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Mahanadi Coalfields IPO Overview
Mahanadi Coalfields IPO Details
| Particulars | Details |
|---|---|
| Company Name | Mahanadi Coalfields Limited |
| IPO Type | Mainboard IPO |
| Issue Type | Book Building IPO |
| Sale Type | Offer for Sale (OFS) Only |
| Face Value | ₹2 Per Share |
| Price Band | To Be Announced |
| Total Issue Size | 66,18,36,300 Shares (Up to ₹[.] Crore) |
| Fresh Issue | Nil |
| Offer for Sale | 66,18,36,300 Shares of ₹2 (Up to ₹[.] Crore) |
| Pre-Issue Shareholding | 6,61,83,63,000 Shares |
| Post-Issue Shareholding | 6,61,83,63,000 Shares |
| IPO Opening | 19 November 2026 |
| IPO Closing | 23 November 2026 |
| Allotment | 25 November 2026 |
| Refund | 26 November 2026 |
| Share Credit | 26 November 2026 |
| Listing | 27 November 2026 |
| Listing Exchange | BSE, NSE |
| Registrar | KFin Technologies Limited |
Mahanadi Coalfields IPO Timetable
| IPO Events | Dates |
|---|---|
| IPO Opening Date | Thursday, 19 November 2026 |
| IPO Closing Date | Monday, 23 November 2026 |
| Basis of Allotment | Wednesday, 25 November 2026 |
| Refund Initiation | Thursday, 26 November 2026 |
| Credit of Shares | Thursday, 26 November 2026 |
| Listing Date | Friday, 27 November 2026 |
Mahanadi Coalfields IPO Issue Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% of Net Offer |
| Retail Individual Investors (RII) | Not Less Than 35% of Net Offer |
| Non-Institutional Investors (NII) | Not Less Than 15% of Net Offer |
Investor Category Reservation & Limits
| Category | Investment Limit | Cut-off |
|---|---|---|
| Retail Individual (RII) | Up to ₹2 Lakhs | Yes |
| Small NII (sNII) | ₹2 Lakhs – ₹10 Lakhs | No |
| Big NII (bNII) | Above ₹10 Lakhs | No |
| Shareholder (SH) | Up to ₹2 Lakhs | Yes |
| Employee (EMP) | Up to ₹5 Lakhs | Yes |
| Employee + Shareholder | ₹5 Lakhs EMP + ₹2 Lakhs SH | Yes |
| Shareholder + RII/NII | SH + RII/NII Limits | Yes (SH/RII) |
| Employee + RII/NII | EMP + RII/NII Limits | Yes (EMP/RII) |
| Employee + Shareholder + RII/NII | EMP + SH + RII/NII Limits | As Applicable |
About Mahanadi Coalfields Limited
Company Profile
Incorporated in April 1992, Mahanadi Coalfields Limited (MCL) is India's largest coal producer in terms of production, primarily engaged in the mining and production of non-coking coal.
The company operates mainly in the Talcher and Ib Valley coalfields in Odisha and produces various grades of coal, including washed and beneficiated coal. Its customers include the power sector and industries such as cement, sponge iron, steel, aluminium and paper.
Mahanadi Coalfields is a wholly owned subsidiary of Coal India Limited. It was established to enhance coal production and meet India's growing energy requirements.
The company's operations include opencast and underground mines, supported by coal handling plants, rapid loading systems, silos and coal evacuation infrastructure.
As of 30 June 2026, MCL operated 17 mines, comprising 14 opencast mines and 3 underground mines.
MCL follows a highly mechanised mining model, with extensive deployment of surface miners. Its operations are supported by railway connectivity, dedicated coal corridors, roads and rapid loading infrastructure.
The company also operates the Ib Valley Coal Washery, which has a capacity of 10 million tonnes per annum and produces washed coal with lower ash content.
As of 30 June 2026, the company had 20,473 permanent employees across mining, engineering, finance, human resources, environment and other departments.
