Mahanadi Coalfields IPO (Tentative) IPO
UpcomingMainboardOpens 19 November 2026Closes 23 November 2026
Mahanadi Coalfields Limited (MCL) is a coal-mining company and a subsidiary of Coal India Limited, operating in Odisha's Talcher and Ib Valley coalfields. It produces predominantly thermal-grade (non-coking) coal…
Mahanadi Coalfields Limited (MCL) is a coal-mining company and a subsidiary of Coal India Limited, operating in Odisha's Talcher and Ib Valley coalfields. It produces predominantly thermal-grade (non-coking) coal through low-cost, highly mechanised opencast mining, supported by an integrated, rail-led coal-evacuation network. MCL commands about 40.34 billion tonnes of geological reserves and is among the largest and most profitable coal producers in India, with the highest EBITDA, operating EBITDA and PAT margins among Coal India's subsidiaries. It supplies thermal coal primarily to power utilities and industrial customers under long-term fuel supply agreements and through e-auctions, backed by a large, technically qualified workforce. Incorporated in 1992, it is promoted by the President of India (through the Ministry of Coal) and Coal India Limited.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
19 Nov 2026
IPO Closes
23 Nov 2026
Allotment
24 Nov 2026
Listing
27 Nov 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 19 November 2026 |
| IPO Close Date | 23 November 2026 |
| Allotment Date | 24 November 2026 |
| Listing Date | 27 November 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹15,000 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,95,000 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,10,000 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,90,000 |
BHNIAbove ₹10,00,000 | 67 | ₹10,05,000 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 50.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 35.00% |
| Total | 100.00% |
IPO Objectives
- This is a pure Offer for Sale by Coal India Limited; the Company will not receive any proceeds and there are no objects funded by the Offer. Proceeds (net of expenses and taxes) go to the Promoter Selling Shareholder.
Strengths
- Low-cost, highly mechanised opencast mining operations in strategically located coalfields, supported by an integrated coal-evacuation infrastructure.
- Large resource base, with about 40.34 billion tonnes of geological reserves in Odisha's Talcher and Ib Valley coalfields, predominantly thermal-grade non-coking coal.
- Favourable rail-led evacuation network that reduces dependence on road transport and lowers customer logistics costs.
- Well-positioned to capitalise on India's robust, long-term thermal-coal demand, backed by developed infrastructure, a geographically diversified customer base and long-standing relationships with major power utilities.
- Strong financial performance, with among the highest EBITDA, operating EBITDA and PAT margins among coal producers (FY26 EBITDA margin 47.45%, PAT margin 31.56%).
- Virtually debt-free balance sheet (total borrowings of about ₹3 Crore) with very high return ratios (FY26 RoNW 53.87%, RoCE 73.26%) and consistent dividend payouts.
- Experienced Board and management team backed by a large pool of technically qualified employees and the Coal India group's planning and design capabilities.
Weaknesses
- Pure Offer for Sale - the Company receives no proceeds, and a successful offer does not strengthen its balance sheet or fund growth.
- Government and parent control, with the President of India and Coal India as promoters (100% pre-Offer, ~90% post-Offer); Coal India influences pricing, fuel supply agreements, coal linkages, dividends and strategy, which can diverge from minority-shareholder interests.
- Flat-to-declining profitability, with PAT easing from ₹11,841.55 Crore (FY24) to ₹10,825.12 Crore (FY25) to ₹10,698.12 Crore (FY26) despite broadly stable revenue.
- Heavy concentration in thermal (non-coking) coal, exposing the Company to India's energy-transition, decarbonisation and renewable-substitution risks over the long term.
- Geographic concentration in Odisha (Talcher and Ib Valley), so any disruption, land, forest or environmental-clearance delay in that region directly affects output.
- Dependence on Indian Railways and third-party logistics for coal evacuation; rake availability and freight changes can constrain dispatches and margins.
- Exposure to e-auction price volatility and to regulated/notified pricing on linkage coal, which can cap realisations even when market prices are high.
- Significant regulatory, environmental, land-acquisition and rehabilitation obligations, and large employee, gratuity and pension liabilities typical of a legacy PSU miner.
Financial Performance
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 57,693.76 | 55,358.27 | 53,590.53 | 50,687.79 |
| Revenue (₹ Cr.) | 8,437.92 | 33,899.28 | 33,028.65 | 33,590.34 |
| PAT (₹ Cr.) | 2,398.78 | 10,698.12 | 10,825.12 | 11,841.55 |
| Net Worth (₹ Cr.) | 23,769.02 | 21,371.23 | 18,343.49 | 16,119.91 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Mahanadi Coalfields Limited | 3.87 | 7.75 | 53.87% | 21,371.23 |
| Coal India Limited | 1.96 | 7.45 | 26.17% | 1,21,005 |
| Bharat Coking Coal Limited | 2.55 | 245.15 | 1.03% | 5,779 |
Subscription Details
No daily bids available.
No subscription statistics available.
Company Details
- Mahanadi Coalfields Limited
- Registered and Corporate Office: Jagruti Vihar, Burla, Sambalpur - 768020, Odisha, India
- +91 663 254 2977
- cs.mcl@coalindia.in
- https://www.mahanadicoal.in
Registrar Details
- KFin Technologies Limited
- +91 40 6716 2222
- mcl.ipo@kfintech.com
- https://www.kfintech.com
Frequently Asked Questions
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Mahanadi Coalfields IPO (Tentative) IPO News & Updates
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Mahanadi Coalfields IPO (Tentative) IPO IPO Pages
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Mahanadi Coalfields IPO (Tentative) IPO Details
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Mahanadi Coalfields IPO (Tentative) IPO GMP
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Mahanadi Coalfields IPO (Tentative) IPO Subscription
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Mahanadi Coalfields IPO (Tentative) IPO Allotment
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Mahanadi Coalfields IPO (Tentative) IPO Review
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Mahanadi Coalfields IPO (Tentative) IPO FAQ
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Mahanadi Coalfields IPO (Tentative) IPO Registrar
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Sources
We match Mahanadi Coalfields IPO (Tentative) IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- KFin Technologies LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.