-positioned to take advantage of this demand trend. It is less susceptible to resource depletion because it is the largest coking coal producer in India and has a robust reserve base. Its mines are strategically located in the Jharia and Raniganj coalfields, which are rich in high-quality coking coal, thus supporting effective extraction and a reliable supply.

The company is focused on utilising its resources effectively by undertaking technological advancements, including the procurement of high-capacity heavy earth moving machinery (HEMM). It also aims to transform discontinued mines into profitable ventures and implement energy conservation methods.

Now, Bharat Coking Coal Ltd is launching its initial public offering (IPO), which consists of an offer for sale of ₹1,071 crore. Its shares will be listed on the NSE and BSE.

How to apply for the Bharat Coking Coal IPO?

If you are interested in this investment opportunity but unsure how to apply for the Bharat Coking Coal IPO, here are the steps that you need to follow.

When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Bharat Coking Coal IPO on Upstox:

Log in to your Upstox account, using your six-digit PIN
After logging in, click on ‘Discover’
On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, look for the ‘Bharat Coking Coal IPO’ tab and click on it
Now fill in all the required information, like ‘bid price’ and ‘lot size’
Confirm and click on ‘Apply’
Accept the mandate on your UPI app

How to check Bharat Coking Coal IPO Allotment Status?

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.

Here’s a step-by-step guide on how to check the Bharat Coking Coal IPO allotment status:

Login to your Upstox account, using your six-digit PIN
After logging in, click on ‘Discover’
On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, you will find the ‘View all’ option
Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
In the ‘IPO’ tab, click on ‘My applications’
In ‘My applications’, under the History section, your Bharat Coking Coal IPO allotment status will be mentioned

How to pre-apply for the Bharat Coking Coal IPO?

You can pre-apply for the Bharat Coking Coal IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.

Follow these steps to pre-apply for the IPO:

Login to your Upstox account, using your six-digit PIN
After successfully logging in, click on ‘Discover’
On the Discover tab, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, look for the ‘Bharat Coking Coal IPO’ tab and click on it
Now fill in all the required information, like ‘bid price’ and ‘lot size’
Confirm and click on ‘Pre-Apply’
Accept the mandate on your UPI app

Bharat Coking Coal Limited Bccl IPO Analysis

IPO REVIEW

Bharat Coking Coal Limited (BCCL) IPO | Analysis Video

Should you apply?

Watch our analysts break down the Bharat Coking Coal Limited Bccl IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis

Revenue growth

Company valuation

Earnings expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Largest coal producer in India

BCCL is the largest domestic producer of coking coal, holding a cumulative production share of 58.50% in FY25. As of April 1, 2024, it has 7.91 billion tonnes of coking coal resources. This accounts for India’s total coking coal resource base of 36.8 billion tonnes, making it the sole source of prime coking coal in the country.

Extensive mining reserves

The company holds mining leases and rights for 28,830.95 hectares, valid until March 31, 2050. This ensures a longer mining horizon while improving mining efficiency and reducing costs. Large reserves provide economies of scale, which lower per-unit extraction costs and support stable margins amid price volatility.

Strategically located mines and washery infrastructure

The operations primarily take place in the Jharia and Raniganj coalfields, which have abundant coking coal reserves. The company has a total installed capacity of 13.65 MTPA in its coking coal washery, the highest in the country. This enhances coal quality and revenue. Key washeries use advanced beneficiation technologies, which lower ash content and ensure regulatory compliance. They also produce diverse coal products for various industrial users.

Strong and diversified demand base

Revenue visibility is solid due to a diversified customer mix, mainly from regulated industries. In FY25, the power sector generated 73.98% of revenue, while the steel industry contributed 18.15%. This ensures stable demand. The company has long-standing relationships with over 260 customers, including repeat orders from 159 customers in the past five years. This adds to earnings stability and reduces the risk from counterparties.

The company benefits from the strategic, technical, and managerial support of Coal India Limited (CIL), the largest coal producer in the world. Board representation and executive oversight, along with access to group-level expertise, improve governance and execution. This enhances credibility with customers and regulators. Support from CMPDIL further boosts mine planning, exploration, and operational efficiency.

Geographic concentration of mining operations

The company focuses its mining operations in the Jharia coalfield and Raniganj coalfield, putting it at risk due to geographic concentration. As of September 30, 2025, it operated 34 mines in these two areas with no geographic diversity. Any negative changes, such as stricter regulations, environmental rules, or natural disasters, in these coalfields could have serious consequences. Additionally, the coal resources in these areas are limited. Depletion or a failure to extract the existing coal resources efficiently can greatly impact sustainability.

Dependence on raw coking coal

The company makes a large portion of its revenue from raw coking coal. This type of coal accounted for 77.20% of revenue in the six months ending September 30, 2025, and 75.75% in FY25. Any sustained decline in coking coal demand could materially impact revenues, margins, and overall financial performance.

Contingent liabilities

As of September 30, 2025, the company reported contingent liabilities totaling ₹3,598 crore. This includes income tax, GST, royalty disputes, litigation claims, and arbitration issues. Litigation and arbitration-related risks alone exceed ₹2,150 crore. If any material portion of these liabilities crystallises, it could adversely affect profitability, cash flows, and balance sheet strength.

High customer concentration

Its top 10 customers contributed 83.89% of revenue in the six months ending September 30, 2025, and 88.88% in FY25. These customers mostly include large power utilities and public-sector enterprises. Losing a major customer, renegotiating contracts on unfavorable terms, or operational issues at customer facilities could significantly affect revenue and cash flow.

The operations rely on key inputs like explosives, oil and lubricants, and spare parts for heavy earth moving machinery (HEMM). The cost of materials used was ₹640.92 crore in FY25, which is 4.64% of revenue. Prices for raw materials can fluctuate due to weather, market demand, commodity price changes, and fuel price shifts, which may greatly impact extraction and transportation costs.

Objectives of Bharat Coking Coal Limited Bccl IPO

Carry out the offer for sale

100% OFS IPO — all proceeds go to promoter selling shareholders.

Listing on stock exchanges

The company want to achieve the benefits of listing its shares on the stock exchanges.

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CompanyRevenue*3Y growthPATMarket capP/E ratio

This IPO₹13,802Cr4.56%₹1,240.1Cr₹10,711.1Cr8.65

This sector (avg.)₹6,992.52Cr---₹1,665.83Cr₹21,125.66Cr117.63

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₹590.53Cr----₹204.58Cr₹21,930.7Cr---

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Bharat Coking Coal Limited (BCCL) IPO Contact Details

Company Name	Bharat Coking Coal Limited (BCCL)

Company NameBharat Coking Coal Limited (BCCL)

How to apply for Bharat Coking Coal Limited (BCCL) IPO?

Step 1
Log in to your Upstox account to access IPO investments. Next, select the current IPO section.
Step 2
Specify IPO details. Enter the number of lots and the price you wish to apply for.
Step 3
Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
Step 4
Mandate Notification. Your UPI app will receive a mandate notification to block funds.
Step 5
Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Latest News on Bharat Coking Coal Limited Bccl IPO

Bharat Coking Coal IPO sets price band at ₹21 to ₹23 per share; check lot size, key dates and more

2 min read

Bharat Coking Coal IPO: What retail investors should know about strengths, risks and finances from RHP

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Bharat Coking Coal IPO: From price band and lot size to timeline, 10 key points to know

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Bharat Coking Coal IPO subscribed 6.51 times so far on Day 1: Check price band, lot size and key dates

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Bharat Coking Coal IPO subscribed 28.47 times so far on Day 2: Check price band, lot size and more

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Bharat Coking Coal IPO subscribed 146.80 times on Day 3: Check allotment date and steps

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Bharat Coking Coal IPO allotment finalised: Check status online on KFin Technologies, NSE, BSE; listing date, time revealed

3 min read

Bharat Coking Coal IPO Listing Date: 4 key things retail investors should know before it debuts on NSE, BSE

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Bharat Coking Coal Limited Bccl IPO FAQs

How to invest in the Bharat Coking Coal Limited (BCCL) IPO ?

Investors can apply for the Bharat Coking Coal Limited (BCCL) IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Bharat Coking Coal Limited (BCCL) IPO ?

The issue size of the Bharat Coking Coal Limited (BCCL) IPO is 1071 Cr.

What is 'pre-apply' for Bharat Coking Coal Limited (BCCL) IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Bharat Coking Coal Limited (BCCL) IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.

What are the open and close dates of the Bharat Coking Coal Limited (BCCL) IPO ?

Bharat Coking Coal Limited (BCCL) IPO will be open between 2026-01-09 and 2026-01-13.

What is the allotment date for the Bharat Coking Coal Limited (BCCL) IPO ?

Bharat Coking Coal Limited (BCCL) IPO allotment date is 2026-01-15. For Bharat Coking Coal Limited (BCCL) IPO allotment status check, you can visit the website of the registrar of the IPO.

Who is the registrar of Bharat Coking Coal Limited (BCCL) IPO ?

For Bharat Coking Coal Limited (BCCL) IPO, the IPO registrar is KFin Technologies Limited. You can check Bharat Coking Coal Limited (BCCL) IPO allotment status on the website of the registrar.

Where is the Bharat Coking Coal Limited (BCCL) IPO getting listed?

The shares are proposed to be listed on the BSE and NSE.

When will Bharat Coking Coal Limited (BCCL) IPO shares be credited to your demat account?

The Bharat Coking Coal Limited (BCCL) IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.

What is the lot size and minimum order quantity of the Bharat Coking Coal Limited (BCCL) IPO ?

The Bharat Coking Coal Limited (BCCL) IPO lot size is 600 and minimum order quantity is 600.

What is the price band for the Bharat Coking Coal Limited (BCCL) IPO ?

Bharat Coking Coal Limited (BCCL) IPO has set the price band for its IPO at 23 per equity share with a face value of 10.