The IPO, with a face value of Rs 2, is an offer-for-sale up to 661,836,300 shares by promoter – Coal India Ltd.
The Offer is being made through the book-building process, wherein not more than 50 per cent of the net offer is allocated to qualified institutional buyers, and not more than 15 per cent and 35 per cent of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
Incorporated in 1992, the company is the largest coal producer in India in terms of production in Fiscal 2026, with a coal production of 218.31 million tonnes, accounting for approximately 22.40 per cent of India’s total non-coking coal production, according to a Crisil report.
As of 1 April 2026, the Talcher and Ib Valley coalfields held a total estimated coal resource of approximately 106.76 billion tonnes, it added.
The company’s audited coal reserves stood at 9,840.31 MT, which would sustain the company’s production operation for around 45 years considering the present production level (the annual coal production of 218.31 million tonnes (MT) in FY 2026.
Assuming a production rate similar to the current level is maintained, the additional resource-to-reserve conversion has the potential to extend its operational life by approximately 100 years, according to Crisil.
Its primary product is non-coking coal. The company produces various grades of non-coking coal, including washed / beneficiated coal. It caters to the power utilities sector, including state power utilities, private power utilities, captive power plants and independent power producers as well as non-power industries, including the cement sector and the sponge iron sector.
Its vast resource base and significant reserves, coupled with its strategic location in the Talcher and Ib Valley coalfields, Odisha, provides the company with a steady and reliable supply of on-coking coal.
The company was conferred with Miniratna Category I status on 3 December 2019. It was incorporated on 3 April 1992, carving out of South Eastern Coalfields Ltd in order to fulfill the growing energy requirement of the country by enhancing coal production from two coalfields, namely the Talcher and Ib Valley coalfields, Odisha.
The company is the largest coal producer among Coal India Limited’s subsidiaries, accounting for 28.3 per cent of Coal India Limited’s total coal production in Fiscal 2026, as per Crisil report.
The company has expanded its operations significantly over the years, with its coal production increasing 5.92 per cent from 206.10 million tonnes in Fiscal 2024 to 218.31 million tonnes in Fiscal 2026.
The company holds approximately 33,508.79 hectares (335.09 square kilometres) of land inclusive of acquired and leased land, of which 167.37 square kilometres is located in the Talcher coalfield and 165.96 square kilometres is located in the Ib Valley coalfield, and the remaining 1.76 square kilometres is at Sambalpur, Bhubaneswar and Patnagarh in Odisha.
As of 30 June 2026, the company held mining rights along with surface rights over 30,192.14 hectares of land across the Talcher and Ib Valley coalfields, Odisha, pursuant to the Coal Bearing Areas (Acquisition and Development) Act, 1957.
The other land holdings, whether vested or leased-in, are predominantly utilized for colonies and related infrastructure.
As of June 30, 2026, the company operates a network of 17 operational mines, comprising 14 opencast mines and 3 underground mines.
The company’s network of mines is supported by a well-developed infrastructure, including railways, roads and ports, and evacuation facilities, such as coal handling plants, rapid loading systems and silos. It has rail connectivity through three railway zones, South Eastern Railway, South East Central Railway and East Coast Railway, along with dedicated coal corridors, which enable efficient evacuation of coal across India.
The company’s coal is transported through five ports located at Paradip, Dhamra and Gopalpur in Odisha and Vizag and Gangavaram in Andhra Pradesh, each on the Bay of Bengal, for efficient evacuation of coal to other regions of the country.
Paradip Port has remained its primary gateway for coal evacuation by sea, and its evacuation network has also become increasingly rail-led as a result of our ongoing investment in first-mile connectivity (“FMC”) infrastructure.
Railways account for 96.86 per cent of FMC-based dispatch and 65.28 per cent of its total coal dispatch in Fiscal 2026, as compared to 91.27 per cent and 58.70 per cent, respectively, in Fiscal 2024.
The company’s revenue from operations was Rs 8,033.7 crore for the June 2026 quarter as compared to Rs 7,548.3 crore a year earlier.
Its net profit was Rs 2,398.7 crore for the June 2026 quarter as compared to Rs 2,448.3 crore a year earlier.
SBI Capital Markets Limited, Axis Capital, BOB Capital Markets, IDBI Capital Markets & Securities, and IIFL Capital Service are the book-running lead managers, and KFin Technologies Limited is the registrar of the issue.
The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.