Mahanadi Coalfields Ltd. IPO Details
Mahanadi Coalfields was incorporated on April 03, 1992. The company primarily produces non-coking coal, including washed and beneficiated grades, serving power utilities, captive power plants, independent power producers, cement manufacturers and sponge iron industries. Its significant reserves and strategic presence in the Talcher and Ib Valley coalfields of Odisha support a steady and reliable supply of non-coking coal
| Bidding Dates |
|---|
| To Be Announced |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| - | - | - | - | 661.8 M | - | - | ₹0 | DRHP DOC |
Mahanadi Coalfields issue details
Mahanadi Coalfields has 661.8 M shares on offer
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
Mahanadi Coalfields IMPORTANT IPO DATES
| Issue Open Date | - |
| Issue close Date | - |
| Allotment Date | - |
| Refund Date | - |
| Demat Account Credit Date | - |
| Listing Date | - |
| Listing on Exchange(s) | NSE and BSE |
Mahanadi Coalfields NUMBER OF SHARES ON OFFER
Mahanadi Coalfields FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| Q1FY27 | 8,033.8 | 2,398.8 | 2,928.1 | 2,572.5 | 43.2% |
| Q1FY26 | 7,548.4 | 2,448.3 | 681.1 | -192.9 | 46.2% |
| FY26 | 30,549.6 | 10,698.1 | 12,477.5 | 10,271.0 | 47.5% |
| FY25 | 31,353.0 | 10,825.1 | 7,705.0 | 5,778.3 | 46.4% |
| FY24 | 31,634.4 | 11,841.6 | 6,325.6 | 3,210.3 | 49.5% |
Mahanadi Coalfields INFORMATION ON IPO ISSUE
About Mahanadi Coalfields
Mahanadi Coalfields was incorporated on April 03, 1992. The company primarily produces non-coking coal, including washed and beneficiated grades, serving power utilities, captive power plants, independent power producers, cement manufacturers and sponge iron industries. Its significant reserves and strategic presence in the Talcher and Ib Valley coalfields of Odisha support a steady and reliable supply of non-coking coal
Object of the Issue
- To carry out the offer for sale of up to 661,836,300 equity shares of face value of Rs 2 each of the company by the selling shareholder
- To achieve the benefits of listing the equity shares on the stock exchanges
Mahanadi Coalfields - PROMOTERS
| Name |
|---|
| Coal India Limited |
| President of India |
Mahanadi Coalfields - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Uday Anantrao Kaole | Chairman & Managing Director |
| Mohammad Anzar Alam | Director |
| Biranchi Das | Director |
| Sanjay Kumar Jha | Director |
| Sanjeev Kumar Kassi | Part-time Director |
| Mukesh Choudhary | Part-time Director |
Mahanadi Coalfields Book Running Lead Manager
SBI Capital Markets Limited
mcl.ipo@sbicaps.com
Axis Capital Limited
mcl.ipo@axiscap.in
BOB Capital Markets Limited
mcl.ipo@bobcaps.in
IDBI Capital Markets & Securities Limited
mcl.ipo@idbicapital.com
IIFL Capital Services Limited
mcl.ipo@iiflcap.com
Mahanadi Coalfields Registrar to the Offer
KFin Technologies Limited
mahanadi.ipo@kfintech.com
Mahanadi Coalfields Strengths
Low-cost mechanised mining operations
The company’s mines are strategically located in Odisha’s Talcher and Ib Valley coalfields, with favourable geology supporting opencast mining, mechanisation and surface miner technology for efficient, low-cost operations. Strong rail, road and port connectivity, along with its 10 MTPA Ib Valley Washery, supports reliable coal supply, operational efficiency, cost advantages and quality production
Rail-led evacuation network
The company has increasingly shifted its coal evacuation network towards railways, with rail accounting for 96.86% of first-mile-connectivity dispatches in FY26 and 65.28% of total coal dispatches, up from 91.27% and 58.70%, respectively, in FY24. Greater reliance on rail reduces road transportation dependence, lowers logistics costs for customers and improves the reliability and speed of coal evacuation
Non-coking coal demand outlook
India’s non-coking coal demand is expected to remain strong, driven by the power sector, with thermal power continuing to support baseload generation and grid stability despite rising renewable capacity. Demand is projected to grow until FY36, although it may decline thereafter as renewable energy adoption increases
Mahanadi Coalfields Risks
Regulatory risks
The company operates under the Government of India’s regulatory framework for coal distribution and allocation, including FSAs, State Nominated Agencies and Coal India’s e-auction mechanisms. Policy changes relating to coal allocation, pricing, bidding or regulatory requirements could affect its ability to negotiate coal distribution and may adversely impact its business, financial condition, operations and cash flows
Land acquisition risks
Land acquisition is a major bottleneck for the company’s greenfield coal projects, particularly where projects involve forest areas, ecologically sensitive zones or tribal areas. Complex compensation, resettlement and rehabilitation requirements can lead to prolonged legal disputes, project delays and higher project development costs
Execution & investment risk
The company is diversifying into coal gasification, renewable energy, other mineral mining, rare earths and value-added coal utilisation to create additional revenue streams and support energy transition. These initiatives involve significant regulatory, execution and market risks and may require substantial investment without guaranteeing expected returns, which could affect the company’s long-term business performance
IPO FAQs
The promoters of the company are Coal India Limited and President of India.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.