Bharat Coking Coal (BCCL) IPO is a government‑owned coal producer’s public offer, scheduled to open on January 9, 2026 and close on January 13, 2026, with listing planned for January 16, 2026. As a Mini Ratna PSU under Coal India and the Ministry of Coal, BCCL offers exposure to India’s core coking coal value chain with healthy return ratios but also clear regulatory and commodity‑cycle risks.

Bharat Coking Coal IPO – business snapshot

Bharat Coking Coal Limited was established in 1972 and is a key miner and supplier of coking coal, non‑coking coal and washed coal to the steel and power industries. The company operates mainly in the Jharia (Jharkhand) and Raniganj (West Bengal) coalfields, with 32 mines as of March 31, 2025, including 25 opencast, 3 underground and 4 mixed mines.

In FY25, BCCL’s coal production reached 40.50 million tonnes, accounting for about 58.5% of India’s domestic coking coal output. Operations include active and re‑opened underground mines, coal washeries and revival of previously discontinued or idle washeries to enhance coal quality and utilisation.

Promoters are the President of India acting through the Ministry of Coal, Government of India, and Coal India Limited, with total promoter holding at 4,65,70,00,000 shares pre‑ and post‑issue (i.e., this is likely an offer for sale without dilution at the consolidated promoter level).

IPO structure and timelines

5. IPO open date: January 9, 2026

5. IPO close date: January 13, 2026
5. Basis of allotment: January 14, 2026
5. Refunds and credit to Demat: January 15, 2026
5. Listing date: January 16, 2026
5. Bidding cut‑off time: January 13, 2026 – 5 PM.
5. Face Value :- Rs 10 per share
5. Price Band:- Rs 21 to Rs 23
5. Sale Type :- Offer For Sale
5. Total Issue Size :- Rs 1,071 Cr

Reservation pattern as proposed:

5. QIB (ex‑anchor): 50%

5. NII: 15%
5. Retail: 35%.

Anchor bidding is scheduled for January 8, 2026, with 30‑day and 90‑day lock‑ins for 50% of anchor shares each.

IPO Lot Size

Investors can bid for a minimum of 600 shares and in multiples thereof. 

Financials and valuation indicators

BCCL has delivered steady revenue and profit over the last three years with no financial leverage.

Financials (₹ crore):

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 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 and Surplus	1,006.52	1,805.73	664.72	-853.10
Total Borrowing	1,559.13
Amount in ₹ Crore

Key FY25 metrics:

• ROE: 20.83%

• ROCE: 30.13%
• EBITDA margin: 16.36%
• PAT margin: 8.61%
• Debt‑equity ratio: Nil
• EPS (basic): ₹2.66
• RoNW: 20.83%
• NAV: ₹14.07 per share.

Peer comparison (global coal peers like Alpha Metallurgical Resources and Warrior Met Coal) highlights BCCL’s decent RoNW but at much lower EPS and size relative to international players, with valuation multiples to be discovered in the IPO.

Objectives of the IPO :- BRLMs’ fees and commissions (including underwriting commission)
Brokerage and selling commission and bidding/uploading charges payable to members of the Syndicate (including their Sub-Syndicate Members), RTAs, CDPs and Registered Brokers
Fees payable to Registrar of the Offer
Fees payable to other parties, including but not limited to Statutory Auditors, Practicing Company  Secretary and industry expert
Listing fees, SEBI fees, upload fees, BSE and NSE processing fees, book-building software fees
Fees payable to legal counsels
Miscellaneous (comprising fees payable to strategic advisors and additional intermediaries, if any, chartered accountant(s) and company secretary that may be appointed in the course of Offer)

Key strengths

• Mini Ratna PSU under Government of India and Coal India umbrella.

• Strategic importance as a major domestic coking coal supplier for steel and power.
• Produces ~58.5% of India’s domestic coking coal (FY25).
• Diversified mine base (25 opencast, 3 underground, 4 mixed) across key coalfields.
• Healthy profitability with FY25 EBITDA margin 16.36% and PAT margin 8.61%.
• Strong return ratios: ROE and RoNW 20.83%, ROCE 30.13%.
• Zero debt on balance sheet, reducing financial risk.
• Backed by established marketing channels to core industrial customers.

Key risks

• Revenue and margins sensitive to coal prices, grade realisations and offtake.

• Regulatory and policy risk around coal mining, environment and ESG norms.
• Operational risk from mine safety, accidents and production disruptions.
• Geographic concentration in Jharia and Raniganj coalfields.
• Large PSU workforce and legacy cost structures may limit flexibility.
• Global decarbonisation and energy transition could impact long‑term demand.
• Valuation will depend on government pricing and dividend policy post‑listing.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs – Bharat Coking Coal (BCCL) IPO

Q1. What does Bharat Coking Coal do?
BCCL mines and supplies coking coal, non‑coking coal and washed coal, primarily serving India’s steel and power sectors, through 32 mines in Jharia and Raniganj coalfields.

Q2. What are the BCCL IPO dates?
The IPO opens on January 9, 2026 and closes on January 13, 2026; basis of allotment is on January 14, refunds and Demat credit on January 15, and listing on January 16, 2026.

Q3. Who are the promoters of BCCL?
The President of India acting through the Ministry of Coal, Government of India, and Coal India Limited are the promoters of BCCL.

Q4. What is the investor reservation structure?
As currently structured, 50% of the issue is for QIBs (ex‑anchor), 15% for NIIs and 35% for retail investors, with a separate anchor portion prior to issue opening.

Q5. How has BCCL’s financial performance been recently?
Revenue was around ₹14,402 crore in FY25 with PAT of ₹1,240.19 crore, following FY24 PAT of ₹1,564.46 crore, alongside zero debt and RoNW of 20.83%.

Q6. What are the key return metrics for FY25?
ROE and RoNW stand at 20.83%, ROCE at 30.13%, EBITDA margin at 16.36% and PAT margin at 8.61%, with EPS of ₹2.66 and NAV of ₹14.07.

Q7. Are lot size and price band available?
The market lot, price band and overall issue size are not yet specified in the summary; investors should check the RHP/SEBI filings or exchange notices closer to the opening date.