Company Business Information
| Particulars | Details |
|---|---|
| Company Name | Mahanadi Coalfields Limited |
| Incorporation | April 1992 |
| Headquarters | Sambalpur, Odisha |
| Parent Company | Coal India Limited |
| Industry | Coal Mining |
| Business | Non-Coking Coal Mining & Production |
| Total Mines | 17 |
| Opencast Mines | 14 |
| Underground Mines | 3 |
| Coal Washery Capacity | 10 Million Tonnes Per Annum |
| Permanent Employees | 20,473 (As of 30 June 2026) |
| Official Website | www.mahanadicoal.in |
Mahanadi Coalfields IPO Financials
Restated financial performance. All amounts are in ₹ Crore.
| Particulars | 30 Jun 2026 | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|---|
| Assets | 57,693.76 | 55,358.27 | 53,590.53 | 50,687.79 |
| Total Income | 8,437.92 | 33,899.28 | 33,028.65 | 33,590.34 |
| Profit After Tax | 2,398.78 | 10,698.12 | 10,825.12 | 11,841.55 |
| EBITDA | 3,641.37 | 16,084.93 | 15,331.11 | 16,636.91 |
| Net Worth | 23,769.02 | 21,371.23 | 18,343.49 | 16,119.91 |
| Reserves & Surplus | 13,23,672.60 | 19,932.31 | 16,873.51 | 14,700.91 |
| Total Borrowings | 2.94 | 3.16 | 3.35 | 3.95 |
Mahanadi Coalfields IPO Key Performance Indicators (KPI)
| KPI | 30 June 2026 | 31 March 2026 |
|---|---|---|
| ROCE | 14.48% | 73.26% |
| RoNW | 10.63% | 53.87% |
| PAT Margin | 28.43% | 31.56% |
| EBITDA Margin | 43.15% | 47.45% |
| NAV | ₹35.91 | ₹32.29 |
Mahanadi Coalfields IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 16.16 | 14.50 |
Mahanadi Coalfields Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter & Promoter Group | 100% | 90% |
| Public | 0% | 10% |
| Total | 100% | 100% |
Company Promoters
Government of India and Coal India Limited.
Mahanadi Coalfields IPO Offer for Sale
| Selling Shareholder | Category | Shares Offered |
|---|---|---|
| Coal India Limited | Promoter | 66,18,36,300 |
| Total | — | 66,18,36,300 |
Objects of Mahanadi Coalfields IPO
The Mahanadi Coalfields IPO is a 100% Offer for Sale (OFS).
Under this issue, Coal India Limited will sell up to 66,18,36,300 equity shares of Mahanadi Coalfields Limited.
Important: The company will not receive any proceeds from the IPO. The entire proceeds, after applicable expenses, will go to the selling shareholder.
Mahanadi Coalfields IPO Competitive Strengths
Strong revenue generation and profitability with experienced management.
Significant position in India's non-coking coal production industry.
Large resource base supporting long-term coal production.
Highly mechanised mining operations in strategically located coalfields.
Wholly owned subsidiary of Coal India Limited with strategic support.
Strong rail connectivity, coal corridors and evacuation facilities.
Extensive deployment of surface miners and modern mining systems.
Long-term relationships with power utilities and industrial customers.
Focus on technology, efficiency and sustainable mining practices.
Mahanadi Coalfields IPO Risk Factors
Changes in environmental policies and mining approvals can affect operations.
Long-term changes in energy policies and renewable energy adoption may affect demand.
Mining activities involve operational, geological and workplace safety challenges.
Major operations are concentrated in the Talcher and Ib Valley regions of Odisha.
Changes in government policies and coal-sector regulations may impact the business.
The company will not receive proceeds from the IPO for business expansion or debt repayment.
Recently Listed IPOs in Coal Sector
| Company | Issue Size | Issue Price | P/E | Listing Close | Listing Gain | LTP |
|---|---|---|---|---|---|---|
| Caliber Mining & Logistics Ltd. | ₹450 Cr | ₹424 | 15.02 | ₹528.20 | +24.58% | ₹528.55 |
| Bharat Coking Coal Ltd. | ₹1,068.78 Cr | ₹23 | 8.64 | ₹40.58 | +76.43% | ₹31.54 |
Mahanadi Coalfields IPO Registrar
KFin Technologies Limited
Phone: 040-79615565
Email: mahanadi.ipo@kfintech.com
Check Allotment StatusMahanadi Coalfields IPO FAQs
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