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

Bharat Coking Coal IPO, which has fixed a price band of ₹21 to ₹23 per share, will be live from January 9 to January 13. The ₹1,071.11 crore initial public offering is entirely an offer for sale (OFS) of 46.57 crore shares by promoter Coal India Ltd.

A lot consists of 600 shares. The company's shares will be listed on the NSE and the BSE on January 16.

Bharat Coking Coal IPO: A look at risk factors

• Bharat Coking Coal's mines and washeries are located in Jharkhand's Jharia and West Bengal's Raniganj, and the eventual exhaustion of coal reserves in these areas or the company's inability to successfully exploit existing reserves can affect business and financials.
• Details regarding the reserve and resource base included in the red herring prospectus are estimates, and the actual production, revenues and expenditure with respect to reserves and resources may differ materially from these estimates, the company said. Additionally, certain reserve and resource base details are prepared and classified in accordance with Indian Standard Procedure guidelines (the ISP Guidelines) that are not audited by SRK Mining Services (India) Pvt Ltd and differ from international standards.
• A key part of the company's revenues is derived from raw coking coal production, which accounted for 77.2%, 74.13%, 75.72%, 75.75% and 74.79% of revenue in the six months ended September 2025 and 2024 and financial years 2025, 2024 and 2023, respectively. Any decline in raw coking coal demand could adversely affect business and financial condition.
• It is dependent upon the pricing and continued supply of raw materials, the supply and cost of which can be subject to significant variation because of factors outside the company's control.
• Bharat Coking Coal's top 10 customers contributed 88.88%, 80.79% and 83.10% of its revenue from operations in the fiscals 2025, 2024 and 2023, respectively. Any loss of these customers can affect business and financial condition.

Bharat Coking Coal IPO: Strengths

• Bharat Coking Coal is India's largest coking coal producer with access to large reserves. The company accounted for 58.5% of the domestic coking coal production in the financial year 2024-25.
• The company's strategic mines and large washeries give it a significant competitive advantage that improves operational efficiency, reduces costs and ensures high-quality coal production.
• Coking coal's demand in the domestic market stands at 67 million metric tonnes in FY25 and is expected to reach 138 million metric tonnes by FY35, driven by the growth of the steel and power industries. The company is well positioned to capitalise on demand for coking coal.
• Its relationship with the promoter, Coal India Ltd, the largest coal-producing company in the world, provides the company with a solid foundation as well as extensive resources.
• The company has maintained a consistent track record of financial performance. Its financial performance is characterised by no long-term debt, underscoring its strong financial stability.

Bharat Coking Coal IPO: Financials

Bharat Coking Coal IPO GMP