Bharat Coking Coal Ipo
BCCL IPO Review & Key Points
Review: May Apply
Rating: 4
Strengths 👍
Bharat Coking Coal Limited is the largest producer of coking coal in India. As of April 1, 2024, the company has 791 million tonnes of coal resources, making it the primary source of coking coal production in India.
The demand for coking coal in India is expected to rise significantly, increasing from 67 million metric tonnes in FY25 to 138 million metric tonnes by FY35.
The strong parentage of Coal India Limited gives it a strategic technological and financial strength for sustainable growth.
The company is almost debt-free.
Weakness👎
The company has contingent liabilities of ₹4,930 crore, representing potential future obligations that may arise in the future and can affect the business, cash flow, and financial condition.
BCCL generates 87% of its revenue from its top 10 customers, and losing any of its key customers can adversely affect the business, financial condition, and cash flow.
The IPO is entirely an Offer for Sale (OFS) with no fresh issue component, which means the proceeds will go to exiting shareholders and will not be used for the company’s growth.
Other income of ₹598 crore comes from non-core activities.
Debtor days have increased from 39.1 to 48.2 days.
Objects of the Issue & Utilisation of Proceeds
NA
IPO Lead Managers aka Merchant Bankers
IDBI Capital Markets Services Ltd.
ICICI Securities Ltd.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 600 | ₹13,800 |
| Retail Maximum | 14 | 8,400 | ₹1,93,200 |
| S-HNI Minimum | 15 | 9,000 | ₹2,07,000 |
| S-HNI Maximum | 72 | 43,200 | ₹9,93,600 |
| B-HNI Minimum | 73 | 43,800 | ₹10,07,400 |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | 11,87,53,500 Shares | 25.50% |
| QIB (Ex. Anchor) | 7,91,69,000 Shares | 17.00% |
| NII Shares Offered | 5,93,76,750 Shares | 12.75% |
| Retail Shares Offered | 13,85,45,750 Shares | 29.75% |
| Shareholder Quota Offers | 4,65,70,000 Shares | 10.00% |
| Employee Shares Offered | 2,32,85,000 Shares | 5.00% |
| Anchor Bidding Date | January 8, 2026 |
| Anchor Investors List | |
| Shares Offered | 11,87,53,500 Shares |
| Anchor Size | 273.13 Cr. |
| lock-in period end date 50% shares (30 Days) | February 13, 2026 |
| lock-in period end date 50% shares (90 Days) | April 14, 2026 |
| IPO Open Date: | January 9, 2026 |
| IPO Close Date: | January 13, 2026 |
| Basis of Allotment: | January 14, 2026 |
| Refunds: | January 15, 2026 |
| Credit to Demat Account: | January 15, 2026 |
| IPO Listing Date: | January 16, 2026 |
| IPO Bidding Cut-off Time: | January 13, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 4,65,70,00,000 | 100% |
| Promoter Holding Post Issue | 4,65,70,00,000 | 90% |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹13,018.57 | ₹12,488.38 | ₹664.78 | ₹13,312.86 |
| 2024 | ₹14,652.53 | ₹12,560.86 | ₹1,564.46 | ₹14,727.73 |
| 2025 | ₹14,401.63 | ₹12,698.74 | ₹1,240.19 | ₹17,283.48 |
| Sep 2025 | ₹6,311.51 | ₹6,112.17 | ₹123.88 | ₹18,711.13 |
| KPI | Values |
| ROE: | 20.83% |
| ROCE: | 30.13% |
| EBITDA Margin: | 16.36% |
| PAT Margin: | 8.61% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹2.66 (Basic) |
| Price/Earnings P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 20.83% |
| Net Asset Value (NAV): | ₹14.07 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Alpha Metallurgical Resources, Inc | 1,233.78 | 14.87 | 11.48% | 11,182.10 | 25,320.27 Cr. |
| Warrior Met Coal, Inc. | 410.12 | 19.44 | 12.82% | 3,423.71 | 13,058.93 Cr. |
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| IPO Open Date | January 9, 2026 |
| IPO Close Date | January 13, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹21 to ₹23 Per Share |
| Issue Size | Approx ₹1,071 Crores |
| Offer for Sale: | Approx 46,57,00,000 Equity Shares |
| Issue Type | Book Build Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |