To achieve the benefits of listing the Equity Shares on Stock Exchanges
The company will not receive any proceeds from the Offer for Sale.
Our View
BCCL was incorporated in 1972 to mine and supply coking coal primarily from Jharia and Raniganj coalfields. The company continues to focus on cost efficiency, productivity enhancement and workforce safety.
Coal demand is expected to continue till FY2035. Being a debt-free company, BCCL enjoys balance sheet strength and growth potential supported by rising steel demand.
Risks include regional concentration in West Bengal, revenue dependence on raw coking coal, regulatory risks, customer concentration and manpower-intensive operations.
Financial Performance: Revenue, EBITDA and PAT CAGR of 4.56%, 62.58% and 36.59% respectively between FY23–FY25. EBITDA and PAT margins stood at 7.29% and 1.96% in H1FY26.
At the upper price band of Rs. 23, the implied market capitalization is ~Rs. 10,711.1 Cr. The IPO is priced at P/BV of 1.84 and annualised P/E of ~43x versus industry average of ~17.16x.
Conclusion: While BCCL benefits from strong parentage and strategic importance, the issue appears fully priced. Investors with a long-term horizon may invest cautiously.
Frequently Asked Questions (FAQs)
When does the Bharat Coking Coal IPO open?
The IPO opens on January 9, 2026 and closes on January 13, 2026.
What is the price band of the BCCL IPO?
The price band is Rs. 21 to Rs. 23 per equity share.
What is the view on Bharat Coking Coal IPO?
The IPO is fully priced. Our view is Subscribe for Long term horizon
Brief Financials
| PARTICULARS |
₹ in Million |
As at
Sept 2025 |
FY ‘25 |
FY ‘24 |
FY ‘23 |
| Total Income |
63,115.10 |
144,016.30 |
146,525.30 |
130,185.70 |
| Total Expenditure |
61,121.70 |
126,987.40 |
125,608.60 |
124,883.80 |
| EBITDA |
4,599.30 |
23,560.60 |
24,938.90 |
8,913.10 |
| Profit before Tax |
1,993.40 |
17,028.90 |
20,916.70 |
5,301.90 |
| Profit after Tax |
1,238.80 |
12,401.90 |
15,644.60 |
6,647.80 |
| E.P.S. (Diluted) |
0.27* |
2.66 |
3.36 |
1.43 |
| P/E (x) (Diluted) |
- |
8.64 |
- |
- |
| RONW (%) |
2.00* |
20.83 |
34.21 |
19.22 |
* Not Annualised
PRICE CHART (@ ₹ 23) (Retail Category)
| LOT SIZE |
| Amount |
| 600 |
13,800 |
| 1,200 |
27,600 |
| 1,800 |
41,400 |
| 2,400 |
55,200 |
| 3,000 |
69,000 |
| 3,600 |
82,800 |
| 4,200 |
96,600 |
| 4,800 |
110,400 |
| 5,400 |
124,200 |
| 6,000 |
138,000 |
| 6,600 |
151,800 |
| 7,200 |
165,600 |
| 7,800 |
179,400 |
| 8,400 |
193,200 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
9,000 |
207,000 |
| Big HNI |
43,800 |
1,007,400 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
14/1/2026 |
| Initiation of refunds/unblocking ASBA Fund |
15/1/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
15/1/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
16/1/2026 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
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