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Bharat Coking Coal LimitedJanuary 11, 2026

BCCL IPO: RHP Simplified

Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India Limited, is the largest coking coal producer in India. The company operates 32 mines concentrated in the Jharia and Raniganj coalfields and is a key supplier to India's steel and power industries.

#IPO#Coal Mining#Coking Coal#Public Sector Undertaking#DRHP

Business Overview

Bharat Coking Coal Limited (BCCL) is a Miniratna Public Sector Undertaking and a subsidiary of Coal India Limited. Established in 1972, the company is primarily engaged in the mining and supply of coking coal and non-coking coal.

As of March 31, 2025, BCCL operates 32 operational mines, including 25 opencast, 3 underground, and 4 mixed mines, primarily in the Jharia and Raniganj coalfields. It is the largest coking coal producer in the country, accounting for 58.50% of domestic coking coal production in Fiscal 2025.

Key Differentiator: BCCL is the only source of prime coking coal in India and operates the largest coking coal washing capacity in the country, playing a pivotal role in reducing coking coal imports.

IPO Details

Open Date
2026-01-09
Close Date
2026-01-13
Listing Date
2026-01-16
Price Band
₹21 – ₹23
Lot Size
600
Issue Size
₹1,071 Crore

Sentiment Analysis

Sentiment Dashboard

Social Media Hype
Neutral
BearishNeutralBullish
Summary: BCCL is a critical player in India's energy and steel sectors, holding unique prime coking coal resources. As a debt-free PSU with a strong parentage in Coal India Limited, it shows robust financial performance, though it faces geographic concentration risks and environmental challenges like mine fires.

Financials

Financial Performance

₹14045Cr₹10534Cr₹7023Cr₹3511Cr₹0Cr
Rev: ₹13296.73Cr
Prof: ₹664.78Cr
FY 2023
Rev: ₹14045.34Cr
Prof: ₹1564.46Cr
FY 2024
Rev: ₹13998.45Cr
Prof: ₹1240.19Cr
FY 2025
Revenue
Profit
Loss
MetricFY 2023FY 2024FY 2025
Revenue₹13296.73 Cr₹14045.34 Cr₹13998.45 Cr
Net Profit₹664.78 Cr₹1564.46 Cr₹1240.19 Cr
Margin4.86%10.83%8.50%

Funds Usage

ObjectiveAmount
Offer for Sale by Promoter Selling Shareholder (Coal India Limited)Entire Proceeds
Listing BenefitsNil to Company

👍 Strengths

  • Market Leadership: Largest coking coal producer in India, accounting for 58.50% of domestic production in Fiscal 2025.
  • Resource Base: Access to large geological resources of 14,865 MMT, being the only source of prime coking coal in India.
  • Strategic Infrastructure: Operates five coal washeries with the largest owned coking coal washing capacity of 13.65 MTPA.
  • Strong Parentage: Benefits from the strategic and technical support of Coal India Limited, the world's largest coal producer.
  • Financial Stability: Debt-free company with no long-term borrowings and a consistent track record of growth.

⚠️ Risks

  • Geographic Concentration: Operations are concentrated in Jharia and Raniganj coalfields; depletion or disruptions here could adversely impact business.
  • Customer Dependency: Top 10 customers, primarily PSUs, accounted for 87.64% of revenue from operations in Fiscal 2025.
  • Operational Hazards: Mining involves inherent risks like fires and land subsidence, which pose significant environmental and safety challenges.
  • Contractor Reliance: A significant portion of coal extraction (78.47% in FY2025) is conducted through third-party contractors.
  • Environmental Regulation: Subject to extensive and evolving environmental, health, and safety laws that could increase compliance costs.

Peer Comparison

Warrior Met Coal, Inc.

Revenue

₹13,058.93 Cr

P/E Ratio

8.40x

Alpha Metallurgical Resources, Inc.

Revenue

₹25,320.27 Cr

P/E Ratio

10.04x

Disclaimer

The content provided on this website is for informational and educational purposes only and does not constitute financial, investment, or trading advice. We are not SEBI registered advisors. Please consult with a certified financial advisor before making any investment decisions. Investments in the stock market are subject to market risks; read all scheme-related documents carefully.

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