Bharat Coking Coal IPO: GMP, Price, Analysis, And Details

Bharat Coking Coal IPO - Company Analysis

Bharat Coking Coal IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 1,071.11 Cr by Bharat Coking Coal Ltd. and is involved in the production of washed coal, non-coking coal, and coking coal. The business is a fully owned subsidiary of Coal India Limited.

It has 34 active mines as of September 30, 2025, comprising four underground, 26 opencast, and four mixed mines. Coking coal, which serves the steel and power sectors is the company's main product. 58.50% of India's domestic coking coal production in Fiscal 2025 came from BCCL.

Opencast and underground mining projects, coal washeries, reopening closed underground mines using the Mine Developer and Operator (MDO) model, monetizing idle washeries using the Washery Developer and Operator (WDO) model and solar power project monetization using self-consumption and grid injection are among the company's operations.

Bharat Coking Coal IPO - Video Breakdown

Bharat Coking Coal IPO Details

The Bharat Coking Coal Ltd IPO open date is from Jan 09 to Jan 13, 2026 with IPO allotment on Jan 14, refund initiation on Jan 15, 2026.

The Rs. 1,071.11 Cr mainline IPO comprises a wholly an offer for sale (OFS) of 46.57 crore shares.

The Bharat Coking Coal IPO listing date might be on Friday, 16 January 2026, and it will be listed at the BSE and NSE. The Bharat Coking Coal IPO price band is Rs. 21 to Rs. 23 for each Share. 

 

 

 

Events	Date
IPO Opening Date	January 09, 2026
IPO Closing Date	January 13, 2026
IPO Allotment Date	January 14, 2026 (Tentative)
Refund Initiation	January 15, 2026 (Tentative)
Tentative IPO Listing Date	January 16, 2026

 

Industry Outlook

If you want to apply for the IPO, click to open a Demat Account.

Company Financial 

(Amount in Cr)

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	17,283.48	14,727.73	13,312.86
Total Income	14,401.63	14,652.53	13,018.57
PAT	1,240.19	1,564.46	664.78
EBITDA	2,356.06	2,493.89	891.31
Net Worth	6,551.23	5,355.47	3,791.01
Reserves & Surplus	1,805.73	664.72	-853.10
Total Borrowing	1,559.13	-	-

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	7,964.90	12,991.40	16,987.80
Net Cash Flow Investing Activities	(7,823.10)	(14,844.20)	(17,058.30)
Net Cash Flow Financing Activities	(1,324.60)	(738.40)	(429.70)

 

Revenue Bifurcation 

(Source RHP)

The Objective of The Issue

The Promoter Selling Shareholder will receive all Offer Proceeds after deducting Offer-related expenses and any taxes; the Company will not receive any Offer Proceeds.

Click to check the IPO application status.

Listed Peers of Bharat Coking Coal Ltd.

Company Name	Face Value (₹)	P/E (₹)	EPS (x)
Alpha Metallurgical Resources, Inc	$0.01	14.87	1,233.78
Warrior Met Coal, Inc	$0.01	19.44	410.12

 

Valuation

KPI	Values
ROCE	30.13%
RoNW	20.83%
PAT Margin	8.61%
EBITDA Margin	16.36%
Price to Book Value	1.63

 

Evaluation of P/E Ratio

The company's IPO price of Rs. 23 corresponds to a P/E multiple of 8.64x based on FY25 EPS of Rs. 2.66.

Explore the KSH International IPO.

IPO's Strengths

• India's biggest producer of coking coal has access to substantial reserves.
• Mine with big washeries that are positioned strategically.
• Well-positioned to profit from India's need for coking coal.
• Coal India Limited has a strong ancestry.
• A steady history of expansion and financial success.

 

 

IPO Weaknesses

• The concentration of mines and washeries in Jharkhand and West Bengal, could hurt its business if the coal deposits in these regions eventually run out or if it is unable to effectively utilize the reserves that are already there. 
• The company relies on a small number of suppliers for contractual services and any interruptions in their service delivery could hurt the company.
• It is subject to changes in contractual costs since it uses third-party contractors for some of its coal handling and production operations.
  
  

Bharat Coking Coal IPO GMP 

Bharat Coking Coal IPO GMP today is Rs. 18.5 as of 19 Jan 2026. With a price band set at Rs. 23. This suggests that the estimated listing price of the IPO could be around Rs. 39.5, indicating a gain/loss of 71.74%.

Bharat Coking Coal Limited IPO Summary

IPO Opening & Closing Date	Jan 09, 2026 to Jan 13, 2026
Face Value	Rs. 10 per Share
Issue Price	Rs. 21 to Rs. 23
Lot Size	600 Shares
Issue Size	46,57,00,000 Shares (Rs. 1,071.11 Cr)
Offer for Sale	46,57,00,000 Shares (Rs. 1,071.11 Cr)
Fresh Issue	-
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Ltd.

 

Bharat Coking Coal IPO Lot Size

The Bharat Coking Coal Ltd. IPO allows retail investors to invest in a minimum and maximum of 1 Lot (600 Shares) amounting to Rs. 13800 and 14 Lots (8400 Shares) amounting to Rs. 193200, respectively, while for S-HNI investors, the minimum Lot is 15 (9000 Shares) amounting to Rs. 207000.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	14 Lots
SHNI (Minimum)	15 Lots
SHNI (Maximum)	72 Lots
BHNI (Minimum)	73 Lots

 

Bharat Coking Coal IPO Reservation

 

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Bharat Coking Coal IPO Allotment Status

To check the Bharat Coking Coal IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - "‹BSE IPO allotment status

Promoters And Management of Bharat Coking Coal  Ltd.

• The President of India

• Coal India Limited.

Pre-Issue Promoter Shareholding	100%
Post-Issue Promoter Shareholding	90%

 

Bharat Coking Coal IPO Lead Managers

• IDBI Capital Markets Services Ltd.  

• ICICI Securities Ltd. 
  
  

Dividend Policy

The company has not paid a dividend during the past three financial years.

 

 

Conclusion

The Bharat Coking Coal IPO provides exposure to the leading coking coal producer in India, which has a substantial market share, robust profit margins and an appealing value of about 8.6x FY25 P/E. Although being a pure OFS restricts new expansion capital, the company, supported by Coal India, is well-positioned to profit from ongoing steel demand. Despite the dangers associated with regional concentration and commodities cyclicality, it generally appeals to investors looking for listing returns and long-term industry leadership.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions

 

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